Business & Economics :: Finance

FBI investigating Montana man as possible "AK-47 Bandit" who robbed Rexburg credit union

eastidahonews.com

FBI investigating Montana man as possible "AK-47 Bandit" who robbed Rexburg credit union

- FBI investigating Montana man as possible “AK-47 Bandit” who robbed Rexburg credit union We Matched BILLINGS, Montana (KRTV) — Authorities found several explosive devices in the home of Richard Gathercole of Roundup, who was recently arrested for allegedly shooting at a Kansas State Trooper and crimes in several other states, said the Musselshell County Sheriff’s Office on Monday. Authorities are now investigating whether Gathercole, who was arrested on June 20 in Nebraska, is the career criminal known as the “AK 47 Bandit

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Places: Americas |  North America |  United States |  Midwest |  West |  Kansas |  West |  Mountain |  Idaho |  Montana |  Billings |  Madison |  Rexburg |  Yellowstone |  Musselshell | 

Banks' blockchain consortium picks IBM for trade finance platform

reuters.com

Banks' blockchain consortium picks IBM for trade finance platform

- PARIS Tech giant IBM is building a blockchain-based platform for seven big European banks, including HSBC and Deutsche Bank, that is aimed at simplifying trade finance transactions for small- and medium-sized companies. Trade finance was identified by a survey of banks carried out by IBM and the Economist Intelligence Unit last year as one of the top areas where blockchain - the underlying technology behind bitcoin - could have an impact

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Places: Americas |  North America |  United States | 

Mobile payments app Yoyo raises $15 million in investment, backed by German retail giant Metro Group

cnbc.com

Mobile payments app Yoyo raises $15 million in investment, backed by German retail giant Metro Group

- Yoyo Wallet, Europe's fastest growing mobile payments app, raised £12 million ($15.3 million) in a Series B round, it announced on Monday. The deal was led by German retail giant Metro Group, and awaits approval from the U.K.'s Financial Conduct Authority. The U.K.-based fintech app began life four years ago, servicing dozens of U.K. and Irish universities. It now allows its 400,000 registered users to pay for goods using their smartphones in over 1,700 outlets, including Caffé Nero and Planet Organic

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Places: United States | 

Blockchain technology is moving into the financial mainstream with IBM and seven European banks

cnbc.com

Blockchain technology is moving into the financial mainstream with IBM and seven European banks

- IBM is building blockchain technology that will be used by seven of Europe's largest bank including HSBC and Rabobank to facilitate international trade for small and medium-size enterprises, the company said on Tuesday. The project will mark one of the first real-world use cases of blockchain technology in financial institutions. The potential of blockchain has been praised by the banking industry over the past couple of years, but the first real applications are beginning

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Places: United States |  Europe | 

Birmingham bank launches equipment finance group, shuffles leadership

al.com

Birmingham bank launches equipment finance group, shuffles leadership

- The bank announced last year it would merge with Private Bancshares, the parent company of Private Bank of Buckhead, Private Bank of Decatur, and PrivatePlus Mortgage, which continue to operate under their current names. The bank has made a few other recent appointments: Birmingham market president has been named President of the Atlanta market, which includes the Private Bank of Buckhead and Private Bank of Decatur

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Places: Americas |  North America |  United States |  South |  Southeast US |  Alabama |  Birmingham |  Jefferson | 

Beaten-down sectors thrive as US stocks end mixed

channelnewsasia.com

Beaten-down sectors thrive as US stocks end mixed

- NEW YORK: Banking shares, media and retailers were among the winners on Monday (Jun 26), while technology shares retreated, a dynamic suggesting investors were reallocating funds near the end of the second quarter. The gainers included sectors that have been beaten down for much of 2017, but are thought to be well situated if investors rotate to new sectors. The Dow Jones Industrial Average rose 14

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Tags: Finance |  Sectors |  Investments |  Investors | 
Places: United States |  Singapore | 

