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Updated: 3 years 3 weeks ago

Big Fed balance sheet could become new norm: Kocherlakota

Tue, 04/07/2015 - 15:54
The Federal Reserve does not need to trim its very large balance sheet to be able to raise rates, and indeed a large balance sheet could be the new norm for the U.S. central bank in the future, a top Fed official said on Tuesday. Minneapolis Fed President Narayana Kocherlakota, who wants to wait until the second half of next year before raising rates, also told the Bismarck-Mandan Chamber of Commerce that the Fed will be able to start hiking rates as fear and uncertainty ebb from the "psyche" of U.S. consumers and businesses.
Categories: Business

Why oil inventory fall won't boost prices much: Goldman

Tue, 04/07/2015 - 15:54
Declines in U.S. oil inventories and capex may boost prices modestly in the near term, but production growth will remain too strong for substantial gains, Goldman Sachs said.
Categories: Business

Dollar's drop a signal to world's best forecaster to start buying

Tue, 04/07/2015 - 13:50
It’s time for investors who bailed on the dollar in the past few weeks to get back in, says the most-accurate currencies forecaster.
Categories: Business

World Economy Ready to Bounce After Sluggish Opening to 2015

Tue, 04/07/2015 - 13:50
Since 2010, global growth has averaged 2.8 percent in the first quarter, compared to an overall rate of 3 percent, according to JPMorgan. “It is now clear that there was a sharp drop in global growth in the first quarter,” Kenningham told clients last week.
Categories: Business

US safety board: Oil train tank cars need urgent upgrades

Tue, 04/07/2015 - 13:50
Fuel-hauling tank cars need retrofits to prevent more explosive train wrecks — and the public can't wait another decade for the improvements as has been suggested by industry, U.S. safety officials said. ...
Categories: Business

Wall St. edges higher after two day run; FedEx up

Tue, 04/07/2015 - 13:50
U.S. stocks edged higher at the open on Tuesday, on the heels of two sessions of gains for the S&P 500, with deals including a bid from FedEx for a Dutch peer indicating companies still see value in the ...
Categories: Business

Oil falls as Iran, China discuss more supply

Tue, 04/07/2015 - 11:54
Brent crude oil fell below $58 a barrel on Tuesday on signs of growing oversupply as Iranian officials visited Beijing to seek more oil sales after a framework nuclear deal that could lead to the lifting of sanctions. China is Iran's largest trade partner and has bought roughly half of its crude exports since 2012, when sanctions against the Islamic Republic were tightened. Oil markets were also pressured by a Goldman Sachs report saying prices needed to remain low for months to slow U.S. oil output growth. Representatives of state-run National Iranian Oil Company will meet China's biggest crude buyers including Unipec, the trading arm of top Asian refiner Sinopec Corp , and state trader Zhuhai Zhenrong Corp, officials told Reuters.
Categories: Business

Global stocks boosted by M&A pipeline, Fed outlook

Tue, 04/07/2015 - 09:55
Global stocks rose on Tuesday, as many European bourses re-opening after the Easter break took on the positive tone set by U.S. markets overnight, with sentiment boosted by a potential trans-Atlantic acquisition. FedEx Corp (FDX.N) made a 4.4 billion-euro ($4.8 billion) bid to buy Dutch package-delivery company TNT Express (TNTE.AS), sending TNT shares jumping almost a third in value and lifting shares across the sector and beyond. Shares in TNT Express were up 31 percent, easily the biggest gainers in Europe. "Mergers and accusation news is back today in full throttle after FedEx announced their desire to take over TNT Express," said Naeem Islam, chief market analyst at Avatrade.
Categories: Business

Fed watching recent U.S. weakness; rate-hike timing unclear: Dudley

Tue, 04/07/2015 - 09:55
The timing of the Federal Reserve's interest rate hike, which would be its first in nearly a decade, is unclear and for now policymakers must watch that the U.S. economy's surprising recent weakness does not signal a more substantial slowdown, a top Fed official said on Monday. New York Fed President William Dudley's comments were the latest sign that a string of disappointing economic data, including a sharp drop in jobs growth last month, is derailing a Fed plan to tighten monetary policy around mid-year after more than six years of rock-bottom rates. In relatively dovish remarks to a business audience in Newark, New Jersey, Dudley did not repeat his refrain that a rate hike could reasonably be expected to come by mid-2015.
Categories: Business

BlackRock's Fink worries about impact of rising dollar

Tue, 04/07/2015 - 09:55
Fink, in his letter, said he was worried about the implications of the rising dollar on the U.S. economy overall as company CEOs became increasingly nervous. "While the U.S. economy as a whole is not overly exposed to exports, many of our largest and most influential companies are," Fink wrote in the letter, which was attached to a regulatory filing with the Securities and Exchange Commission Monday.
Categories: Business

