FINANCIAL NEWS

Americans reflect on pros, cons of legal pot ahead of 420

AP Business - 3 min 40 sec ago
America's marijuana supporters have a lot to celebrate on this 420 holiday : Thirty states have legalized some form of medical marijuana, according to a national advocacy group....

Mattel CEO leaves after being at helm for 14 months

AP Business - 17 min 48 sec ago
NEW YORK (AP) -- Mattel Inc. says that its CEO Margo Georgiadis is stepping down to pursue a new opportunity in the tech sector....

Philadelphia Police Chief Apologizes for Starbucks Incident

Philadelphia Police Commissioner Richard Ross offered an apology to two black men who were arrested last week at a Starbucks.

Debt to the Penny for 04/18/2018

US TREASURY DEBT DAY-TO-DAY - 50 min 12 sec ago
Debt Held by the Public: 15,383,525,794,902.60
Intragovernmental Holdings: 5,696,299,827,559.11
Total Public Debt Outstanding: 21,079,825,622,461.71

Signature's taxi-loan woes in the rearview mirror, CEO insists

AMERICAN BANKER - 53 min 46 sec ago
“We know we've said this before, but we do feel we've put this behind us now,” Joseph DePaolo said Thursday.

US officials: 16 nations agree to track Venezuela corruption

AP Business - 55 min 48 sec ago
WASHINGTON (AP) -- Finance ministers from several Latin American nations as well as the U.S. and Europe have agreed to work jointly to locate and seize the proceeds arising from corruption by Venezuelan government insiders, two U.S. Treasury officials said Thursday....

Southwest Airlines pilot pushed Navy boundaries for flying

AP Business - 1 hour 4 min ago
BOERNE, Texas (AP) -- Tammie Jo Shults was determined to "break into the club" of male military aviators....

Mattel CEO Margo Georgiadis in Talks to Leave Company

Mattel Chief Executive Margo Georgiadis is in discussions to leave the toy maker, in what would be an abrupt exit at a company struggling with slumping sales and in the midst of a restructuring.

Can a bank spend freely on tech while controlling costs?

AMERICAN BANKER - 1 hour 37 min ago
Investing in technology has been an important focus for banks. But big questions remain about these investments, including how best to pay for them.

AT&T Chief Takes Stand to Defend Time Warner Deal

AT&T Chief Executive Randall Stephenson began his court testimony defending his company’s $85 billion acquisition of Time Warner against the Justice Department’s antitrust claims.

Fed official resists taking sides in gun control-bank conflict

AMERICAN BANKER - 2 hours 12 min ago
Randal Quarles found himself in the middle of an issue that typically doesn't fall under a bank regulator's purview.

Banks need to be worried about Facebook's data-sharing debacle

AMERICAN BANKER - 2 hours 41 min ago
Financial institutions are sharing more information with third parties these days, but they need to be cautious about it.

FDA Panel Backs Proposed Epilepsy Drug Derived From Cannabis

An FDA advisory panel recommended approval of what could become the first prescription drug in the U.S. derived from the marijuana plant, as a treatment for people with rare forms of epilepsy.

Philip Morris Shares on Track for Worst Day in a Decade

Philip Morris was on track for its worst percentage decline in a decade, dragging down other tobacco stocks as cigarette volumes dropped more than expected and the IQOS product experienced slower growth.

National Enquirer Parent, Staunch Trump Backer, Faces Mounting Debt, Shrinking Sales

American Media Inc., publisher of the National Enquirer supermarket tabloid, faces ballooning debt, falling revenue and shrinking newsstand sales, according to company reports reviewed by The Wall Street Journal.

British cybersecurity expert faces key hearing in US case

AP Business - 3 hours 16 min ago
MILWAUKEE (AP) -- A British cybersecurity expert once heralded as a hero for stopping the WannaCry worldwide computer virus is due in a Milwaukee courtroom Thursday, where he will ask the judge to toss statements he made to the FBI after his arrest for allegedly writing and distributing malicious software use to steal banking passwords....