Iowa woman accused of stealing from credit union

kcrg.com

Iowa woman accused of stealing from credit union

- WATERLOO, Iowa (AP) - A woman has been accused of stealing more than $40,000 from a credit union branch in Waterloo. Court records say 60-year-old Barbara Einfelt is charged with theft and forgery. A woman who answered a phone listed for Einfelt on Monday said Einfelt was not there. Einfelt's attorney declined to comment. Authorities say Einfelt was working at a Chicago Central & Commerce Credit Union branch when officials noticed more than $27,000 was missing from the vault

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US top court buries CalPERS suit over Lehman collapse

channelnewsasia.com

US top court buries CalPERS suit over Lehman collapse

- WASHINGTON: The U.S. Supreme Court on Monday upheld the dismissal of a securities fraud lawsuit by a big California pension fund against banks in the wake of the 2008 collapse of investment bank Lehman Brothers, ruling the fund waited too long to sue. The justices ruled 5-4 at a New York federal appeals court was correct in throwing out the California Public Employees' Retirement System's suit because a class action case the fund had temporarily participated in did not extend the deadline for it to sue on its own

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From first to worst: Ranking 9 of America's big banks by customer loyalty

usatoday.com

From first to worst: Ranking 9 of America's big banks by customer loyalty

- For the third time in as many years, all 34 of the country's biggest banks met the minimum capital standards in annual Federal Reserve stress tests designed to safeguard the U.S. from another financial crisis. Video provided by TheStreet Newslook. These banks score highly on customer loyalty, the hallmark of any well-run financial institution. The fundamental challenge facing the banking industry is that the core product is a commodity

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Places: Americas |  North America |  United States | 

Credit Union pays off D91, D93 school lunch balances

eastidahonews.com

Credit Union pays off D91, D93 school lunch balances

- We Matched The following is a news release and photograph from ISU Credit Union. IDAHO FALLS — ISU Credit Union proudly presented the Bonneville Joint School District 93 and Idaho Falls School District 91 with checks to pay off the total unpaid balances due for school lunches in each of the districts. Representatives from the credit union presented the check for District 93 to the School Board on June 14 at their monthly meeting

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Places: Americas |  North America |  United States |  West |  Mountain |  Idaho |  Bonneville |  Idaho Falls | 

Investors like Sonic's quarterly report

oklahoman.com

Investors like Sonic's quarterly report

- Sonic reported this week that its sales trend improved during its most recent fiscal quarter, and investors responded positively. In its quarterly report released late Thursday, the company said its per-share net income increased 42 percent, despite another decline in same-store sales owned both by franchisees and by the company itself. It also said it opened 15 new drive-ins during the three-month period ending May 31, and that the company repurchased 1

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CNN pulls story linking Trump ally to Russian bank executive

nydailynews.com

CNN pulls story linking Trump ally to Russian bank executive

- CNN has retracted a bombshell story that linked a high-profile Trump ally to a Kremlin-connected bank. The network reported Thursday that the Senate Intelligence Committee was probing a supposed meeting between Trump campaign adviser Anthony Scaramucci and Kirill Dmitriev, chief of the Russian Direct Investment Fund. The incident reportedly occurred four days before last year’s election. CNN also reported the Russian fund was tied to Vnesheconombank, a state-run bank that’s been sanctioned by the U

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Ask Brianna: Newlyweds need a plan to find financial bliss

oregonlive.com

Ask Brianna: Newlyweds need a plan to find financial bliss

- An occupational hazard of dispensing personal finance advice is that money matters are never far from my mind. At wedding ceremonies, I wonder whether the couple has shared their credit reports yet or if they plan to use a joint checking account. That's because I know getting married is not just a major emotional step. It's a financial one, too. Your goals and money management methods may change a lot once you're hitched

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Tags: Finance | 
Places: Americas |  North America |  United States | 

All the banks have enough capital to withstand a severe recession, Fed says

jsonline.com

All the banks have enough capital to withstand a severe recession, Fed says

- The nation’s largest financial institutions all have enough of a capital cushion to withstand a severe recession, the Federal Reserve said Thursday in an annual test designed to head off the kind of risks that threatened the economy during the 2008 financial crisis. The 34 banks would lose a combined $493 billion in the most extreme scenario modeled by the Fed’s annual “stress tests

