News on Permanent Portfolio Fund (PRPFX)Monday October 24th 2016
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Monday October 24th 2016: Latest financial news from the worldAT&T, Time Warner shares dip with worries about deal clearance
Wall Street signaled skepticism on Monday that AT&T Inc would secure the government approvals needed to carry out its planned $85.4 billion acquisition of Time Warner Inc, with shares of both companies falling as analysts scrutinized the deal. Time Warner shares were trading some 20 percent below the implied value of AT&T's $107.50 per share cash and stock offer, indicating investors doubt that the companies would be able to complete the transaction. The deal, announced on Saturday, would give AT&T control of cable TV channels HBO and CNN, film studio Warner Bros and other coveted assets and reshape the media landscape.
S&P hits two-week high on strong earnings; M&A supports
NEW YORK - (Reuters) - The S&P 500 hit a two-week high on Monday on the back of strong earnings, while a flurry of acquisitions indicated corporate America continues to see untapped value in the market.
China's HNA to buy 25 percent stake in Hilton for $6.5 billion
Chinese aviation and shipping conglomerate HNA Group said on Monday it would buy about 25 percent of hotel operator and manager Hilton Worldwide Holdings Inc from biggest shareholder Blackstone Group LP for $6.5 billion. Shares of Hilton, whose brands include Conrad Hotels & Resorts, Curio and Double Tree as well as Hilton, rose as much as 3.71 percent to $23.76 in early trading. HNA Group will buy the stake for $26.25 per share, representing a premium of 14.6 percent to Hilton's closing price on Friday and valuing the hotel company at about $26 billion.
U.S. calls on automakers to make cyber security a priority
Automakers should make shielding the electronic and computer systems of vehicles from hackers a priority, developing layers of protection that can secure a vehicle throughout its life, U.S. regulators said on Monday. The cyber security guidelines issued by the U.S. National Highway Traffic Safety Administration are recommendations, not enforceable rules. Some of the agency's proposals, included in a paper titled "Cybersecurity Best Practices for Modern Vehicles," echo moves major manufacturers are making already, including establishing a group to share information about cyber security threats.
Visa profit, revenue beat analysts' estimates
(Reuters) - Visa Inc , the world's largest payments network operator, reported better-than-expected quarterly profit and revenue, boosted by the inclusion of Visa Europe's results and as customers spent more using its network. The company said total payments volume increased 47.1 percent to $1.86 trillion on a constant dollar basis in the fourth quarter ended Sept. 30, from a year earlier. "We have begun to see the benefits from our acquisition of Visa Europe and strong cost discipline helped our results," Chief Executive Charles Scharf said in a statement.
Toyota again leads U.S. auto reliability survey, Buick surprises
Two Toyota Motor Corp brands again led the annual reliability survey from Consumer Reports magazine, and General Motors Co's Buick was the first American brand in at least 35 years to crack the top three, the consumer magazine said on Monday. It was the fourth straight year that Lexus and Toyota finished in the two top spots, and they have had an outstanding performance since Consumer Reports began tracking brand reliability in the early 1980s. Buick, a "near-luxury" brand, does well in the survey because it has few models and none of the pickup trucks or truck-based SUVs that hurt the ratings of GM stablemates Chevrolet and Cadillac, said Jake Fisher, director of automotive testing for Consumer Reports.
U.S. may delay fines on major banks for mortgage mis-selling: Sky News
Deutsche Bank, Germany's largest lender, has been engulfed in crisis since the DoJ demanded up to $14 billion to settle claims that the bank missold U.S. mortgage-backed securities before the global financial crisis. A DoJ spokeswoman declined to comment.
Oil dips on Buzzard restart, Iraq; U.S. crude tests below $50
By Ethan Lou NEW YORK (Reuters) - Oil prices dipped on Monday, with U.S. crude briefly falling below $50 per barrel, on news of the impending restart of Britain's Buzzard oilfield and Iraq's wish to be exempted from OPEC production cuts. Iraq's oil minister Jabar Ali al-Luaibi said the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) wanted to be exempt from output curbs as it needed more money to fight Islamic State militants. OPEC hopes to remove about 700,000 bpd from an estimated global supply of 1.0-1.5 million bpd.
SEC, 'Diva of Distressed' Tilton face off in fraud trial
A lawyer for financier Lynn Tilton on Monday blasted U.S. Securities and Exchange Commission charges that she defrauded investors in three debt funds as "ludicrous," as the agency sought to bar her from the financial industry. At the start of a trial in Manhattan, Randy Mastro, Tilton's lawyer, told an administrative law judge that the founder of New York-based Patriarch Partners did not defraud investors, who were instead well aware of her investment strategy.
Nordstrom to hire fewer temporary employees for holiday season
(Reuters) - Department store operator Nordstrom Inc said it would hire about 11,400 temporary employees for the holiday shopping season, about 3 percent fewer than last year. The company said about 9,500 temporary employees will be hired in sales and stock positions at its 123 Nordstrom stores in the United States and Canada and 213 Nordstrom Rack stores in the United States. Another 1,900 will be hired to support Nordstrom's stores and ecommerce business through its fulfillment and distribution centers, the company said.
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