British cybersecurity expert faces key hearing in US case

AP Business - 3 hours 17 min ago
MILWAUKEE (AP) -- A British cybersecurity expert once hailed as a hero for stopping a computer virus will be in federal court in Milwaukee to try to weaken a criminal case against him by having his post-arrest statements tossed....

Philip Morris warning damps tobacco shares

FINANCIAL TIMES - 3 hours 19 min ago
Stock down 16% as results raise alarm bells over ecigarette and vaping strategy
Categories: FINANCIAL NEWS

N Korea has set no terms for nuclear talks, says Moon

FINANCIAL TIMES - 3 hours 35 min ago
Pyongyang ‘not attached any conditions’ such as US troops removal
Categories: FINANCIAL NEWS

Ally's auto finance chief to depart, triggering series of moves

AMERICAN BANKER - 3 hours 39 min ago
Tim Russi played a key role in the company’s transition away from its once-close relationship on General Motors. He will be succeeded by Doug Timmerman, a 32-year Ally veteran.

Musk's LA transport tunnel proposal takes step forward

AP Business - 3 hours 49 min ago
LOS ANGELES (AP) -- A committee of the Los Angeles City Council has approved an environmental review exemption for a tunnel that Elon Musk wants to dig to test a novel underground transportation system....

Trump relaxes conditions over sale of US killer drones

FINANCIAL TIMES - 3 hours 54 min ago
Policy aims to boost defence sales and counter competition from Russia and China
Categories: FINANCIAL NEWS

Lagarde urges greater scrutiny of Big Tech

FINANCIAL TIMES - 4 hours 9 min ago
Dominance of Amazon and Google threatens productivity and innovation, says IMF head
Categories: FINANCIAL NEWS

Marijuana supporters, critics across the US weigh in on 420

AP Business - 4 hours 17 min ago
America's marijuana supporters have a lot to celebrate on this 420 holiday: Thirty states have legalized some form of medical marijuana, according to a national advocacy group....

UK mulls plan to ban plastic straws and cut waste

AP Business - 4 hours 21 min ago
LONDON (AP) -- Britain's government wants to take action to ban plastic straws, drink stirrers and cotton buds - and is urging other Commonwealth nations to follow suit....

Oil climb towards four-year high of $75 a barrel

FINANCIAL TIMES - 4 hours 22 min ago
Market has seen near 50% rally in past year as Opec deal drains excess supply
Categories: FINANCIAL NEWS

Billionaire’s superyacht given to ex-wife in divorce case

FINANCIAL TIMES - 4 hours 40 min ago
High Court orders transfer of Farkhad Akhmedov’s £350m yacht
Categories: FINANCIAL NEWS

Webster's 1Q profit climbs 35% as HSA revenues surge

AMERICAN BANKER - 4 hours 42 min ago
The Waterbury, Conn., company also posted a double-digit gain in net interest income thanks to a 7% increase in commercial loan balances and a widening net interest margin.

Even as markets shake, investors seek the riskiest corners

AP Business - 4 hours 54 min ago
NEW YORK (AP) -- Even the suddenly shaky stock market hasn't scared people away from investments that are supposed to be some of the world's riskiest....

Merkel warns of Franco-German reform differences

FINANCIAL TIMES - 4 hours 59 min ago
Chancellor signals willingness to compromise after talks with Macron in Berlin
Categories: FINANCIAL NEWS

A hotel becomes Amex's battleground for credit card rewards

AMERICAN BANKER - 5 hours 37 min ago
Major card brands have been competing to surpass each other with rewards and premium card offerings for decades, but American Express still views the premium card world as one it dominates.

Philip Morris loses 16% in value in worst day since 2008

FINANCIAL TIMES - 5 hours 45 min ago
Disappointing sales as new devices fail to offset decline in cigarette smoking
Categories: FINANCIAL NEWS

Staff reductions, other cost cuts pay off at BB&T

AMERICAN BANKER - 5 hours 57 min ago
The North Carolina company's efforts to contain expenses made up for a marginal increase in revenue.