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China's top banking regulator tells banks to push forward with reform

reuters.com

China's top banking regulator tells banks to push forward with reform

- BEIJING China's top banking regulator has told banks to reform by tackling China's "zombie firms", control regional housing market bubbles and push forward with debt to equity swaps, according to a statement posted on the regulator's website late Friday. Guo Shuqing, who was appointed chairman of China's banking regulator in February, met with representatives from a number of the country's largest commercial banks on Friday to check up on their progress implementing the central government's reform agenda

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Places: United States |  North |  Beijing | 

Australian bank tax spooks global investors: National Australia Bank CEO

reuters.com

Australian bank tax spooks global investors: National Australia Bank CEO

- SYDNEY Australia's decision to slap a A$6.2 billion tax on its major banks has created uncertainty among global investors who no longer see the country as a stable investment destination, according to the chief executive of National Australia Bank. NAB chief executive Andrew Thornton said London-based investors he had met were concerned about the federal government levy, the Australian Financial Review reported on Saturday

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Home / United States / Business / Finance
BRIEF-Entegra Financial announces acquisition of Chattahoochee bank of Georgia
* Entegra financial corp. Announces acquisition of chattahoochee bank of georgia. * Deal for a combination of cash and stock valued at about $34.9 million. * Entegra will purchase chattahoochee for $14.75 per share. * Transaction has been unanimously approved by board of directors of both companies. * Deal through a combination of cash and stock valued at approximately $34   Read More ...
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BRIEF-Biostage announces agreement to conduct $3.1 mln private placement at market
* Biostage announces agreement to conduct $3.1 million private placement at market. * Entry into binding MOU with First Pecos for private placement of 9.7 million shares of co's common stock at purchase price of $0.315 per share. * Proceeds of private placement will be used toward advancement of company's development programs Source text for Eikon: Further company coverage: * General Electric - awarded order from Consortium Duro Felguera (DF Energy) - Romelectro for technology in power plant from Romgaz in Iernut, Romania   Read More ...
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BRIEF-Kohl’s announces Bruce Besanko as chief financial officer
* Kohl's announces Bruce Besanko as chief financial officer. * Says Bruce H. Besanko appointed CFO. * Kohls Corp - appointment of Bruce H. Besanko to position of chief financial officer. * Kohls Corp - Besanko spent four years with Supervalu in financial leadership roles, including chief operating officer and chief financial officer Source text for Eikon: Further company coverage: * Trovagene announces submission of investigational new drug application to initiate phase 1B/2 clinical trial of PCM-075 for acute myeloid leukemia   Read More ...
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In Amazon's shadow, hedge funds take aim at Brexit-hit retailers
In Amazon's shadow, hedge funds take aim at Brexit-hit retailers LONDON Hedge funds have significantly stepped up bets against Britain's traditional high street retailers, as the sector struggles with online competition, worries about a stretched consumer and weakening sales and profits. The risks were on full display on Tuesday when shares in Debenhams (DEB.L) slid more than 3 percent to an eight-year low following a weak trading update and a warning on UK sales   Read More ...
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BRIEF-Hill-Rom announces entry into agreement to divest Völker business
* Hill-Rom announces entry into agreement to divest Völker business. * Hill-Rom Holdings Inc - financial terms were not disclosed. * Says financial terms were not disclosed. * Hill-Rom Holdings Inc - expects to record an after-tax special charge of approximately $30 million. * Hill-Rom - Cobe affiliate to acquire certain Völker assets and assume operations and employees at Völker's current location in Germany Source text for Eikon: Further company coverage: * VolitionRX- issued corrections to certain statements made in press release issued on may 9, regarding co's Nu   Read More ...
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Stock futures slip on tech selloff; Yellen in focus
Stock futures slip on tech selloff; Yellen in focus U.S. stock index futures were lower on Tuesday as a selloff in technology shares continued, while investors awaited clues on interest rate hikes from Federal Reserve Chair Janet Yellen's talk in London. The tech sector has been under pressure over concerns about stretched valuations, with investors shifting to high-dividend paying defensive sectors such as utilities in a rising interest rate environment   Read More ...
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FTSE 100 falls as profit warning puts retailers under pressure
