Wall Street Weekahead: Trade protection doesn't have to exclude growth stocks

(Reuters) – The escalating U.S.-China trade war has sent dividend-rich sectors like utilities higher, but investors don’t need to get all defensive just yet, according to strategists who say there are plenty of growth stocks with some insulation from China. Some investors are seeking safety in domestic U.S. growth stocks ranging from software and online […]

Amazon facial recognition ban won just 2% of shareholder vote

(Reuters) – Amazon.com Inc shareholders overwhelmingly rejected a proposal that the company stop selling facial recognition technology to government agencies, while a resolution to audit the service drew more support, a regulatory filing on Friday showed. FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves, France, August 8, 2018. […]

Musk's SpaceX raised over $1 billion in six months: filings

FILE PHOTO: A SpaceX Falcon 9 carrying the Crew Dragon spacecraft sits on launch pad 39A prior to the uncrewed test flight to the International Space Station from the Kennedy Space Center in Cape Canaveral, Florida, U.S., March 1, 2019. REUTERS/Mike Blake/File Photo (Reuters) – Billionaire entrepreneur Elon Musk’s SpaceX has raised more than $1 […]

Robinhood is set to raise at least $200 million in new funding

Robinhood Markets Inc. is close to securing at least $200 million in fresh funding, according a person familiar with the matter. The round is said to value the company at more than $7 billion. The cash infusion is coming from existing investors, said people familiar with the deal, all of whom asked not to be […]

Redtail response to investor data leak may have broken state laws

Redtail Technology may have broken state cybersecurity regulations with its response to leaked investor personal identifying information. The fintech firm waited more than two months after first detecting an internal error that publicly exposed investor names, physical addresses, dates of birth and Social Security numbers to the internet. Redtail, which sells client relationship management software, […]

Wall St. edges higher after Trump sparks U.S.-China trade hopes

NEW YORK (Reuters) – Wall Street’s major stock indexes edged higher on Friday after falling in the previous session, as hopeful comments from U.S. President Donald Trump regarding trade relations with China assuaged concerns among some investors. Trump said late on Thursday that he saw a resolution to the trade war with China “happening fast.” […]

Global stocks climb on muted trade hopes, dollar slips

NEW YORK (Reuters) – World equity markets rebounded on Friday from the previous day’s sharp fall, after U.S. President Donald Trump said complaints against China’s Huawei Technologies Co Ltd might be resolved within the framework of a Sino-U.S. trade deal. Traders work on the floor at the New York Stock Exchange (NYSE) in New York, […]

United Airlines shakes up Avianca leadership after shareholder default

FILE PHOTO: An Airbus A330 of Avianca airline takes off at the Simon Bolivar airport in Caracas, Venezuela October 23, 2016. REUTERS/Carlos Garcia Rawlins/File Photo (Reuters) – United Airlines launched a management overhaul at Colombia’s Avianca Holdings on Friday, removing top shareholder German Efromovich from controlling the cash-strapped airline, according to regulatory filings. United, which […]

Michael Kitces: The latest in financial adviser fintech and#x2014; May 2019

Welcome to the May 2019 issue of the Latest News in Financial Advisor #FinTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors and wealth management! This month’s edition kicks off with the news that Schwab’s PortfolioConnect is […]

Oil rises more than 1% but sets biggest weekly loss of 2019

NEW YORK (Reuters) – Oil prices climbed more than 1% on Friday ahead of long U.S. and UK holiday weekends, but posted the biggest weekly drop of the year, pressured by rising inventories and worries about the global economy. FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada, July […]

United Airlines extends cancellations of Boeing 737 MAX flights into August

CHICAGO/SEATTLE (Reuters) – United Airlines said on Friday it is extending by one month its cancellations of Boeing Co 737 MAX flights, through Aug. 3, as the jetliner remains grounded following two fatal crashes. FILE PHOTO: United Airlines planes, including a Boeing 737 MAX 9 model, are pictured at George Bush Intercontinental Airport in Houston, […]

