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French economy minister doubts China growth data

French economy minister doubts China growth data

DAVOS, Switzerland: France’s economy minister, Emmanuel Macron, said on Friday (Jan 22) he believes China’s official figures overstate the true pace of its economic expansion, warning that the tough international climate will not help Europe. The minister cast doubt on the reliability of China’s figures, including its announcement this week that its economy grew by […]

January 22, 2016 | By | Reply More
Viacom Chairman Redstone gets reduced pay, responsibilities; pay hike for CEO

Viacom Chairman Redstone gets reduced pay, responsibilities; pay hike for CEO

BOSTON: Viacom Inc said on Friday it cut the pay of Executive Chairman Sumner Redstone by 85 percent to US$2 million last year in light of his “reduced responsibilities.” In a securities filing, the media giant also said the total compensation of Chief Executive Philippe Dauman was US$54.15 million for the fiscal year ended Sept. […]

January 22, 2016 | By | Reply More
Verizon eyes brands, content for go90 sponsored video

Verizon eyes brands, content for go90 sponsored video

NEW YORK: Verizon Communications Inc is in talks with advertisers and content makers to offer sponsored video, such as sports games and music concerts, to users of its mobile-video service go90 at some time in the future, CFO Fran Shammo told Reuters. Sponsored data is like a toll-free line to consume data on mobile phones […]

January 22, 2016 | By | Reply More
Yen, euro sag amid surge in stimulus expectations

Yen, euro sag amid surge in stimulus expectations

NEW YORK: The yen and euro fell on Friday (Jan 22) amid increasing expectations that leading central banks will take steps to offset further deflationary pressures. The euro fell to US$1.0797 and the yen slipped to 118.76 per dollar and 128.23 per euro. The moves came a day after the European Central Bank hinted strongly […]

January 22, 2016 | By | Reply More
Exclusive: AIG to pursue spin-off of mortgage insurance unit – sources

Exclusive: AIG to pursue spin-off of mortgage insurance unit – sources

REUTERS: American International Group Inc has decided to pursue a spin-off of its mortgage insurance business, according to people familiar with the matter, in a move that would come as the U.S. insurer fends off activist investor Carl Icahn.  The spin-off of that business however, which accounted for 7.4 percent of AIG’s pre-tax operating income […]

January 22, 2016 | By | Reply More
Morgan Stanley CEO's pay falls 7 percent in 2015 to US$21 million: spokesman

Morgan Stanley CEO's pay falls 7 percent in 2015 to US$21 million: spokesman

REUTERS: Morgan Stanley Chief Executive James Gorman’s overall pay fell 7 percent in 2015 as the Wall Street bank saw its shares drop and profitability fail to meet targets. Gorman will receive US$21 million in total compensation, down from US$22.5 million in the prior year, according to a bank spokesman. Gorman received a US$4.6 million […]

January 22, 2016 | By | Reply More
US stocks rise for 2nd straight day; S&P 500 +2.0%

US stocks rise for 2nd straight day; S&P 500 +2.0%

NEW YORK: US stocks rose for a second straight session on Friday (Jan 22), joining a global rally propelled by higher oil prices and increased confidence that further monetary stimulus is on the way. The Dow Jones Industrial Average climbed 210.83 points (1.33 per cent) to 16,093.51. The broad-based S&P 500 gained 37.91 points (2.03 […]

January 22, 2016 | By | Reply More
Oil's whiplash above US$30: dead cat bounce or double-bottom base?

Oil's whiplash above US$30: dead cat bounce or double-bottom base?

NEW YORK: The oil market’s roller-coaster ride this year is not over yet, technical analysts warned on Friday, with new lows likely to come after traders catch their breath. U.S. oil futures for March surged 13.5 percent on Thursday and Friday, erasing nearly half the losses racked up since the start of the year as […]

January 22, 2016 | By | Reply More
Iran set to be hooked up to global banks in weeks

Iran set to be hooked up to global banks in weeks

LONDON: Iran is set to re-engage with the banking world within weeks as international lenders link up with their Iranian counterparts using global transaction network SWIFT, Iran’s Middle East Bank and a senior central bank official told Reuters on Friday. A nuclear deal between world powers and Iran led to the removal of the curbs […]

January 22, 2016 | By | Reply More
Exclusive: US FTC probes Turing over drug prices, Shkreli's lawyer says

Exclusive: US FTC probes Turing over drug prices, Shkreli's lawyer says

NEW YORK: The U.S. Federal Trade Commission is investigating Turing Pharmaceuticals for possible antitrust violations in connection with the company’s decision to hike the price of a life-saving drug by more than 5,000 percent, a lawyer for former Chief Executive Officer Martin Shkreli wrote on Friday. The probe was disclosed in a letter to the […]

January 22, 2016 | By | Reply More