FTSE 100 falls as profit warning puts retailers under pressure U.K. stocks pulled lower Tuesday, as a profit warning from a British department store Debenhams PLC dragged down shares of blue-chip retailers. The FTSE 100 fell 0.3% to 7,423.32, with only the basic materials sector printing gains. A loss Tuesday would be the London benchmark’s fifth in six sessions. In focus for investors are comments from central bankers. Bank of England Governor Mark Carney will speak after the release of the bank’s twice-yearly Financial Stability Report, while European Central Bank President Mario Draghi is appearing in Portugal at the bank’s annual forum   Read More ...
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Global shares mixed, awaiting cues from central bankers
Global shares mixed, awaiting cues from central bankers SEOUL, South Korea (AP) — Shares slipped in early European trading and were higher in Asia on Tuesday as investors awaited remarks by the U.S. and European Central Bank chiefs. KEEPING SCORE: Germany's DAX dropped 0.9 percent to 12,657.32 and the CAC 40 of France lost 1.1 percent to 5,240.43. The FTSE 100 of Britain lost 0.4 percent to 7,416.87. Wall Street looked poised for a slow start, with Dow futures down 0   Read More ...
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Cramer clears up the key difference between trading and investing
Cramer clears up the key difference between trading and investing Investors frequently ask Jim Cramer what to do with a stock after it has had a hideous decline. His first response is always to ask why they bought the stock in the first place. One of Cramer's cardinal rules is to never turn a trade into an investment. If there is one thing he wants investors to take away from "Mad Money," it is to never confuse these two concepts   Read More ...
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China's checks on big overseas acquirers a 'healthy sign,' says investor
China's checks on big overseas acquirers a 'healthy sign,' says investor An ongoing probe into several of China's largest overseas asset buyers is a healthy sign of political will and reflects how regulators are getting on top of things, an investor said Tuesday. Last week, high profile Chinese companies, including billionaire Wang Jianlin's Wanda Group, Anbang Insurance and Fosun were reportedly placed under scrutiny amid a government crackdown on money laundering ahead of the 19 party congress later this year   Read More ...
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China industrial profits quicken in May, seen fading as finance costs rise
China industrial profits quicken in May, seen fading as finance costs rise Profits earned by China's industrial firms in May rose 16.7 percent on year, quickening from the previous month.   Read More ...
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Global shares mixed, awaiting cues from central bankers
Global shares mixed, awaiting cues from central bankers SEOUL, South Korea (AP) — Shares slipped in early European trading and were higher in Asia on Tuesday as investors awaited remarks by the U.S. and European Central Bank chiefs. KEEPING SCORE: Germany's DAX dropped 0.9 percent to 12,657.32 and the CAC 40 of France lost 1.1 percent to 5,240.43. The FTSE 100 of Britain lost 0.4 percent to 7,416.87. Wall Street looked poised for a slow start, with Dow futures down 0   Read More ...
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Bank of England raises capital requirements for UK banks by $14.5 billion
Bank of England raises capital requirements for UK banks by $14.5 billion The Bank of England has told British banks to rise capital requirements for banks in case of an economic downturn. British banks will have to increase their capital buffers by 11.4 billion pounds ($14.5 billion) after the BOE recognized that the U.K. has performed more strongly than what it expected following the country's decision to leave the European Union. "The Financial Policy Committee (FPC) is increasing the U   Read More ...
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Bank branches will be 'as common as a Blockbuster' store, ex-Barclays CEO Antony Jenkins says
Bank branches will be 'as common as a Blockbuster' store, ex-Barclays CEO Antony Jenkins says Jenkins, who now runs a fintech (financial technology) firm called 10X, warned banks of the impact of not keeping up with technological innovation. The ex-Barclays boss, who left the bank in July 2015, said artificial intelligence (AI) will have a profound impact on banking that could mean branches become obsolete. In 2015, Jenkins predicted that banks could close half of their branches and workforce in 10 years   Read More ...
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Draghi speaks of 'strengthening and broadening recovery' in euro zone, but says stimulus must remain
Draghi speaks of 'strengthening and broadening recovery' in euro zone, but says stimulus must remain The European Central Bank (ECB) will have to be prudent to gradually adjust its monetary stimulus to the economic recovery, Mario Draghi, the president of the central bank, said Tuesday. Speaking at the European Central Bank Forum in Sintra, Portugal, Draghi made it clear however that the current stimulus needs to remain in place as inflation dynamics remain "more muted than one would expect   Read More ...
