5 important pieces of social media news

We’re more than halfway to 2020, and while that in and of itself could be a fascinating topic for a different kind of column, I thought I would use this opportunity to round up some pretty important things going on across different social media platforms. As a social media manager and columnist, staying up to […]

GM to spend $20 million more on equipment upgrade at Arlington plant

FILE PHOTO: A general view of the front entrance at the General Motors Assembly Plant in Arlington, Texas June 9, 2015. REUTERS/Mike Stone/File Photo (Reuters) – General Motors Co said on Tuesday it would invest an additional $20 million to upgrade equipment at the automaker’s Arlington Assembly plant in Texas, ahead of the launch of […]

Wall St. sinks on trade jitters ahead of Powell speech

NEW YORK (Reuters) – Wall Street lost ground on Tuesday as simmering geopolitical and trade concerns, combined with disappointing economic data, kept buyers at bay and investors looked to remarks from U.S. Federal Reserve chair Jerome Powell expected later in the session. FILE PHOTO: Traders work on the floor at the New York Stock Exchange […]

Rising nursing home prices bode poorly for the future

The results of a six-year study by Georgetown University Medical Center revealed just how fast U.S. nursing home prices have been increasing all across America. And the future looks just as grim. Dr. Sean Huang, the study’s lead author, said the brutal dynamic governing long-term care in America — where many nursing home residents must […]

Oil prices tick up ahead of U.S. crude stock data

HOUSTON (Reuters) – Oil prices edged up on Tuesday as investors expected U.S. data due shortly to show declining crude stocks, which outweighed concerns over U.S.-China trade tensions that could weigh on fuel demand. FILE PHOTO: Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. […]

AbbVie looks beyond Humira with $63 billion deal for Botox-maker Allergan

(Reuters) – Drugmaker AbbVie Inc said on Tuesday it would buy Botox-maker Allergan Plc for about $63 billion, grabbing control of the biggest name in medical aesthetics to help reduce its reliance on blockbuster arthritis treatment Humira. AbbVie has been under pressure to diversify its portfolio as Humira, the world’s best-selling drug, is already in […]

Gold soars to six-year high as trade, as Iran tensions mount

NEW YORK (Reuters) – Gold soared to almost a six-year high on Tuesday on escalating U.S.-Iran tensions and U.S.-Sino trade anxiety, leading traders to pile into safe-haven government debt and to snap up the yen and Swiss franc at the expense of the dollar. FILE PHOTO: Traders work on the main trading floor after the […]

Safety first: markets wary of world politics and policy and dash for bunkers

LONDON (Reuters) – Gold, Switzerland’s franc, Japan’s yen, top-rated government bonds, and even bitcoin — investors have dashed for havens and alternative assets this week as anxiety grows about trade wars, U.S.-Iran tensions and negative interest rates. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., […]

Norway wealth fund allowed to invest again in Walmart, Rio Tinto, others

OSLO (Reuters) – Norway’s $1 trillion wealth fund can invest again in miner Rio Tinto and retailer Walmart after their exclusions from the fund’s investments on ethical grounds were revoked, the board of the central bank said on Tuesday. FILE PHOTO: A general view of the Norwegian central bank in Oslo, Norway March 6, 2018. […]

Merrill Lynch trio managing $300 million goes indie with Raymond James

Three advisers managing $300 million at Merrill Lynch in Sandusky, Ohio, have formed Waterstreet Financial and affiliated with independent unit of Raymond James. Joining advisers Dustin Ness, Chris Nuetzel and Keith Sweigert from Merrill Lynch are Emily Bosley, the team’s business manager, and Amy Daley, its operations manager. (More:​ See more adviser moves in InvestmentNews’ […]

DealBook Briefing: Will Trump’s Iran Sanctions Work?