U.S. Leading Economic Indicators Rose in March

An economic index that measures U.S. business trends continued to increase in March, pointing to robust economic growth throughout 2018.

New data: Americans filling far fewer opioid prescriptions

AP Business - 6 hours 8 min ago
TRENTON, N.J. (AP) -- The number of prescriptions for opioid painkillers filled in the U.S. fell dramatically last year, showing their biggest drop in 25 years and continuing a decline amid increasing legal restrictions and public awareness of the dangers of addiction, new data show....

Spanish now richer than Italians, IMF data show

FINANCIAL TIMES - 6 hours 10 min ago
Decade of stagnation leaves Rome trailing in terms of output per head
Categories: FINANCIAL NEWS

How can banks make digital more fun?

AMERICAN BANKER - 6 hours 15 min ago
Banks struggle to make their websites and apps a destination rather than a utility. Analyst Jacob Jegher offers some ideas for building digital relationships.

Sir Martin Sorrell leaves the world’s biggest ad company in a sorry state

THE ECONOMIST - 6 hours 16 min ago

DURING his spectacular rise from London beancounter to the globe-trotting boss of WPP, the advertising powerhouse he created out of a backstreet wire-basket and trolley company, Sir Martin Sorrell was rarely sentimental. The man who helped turn a ramshackle but chic industry into a global force poached accounts mercilessly and often pitted his own firms against each other in the quest for clients.

Not for nothing did the late David Ogilvy, one of the industry’s founding patriarchs, reputedly describe him as an “odious little shit” when WPP came after the Ogilvy Group in the late 1980s at the dawn of its decades-long acquisition spree (see chart). But Ogilvy later became WPP’s non-executive chairman, and the company turned into the world’s largest marketing conglomerate with more than $20bn in annual revenues. In business, Sir Martin charmed as well as cajoled.

Continue reading

Amazon is not the only threat to legacy post offices

THE ECONOMIST - 6 hours 16 min ago

The Pony Express, British style

IT MAY be hard to imagine a world without cheap postal services, but 200 years ago sending mail was a luxury. Posting a letter from London to Edinburgh cost an average daily wage. In 1840, after a proposal by Rowland Hill, an inventor, Britain launched the Penny Post, the world’s first universal mail service. The state-run post office was given a mail monopoly in return for delivering letters to any address in the country at the same rate. Cheaper postage proved wildly popular and the flows of information it enabled boosted economic growth. But the scheme’s finances proved controversial. The low cost of the service hit profits and the government introduced income tax to fill the fiscal hole.

That did not stop the idea of a “universal service obligation” for post spreading across the entire rich world over the next century. At the industry’s peak, post offices worldwide delivered nearly 350bn items of mail in 2007. But over the past...Continue reading

A potential merger between IAG and Norwegian should worry flyers

THE ECONOMIST - 6 hours 16 min ago

WHEN flag carriers such as British Airways (BA) ruled the skies, only the rich could afford to fly across the Atlantic. That was until Freddie Laker, a British entrepreneur, came along. His dream was to open long-haul travel to the masses. In 1977 he launched Skytrain, the first low-cost long-haul flights between London and New York. “Thanks to Freddie Laker you can cross the Atlantic for so much less,” declared Margaret Thatcher in 1981. “Competition works.” But within a year of her speech Laker Airways had gone bust, amid accusations of predatory pricing.

Since 2013 Norwegian, another low-cost carrier, has been trying to make Laker’s dream a reality. Last year it painted his face onto one of its jets to show it is serious about disrupting transatlantic air travel. But just like Laker Airways, it has run into financial headwinds. And BA is once again a potential beneficiary. On April 12th IAG, a group of flag carriers including BA, said that it had bought 4.6% of its budget rival as a precursor...Continue reading

ESPN starts a streaming service

THE ECONOMIST - 6 hours 16 min ago

THE first week for ESPN+, a sports streaming service that Disney, owner of ESPN, launched in America on April 12th, had none of the razzmatazz associated with a firm known for blockbuster openings. Forget marquee matchups from the National Basketball Association. The games come from lesser-known football (ie, soccer) leagues, minor college sports and international fixtures with limited American audiences, like rugby and cricket.

