Exclusive: IEA revising oil demand growth forecast down on slowing economy

NEW DELHI (Reuters) – The International Energy Agency (IEA) is reducing its 2019 oil demand forecast due to a slowing global economy amid a U.S.-China trade spat, its executive director said on Thursday. FILE PHOTO: A pump jack operates in the Permian Basin oil production area near Wink, Texas U.S. August 22, 2018. Picture taken […]

IEA says does not expect 'huge increase' in crude prices

FILE PHOTO: International Energy Agency Executive Director Fatih Birol speaks during the “Rome 2015 MED, Mediterranean dialogues” forum in Rome, Italy, December 11, 2015. REUTERS/Max Rossi/File Photo NEW DELHI (Reuters) – The International Energy Agency (IEA) doesn’t expect oil prices to rise significantly because demand is slowing and there is a glut in global crude […]

GM's mid-engine Corvettes roar onstage to take on Europeans

TUSTIN, Calif. (Reuters) – General Motors Co (GM.N) unveiled on Thursday its newly designed mid-engine 2020 Corvette in a splashy tribute to its emblematic sports car, even as the No. 1 U.S. automaker faces mounting pressures in a sluggish and uncertain global sales environment. Mark Reuss, president of General Motors Company, gestures next to the […]

U.S.-China officials discuss trade; Mnuchin eyes possible in-person talks

CHANTILLY, France/WASHINGTON (Reuters) – U.S. and Chinese officials spoke by telephone on Thursday as the world’s two largest economies seek to end a year-long trade war, with U.S. Treasury Secretary Steven Mnuchin suggesting in-person talks could follow. Mnuchin and U.S. Trade Representative Robert Lighthizer spoke with their Chinese counterparts over the phone, Lighthizer’s office said […]

Microsoft shares hit record highs, powered by growing cloud sales

(Reuters) – Microsoft Corp (MSFT.O) on Thursday beat analysts’ estimates for fourth-quarter revenue and profit, driven by continued sales increases from its cloud business and sending its shares to all-time highs. FILE PHOTO: The Microsoft sign is shown on top of the Microsoft Theatre in Los Angeles, California, U.S. October 19,2018. REUTERS/Mike Blake/File Photo Since […]

Icahn launches proxy fight after stalled talks with Occidental CEO

HOUSTON (Reuters) – Activist investor Carl Icahn formally launched on Thursday a proxy fight against Occidental Petroleum (OXY.N) to win control of four board seats, a regulatory filing showed, after talks with the oil company’s CEO failed to reach an agreement. FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network’s Neil […]

Asia stocks firm as Fed props up rate cut expectations

TOKYO (Reuters) – Asian stocks advanced on Friday after a top Federal Reserve official cemented expectations of a U.S. interest rate cut later this month, fuelling appetite for riskier assets and keeping a cap on the dollar. FILE PHOTO: A man in a bicycle stops in front of an electronic board showing the Nikkei stock […]

Oil jumps, Brent up more than 2% after U.S. Navy downs Iranian drone

TOKYO (Reuters) – Oil prices climbed around 2% on Friday after the U.S. Navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, again raising tensions in the Middle East. FILE PHOTO: An oil pump is seen at sunset outside Vaudoy-en-Brie, near Paris, France April 23, 2018. REUTERS/Christian […]

China makes biggest U.S. sorghum purchase since April as trade talks resume

CHICAGO (Reuters) – China made its biggest purchase of U.S. sorghum since April last week, according to U.S. Department of Agriculture data issued on Thursday, as Washington and Beijing revive discussions to end their trade war. FILE PHOTO: Bottles of the Chinese spirit baijiu are on display at a bar in Beijing, China June 22, […]

Struggling Barneys Considers Its Options, Including Bankruptcy

When Barneys NY opened the elegant revolving doors of its 10-story French limestone flagship store at 660 Madison Avenue in 1993, it established a retail landmark that soon came to be synonymous with a certain kind of New York style. Shoppers thronged as much to imbibe the atmosphere of insider luxury as to buy the […]

Cascade and Tide join Loop packaging re-use scheme

Two of America’s best-known detergent brands will now be available to US customers in reusable packaging US detergent brands Cascade and Tide have joined circular shopping system Loop, with customers in America now able to buy the products in reusable packaging. The scheme, run by recycling specialists TerraCycle, enables customers to buy everyday products in […]

Inger Andersen officially sworn in as UN Environment Programme chief

Inger Andersen has been officially sworn in as the UN Environment Programme’s new executive director, with the Danish economist and environmentalist filling the shoes left by Erik Solheim after his resignation last year. Andersen, who has held a number of high level roles in sustainability at the UN and World Bank over her 30-year career, […]

How do advisers estimate a client's longevity?