China accuses U.S. officials of misleading public on trade war

BEIJING (Reuters) – China on Friday accused U.S. officials of lying to the public about their trade war, as rising tensions between the world’s two largest economies kept financial markets in a state of unease. Chinese Foreign Ministry spokesman Lu Kang answers questions about a major bus accident in North Korea, during a news conference […]

Tony Robbins loses role with RIA amid charges of sexual misconduct

Self-help guru Tony Robbins is quickly becoming persona non grata across the financial planning industry following recently reported accusations by nine women of sexual misconduct over several decades. Overland Park, Kans.- based Creative Planning, which hired Mr. Robbins three years ago as a chief of investor psychology, has severed ties with the 59-year-old author and […]

Reverse mortgage lenders pivot as sales falter

The reverse mortgage market is evolving for the first time in a decade, as the industry pivots to address sagging sales and what it sees as a new opportunity presented by the number of baby boomers retiring. Reverse mortgages are a type of loan that allows seniors to tap their home equity, as a lump […]

Wall Street week ahead: Trade protection doesn't have to exclude growth stocks

(Reuters) – The escalating U.S.-China trade war has sent dividend-rich sectors like utilities higher, but investors don’t need to get all defensive just yet, according to strategists who say there are plenty of growth stocks with some insulation from China. Traders work on the floor at the New York Stock Exchange (NYSE) in New York, […]

Boeing at two-week high as approval for 737 MAX to fly seen by late June

FILE PHOTO: The Boeing logo is pictured at the Latin American Business Aviation Conference & Exhibition fair (LABACE) at Congonhas Airport in Sao Paulo, Brazil, Aug. 14, 2018. REUTERS/Paulo Whitaker/File Photo (Reuters) – Shares of Boeing Co rose as much as 3% to more than a two-week high on Friday after Reuters reported that the […]

Boeing faces SEC probe into disclosures about 737 MAX problems – Bloomberg

FILE PHOTO: A number of grounded Southwest Airlines Boeing 737 MAX 8 aircrafts are shown parked at Victorville Airport in Victorville, California, U.S., March 26, 2019. REUTERS/Mike Blake/File Photo (Reuters) – The U.S. Securities and Exchange Commission is probing whether Boeing Co provided sufficient disclosures about issues related to its 737 MAX jets, which have […]

United Airlines says willing to loan Avianca Holdings up to $150 million

FILE PHOTO: A United Airlines plane with the Continental Airlines logo on its tail, taxis to the runway at O’Hare International airport in Chicago October 1, 2010. UAL Corp and Continental Airlines Inc. closed their merger on Friday to form the world’s largest carrier, called United Airlines. REUTERS/Frank Polich (Reuters) – United Airlines said on […]

Huawei shipments could fall by up to a quarter this year: analysts

HONG KONG/SHANGHAI (Reuters) – China’s Huawei, hit by crippling U.S. sanctions, could see shipments decline by as much as a quarter this year and faces the possibility that its smartphones will disappear from international markets, analysts said. FILE PHOTO: A salesman turns on a new Huawei P30 smartphone for a customer after Huawei’s P30 and […]

New York court dismisses whistleblower's libel suit against UBS

FILE PHOTO: The logo of Swiss bank UBS at an office building in Zurich July 27, 2015. REUTERS/Arnd Wiegmann/File Photo ZURICH (Reuters) – A New York appeals court has dismissed a U.S. whistleblower’s $20 million libel suit against Swiss bank UBS, his former employer, concluding that statements the Zurich-based bank made about him were at […]

Oil steady but set for 2019's biggest weekly loss

NEW YORK (Reuters) – Oil prices were steady on Friday ahead of long U.S. and UK holiday weekends, but were on track for its biggest weekly drop of the year, pressured by rising inventories and concern over an economic slowdown. FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada, […]