Good Tuesday. (Want this by email? Sign up here.) Trump hits Iran with more sanctions. What will their impact be? President Trump announced new sanctions on Tehran yesterday to further squeeze the Iranian economy in retaliation for what the U.S. says are recent acts of aggression, Edward Wong of the NYT reports. • “The new […]

Southern Water faces prosecution after record £126m penalty

Company must pay back £123m to customers over ‘shocking’ failures at sewage treatment sites Southern Water faces prosecution by the Environment Agency after being handed a record £126m penalty by the water regulator over “shocking” failures at its sewage treatment sites. The package imposed by the regulator, Ofwat, includes compensation of £123m to customers over […]

Net Zero: Where there's a will there's a way

As the UK waits to hear the outcome of its joint bid to host next years’ COP26 climate summit, Centrica’s head of environment James Rushen offers his view on the government’s proposal to cut greenhouse gas emissions to net zero by 2050 I was incredibly encouraged at the recent BusinessGreen Leaders Briefing on ‘Towards Net […]

Exclusive: Dirty oil crisis over for Russia, but contagion felt on high seas

MOSCOW/LONDON (Reuters) – In the opinion of Russian officials, the oil contamination crisis that disrupted flows from the world’s second-largest exporter of crude this spring is long over. FILE PHOTO: An oil storage tank of Russian oil pipeline monopoly Transneft is pictured at the Baltic Sea port of Ust-Luga, Russia February 26, 2018. REUTERS/Vladimir Soldatkin/File […]

Oil prices drop amid demand worries, but U.S.-Iran tensions support

TOKYO (Reuters) – Oil fell on Tuesday amid concerns over the outlook for crude demand, but prices were supported after Washington announced new sanctions on Iran amid mounting tensions in the Middle East. FILE PHOTO: Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. Picture […]

Nissan pours cold water on hopes for quick fix to Renault strain

YOKOHAMA, Japan (Reuters) – Nissan Motor on Tuesday threw cold water on hopes for a quick-fix to its strained relations with France’s Renault SA, saying inequality between the partners could unravel their two-decade-old automaking alliance. FILE PHOTO: Nissan President and Chief Executive Officer Hiroto Saikawa attends a news conference at its global headquarters building in […]

Stocks suffer trade jitters, dollar braced for more Fed talk

SYDNEY (Reuters) – Asian shares were hamstrung by trade worries Tuesday as expectations of more dovish talk from the Federal Reserve pushed down Treasury yields and the dollar, while propelling gold prices to six-year peaks. FILE PHOTO: An investor watches stock prices at a brokerage office in Beijing, China July 6, 2018. REUTERS/Jason Lee Investors […]

Exclusive: Huawei's U.S. research arm builds separate identity

(Reuters) – The U.S.-based research arm of China’s Huawei Technologies Co Ltd – Futurewei Technologies Inc – has moved to separate its operations from its corporate parent since the U.S government in May put Huawei on a trade blacklist, according to two people familiar with the matter. FILE PHOTO: A Huawei company logo at the […]

Lawyers for Huawei CFO urge Canada to withdraw extradition proceedings

(Reuters) – Lawyers for Huawei’s chief financial officer urged Canada’s justice minister on Monday to withdraw extradition proceedings against Meng Wanzhou, who has been detained in Vancouver since December on U.S. fraud charges. FILE PHOTO: Huawei’s Financial Chief Meng Wanzhou leaves her family home in Vancouver, British Columbia, Canada, May 8, 2019. REUTERS/Lindsey Wasson/File Photo […]

Alphabet commits to data privacy in Toronto smart city master plan

TORONTO (Reuters) – A high-tech smart city project proposed along Toronto’s waterfront by Alphabet Inc unit Sidewalk Labs has pledged not to sell advertisers the personal data collected to serve residents and visitors, as part of a 1,500-page master plan released on Monday. FILE PHOTO: A “No Trespassing” sign is seen in the Port Lands, […]

Factbox: Alphabet unveils Toronto smart city master plan details

(Reuters) – Alphabet on Monday released details of a proposed smart city development for Toronto, outlining plans in a 1,500 page document. Sidewalk Labs CEO Dan Doctoroff said at a press conference that Sidewalk Labs, an Alphabet unit, will not disclose personal information to third parties without explicit consent and will not sell personal information. […]

