News on Permanent Portfolio Fund (PRPFX)Tuesday May 31st 2016
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Tuesday May 31st 2016: Latest financial news from the worldVerizon, unions agree to pay raises, new jobs to end strike
One analyst called the deal "very rich" for workers at Verizon, the No. 1 U.S. wireless provider, which reached the tentative pact with the Communications Workers of America (CWA) on Friday. The CWA said Verizon agreed to provide a 10.9 percent raise over four years while Verizon put the increase at 10.5 percent. According to the CWA, both numbers are correct, with the union's calculation including compounded interest as subsequent raises are determined from a new base salary.
Viacom's independent directors vow to fight ouster attempt
By Jessica Toonkel and Chuck Mikolajczak NEW YORK (Reuters) - Viacom Inc's six independent directors vowed on Monday to fight any attempt to oust them from the board, saying they found "inexplicable" the assertion that controlling shareholder Sumner Redstone was mentally competent and acted of his own free will. In a letter to shareholders, Lead Independent Director Fred Salerno said the directors would legally contest any bid to remove them, the latest salvo in an increasingly public and bitter battle for control of Viacom at a time when the U.S. media company needs to focus on turning its business around. The letter came three days after a statement from Redstone, issued by his spokesman, that said the 93-year-old media mogul was considering ousting Viacom Chief Executive Philippe Dauman and the board of directors.
Brent crude lower on strong Middle East oil output
By Ahmad Ghaddar LONDON (Reuters) - Brent crude prices fell on Tuesday on rising output from the Middle East and ahead of an OPEC meeting on Thursday, while U.S. crude edged higher as the summer driving season began. Brent crude oil futures were down 26 cents at $49.50 a barrel by 1056 GMT (6.56 a.m. ET), while U.S. West Texas Intermediate (WTI) crude oil futures traded 9 cents higher at $49.42 a barrel. Iraq will supply 5 million barrels of extra crude to its international oil company partners in June, industry sources familiar with the issue said, joining other Middle East producers by lifting market share.
Audi, Porsche help VW limit damage from emissions scandal
By Andreas Cremer BERLIN (Reuters) - Volkswagen's underlying profit fell less than expected in the first quarter as demand for upmarket Audi and Porsche models helped to offset a hit to VW sales from its emissions test cheating scandal. Europe's biggest carmaker said on Tuesday operating profit before one-off items fell 5.9 percent to 3.1 billion euros ($3.5 billion) on a 3.4 percent drop in sales revenues. While better than analysts' average profit forecast of 2.8 billion euros, Volkswagen said it was still braced for a tough year as it battles to rebuild following the biggest business crisis in its 79 year history.
Fed's Bullard says global markets seem well-prepared for summer rate hike
By Christine Kim and Se Young Lee SEOUL (Reuters) - St. Louis Federal Reserve President James Bullard said on Monday global markets appear to be "well-prepared" for a summer interest rate hike from the Fed, although he did not specify a date for the policy move. "My sense is that markets are well-prepared for a possible rate increase globally, and that this is not too surprising given our liftoff from December and the policy of the committee which has been to try to normalize rates slowly and gradually over time," Bullard told a news conference after speaking at an academic conference in Seoul. "So my ideal is that if all goes well this will come off very smoothly." Bullard added a rebound in U.S. GDP growth seems to be materializing in the second quarter, but reserved his opinion on whether the Fed should hike in June or July for the next policy meeting at the U.S. central bank.
Mondelez to create more apps, online videos in advertising shift
Oreo cookie maker Mondelez International Inc's "Twist, Lick, Dunk" mobile application has been such a success that the snack company plans to roll out similar games in a move away from traditional advertising to create its own content. The free game launched in November 2012 has helped Mondelez make twice as much money through in-app purchases and ads as it had invested in it, Laura Henderson, global head of content and media monetization, said in an interview ahead of the company's announcement on Tuesday about the plans. Players have downloaded the game, created by mobile game development studio PikPok, about 7 million times and virtually dunked over 5 billion cookies into a glass of milk, she said.