This was tactical, says Kevin Mayer, the boss of Disney’s first shot at streaming in America. At $5 a month, the aim is to create a sort of mini-Netflix for sports. But Disney is loth to take customers away from the company’s lucrative ESPN networks on pay-TV. It wants to avoid the own goal of disrupting itself.

The delicate positioning of ESPN+ reflects an industry in flux. Cable networks are losing millions of subscribers to “cord-cutting”, whereby customers drop expensive pay-TV packages in favour of much cheaper internet services like Netflix. In response to this threat Disney decided to pull its films from Netflix and to develop its own internet-only entertainment service, which is scheduled to debut next year. In December the company agreed a $66bn deal to buy much of the entertainment business of 21st Century Fox, in order to gain the heft to compete with Netflix. Disney is betting that streaming is the...Continue reading

How Heineken beer survives in Congo

THE ECONOMIST - 6 hours 16 min ago

THE Bralima brewery in Kinshasa, the capital of the Democratic Republic of Congo (DRC), is an island of modernity in a city where chaos is the norm. Inside a building near the docks where barges begin the journey up the Congo river, conveyor belts rattle as thousands of glass bottles are washed and filled with amber liquid. A generator hums to power the new brewing machinery, creating enough booze to fill 28,000 crates every two days.

Yet the real achievement of Bralima, which is owned by Heineken, a Dutch brewer, is not making the beer. It is what happens when it leaves the factory. Congo is one of the worst-connected, most dysfunctional countries on Earth. Four times the size of France, it has almost no all-weather roads. In large parts of eastern DRC, the state is a fiction and rebels control the roads. Yet there is scarcely a village where it is impossible to get a beer.

Bralima was founded in 1923. Its main competitors, Bracongo and Brasimba, both owned by Castel, a secretive French...Continue reading

Some American startups are borrowing ideas from China

THE ECONOMIST - 6 hours 16 min ago

Hipster Hells Angel

“WHEN you enter [the marketplace] with that level of hubris and arrogance, you don’t create trust.” So declared a member of San Francisco’s Board of Supervisors this week. He was upset about the sudden appearance of dockless electric scooters, rented via smartphone, all over the city. Several American startups are battling each other and the authorities to promote them. They are clean, cheap and convenient. The snag is that some users ride them wildly or dump them willy-nilly after use. On April 17th the city passed an ordinance requiring a permit to park scooters on its pavements.

Similar clashes have taken place elsewhere. Bird, a Californian startup that raised $100m in venture-capital funding last month, launched its rental service for electrified scooters in September at its home base of Santa Monica. Since then, the beach town’s hipsters have completed over half a million rides on its scooters. Rather less keen were city officials, who...Continue reading

An American ban puts China’s ZTE in peril

THE ECONOMIST - 6 hours 16 min ago

TALK of restricting the use of Chinese telecoms equipment in the West is growing. This week the curbs went the other way, when America banned its companies from selling hardware and software for seven years to one of China’s state-owned tech champions, ZTE. On April 16th America’s Department of Commerce said that China’s second-largest telecoms firm had trampled on a settlement reached in March 2017 over ZTE’s illegal shipments since 2010 of American-made technology—telecommunications equipment to Iran, and routers, servers and microprocessors to North Korea—in known violation of trade sanctions.

The one at risk of being crippled by an embargo is now ZTE. In 2016 UBS, a bank, estimated that 80-90% of its products relied on American parts. Jean Baptiste Su of Atherton Research, an American technology-research outfit, described the ban as “devastating” for ZTE, especially the loss of chips made by America’s Qualcomm used in about 70% of ZTE’s smartphones. Although ZTE...Continue reading

A new bankruptcy code is reshaping Indian business

THE ECONOMIST - 6 hours 16 min ago

ENRIQUE IGLESIAS, a Spanish pop singer, plays an unlikely part in the story of Indian capitalism. His presence at a party to mark Vijay Mallya’s 60th birthday, in December 2015, was, literally, a showstopper. A flamboyant booze heir, Mr Mallya was then best known for founding Kingfisher Airlines, which had earlier imploded because of its debts. Given that he had personally guaranteed some of these loans, the self-proclaimed “king of good times” was assumed to have been chastened. Upon hearing of Mr Iglesias’s performance, bankers—and politicians—started asking how Mr Mallya had continued to live so large. The party had lasted for three days.