Estimating how long a client will live is an inherently challenging, yet critical task for financial advisers. Lifespan is at the heart of every financial plan, and a misstep could mean the difference between clients’ financial security and running well short of money in retirement. The task is fraught with difficulty, from knowing what questions […]

Fidelity, Dynasty back new tech-powered ESG asset manager

Ethic, an asset manager that uses technology to build custom sustainable investing portfolios for advisers, now has the backing of Fidelity Investments and Dynasty Financial Partners. Fidelity was part of $13 million round of funding, led by venture capital firm Nyca Partners, which four-year-old Ethic closed Thursday. The funding comes a week after Dynasty said […]

Lightyear's Wealth Enhancement Group acquires $1 billion RIA

Lightyear Capital’s Wealth Enhancement Group, a Minneapolis, Minn.-based hybrid firm that has been an active acquirer of RIA firms, will acquire AEPG Wealth Strategies, a registered investment adviser managing $1 million in Warren, N.J. AEPG has 27 employees and serves more than 600 advisory and retirement plan clients, as well as having specialized expertise in […]

Finra arbitrators order Morgan Stanley to pay $3.3 million for concealing evidence

Finra arbitrators ordered Morgan Stanley to pay $3.3 million to investors in a Puerto Rico bond case, most of it because the firm allegedly concealed evidence in a hearing. The three-person all-public Financial Industry Regulatory Authority Inc. panel seemed to get fed up with Morgan Stanley’s foot-dragging in complying with a discovery request “related to […]

The wealth management circle of life

It’s no secret that there’s $30 trillion that’s expected to be passed down from baby boomer parents to their Generation X and millennial children over the next 30 years. This vast movement of wealth is reminiscent of the point in “The Lion King“ when Mufasa told Simba that one day he would be heir. Like […]

AssetMark IPO seen as boon for financial services

The initial public stock offering by AssetMark Financial Holdings (AMK) is being described by market watchers as well-executed success that will pave the way for other financial service industry companies to access the public equity markets. The Concord, Calif.-based turnkey asset management platform, which has $56 billion under management, began trading Thursday morning after selling […]

New CEO of InvestmentNews announced

Christine Shaw has been named chief executive of InvestmentNews, the leading source of news, analysis and information for the financial advisory community. She succeeds Suzanne Siracuse, who announced her resignation earlier this week. Ms. Shaw joins InvestmentNews from Future Plc, where she was managing director and senior vice president of global events and B2B, managing […]

Netflix sinks on subscriber losses, analysts still see growth

(Reuters) – Wall Street brokerages stuck to a positive outlook on Netflix Inc (NFLX.O) on Thursday, betting that a strong content slate for the rest of 2019 would reverse shock losses in U.S. subscribers in the second quarter that sank its stock price. Shares in the company fell 11% in morning trade, as investors worried […]

Wall Street falls as Netflix adds to earnings jitters

(Reuters) – Wall Street’s main indexes were set for their third day of losses on Thursday, as Netflix reported a surprise fall in U.S. subscribers in a downbeat start to results from high-growth companies. Traders work on the floor of the New York Stock Exchange in New York, United States, July 2, 2015. REUTERS/Brendan McDermid […]

Oil falls nearly 3% as U.S. Gulf production returns

NEW YORK (Reuters) – Oil fell nearly 3% a barrel on Thursday, weighed down by weakness in U.S. equities markets and an expectation that crude output would rise in the Gulf of Mexico following last week’s hurricane in the region. FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France March […]

Blackstone reports better-than-expected Q2 distributable earnings

(Reuters) – Blackstone Group Inc (BX.N), the world’s largest manager of alternative assets such as private equity and real estate, said on Thursday its distributable earnings in the second quarter rose 1% year-on-year, more than most analysts expected. FILE PHOTO: Stephen A. Schwarzman, chairman and CEO of Blackstone, attends the World Economic Forum (WEF) annual […]

Commonwealth adviser managing $200 million switches to LPL-affiliated hybrid

Ron Jaeger, who managed $200 million while with Commonwealth Financial Network, has affiliated with Gladstone Wealth Group, a hybrid advisory firm based in Red Bank, N.J., Mr. Jaeger will be registered through LPL Financial‘s broker-dealer and use LPL’s corporate RIA platform. (More:​ See more adviser moves in InvestmentNews’ Advisers on the Move database.) Mr. Jaeger […]

Global stocks fall on trade, earnings caution; oil drops

NEW YORK (Reuters) – A gauge of global shares declined for a third straight session on Thursday on worries over how the trade war between the United States and China could dent corporate earnings, while oil prices dropped on expectations of rising output. Traders work on the floor at the New York Stock Exchange (NYSE) […]

Southwest schedules without Boeing 737 MAX until Nov. 2, freezes pilot hiring

(Reuters) – Southwest Airlines Co (LUV.N) joined U.S. rivals on Thursday in cancelling more flights until early November due to the continued grounding of Boeing Co’s (BA.N) 737 MAX, which has also prompted the low-cost carrier to freeze new pilot hiring. FILE PHOTO: Dozens of grounded Boeing 737 MAX aircraft are seen parked in an […]

Evercore set to lose out as Aramco reshuffles IPO roles: sources

LONDON/DUBAI (Reuters) – Boutique investment bank Evercore Partners has lost the chance to retain a prime position as an independent advisor for Saudi Aramco’s potential $100 billion share sale, as the oil giant revives its postponed listing, three sources said. FILE PHOTO: Flames are seen at the production facility of Saudi Aramco’s Shaybah oilfield in […]