Greek parliament backs setting up committee to investigate bailout

Tue, 04/07/2015 - 09:55
Greek lawmakers voted on Tuesday in favor of setting up a committee to examine the circumstances under which Greece agreed to bailouts totaling 240 billion euros ($260 billion) with the European Union and International Monetary Fund. "After five years of parliamentary silence on the major issues that caused the bailout catastrophe, today we commence a procedure that will give answers to the questions concerning the Greek people," Prime Minister Alexis Tsipras told lawmakers before the vote in the early hours of Tuesday. Former prime minister Antonis Samaras, now the main opposition leader, accused Tsipras of trying to distract the public from the pressing issues facing the economy. "Indeed we will need a new committee... (to examine) the credit event (crunch) which you are bringing closer... and for the new bailout you are leading us toward," Samaras said.
Categories: Business

Viacom to cut jobs, abandon titles, reorganize network groups

Tue, 04/07/2015 - 09:55
The owner of movie studio Paramount Pictures and cable networks such as MTV and Comedy Central said it will take a related pre-tax charge of about $785 million in the quarter ended March 31. Viacom also halted its $20 billion share buyback program due to the restructuring and the spending on acquisitions anticipated in the current fiscal year. Viacom said the new structure would realign sales, marketing, creative and support functions and increase efficiencies in program and product development. Viacom said on Monday it "reallocating resources to expand its capabilities in critical business areas" such as data analysis, technology development and consumer insights.
Categories: Business

Cuba says U.S. companies won't get preferential treatment

Tue, 04/07/2015 - 09:55
U.S. companies can expect the same treatment as those from the rest of the world, receiving neither special benefits nor punishment, if there is a further commercial opening between Cuba and the United States, Cuba's foreign trade minister said. "U.S. business people will enjoy the same treatment that is offered to the rest of the world that has ties with the island today," Rodrigo Malmierca, the minister of foreign trade and investment, said in an interview published in official Cuban media on Monday. The United States and Cuba announced in December they would restore diplomatic relations and seek to normalize trade and travel that were disrupted more than 50 years ago during the Cold War. U.S. President Barack Obama has relaxed some parts of the U.S. economic embargo against Cuba.
Categories: Business

Venture-backed U.S. IPOs hit lowest levels in two years

Tue, 04/07/2015 - 09:54
About 17 venture-backed companies raised $1.43 billion in the three months ended March, compared with 37 that raised $3.40 billion in the same period a year earlier, according to the report. The last time the number fell below 20 was in the first quarter of 2013, when eight venture-backed companies raised $716.9 million. It began trading on the New York Stock Exchange on Jan. 22.
Categories: Business

U.S. service sector growth slips in March: ISM survey

Tue, 04/07/2015 - 09:54
The Institute for Supply Management said its services index fell to 56.5 last month from 56.9 in February. The reading was in line with economists' forecasts, according to a Reuters survey.
Categories: Business

U.S. March services sector activity rises to highest since August: Markit

Tue, 04/07/2015 - 05:54
Financial firm Markit said its final reading of its Purchasing Managers Index for the services sector rose to 59.2 in March from 57.1 in February. The March reading was the highest level since August and was above the preliminary, or "flash," reading of 58.6. Markit's March reading of employment at service companies rose to 54.0, up from 52.7 in February and its highest reading since June. Markit's composite PMI, a weighted average of its manufacturing and services indexes, rose to 59.2 in March, its best reading since August, from 57.2 in February.
Categories: Business

Greece moves to quell default fears, pledges to meet 'all obligations'

Tue, 04/07/2015 - 05:54
Greek Finance Minister Yanis Varoufakis said on Sunday that Greece "intends to meet all obligations to all its creditors, ad infinitum," seeking to quell default fears ahead of a big loan payment Athens owes the IMF later this week. Following a meeting with the head of the International Monetary Fund, Varoufakis told reporters the government plans to "reform Greece deeply" and would seek to improve the "efficacy of negotiations" with its creditors. Most urgently, Athens is on the hook for a roughly 450 million euro ($494 million) loan repayment to the IMF due this Thursday. IMF Managing Director Christine Lagarde said in a statement after meeting with Varoufakis that she welcomed his confirmation that the loan payment due would be made on schedule.
Categories: Business

Cramer's top 5 Buffett-blessed dividend stocks

Tue, 04/07/2015 - 03:55
Jim Cramer goes through Warren Buffett's portfolio to find the top five dividend stocks that could prove to be winners in your portfolio, too.
Categories: Business

Phone wars: Samsung earnings show signs of life

Tue, 04/07/2015 - 03:55
Good news for Samsung: The company's sales and profits appear to be stabilizing, raising hopes that the South Korean electronics giant will emerge from its smartphone-induced funk. Samsung said Tuesday ...
Categories: Business

Wall Street jumps as energy shares advance

Tue, 04/07/2015 - 03:55
U.S. stocks posted solid gains on Monday as energy shares climbed on the back of a big rally in crude oil prices.
Categories: Business