Mr Mallya is hardly the only embattled Indian tycoon to have cocked a snook at his bankers. Some “promoters” of companies, as founding shareholders of Indian companies are known, have long made full use of a loophole of local corporate law that thwarted banks’ attempts to seize companies in default on their loans. A bunged-up court system made...Continue reading

Business writer

THE ECONOMIST - 6 hours 16 min ago

The Economist is looking for a business correspondent to work at its headquarters in London. An ability to write informatively, succinctly and wittily, combined with numeracy and curiosity, matter more than prior experience. Applicants should send a CV and an article which they think would be suitable for publication in the Business section to businessjob@economist.com. The closing date for applications is May 18th 2018.

Should one of the world’s largest banks be wound down?

THE ECONOMIST - 6 hours 16 min ago

DEUTSCHE BANK is one of the financial industry’s hardest problems. It is not a viable business when judged by any sensible yardstick, because it is unable to make enough profits to generate a remotely adequate return. Its existence does not seem to be in the public interest, since it is dominated by an investment bank that has paid its lucky staff a colossal €40bn ($49bn) over the past decade. The bank’s governance has misfired for ages. On April 8th Deutsche fired John Cryan, its chief executive, in the third regime change in seven years. If the rules of capitalism apply to banks, Deutsche should be wound down. Is that possible?

Deutsche was founded in 1870 to help German companies go abroad. In 1999 it bought Bankers Trust, a Wall Street firm, and went on a long expansion in the investment-banking business. Today it has four elements. A decent asset-management operation called DWS; a profitable payments business that ships money around the world for companies; a mediocre German retail bank...Continue reading

Tax cuts and higher interest rates help boost banks’ earnings

THE ECONOMIST - 6 hours 16 min ago

SO THIS is how normality feels. Between April 13th and April 18th America’s biggest banks reported a strong set of first-quarter earnings, with a helping hand from the taxman. Some are more profitable than they have been for years. They are paying billions to shareholders; regulatory reins are being loosened. Yet the stockmarket shrugged. On April 18th the S&P 500 index of banks’ share prices was 4.1% lower than at the start of reporting season.

Banks expected three main effects from the corporate-tax cut signed into law by President Donald Trump in December. The first was a write-down of deferred tax assets—past losses that could be set against future bills—which clobbered most lenders’ bottom lines in the fourth quarter but did no real damage. (Some, including Wells Fargo, carried deferred liabilities and hence recorded a gain.) The second was a permanent reduction in their tax bills. The third was a boost to business from a more lightly taxed America Inc.

The direct benefits of lower taxes are plain. Although pre-tax profits at the six biggest banks rose by $4.3bn, compared with the first quarter of 2017, taxes fell at five of them. (At the sixth, Goldman Sachs, the bill was unusually low a year ago because of a change in the treatment of employees’ shares and options.) Of a total increase in net profit of $5.4bn at those five, lower...Continue reading

America’s Treasury refrains from naming any currency manipulators

THE ECONOMIST - 6 hours 16 min ago

MOST governments are happy when foreigners want their bonds, especially when those foreigners are long-term holders, like central banks. But America is different. It worries that some foreign governments buy its debt to keep the dollar pricey and their own currencies cheap. This “currency manipulation” gives other countries a competitive edge, raising their own trade surpluses and America’s deficit.

