News on Permanent Portfolio Fund (PRPFX)Friday July 1st 2016
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Friday July 1st 2016: Latest financial news from the worldWall Street gains as data points to improving economy
The S&P 500 is on track for its best weekly gains since October, having recovered sharply from a bruising selloff after Britain voted to quit the European Union. Data from the Institute for Supply Management (ISM) showed its index of national factory activity rose to 53.2, topping expectations of 51.4, according to a Reuters poll. "It's been a wild ride, but positive economic momentum in the United States has and continues to be a ray of sunshine," said Daniel Kern, chief investment strategist of TFC Financial Management in Boston.
DVD player found in Tesla car in Florida crash, authorities say
Meanwhile, the driver of the Tesla car that crashed into a tractor-trailer had the vehicle on autopilot and was watching a "Harry Potter" video, Paul Weekley, a Tampa lawyer for the truck driver, said on Friday. "There was a portable DVD player in the vehicle," said Sergeant Kim Montes of the Florida Highway Patrol in a telephone interview.
Spotify hits out at Apple after updated app for iPhones rejected
Spotify confirmed on Friday that it has complained to Apple Inc after the U.S. tech giant rejected an updated app for the Swedish music streaming service on iPhones. The two companies have gone head to head in the battle for music streaming customers since Apple Music was launched in more than 100 countries last year, and Spotify said the rejection of its revised app for iPhones was causing it "grave harm". The complaint was in the form of a letter sent by Spotify's lawyer to Apple this week, technology website Recode reported.
With Brexit clouding outlook, U.S. payrolls to tilt focus back to Fed
By Hugh Lawson LONDON (Reuters) - Investors will start to peek beyond the Brexit-dominated headlines in the coming week to gauge the outlook for the global economy, and what impact an expected rebound in U.S. job creation will have on central banks eyeing looser policy. Britain's shock vote to leave the European Union has cast a cloud of doubt over the world economic outlook that is unlikely to clear for months to come as economists - and central banks like the U.S. Federal Reserve - see how the referendum result impact on hard data. Much of the media focus in Europe is likely to be on the political bloodletting as Britain's ruling Conservative Party, also known as the Tories, pick a new leader.
London bankers face Brexit choice: lobby or leave
By Sinead Cruise and Lawrence White LONDON (Reuters) - A week after Britons voted themselves out of the European Union, many London-based bankers and their employers face two options if they are to secure their futures: lobby or leave. Some investment banks, anxious not to stir speculation of an exodus from the historic City of London and its modern counterpart at Canary Wharf, have given out "business as usual" messages since last week's shock referendum result. The alternative for banks and bankers, growing increasingly insecure in an information vacuum that has developed since the June 23 vote, is to get out.
Fed's Fischer watching how quickly Brexit unfolds: CNBC
The U.S. economy has shown signs of improvement in recent weeks but the Federal Reserve expects it will take some time before it can assess the impact of Britain's vote to leave the European Union, Fed Vice Chair Stanley Fischer said on Friday. A June 3 report showing a sharp slowdown in hiring during May and the risks around Britain's June 23 Brexit vote have raised concerns at the Fed over whether the U.S. economy was ready for more interest rate increases. More recent economic data has eased some of those concerns, but Fischer gave no steer on when the Fed might raise rates.
Brexit triggers surprise emerging market asset rally
When British voters shocked world markets by voting to leave the European Union last week, emerging markets assets seemed among the most vulnerable to a full-on retreat to safe havens from riskier investments. MSCI's emerging equity index is set for its biggest weekly gain since March, while yields on debt denominated in emerging currencies such as rouble and the Brazilian real have fallen as much as 50 basis points over the week. "Janet Yellen has made it clear that events outside of the U.S. will have a bearing on the Fed’s decision making and she was explicit about the risk that she thought Brexit would pose," said Viktor Szabo, Senior Investment Manager at Aberdeen Investment Management.
Mondelez's bid may find gaps in Hershey's armor
By Lauren Hirsch and Lisa Baertlein NEW YORK/LOS ANGELES (Reuters) - An elaborate structure put in place to preserve Hershey Co's ties to its local community has been roiled by scandal, creating an opening that Mondelez International Inc seized on to launch a $23 billion for the chocolate giant. While Hershey's board of directors unanimously rejected Mondelez's offer on Thursday, its once impenetrable defenses are now looking weaker due to an investigation into the charitable trust that controls it, as well as controversy facing the Pennsylvania Attorney General (AG), who also has a say in any change in Hershey Co's ownership. The Hershey Trust, set up by the company's eponymous founder a century ago, holds 81 percent of the company’s voting stock and without its approval, a sale is impossible.
BMW to develop driverless car technology with Intel, Mobileye
By Edward Taylor FRANKFURT (Reuters) - BMW is teaming up with Intel and Mobileye to develop new technology for the auto industry that could put self-driving cars on the road by around 2021. The alliance highlights a shift in the dynamics of research and development in the car industry, which until recently saw automakers largely dictating terms for suppliers to manufacture their proprietary technologies at specified volumes and prices. Now carmakers are increasingly striking up partnerships with technology firms using open technology standards, seeking to harness their expertise in areas including machine learning and mapping as they race against Silicon Valley companies such as Google , Tesla and Apple to develop driverless vehicles.
U.S. auto sales growth falls short of estimates
(Reuters) - Robust demand for pickups and SUVs pushed up U.S. auto sales in June but the growth fell short of estimates as General Motors , Toyota Motor Corp <7203.T> and Volkswagen sold fewer vehicles. Estimates from major automakers backed analysts’ projection that the U.S. industry has peaked in 2015, when a record 17.47 million vehicles were sold.
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Facebook Bolts From Traditional News
Facebook wants out of the news business.The company announced Thursday that it is shuttering Paper, a relatively obscure iOS app that displayed Facebook's News Feed differently, emphasizing media and news articles. The app contained topic pages like "Tech," for instance, and tapping on those sections would display a series of related stories...
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Spotify Declares War On Apple
STOCKHOLM (Reuters) - Spotify confirmed on Friday that it has complained to Apple Inc after the U.S. tech giant rejected an updated app for the Swedish music streaming service on iPhones.The two companies have gone head to head in the battle for music streaming customers since Apple Music was launched in more than 100 countries last year, and...
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