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Wall Street sells off on weak earnings, election fears

October 11, 2016 By admin

Illumina shares plummeted 24.8 percent and were among biggest drags on the S&P 500 after the diagnostic test maker's weak quarterly update. Although overall S&P 500 earnings are currently expected to fall 0.7 percent in the third quarter, according to Thomson Reuters data, a typical number of better-than-expected reports would result in a positive quarter. At the same time, investors are bracing for the U.S. Federal Reserve to raise interest rates by the end of the year.

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Wall Street sells off on weak earnings, election fears

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Yahoo hack may become test case for SEC data breach disclosure rules

September 30, 2016 By admin

By Dustin Volz WASHINGTON (Reuters) – Yahoo's disclosure that hackers stole user data from at least 500 million accounts in 2014 has highlighted shortcomings in U.S. rules on when cyber attacks must be revealed and their enforcement. Democratic Senator Mark Warner this week asked the U.S. Securities and Exchange Commission to investigate whether Yahoo and its senior executives properly disclosed the attack, which Yahoo blamed on Sept. 22 on a “state-sponsored actor.” The Yahoo hack could become a test case of the SEC's guidelines, said Jacob Olcott, former Senate Commerce Committee counsel who helped develop them, due to the size of the breach, intense public scrutiny and uncertainty over the timing of Yahoo's discovery.

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Yahoo hack may become test case for SEC data breach disclosure rules

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Wall Street rallies, led by Deutsche Bank, financials

September 30, 2016 By admin

By Lewis Krauskopf NEW YORK (Reuters) – Wall Street rallied on Friday, lifted by a surge in Deutsche Bank shares and financial stocks after concerns eased about the health of the German bank. Deutsche Bank's U.S.-listed shares jumped 14 percent a day after sinking to a record low. French news agency AFP reported that Deutsche Bank was nearing a $5.4 billion settlement with U.S. officials over charges related to selling toxic mortgage bonds.

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Wall Street rallies, led by Deutsche Bank, financials

Filed Under: Latest News Tagged With: after-concerns, charges-related, deutsche, deutsche-bank, floor, german, health, lewis-krauskopf, nyse, officials-over, selling-toxic, shares-jumped, street, york

Wells Fargo chief Stumpf heads to Hill with pressure mounting

September 29, 2016 By admin

Wells Fargo & Co's Chief Executive John Stumpf returns to Capitol Hill on Thursday with his job still under threat and the bank facing rising political pressure over a sales scandal that has become a major issue in Washington and on Wall Street. The bank's move earlier this week to claw back $41 million in stock awarded to Stumpf, an unprecedented rebuke for a major U.S. bank CEO, is unlikely to silence calls for him to resign over revelations Wells Fargo's branch staff opened as many as two million unauthorized credit card and deposit accounts to meet sales quotas. California, Wells Fargo's home state, suspended business relationships with the bank for a year on Wednesday and said it would work with the state's two giant public pension funds to change the management structure at the bank, including separating the roles of CEO and chairman.

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Wells Fargo chief Stumpf heads to Hill with pressure mounting

Filed Under: Latest News Tagged With: bank, capitol, chicago-federal, chief-executive, committee, fargo, federal, immediate-hike, senate-banking, stance-on-arch, strong-enough, stumpf, tokyo, wells-fargo

WTO cuts 2016 world trade growth forecast to 1.7 percent, cites wake-up call

September 27, 2016 By admin

The World Trade Organization cut its forecast for global trade growth this year by more than a third on Tuesday, reflecting a slowdown in China and falling levels of imports into the United States. The new figure of 1.7 percent, down from the WTO's previous estimate of 2.8 percent in April, marked the first time in 15 years that international commerce was expected to lag the growth of the world economy, the trade body said. The figures should be a wake-up call for governments, WTO Director-General Roberto Azevedo said in the six-monthly trade outlook report.