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FBI investigating Montana man as possible "AK-47 Bandit" who robbed Rexburg credit union
FBI investigating Montana man as possible "AK-47 Bandit" who robbed Rexburg credit union FBI investigating Montana man as possible “AK-47 Bandit” who robbed Rexburg credit union We Matched BILLINGS, Montana (KRTV) — Authorities found several explosive devices in the home of Richard Gathercole of Roundup, who was recently arrested for allegedly shooting at a Kansas State Trooper and crimes in several other states, said the Musselshell County Sheriff’s Office on Monday. Authorities are now investigating whether Gathercole, who was arrested on June 20 in Nebraska, is the career criminal known as the “AK 47 Bandit   Read More ...
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World Food Prize goes to African Development Bank president
World Food Prize goes to African Development Bank president The son of a Nigerian farm laborer who rose out of poverty to earn graduate degrees in agricultural economics and spent his career improving the availability of seed, fertilizer and financing for African farmers is the winner of this year's World Food Prize announced Monday. Akinwumi Adesina, president of African Development Bank, says the future of global food security relies on making farming in Africa a profitable business and developing local food processing that adds value to agricultural products to help move farmers out of poverty   Read More ...
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Premier Li: China can control financial risks as debt rises
Premier Li: China can control financial risks as debt rises China's top economic official tried to quell fears surging debt might threaten growth, saying Tuesday financial risks are "generally under control" and Beijing can achieve this year's development targets. Speaking at a meeting of the World Economic Forum in the northeastern city of Dalian, Premier Li Keqiang also gave a ringing endorsement of free trade and said China will stick to its commitments to fight climate change   Read More ...
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RPT-COLUMN-Once bitten, twice shy? Central banks should heed market bubble warnings: McGeever
(Repeats without changed from Monday) By Jamie McGeever. If central banks have learned anything from the Great Financial Crisis, the worst since the 1930s, it is that you don't need runaway inflation to raise interest rates. Financial market bubbles should be enough. The Bank for International Settlements, often considered the central bank to the world's central banks, warned on Sunday that policymakers should press ahead with the "great unwinding" of post-crisis stimulus, even if "some short-term bumps in the road" are inevitable   Read More ...
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Premier Li: China can control financial risks as debt rises
BEIJING (AP) — China's top economic official tried to quell fears surging debt might threaten growth, saying Tuesday financial risks are "generally under control" and Beijing can achieve this year's development targets. Speaking at a meeting of the World Economic Forum in the northeastern city of Dalian, Premier Li Keqiang also gave a ringing endorsement of free trade and said China will stick to its commitments to fight climate change   Read More ...
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Premier Li: China can control financial risks as debt rises
BEIJING (AP) — China's top economic official tried to quell fears surging debt might threaten growth, saying Tuesday financial risks are "generally under control" and Beijing can achieve this year's development targets. Speaking at a meeting of the World Economic Forum in the northeastern city of Dalian, Premier Li Keqiang also gave a ringing endorsement of free trade and said China will stick to its commitments to fight climate change   Read More ...
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China premier: Beijing can control financial risks
BEIJING (AP) — China's top economic official, Premier Li Keqiang, has tried to quell concern about rising debt, saying Beijing can control financial risks and hit this year's development targets. Speaking Tuesday at an economic conference, Li gave a ringing endorsement of free trade and said China will stick to its commitments to fight climate change. Li tried to dispel concern about rising Chinese debt levels that prompted the Moody's rating agency to cut Beijing's credit rating last month   Read More ...
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China premier: Beijing can control financial risks
China's top economic official, Premier Li Keqiang, has tried to quell concern about rising debt, saying Beijing can control financial risks and hit this year's development targets. Speaking Tuesday at an economic conference, Li gave a ringing endorsement of free trade and said China will stick to its commitments to fight climate change. Li tried to dispel concern about rising Chinese debt levels that prompted the Moody's rating agency to cut Beijing's credit rating last month   Read More ...
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China premier: Beijing can control financial risks