Legg Mason cuts 12% of staff in revamp as investor Peltz joins board

Legg Mason Inc. is cutting 120 people, or about 12% of its staff, and streamlining its executive committee just days after adding investor Nelson Peltz to its board. The cost-cutting steps are “critical to our ongoing growth,” Joseph Sullivan, chief executive of the Baltimore-based asset manager, said in a memo to staff Thursday. Asset managers […]

Wall Street gains on trade reprieve ahead of long weekend

(Reuters) – U.S. stocks gained on Friday, ahead of a long Memorial day weekend, as investors breathed a sigh of relief after President Donald Trump indicated that the protracted trade war with China could end soon. Trump said on Thursday that Huawei Technologies Co Ltd could be included in the trade deal. However, no high-level […]

German appeals court rules in favor of VW diesel owners

The logo of Volkswagen carmaker is seen at the entrance of a showroom in Nice, France, April 8, 2019. REUTERS/Eric Gaillard FRANKFURT (Reuters) – A regional appeals court in Karlsruhe on Friday ruled that German Volkswagen dealers must take back cars fitted with illegal software devices or give their customers new vehicles. The case was […]

SEC, NASAA and Finra issue Senior Safe Act fact sheet

The Securities and Exchange Commission, the North American Securities Administrators Association and the Financial Industry Regulatory Authority Inc. have issued a fact sheet to help raise awareness of the Senior Safe Act. The act, signed into law a year ago, addresses barriers that financial professionals face in reporting suspected senior financial exploitation or abuse to […]

SEC, NASAA and Finra issue Senior Act fact sheet

The Securities and Exchange Commission, the North American Securities Administrators Association and the Financial Industry Regulatory Authority Inc. have issued a fact sheet to help raise awareness of the Senior Safe Act. (More:​ New tools to protect elderly from fraud, exploitation) The act, signed into law a year ago, addresses barriers that financial professionals face […]

Goldman bumps up no-deal Brexit odds after May resignation

FILE PHOTO: A Goldman Sachs sign is displayed inside the company’s post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2017. REUTERS/Brendan McDermid/File Photo LONDON (Reuters) – Goldman Sachs raised its probability of a no-deal Brexit to 15% from 10% on Friday as Prime Minister Theresa May’s […]

China denounces U.S. 'rumors' and 'lies' about Huawei ties to Beijing

BEIJING (Reuters) – China on Friday denounced U.S. Secretary of State Mike Pompeo for fabricating rumors after he said the chief executive of China’s Huawei Technologies Co Ltd was lying about his company’s ties to the Beijing government. A Huawei company logo is seen at the security exhibition in Shanghai, China May 24, 2019. REUTERS/Aly […]

Global Briefing: Eden Project heads Down Under

Australia could be getting it’s own Eden Project | Credit: Eden Project International Eden Project heads Down Under   The brains behind the Eden Project, a scheme that transformed a china clay quarry in Cornwall into an eco-tourist attraction, this week revealed plans to repeat the trick at an old coal mine in Australia.  Eden Project […]

First net inflows into global equities in 10 weeks: BAML

LONDON (Reuters) – Investors have added to their global equity holdings for the first time in 2-1/2 months and continued to pile into bonds, Bank of America Merrill Lynch said on Friday, as worries about the U.S.-China trade spat sent shudders through financial markets. The net inflow into equities totaled $900 million in the week […]

Has the Department for Transport 'gone rogue' on climate change?