Brad Setser of the Council on Foreign Relations, a think-tank, sees an “arc of intervention” across Thailand, Singapore, Taiwan and South Korea that has slowed the dollar’s decline over the past nine months. America has reportedly persuaded South Korea to forswear currency manipulation in a “side-agreement” to their revised trade deal. And on April 16th President Donald Trump tweeted that “Russia and China are playing the Currency Devaluation game...Not acceptable!”

Mr Trump’s tweet was at odds with his Treasury Department’s assessment. Every six months it must tell...Continue reading

Musk's LA transport tunnel proposal takes step forward

AP Business - 6 hours 23 min ago
LOS ANGELES (AP) -- A committee of the Los Angeles City Council has approved an environmental review exemption for a tunnel that Elon Musk wants to dig to test a novel underground transportation system....

Germany's Merkel appears open to compromise on EU reforms

AP Business - 6 hours 28 min ago
BERLIN (AP) -- German Chancellor Angela Merkel signaled her willingness to find compromises with France when it comes to reforming the European Union, as she hosted French President Emmanuel Macron for talks Thursday in Berlin....

Nucor Benefits from Steel Tariffs, Price Increases

Some U.S. steelmakers say their bottom lines are getting an early boost from tariffs the Trump administration recently implemented on imports of the metal from certain countries.

Proposed U.S. Tariffs on China Risk Penalizing Manufacturers Unevenly

President Donald Trump’s proposed tariffs on China stand to disproportionately hurt U.S. manufacturers that rely more on Chinese imports, potentially driving up costs that would put them at a competitive disadvantage and raising consumer prices.

Home BancShares' quarterly results bolstered by big Miami acquisition

AMERICAN BANKER - 6 hours 49 min ago
The Arkansas company's revenue increased largely due to its 2017 purchase of Stonegate Bank.

'Pharma Bro' moves to New Jersey _ for federal prison stay

AP Business - 6 hours 51 min ago
FORT DIX, N.J. (AP) -- The pharmaceutical-industry entrepreneur vilified for jacking up the price of a life-saving drug was moved Tuesday to a low-security federal prison in New Jersey....

Cerberus names ex-JPMorgan executive Matt Zames as president

AMERICAN BANKER - 6 hours 55 min ago
Matt Zames, the former JPMorgan Chase executive who had been seen as a candidate for Deutsche Bank's top job, was named president of investment firm Cerberus Capital Management.

Cell phones, biometrics fuel jump in bank account ownership

AP Business - 7 hours 15 min ago
NEW YORK (AP) -- Roughly seven out of every 10 adults worldwide now has some form of a bank account, the World Bank said Thursday, largely due to by the proliferation of cell phone-based bank accounts and other simple bank account programs in places like India and Sub-Saharan Africa....

Fed risks doubling down on flawed G-SIB surcharge

AMERICAN BANKER - 7 hours 23 min ago
Two recent central bank proposals may exacerbate problems with the agency’s capital surcharge for big banks.

P&G reports flat 3Q profit, buys Merck unit

AP Business - 7 hours 27 min ago
NEW YORK (AP) -- Procter & Gamble Co. reported flat fiscal third-quarter profit as it faces increased competition for consumer products such as shaving cream and household goods....

Eagle's profit rises due to focus on adjustable-rate loans

AMERICAN BANKER - 7 hours 30 min ago
Spread income offset higher expenses during the first quarter at the Maryland bank.

Digital banking's global strides

AMERICAN BANKER - 7 hours 31 min ago
Consumers around the world are increasingly accessing banking solely through digital means, according to new global studies by Oracle and the World Bank.

Cerberus appoints ex-JPMorgan COO as president

FINANCIAL TIMES - 7 hours 41 min ago
Matt Zames will oversee all financial service sector deals at US buyout firm
Categories: FINANCIAL NEWS

New name suggests regional focus for growing N.J. bank

AMERICAN BANKER - 7 hours 42 min ago
Sussex Bank, which recently completed its first whole-bank acquisition, is rebradning itself as SB One Bank.

In a U.S.-China Tech Battle, Lots of Self-Inflicted Wounds

The U.S. and China’s tit-for-tat measures have put technology firms at the center of an escalating trade fight, placing new constraints on the companies’ strategic plans and threatening their access to giant markets.