BEIJING (AP) — China's top economic official, Premier Li Keqiang, has tried to quell concern about rising debt, saying Beijing can control financial risks and hit this year's development targets. Speaking Tuesday at an economic conference, Li gave a ringing endorsement of free trade and said China will stick to its commitments to fight climate change. Li tried to dispel concern about rising Chinese debt levels that prompted the Moody's rating agency to cut Beijing's credit rating last month   Read More ...
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U.S. Fed official backs gradual rate hikes to foster sustainable growth
U.S. Federal Reserve Bank of San Francisco President John Williams said on Monday that the Fed should keep gradually raising interest rates to foster sustainable growth in the United States. "Gradually raising interest rates to bring monetary policy back to normal helps us keep the economy growing at a rate that can be sustained for a longer time," Williams said in a speech published on the bank's official website   Read More ...
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China launches five 'green finance' pilot zones
China launches five 'green finance' pilot zones SHANGHAI China has launched five pilot zones to promote "green finance" and help pay for a war on pollution that is expected to cost at least 3 trillion yuan ($440 billion) a year, according to notices published by the central bank on Monday. The five zones will be set up in the provinces of Guangdong, Guizhou, Jiangxi and Zhejiang, as well as the far western region of Xinjiang, and financial institutions will be given a variety of incentives to provide credit and special funds for environmentally friendly industries   Read More ...
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China’s investment in U.S. to cool in 2017
China's direct investment in the United States will fall this year under tightening scrutiny and regulation but U.S. investment here will remain robust led by technology and consumer goods, a new study showed yesterday. Chinese investment remained strong in the first half of this year, due to the completion of deals made in 2016, but it is expected to cool in the second half, said a report by Rhodium Group and the National Committee of U   Read More ...
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BRIEF-Logiq Asset Management board member steps down to assume new role
* Logiq Asset Management board member steps down to assume new role. * Logiq Asset Management - Joe Oliver will step down from Logiq board of directors to assume his new role of chairman of Echelon Wealth Partners Source text for Eikon: Further company coverage: * Transcanada - established ATM program allowing co to issue common shares from treasury having   Read More ...
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Activist Investors, After Saturating U.S. Market, Look to Europe
Activist Investors, After Saturating U.S. Market, Look to Europe With swelling coffers — activists now manage $121 billion on behalf of private investors, pension funds and sovereign wealth funds — and a growing number of competitors in the United States, some activists are finding more opportunities abroad than at home. “The U.S. market has lots of activists in it looking for ideas and has been picked over,” said Greg Taxin, managing director of the activist advisory firm Spotlight Advisors and a founder of Glass, Lewis & Company   Read More ...
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BRIEF-Strata Minerals announces property consolidation and financing update
* Strata Minerals announces property consolidation and financing update. * Strata Minerals Inc - will issue total of 5.8 million common shares and pay initial cash consideration of approximately $302,500 to acquire project Source text for Eikon: Further company coverage: * Transcanada - established ATM program allowing co to issue common shares from treasury having an aggregate gross sales price of up to $1 billion to public Source text for Eikon: Further company coverage: * Logiq Asset Management board member steps down to assume new role   Read More ...
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Shareholders Demand More Drastic Shifts at Nestlé
Shareholders Demand More Drastic Shifts at Nestlé Nestlé, the Swiss food giant that helps bring the world Stouffer’s frozen dinners, Kit Kat candy bars and even L’Oréal hair coloring, is feeling pressure to change its corporate recipe. Late on Sunday, the activist investor Daniel S. Loeb informed Nestlé that he had amassed about $3.5 billion of its stock and would like to see the company make big changes   Read More ...
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Minneapolis keeps business with Wells Fargo, also looks to contract with smaller banks
Minneapolis keeps business with Wells Fargo, also looks to contract with smaller banks Minneapolis officials are looking to do more business with small banks, after City Council members requested alternatives to banks that invest in the fossil fuel industry. The city won't completely cut ties with big banks such as Wells Fargo, which council members pointed out specifically in their December request because it backed the Dakota Access pipeline. But the city will make an effort to seek out smaller or women- and minority-owned firms, said Minneapolis Chief Financial Officer Mark Ruff   Read More ...