FedEx sues U.S. government over 'impossible' task of policing exports to China

(Reuters) – U.S. parcel delivery firm FedEx Corp on Monday sued the U.S. government, saying it should not be held liable if it inadvertently shipped products that violated a Trump administration ban on exports to some Chinese companies. The move came after FedEx reignited Chinese ire over its business practices when a package containing a […]

Giant New Jersey offshore wind award to kickstart US market

New Jersey is looking to offshore wind to power progress towards its clean energy goals Winning bid was submitted by Danish power firm Ørsted, beating competition from EDF, Shell, and Equinor The New Jersey Board of Public Utilities last week granted the state’s first offshore wind award to Danish energy giant Ørsted, paving the way […]

CDP: Shipping industry failing to pursue essential emissions solutions

Report ranks the world’s biggest shipping firms by climate readiness and emphasises need to invest in innovative technologies that can slash sector’s emissions Shipping companies are largely failing to push for the technologies required to reduce the industry’s carbon footprint and deliver on its emissions goals, according to a CDP report published today that ranks […]

Technology can help turn client conversations toward planning in next bear market

Unless you’ve been living under a trading desk since the early 2000s, you’ve heard all about the shift in wealth management away from investments toward comprehensive financial planning.​ Investment management is commoditized. Advisers today have to offer financial planning, risk analytics, insurance, tax optimization and all sorts of other services in pursuit of a feel-good, […]

S&P 500 slips as healthcare drags, investors eye G20 summit

NEW YORK (Reuters) – The S&P 500 edged lower on Monday as losses by healthcare companies overshadowed gains in the technology sector, while investors awaited U.S. President Donald Trump’s meeting with Chinese President Xi Jinping at the G20 summit this week. The Nasdaq slipped but tariff-sensitive industrials, headed up by Boeing Co, led the blue-chip […]

GPB paid B-Ds and reps steep commissions to sell troubled private placements

Broker-dealers and their reps who sold private placements for GPB Capital were paid tens of millions of dollars in commissions, but now must face clients whose investments have dropped in value dramatically. According to a GPB document sent to broker-dealers on Friday, GPB raised $1.8 billion from wealthy investors who bought the high-risk private placements […]

Should financial advisers be paying more attention to private equity?

Excitement for greater access to private-equity investments was sparked by a Wall Street Journal story Monday that The Vanguard Group may be pondering a move into the space. While the $5.2 trillion Malvern, Pa.-based asset manager told InvestmentNews it has “no immediate plans to offer a private-equity fund,” should financial advisers be taking notice? Vanguard, […]

Congress members ask GAO to study fallout from death of DOL fiduciary rule

High-level Democrats in the Senate and House of Representatives have asked a congressional watchdog to study the fallout from the now-defunct Department of Labor fiduciary rule, including the regulation’s effect on a wide range of business practices and how those practices have changed since the rule was killed in court. Rep. Bobby Scott, D-Va., chairman […]

UK puts mini-bond regulation under spotlight after LCF collapse

LONDON (Reuters) – Britain’s finance ministry said on Monday it would look at whether the regulation regime around mini-bond investments, used to raise funds for small businesses, is up to scratch following the collapse of investment firm London Capital & Finance (LCF). LCF went into administration in January with losses of up to 237 million […]

Merrill Lynch team managing $220 million moves to Janney

A team managing $220 million at Merrill Lynch in Lewes, Del., has joined Janney Montgomery Scott. Consisting of four advisers — Steven Cooper, Trey Hastings, Ronald Miller and Oliver Beck — the team, which operates as MCH Wealth Management, also includes associate Paula Sellers. Mr. Cooper began his securities career in 1999 at Morgan Stanley […]