Japan's Surging Car Exports Raise Risk of U.S. Trade Fight

There’s a big reason why Japan doesn’t want to talk about a trade deal with Donald Trump: Its auto exports are booming.

Shire Rejects $60 Billion Bid From Takeda

Japan’s Takeda said it has made a $60 billion takeover offer for Shire, a bid it said its Dublin-headquartered rival has rejected. Takeda said talks were continuing.

New deal shows that BancorpSouth's reg issues are a thing of the past

AMERICAN BANKER - 7 hours 47 min ago
BancorpSouth, which had two prior deals delayed over BSA and CRA issues, has agreed to buy a bank in the Houston area.

U.S. Jobless Claims Fell Last Week

The number of Americans claiming new unemployment benefits fell last week for the third time in four weeks, signaling continued health in the labor market.

P&G Slogs Through 'Difficult' Markets for Sales Growth

Procter & Gamble reported weak sales growth in its latest quarter as it continues to face challenges in its Gillette shaving business and struggles to raise prices on its well-known brands.

Acquisitions drive loan, profit gains at People’s United

AMERICAN BANKER - 7 hours 49 min ago
The Bridgeport, Conn., company said that first-quarter net income climbed 52% over the same period last year to $107.9 million.

Fee revenue rises 8% at Bank of New York Mellon

AMERICAN BANKER - 7 hours 50 min ago
The custody bank benefited from a wide range of economic forces in the first quarter

Russia joins bid to win compensation over US metals tariffs

AP Business - 7 hours 58 min ago
GENEVA (AP) -- Russia has joined the European Union, India and China in demanding compensation from the United States for its tariffs on foreign steel and aluminum....

P&G reports flat 3Q profit, buys Merck unit

AP Business - 7 hours 58 min ago
NEW YORK (AP) -- Procter & Gamble Co. reported flat fiscal third-quarter profit as it faces increased competition for consumer products such as shaving cream and household goods....

Shire rejects £42.4bn takeover from Japan’s Takeda

FINANCIAL TIMES - 8 hours 4 min ago
Rival drugmakers remain in talks about potential deal following latest rebuff
Categories: FINANCIAL NEWS

Cincinnati Bancorp crosses over state line with mutual deal

AMERICAN BANKER - 8 hours 4 min ago
The company will merge with Kentucky Federal Savings and Loan by the end of this year.

M&A, tax cuts boost KeyCorp

AMERICAN BANKER - 8 hours 17 min ago
The Cleveland company's acquisition of a boutique investment banking firm contributed to an increase in its fee income.

W.Va. merger designed to compete against bigger banks

AMERICAN BANKER - 8 hours 17 min ago
Premier Financial agreed to buy First Bank of Charleston for $33 million.

P&G to buy Merck’s consumer health unit for €3.4bn

FINANCIAL TIMES - 8 hours 22 min ago
Deal will increase P&G’s presence in biggest over-the-counter healthcare markets
Categories: FINANCIAL NEWS

Trade issues expose the limits of Trump-Abe 'bromance'

AP Business - 8 hours 29 min ago
PALM BEACH, Fla. (AP) -- Japanese Prime Minister Shinzo Abe courted the new American president with a golden driver not long after Donald Trump won the White House. He's met with the billionaire businessman more than any other world leader, and he is Trump's second-most frequent caller....

New data: Americans filling far fewer opioid prescriptions

AP Business - 8 hours 29 min ago
TRENTON, N.J. (AP) -- New data show that the number of prescriptions for opioid painkillers filled in the U.S. fell dramatically last year. They showed their biggest drop in 25 years....

Alibaba Signs Up to Help Out Thailand

Alibaba’s Jack Ma signed agreements Thursday that make the Chinese e-commerce giant one of the first big names to join a project that Thailand’s ruling junta hopes can help close a yawning income gap.