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Banks' blockchain consortium picks IBM for trade finance platform
Banks' blockchain consortium picks IBM for trade finance platform PARIS Tech giant IBM is building a blockchain-based platform for seven big European banks, including HSBC and Deutsche Bank, that is aimed at simplifying trade finance transactions for small- and medium-sized companies. Trade finance was identified by a survey of banks carried out by IBM and the Economist Intelligence Unit last year as one of the top areas where blockchain - the underlying technology behind bitcoin - could have an impact   Read More ...
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Don’t expect Janet Yellen to signal retreat in London on Fed’s interest-rate strategy
Don’t expect Janet Yellen to signal retreat in London on Fed’s interest-rate strategy Federal Reserve Chairwoman Janet Yellen is unlikely to offer any hint the central bank is wavering on its strategy to raise U.S. interest rates when she makes the rounds in London this week. Yellen and a majority of her colleagues indicated two weeks ago the central bank is still on track to raise the cost of borrowing once more in 2017   Read More ...
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Oracle picks up BofA as a new customer for its financial planning software
Oracle picks up BofA as a new customer for its financial planning software Oracle has landed a big customer, Bank of America, for its enterprise resource planning and financial planning software, the company announced on Monday. The deal partly displaces Oracle rival SAP, which dominates the ERP and financial software space. The software will run on BofA's premises, but will use Oracle's people and hardware, and will use the same underlying technology as Oracle's cloud-based ERP   Read More ...
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Places: United States | 
Prominent analyst Dick Bove says new leadership at banks is needed: They've 'lost their way'
Prominent analyst Dick Bove says new leadership at banks is needed: They've 'lost their way' With banks showing they're in perhaps their best health since the financial crisis and ready to return heaps of cash to investors, it would be natural to expect a little more market enthusiasm. Instead, the sector has stumbled through the year, the luster of its "Trump trade" status wearing thin and even the prospect of higher interest rates doing little to stoke more buyers   Read More ...
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Nestlé shares hit record after Daniel Loeb’s fund targets group
Nestlé shares hit record after Daniel Loeb’s fund targets group Shares in Nestlé rose more than 4 per cent on Monday morning after the Swiss consumer group became latest target of US activist investor Daniel Loeb. Mr Loeb's Third Point has taken an investment position of roughly 40m shares, or 1.3 per cent, in the company, and has begun "productive conversations" with management, the US-based hedge fund said on Sunday. The stake, including options, is worth about $3   Read More ...
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Tags: Finance |  Investments |  Investment Funds | 
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Soros' son stepping down to set up his own fund
Soros' son stepping down to set up his own fund Robert Soros, the eldest son of George Soros, is stepping down as deputy chairman and president of Soros Fund Management, a spokesman for the fund told Reuters. Soros, 53, who will remain an owner at the firm, will set up Soros Capital to look at illiquid investments, including venture capital, the spokesman said. David Milich, who joined the fund four years ago as chief operating officer, will take over Soros's management duties   Read More ...
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Tags: Finance |  Investments |  Investment Funds | 
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Goldman says there's one major force behind the market's gains this year: ETFs
Goldman says there's one major force behind the market's gains this year: ETFs Passive investing is taking a bigger share of the stock market, helping to drive gains. Known as passive investments, ETFs are baskets of stocks tracking various market indexes and have grown in popularity for their relatively low fees. In contrast, mutual funds that involve higher-cost active stock picking have declined in popularity, and their ownership of the U.S. stock market has fallen to 24 percent, the lowest since 2004   Read More ...
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A new report has Art Cashin worried about a 2008 financial crisis repeat
A new report has Art Cashin worried about a 2008 financial crisis repeat Cashin spoke after the BIS, an umbrella body for leading central banks, said in an annual report on Sunday that "pricing anomalies that emerged in the aftermath of the Great Financial Crisis retreated but did not disappear." "I would prefer not to see a Lehman-like moment again," UBS' director of floor operations at the New York Stock Exchange said on "Squawk on the Street   Read More ...
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