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Updated: 3 years 3 weeks ago

Wal-Mart says Walton family to sell shares to keep lid on stake

Sun, 04/12/2015 - 00:55
The Walton family, which founded the company more than five decades ago, owned 50.86 percent of Wal-Mart's stock as of Dec. 31 through an entity called Walton Enterprises, L.L.C., according to Thomson Reuters data. In a statement, the company said it had been informed by the family that it planned to sell shares "from time to time" to ensure its stake does not increase as a result of the company's stock repurchase program, and to finance investments in charity. "The family believes that this is consistent with an appropriate balance of family and non-family ownership that supports the goals of all Walmart shareholders and long term business success," the company said in the statement. The family anticipates the share sales will take place over a period of years, the company said.
Categories: Business

Stock buyback zeal undimmed by prospects for Fed rate hike

Sat, 04/11/2015 - 12:55
The seemingly insatiable appetite of companies for their own stock is unlikely to be satisfied soon, even if the U.S. Federal Reserve begins to hike benchmark interest rates and shares get pricier. Buybacks may lift earnings per share of companies in the Standard & Poor's 500 index by between 1.5 and 2 percentage points this year, according to estimates from Voya Investment Management in New York. With earnings estimates now calling for 1.5 percent growth for all of 2015, buybacks could make the difference between positive and negative growth in S&P 500 EPS. GE shares rose about 9 percent to its highest since the financial crisis in afternoon trading on the New York Stock Exchange.
Categories: Business

Takata air bag on Honda Civic linked to another injury

Sat, 04/11/2015 - 11:55
A 2003 model Honda Civic's airbag exploded and a piece of metal shot out from the bag into the driver's neck, according to police and hospital reports. The National Highway Traffic Safety Administration said it has not yet been confirmed that the accident involved an airbag rupture. "If it is confirmed that this is another rupture, then it would simply reinforce the reasons that we are working so hard to get these air bags remedied as quickly as we can," NHTSA communications director Gordon Trowbridge said. Honda has already set up an inspection for Monday, said the victim's lawyer, Jason Turchin.
Categories: Business

Oil rises, heads for weekly gain as Iran tensions support

Sat, 04/11/2015 - 09:55
Crude oil prices rose 2 percent on Friday, heading for a weekly gain on lift from lowered expectations that an agreement on Iran's nuclear program will result in a rapid return of more Iranian barrels to the market. Brent crude (LCOc1) was up $1.12 at $57.69 a barrel at 1:42 p.m. EDT, back above its 50-day moving average at $57.61. "The latest agreement with Iran does not open the floodgates for a significant return of Iranian oil on the market as many had feared," said Harry Tchilinguirian, head of commodity markets strategy and oil strategy at BNP Paribas. World powers and Iran announced the interim accord last week.
Categories: Business

Nissan, BMW recall more than 165,000 vehicles for fuel pump issue

Sat, 04/11/2015 - 09:55
Nissan Motor Co and BMW AG (BMWG.DE) said on Friday they are recalling more than 165,000 vehicles globally due to potential fuel pump failures that could cause an engine to stall or not start. The vehicles affected are 95,031 Nissan Rogue SUVs in the United States and Canadian markets from model year 2014, and about 70,500 BMW cars globally from model years 2014 and 2015, the companies said. Nickel plating could detach and block moving parts in the fuel pump made by Robert Bosch [ROBG.UL], according to the companies and documents filed with the U.S. National Highway Traffic Safety Administration.
Categories: Business

Backlogged orders as shoppers get close-up look at Apple Watch

Sat, 04/11/2015 - 01:55
SAN FRANCISCO/PARIS (Reuters) - Customers preordering Apple Inc's smartwatch on Friday will have to wait at least a month for delivery, a sign of strong early demand for company chief Tim Cook's first new major product. People flocked to Apple's stores around the world to get a close-up look at the Apple Watch, the tech company's foray into the personal luxury goods market, with Apple predicting demand would exceed supply at product launch. "We view this as an indication of solid demand paired with very limited supply," Piper Jaffray analyst Gene Munster wrote in a note to clients. A key factor in the watch's success will be demand once an initial wave of interest from Apple enthusiasts subsides.
Categories: Business

Wall Street closes higher on GE divestment and buyback

Sat, 04/11/2015 - 01:55
U.S. stocks closed out a strong week with a broad rally on Friday as investors lauded GE's decision to divest most of its high-risk GE Capital business and repurchase up to $50 billion of its shares. The ...
Categories: Business

These will be the world's 20 largest economies in 2030

Fri, 04/10/2015 - 23:55
Get ready for a new economic order. That's according to the U.S. Department of Agriculture's latest macroeconomic projections that go out to 2030.
Categories: Business