US sees record fall in opioid prescriptions

FINANCIAL TIMES - 8 hours 43 min ago
Amount prescribed dropped 12% last year as moves to curb addiction crisis bore fruit
Categories: FINANCIAL NEWS

Procter & Gamble pays $4.2 bln for unit of Germany's Merck

AP Business - 8 hours 47 min ago
FRANKFURT, Germany (AP) -- German pharmaceutical and chemical company Merck says it has agreed to sell its global consumer health business to Procter & Gamble for 3.4 billion euros ($4.2 billion) in cash....

Senate moves to kill CFPB auto rule; Amex profit soars 31%

AMERICAN BANKER - 8 hours 55 min ago
Bill to end the guidance intended to fight discriminatory lending now goes to the House; card company’s push to make more loans to customers pays dividends.

Why Paying for Fast Shipping Could Get You Flagged as a Fraudster

When people shop online, their movements are tracked and shared with an outside firm that scores their behavior and decides whether to approve or deny purchases.

Ethereum’s Vitalik Buterin on the bitcoin bubble and running a $125bn blockchain

FINANCIAL TIMES - 9 hours 6 min ago
The coder on the highs and low of being at the helm of one of the most successful cryptocurrencies
Categories: FINANCIAL NEWS

Takeda makes £42.4bn bid for Shire

FINANCIAL TIMES - 9 hours 13 min ago
Stock and cash offer values Irish drugmaker at £46.50 a share
Categories: FINANCIAL NEWS

Signature Bank's profits plummet on steep writedown of taxi loans

AMERICAN BANKER - 9 hours 41 min ago
The New York bank said it wrote down each taxi medallion loan to a value of $160,000. At their peak, New York City medallions were worth well over $1 million.

Oil at 4-year high ahead of Opec-Russia supply summit

FINANCIAL TIMES - 9 hours 42 min ago
Energy stocks and crude-linked currencies rally as investors eye $100 a barrel mark
Categories: FINANCIAL NEWS

Russia joins bid to win compensation over US metals tariffs

AP Business - 9 hours 43 min ago
GENEVA (AP) -- Russia has joined the European Union, India and China in demanding compensation from the United States for its tariffs on foreign steel and aluminum....

GE sets out on road to regaining investors’ trust

FINANCIAL TIMES - 9 hours 57 min ago
First-quarter earnings will show how much progress chief is making
Categories: FINANCIAL NEWS

Chinese e-commerce giant Alibaba sets plans for Thailand

AP Business - 10 hours 23 min ago
BANGKOK (AP) -- The Chinese e-commerce giant Alibaba has agreed to step up investments in Thailand as competition between online retailers heats up in fast-growing Southeast Asia....

'Pharma Bro' arrives at low-security federal prison

AP Business - 10 hours 33 min ago
FORT DIX, N.J. (AP) -- The pharmaceutical-industry entrepreneur vilified for jacking up the price of a life-saving drug has been placed in a low-security federal prison in New Jersey....

Iceland Takes Hard Look at Tech Boom Sparked by Its Cheap, Bountiful Power

Lawmakers worry a proliferation of data centers lured by Iceland’s Nordic climate and the geothermal steam is threatening the environment and tourism

Big tech groups snared in Russia internet curbs

FINANCIAL TIMES - 11 hours 4 min ago
Move against Telegram app wreaks wider havoc — perhaps on purpose
Categories: FINANCIAL NEWS

First Saudi Movie Theater in Decades Opens With 'Black Panther'

Saudi Arabia opens its first new cinema in 35 years this week, ushering in a historic change in a country where movie theaters were until recently widely seen as immoral and un-Islamic.

Chinese e-commerce giant Alibaba sets plans for Thailand

AP Business - 11 hours 15 min ago
BANGKOK (AP) -- The Chinese e-commerce giant Alibaba has agreed to step up investments in Thailand....

"Avengers: Infinity War" Poised For Massive Opening

One week before it hits theaters, “Avengers: Infinity War” is poised for a massive box office debut that could unseat 2015’s “Star Wars: The Force Awakens” as the biggest opening of all time in the U.S. and Canada.

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