Fed, China fears force investors to check out of Asia
Having dumped Asian shares on resurgent worries about China's economy, the specter of more aggressive U.S. interest rate rises is now forcing global investors to sell the region's bonds and currencies. A net $3.2 billion left Asian equity markets, excluding Japan, during the period May 1 to 24, the largest outflow since January, data from HSBC showed. Indonesia's and South Korea's bond markets, heavy recipients of foreign investment until March, are now seeing chunks of inflows reverse while Asia's currencies have also fallen quite sharply.
Goldman Sachs raises odds of China share inclusion in MSCI indexes to 70 percent
The U.S. bank joins a growing list of investors and brokers such as Blackrock and Franklin Templeton's Mark Mobius who have given Beijing a thumbs up in recent weeks ahead of the MSCI's decision on June 14. Goldman said on Tuesday that measures taken by authorities with respect to beneficial ownership of shares and clarifying guidelines on stock suspensions has improved the chances of inclusion to 70 percent from a coin toss in April.
Boeing set to win $2.9 billion contract from UK MoD: The Telegraph
(Reuters) - Boeing Co is set to win a 2-billion-pound ($2.92 billion) contract from the UK Ministry of Defence (MoD) for new Apache helicopters, The Telegraph reported. The MoD has decided to give Boeing a 50-aircraft contract, including servicing, and the announcement could come as early as July, the newspaper said. U.S. planemaker Boeing is offering the helicopters at a lower price by tacking them on to the end of a larger Apache order from the US military, the paper added.
Shares set for monthly gains, dollar buoyed by Fed outlook
By Anirban Nag LONDON (Reuters) - Global shares steadied at one-month highs on Tuesday, on track for a third straight month of gain, while the dollar held strong near two-month peaks on expectations the U.S. interest rates could rise next month. "In an environment of dollar strength, the People's Bank of China may well be forced to further depreciate the renminbi, risking the possibility of a one-off currency intervention." In the commodities sphere, moves in crude oil futures were limited before Thursday's meeting of the Organization of the Petroleum Exporting Countries.
Top 10 highest-paid CEOs
BBC Micro:bit computer now available to all for £13
Microsoft has its own venture capitalism division
BMW pumps investment capital into Scoop, yet another mobility company
BT's football final coverage attracts 3 million on YouTube
Europe enlists tech companies to help end online hate speech
Digital Storm's latest gaming all-in-one packs a 10-core CPU
Hong Kong Pokémon fans protest over Pikachu translation
First pictures of Harry, Ginny and their family in 'Harry Potter and the Cursed Child'
Welcome to Computex 2016!
You can now livestream concerts on your iPhone in VR
Gigabyte's ultimate gaming rig for the home racer
Intel goes "extreme" with first 10-Core processor, puts Tick-Tock tactics on hold
Intel confirms 7th generation Kaby Lake processors coming this year
The President of Taiwan tries a quick chat with ASUS' home robot
UberPool now covers most of central London
Intel's 7th generation of Core CPUs are coming later this year
Gdansk Labor Market Among the Fastest Growing in the EU
Gdansk has been currently experiencing a great time for its economy and labor market. The number of employed persons in the Pomorskie region grew by more than 40% between 2006 and 2016. It is an unprecedented growth in the EU and a proof of our rapid economic development. The city of Gdansk and the whole region becomes one of the most...
Intel's first 10-core desktop CPU will cost $1,723
Why schools shouldn't approach technology like businesses once did
Craig Blewett, University of KwaZulu-NatalComputers began reaching the business world during the 1980s. Companies used them to automate many routine manual tasks. This led to what economist Robert Solow dubbed the Productivity Paradox. In 1987, he famously quipped: "You can see the computer age everywhere but in the productivity statistics."The...
$13 million in confiscated bitcoin to be auctioned by Australian police
Caltech sues Apple for Wi-Fi patent infringement
Katy Perry's Twitter account hacked
Mars and Earth cosy up with closest approach in a decade
Faintest known galaxy could shed light on the early universe
Hong Kong Pokémon fans protest Pikachu name change
Fable to be revived as a digital card game
Qualcomm announces new Snapdragon Wear 1100 processor for wearables
MediaTek's Pump Express 3.0 charges a smartphone from 0 to 70 in 20 minutes
Zenbo family robot destroys Computex with cuteness before it even begins
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