Hillary Clinton plans campaign kickoff on Sunday

Fri, 04/10/2015 - 23:55
Former Secretary of State Hillary Clinton will end the suspense on Sunday, announcing that she is running for president before heading to Iowa and New Hampshire. A person familiar with the Clinton team's ...
Categories: Business

Ackman Group Pays $91.5 Million for Condo at NYC's One57

Fri, 04/10/2015 - 23:55
A group including billionaire investor Bill Ackman paid $91.5 million for a duplex penthouse at Extell Development Co.’s One57 condominium tower, one of New York City’s most expensive home purchases ever. The purchase of unit 75 in the luxury skyscraper overlooking Central Park closed on March 27, according to property records filed Thursday.
Categories: Business

Richmond Fed chief repeats view of 'strong' case for June rate hike

Fri, 04/10/2015 - 23:55
The case for the Federal Reserve to raise U.S. interest rates in June remains "strong," a top Fed official said on Friday, dismissing the impact of a rising dollar and falling oil prices as temporary. Richmond Fed President Jeffrey Lacker, who has long called for a prompt tightening of monetary policy, repeated his views that consumer spending, the labour market and other economic conditions have improved significantly over the last year. "Unless incoming economic reports diverge substantially from projections, the case for raising rates will remain strong at the June meeting," Lacker said in prepared remarks for a Global Interdepedence Center event here. Lacker's remarks on monetary policy on Friday were a repeat of his views in a March 31 speech he delivered.
Categories: Business

Jack Welch: GE reorg 'looks like a smart move'

Fri, 04/10/2015 - 23:55
Larry Bossidy, who spent decades as an executive at General Electric, and the analyst community on Wall Street generally agreed.
Categories: Business

Amazon goes to court, Ohio has a deal for Jeep and Warner Bros teams with Lego

Fri, 04/10/2015 - 23:55
Yahoo Finance's Midday Movers is live each weekday at 12pm ET, covering all the latest news on the markets, the economy and the biggest stories of the day.
Categories: Business

AstraZeneca's diabetes drug Onglyza may increase death rate -FDA

Fri, 04/10/2015 - 23:54
AstraZeneca Plc's diabetes drug Onglyza may be associated with an increased rate of death, according to a preliminary review of data by the U.S. Food and Drug Administration. The FDA's report, posted on the agency's website on Friday, comes ahead of an April 14 meeting of an FDA advisory panel to discuss the safety of Onglyza and a similar drug from Takeda Pharmaceutical Co called Nesina. Onglyza won U.S. approval in 2009 and Nesina in 2013.
Categories: Business

American stocks are the world's worst this year

Fri, 04/10/2015 - 21:55
American equities are badly underperforming markets around the world. Here's why that trend could continue.
Categories: Business

Bank of Japan's Nakaso warns market against betting on more easing

Fri, 04/10/2015 - 19:54
Bank of Japan Deputy Governor Hiroshi Nakaso has tempered market expectations that the bank will expand its stimulus program later this month, saying a cut in its inflation forecast would not be enough to justify more monetary easing. Nakaso, one of Governor Haruhiko Kuroda's two deputies, said that while slumping oil costs have pushed inflation back to zero, rising wages and a steady economic recovery will underpin a long-term rise in prices. Expectations that the BOJ might add to its stimulus program at a rate meeting on April 30 have helped send Japanese shares to a 15-year-high. They also show that Nakaso, who rarely speaks in public, shares Kuroda's conviction that Japan is on track to hit the bank's 2 percent inflation target in about a year from now.
Categories: Business

'All-Stars' of financial fraud: Tarkenton, Dykstra, Schlichter (oh, my!)

Fri, 04/10/2015 - 17:55
Professional athletes are often the target of financial scammers, but a growing list of former stars have been accused of perpetrating financial frauds.
Categories: Business

Alibaba forms automotive, 'smart living' business units

Fri, 04/10/2015 - 15:55
SHANGHAI/BEIJING (Reuters) - China's Alibaba Group Holding Ltd, the world's biggest e-commerce company, has formed an automotive unit and a 'smart living' division in the past week, the firm said on Friday, ...
Categories: Business

IRS struggles to help victims of identity fraud

Fri, 04/10/2015 - 15:55
It’s been a challenging tax filing season for the Internal Revenue Service. The auditor’s reviews found that about 10 percent of the cases that the IRS claimed it had resolved were done incorrectly and were loaded with errors.
Categories: Business

Wall Street's quiet week; GE makes a big move; Apple Watch day

Fri, 04/10/2015 - 15:55
Wall Street starting the last day of a quiet week...quietly; the deconstruction of General Electric continues as it exits most of its lending business; And watch the watch! The time is here for consumers to order the newest Apple gizmo.
Categories: Business