Friends of the Earth report argues Department’s emphasis on expanding road infrastructure sidelines climate change concerns The Department for Transport (DfT) has “gone rogue” on climate change by side-lining legally binding commitments to cut carbon emissions in its plans and strategies, according to an explosive new report released today by Friends of the Earth.  Written by […]

China aluminum magnate Zhang Shiping dies aged 73

FILE PHOTO: Chinese businessman Zhang Shiping attends a meeting in Beijing, China, March 5, 2014. REUTERS/Stringer/File Photo BEIJING (Reuters) – Zhang Shiping, who oversaw the rise of China Hongqiao Group into the world’s biggest aluminum producer, died on Thursday at the age of 73, the company said. Zhang, who in 1994 took over the predecessor […]

Fears of deeper U.S.-China trade war push Asian shares to four-month low

Tokyo (Reuters) – Asian stocks stumbled to a four-month low on Friday and crude oil plunged on worries the U.S.-China trade spat was developing into a more entrenched strategic dispute between the world’s two largest economies, pushing investors to safe-haven assets. FILE PHOTO: A man is reflected in an electronic board showing the graph of […]

Oil bounces back, but markets remain fragile amid trade disputes

SINGAPORE (Reuters) – Oil prices jumped more than 1% on Friday amid OPEC supply cuts and Middle East tensions, but still did not fully recoup losses earlier in the week on economic slowdown jitters and swelling inventories – their steepest drops since the start of the year. FILE PHOTO: An oil pump jack pumps oil […]

India's jobs deficit: Project in Gujarat struggling to create employment

GANDHINAGAR, India (Reuters) – When he was chief minister of Gujarat in 2011, Indian Prime Minister Narendra Modi kicked off an ambitious project to develop a financial hub in the style of Singapore or Dubai. People walk past buildings under construction at the Gujarat International Finance Tec-City (GIFT) at Gandhinagar, Gujarat, March 18, 2019. REUTERS/Amit […]

Trump says 'dangerous' Huawei could be included in U.S.-China trade deal

WASHINGTON/BEIJING (Reuters) – President Donald Trump said on Thursday U.S. complaints against Huawei Technologies Co Ltd might be resolved within the framework of a U.S.-China trade deal, while at the same time calling the Chinese telecommunications giant “very dangerous.” Washington last week effectively banned U.S. firms from doing business with Huawei, the world’s largest telecoms […]

SEC sets June 5 date for vote on Regulation Best Interest

The Securities and Exchange Commission will vote on an investment-advice reform package on June 5. The agency posted the agenda for the open meeting on its website Thursday afternoon. The four SEC members will decide whether to adopt Regulation Best Interest, which is designed to raise the advice standard for brokers above the current suitability […]

D.E. Shaw's top shareholder activist Koffey leaves hedge fund

(Reuters) – Hedge fund manager Quentin Koffey, who joined D.E. Shaw & Co two years ago from Elliott Management Corp to lead its shareholder activism strategy, has left to join Senator Investment Group LP, the firms told Reuters on Thursday. The move is a setback for D.E. Shaw, which is seeking to emulate Elliott as […]

Estée Lauder unveils sustainable palm oil scheme

Beauty giant partners with RSPO to work directly with Indonesian palm oil farmers US beauty giant Estée Lauder is working with Indonesian palm oil farmers to improve sustainability and boost working conditions, the firm announced today. The three-year Project Lampung, which got underway in November 2018 but was formally announced today, aims to create a palm oil […]

FAA chief calls eight-hour meeting on Boeing 737 MAX 'exceedingly positive'

FILE PHOTO: Daniel Elwell, acting administrator of the Federal Aviation Administration, testifies during the House Transportation and Infrastructure Committee Aviation Subcommittee hearing on “Status of the Boeing 737 MAX” on Capitol Hill in Washington, U.S., May 15, 2019. REUTERS/Joshua Roberts/File Photo FORT WORTH, Texas (Reuters) – The acting head of the Federal Aviation Administration said […]

Ørsted launches green gas offer

Ørsted has added two ‘green gas’ products to its energy supply offer, the energy giant announced yesterday. The firm is offering biogas, captured from anerobic digestion, and natural gas plus carbon offsetting, to its UK business customers.  Related articles Ørsted said the biogas comes with a guaranteed certificate of origin, while the carbon neutral gas offer […]