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WTO cuts 2016 world trade growth forecast to 1.7 percent, cites wake-up call

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Len Blavatnik the philanthropist

September 21, 2016 By admin

Written by Access Industries

Len Blavatnik is known for many things. The first and most recent is that he was named the 42nd richest man in the world by Business Insider magazine. His rise to fame and fortune started when he formed Access Industries back in 1986. He is also known for his turnaround of Lyondell Basell that made him billions. He then became a force in Hollywood with his 2011 purchase of Warner Music. Blavatnik U.S. Citizen was initially born in the Ukraine and went to University in Russia. What sets him apart of other billionaires are charitable deeds and contributions to science education.

Tel Aviv University
The Blavatnik Family Foundation has contributed 20 million dollars to the Blavatnik initiative of the university of Tel Aviv. This is a multi-year program focused on interdisciplinary scientific research student film production and faculty recruitment.

Harvard University
His foundation contributed 50 million dollars to Harvard University for early stage medical research. This will also provide support to graduate business students to pursue entrepreneurial projects related to the life sciences.

New York Academy of Sciences
Over the next ten years, the New York Academy of Sciences will get 30 million dollars for the establishment of the Blavatnik awards for young scientists. Scientists who are under the age of 42 will be eligible to win the 250,000 dollar prize.

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These are just a few of many contributions that the Blavatnik billionaire‘s Access Industries and Blavatnik Foundation has made to the world.

Filed Under: Hardware, Industrial, Manufacturing

Wells Fargo CEO to take ‘full responsibility’ in Senate hearing: NY Times

September 20, 2016 By admin

Stumpf will strike a contrite tone in a testimony over the fake accounts at a Senate Banking Committee hearing on Tuesday morning, the New York Times said, citing a copy of his prepared remarks. “We never directed nor wanted our employees, whom we refer to as team members, to provide products and services to customers they did not want or need,” the Times quoted Stumpf as saying.

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Wells Fargo CEO to take ‘full responsibility’ in Senate hearing: NY Times

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Wells Fargo faces proposed class action over bogus accounts

September 16, 2016 By admin

Wells Fargo & Co, embroiled in a scandal over the opening of sham accounts, was sued on Friday by customers who accused the bank of fraud and recklessness for its behavior. The lawsuit was filed in the U.S. District Court in Utah, and seeks class-action status on behalf of hundreds of thousands of customers nationwide.

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Wells Fargo faces proposed class action over bogus accounts

Filed Under: Latest News Tagged With: economic, evanston, evanston-illinois, fargo, federal-reserve, floor, medical-center, opening, sham-accounts, steady-build-up, wells-fargo

Wall Street still sees Fed on pace for one rate hike, in December: Reuters poll

September 2, 2016 By admin

Wall Street's biggest banks are sticking to bets that the U.S. Federal Reserve will raise interest rates once this year, and the increase would most likely occur in December after a tepid employment report for August quashed most talk of a move as early as this month. Economists for 13 out of 14 primary dealers who responded to a Reuters poll on Friday said they expect the Fed to lift the targeted range for its benchmark short-term interest rate by a quarter-percentage point to a median level of 0.63 percent by year end. The current mid-point for the federal funds rate is 0.38 percent.

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Wall Street still sees Fed on pace for one rate hike, in December: Reuters poll

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Weak U.S. retail sales, inflation data dim prospect of Fed rate hike

August 12, 2016 By admin

By Lucia Mutikani WASHINGTON (Reuters) – U.S. retail sales were unexpectedly flat in July as Americans cut back on discretionary spending, pointing to a moderation in consumption that could temper expectations of a sharp pickup in economic growth in the third quarter. Cooling consumer spending and tame inflation suggest the Federal Reserve will probably not raise interest rates anytime soon despite a robust labor market. “Fed members are afraid to come out from under their rocks until growth is sustainably solid and inflation in, near or at their target, and today's reports don't provide them with any comfort that will happen soon,” said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.

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Weak U.S. retail sales, inflation data dim prospect of Fed rate hike

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