Morgan Stanley reports drop in profit, but wealth management gains

(Reuters) – Morgan Stanley (MS.N) reported a drop in quarterly profit Thursday, hit by lower market activity amid global trade tensions and expectations for U.S. interest rate cuts. FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Photo It was the last big U.S. […]

Elizabeth Warren declares war on private equity 'vampires'

Elizabeth Warren unveiled a policy proposal Thursday to slap new rules on private equity and “useless speculation” on Wall Street while rolling back President Donald J. Trump’s deregulation of the financial industry. A centerpiece of her “economic patriotism” plan is to transform private-equity firms, which she said often act like “vampires” when they buy companies […]

Take it easy: central bank U-turns loosen financial conditions

(Reuters) – Rate cut bets and rallying equity and bond markets are feeding into a gradual loosening of financial market conditions that could potentially send world growth ticking higher by the end of the year, a closely watched index suggests. U.S. Dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis […]

Mnuchin says Treasury will ensure bitcoin doesn't become 'Swiss-numbered bank accounts'

Treasury Secretary Steven Mnuchin said Thursday the department will police bitcoin and other cryptocurrencies with “very, very strong” regulations so that they don’t become cloaked in secrecy. “We’re going to make sure that bitcoin doesn’t become the equivalent of Swiss-numbered bank accounts, which were obviously a risk to the financial system,” Mnuchin said in an […]

DealBook Briefing: Trade Talks Are Stalled Over Huawei

Good Thursday morning. (Want this by email? Sign up here.) Trade talks are stuck in a rut Revived trade negotiations between the U.S. and China are said to have stalled again. One big problem, according to William Mauldin and Chao Deng of the WSJ: how much Washington should ease up on Huawei. • Though President […]

National Lottery launches £100m community climate action fund

Dawn Austwick, CEO of The National Lottery Community Fund and Ummi Hoque, Youth Activist and Climate Striker at the launch event of the £100m Climate Action Fund Fund will focus on helping communities to take lead in tackling climate emergency, such as through green energy and transport projects The National Lottery Community Fund has today […]

Out of the control room and in to the boardroom

Ian Hopkins, sales director UK and Ireland at Centrica Business Solutions, on the rising importance of energy on corporate agendas The Government’s Net Zero target puts the country right at the forefront of the global climate change agenda. Societal attitudes to environment preservation are changing. For businesses, doing nothing is no longer an option. Many […]

Locations of 50 new London water fountains revealed

Work starts on first wave of 100 fountains to be installed in drive to cut single-use plastics The locations of the first 50 of a £5m wave of public water fountains earmarked for the capital have been announced. The first of the new fountains – which people are encouraged to use to refill their own […]

Environmental damage of tourism comes under MPs' spotlight

Inquiry to address problems including aviation emissions and traffic in UK and abroad Holidaymakers’ responsibility for foul beaches, overcrowding, traffic, aeroplane emissions and other environmental impacts will come under parliamentary scrutiny. The inquiry into the environmental cost of tourism and transport will consider whether the UK government should play a greater role in offsetting the […]

Stocks wobble on trade, earnings unease; U.S. Treasury yields fall

TOKYO (Reuters) – Asian shares edged lower on Thursday as Wall Street stocks dropped on early signs that the U.S.-China trade war could hurt corporate earnings, which helped underpin solid demand for safe-haven U.S. Treasuries. FILE PHOTO: A man looks at a stock quotation board outside a brokerage in Tokyo, Japan, July 1, 2019. REUTERS/Issei […]

Crude futures steady after fall on U.S. oil products stocks gain

TOKYO (Reuters) – Oil prices steadied on Thursday after falling in the previous session when official data showed U.S. stockpiles of products like gasoline rose sharply last week, suggesting weak demand during the peak driving season. FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France March 28, 2019. REUTERS/Christian Hartmann […]

Qualcomm set to face second EU antitrust fine shortly: sources

FILE PHOTO: Signs of Qualcomm and 5G are pictured at Mobile World Congress (MWC) in Shanghai, China June 28, 2019. REUTERS/Aly Song/File Photo BRUSSELS (Reuters) – Qualcomm, the world’s no.1 chipmaker, could be hit with a second EU antitrust fine as soon as Thursday for blocking a rival from the market more than a decade […]

U.S. solar sector launches lobbying push to preserve key subsidy

(Reuters) – The U.S. solar industry on Wednesday kicked off a lobbying push aimed at convincing Congress to extend a generous tax credit for solar energy systems that is set to begin phasing out next year. FILE PHOTO: Solar panels are pictured at the BP America Gasosaurus Gas Unit well site in Lufkin, Texas, U.S., […]

Netflix shares plunge as global growth falls short, U.S. customers shrink

(Reuters) – Netflix Inc (NFLX.O) said on Wednesday it lost U.S. streaming customers for the first time in eight years and missed targets for new subscribers overseas, an announcement that jarred investors ahead of looming competition. Netflix shares sank nearly 12% in after-hours trading after the company posted quarterly results that showed it shed 130,000 […]