Supreme Court allows foul language trademarks in F-word case

(Editor’s note: contains language that some readers may find offensive, paragraphs 2, 9.) By Andrew Chung WASHINGTON (Reuters) – The Supreme Court on Monday struck down a longstanding U.S. ban on trademarks on “immoral” or “scandalous” words and symbols, ruling in a case involving a clothing brand with an indelicate name that the law violates […]

Wall St. flat as healthcare losses limit tech gains

(Reuters) – Wall Street’s main indexes were flat on Monday, as losses in healthcare stocks offset gains in the technology sector, while investors awaited a high-stakes meeting between U.S. and Chinese leaders at the G20 summit later this week. Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., […]

Brazil's antitrust regulator wants competition in Sao Paulo airport

FILE PHOTO: A customer walks past Avianca airline check-in machines at Congonhas airport in Sao Paulo, Brazil, April 12, 2019. REUTERS/Nacho Doce/File Photo SAO PAULO (Reuters) – Brazil’s antitrust regulator wants new rules for allocating airplane landing and departure rights, known as slots, in Sao Paulo’s crowded domestic airport, saying they are too concentrated among […]

Eldorado Resorts takes on bigger rivals with $8.5 billion Caesars buy

(Reuters) – U.S. casino operator Eldorado Resorts Inc has agreed to buy rival Caesars Entertainment Corp for about $8.5 billion in cash and stock, as it looks to build scale to take on larger companies such as Las Vegas Sands and Wynn Resorts. The deal comes more than three months after Caesars agreed to give […]

WarnerMedia names Ann Sarnoff as CEO of Warner Bros

FILE PHOTO: Ann Sarnoff, Chief Operating Officer of BBC Worldwide America, speaks during the 2011 Bloomberg Media Summit in New York March 9, 2011. REUTERS/Lucas Jackson/File Photo (Reuters) – WarnerMedia, part of AT&T Inc, said here on Monday the company has appointed Ann Sarnoff as the chief executive officer of Warner Bros. Sarnoff is currently […]

FedEx confirms Huawei mail ban as new 'mistake' reignites Chinese ire

(Reuters) – FedEx Corp has apologized for another Huawei delivery “mistake,” reigniting Chinese ire and drawing the fire of state media which suggested the U.S. delivery firm could end up on China’s upcoming list of companies that harm national interests. The firm on Sunday said it returned a package – identified as containing a Huawei […]

Lawyers for Huawei CFO urge Canada's Justice Minister to withdraw extradition proceedings

(Reuters) – Lawyers for Huawei’s chief financial officer, who is being detained in Vancouver on U.S. fraud charges against her, on Monday urged Canada’s Minister of Justice to reconsider whether to withdraw the extradition proceedings. FILE PHOTO: Huawei’s Financial Chief Meng Wanzhou leaves her family home in Vancouver, British Columbia, Canada, May 8, 2019. REUTERS/Lindsey […]

Facebook's Clegg rejects break-up calls, prefers more regulation

BERLIN (Reuters) – Facebook dismissed calls for a break-up of the world’s biggest social network and other big internet companies on Monday, saying this would not tackle issues such as privacy, attempts to influence elections or harmful content. FILE PHOTO: Logo of Facebook is seen at the high profile startups and high tech leaders gathering, […]

Bristol-Myers plans to divest Celgene's psoriasis drug

(Reuters) – Bristol-Myers Squibb Co on Monday offered to divest Celgene Corp’s psoriasis treatment Otezla to allay concerns raised by the U.S. competition regulator, and pushed back the closing of their $74 billion deal. FILE PHOTO: Logo of global biopharmaceutical company Bristol-Myers Squibb is pictured on the blouse of an employee in Le Passage, near […]

Bitcoin rallies above $11,000 through the weekend, nearing a 15-month high

Bitcoin is closing in on its highest level in more than a year after soaring above $11,000 over the weekend. The world’s first and largest cryptocurrency hit a high of above $11,307.69 Sunday evening, bringing its one-week gains to more than 20%, according to data from industry site CoinDesk. Prices scaled back slightly Monday, and […]