Latest news for Prudential Jennison 20/20 Focus A(PTWAX) (See analysis on PTWAX)
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Saturday August 23rd 2014: Latest financial news from the worldRussian Deputy PM says no plans to ban McDonald's: Itar-Tass
Russian authorities are not planning to close the McDonald's chain in the country, Deputy Prime Minister Arkady Dvorkovich was quoted saying on Saturday, after inspectors visited a number of restaurants run by the fast-food company. "No one is talking about it at all (a ban on McDonald's in Russia)," Dvorkovich was quoted saying by Itar-Tass news agency, in what could be a reprieve for the food chain, which considers Russia as one of its top markets. Russia's food safety watchdog has launched inspections of McDonald's restaurants across the country against the backdrop of a standoff with the West over the Ukraine crisis and has closed three of its outlets in Moscow, citing breaches of sanitary regulations.
Market leaders seen taking S&P 500 to 2,000
Reaching it ahead of schedule is the latest affirmation that stocks are widely preferred to bonds, even with further upside seen as limited as the Federal Reserve remains on track to end its bond-buying stimulus program in October.. The level has more psychological than fundamental significance, and it could prompt market participants to consider whether their holdings have become stretched. The "2,000 (level) has no fundamental significance outside of suggesting that stocks are fully valued and getting more so all the time," said David Joy, chief market strategist at Ameriprise Financial in Boston. Both defensive and cyclical stocks have led at times, but traders expect technology and healthcare names, the market's current leaders, to drive it over 2,000. "Now is not the time to seek out value over growth," said Jeff Mortimer, director of investment strategy for BNY Mellon Wealth Management in Boston.
Fed's Yellen calls for caution on rates; Draghi says ECB ready to act
By Howard Schneider JACKSON HOLE Wyo. (Reuters) - The Federal Reserve should move cautiously in deciding when to raise interest rates given the U.S. In a speech at the Fed's annual central bank conference, Yellen laid out in detail why she feels the unemployment rate alone is inadequate to evaluate the strength of the jobs market and why the central bank needs to step gingerly. Her remarks were followed by a speech by the head of the European Central Bank, Mario Draghi, who said the ECB was ready to use all the tools at its disposal to lift euro zone inflation if it continued to drop. Together, the comments from Yellen and Draghi underscored how both central banks were wrestling with the complexities of labor markets still-wracked by the 2007-2009 financial crisis.
Goldman Sachs, U.S. agency in mortgage settlement worth $1.2 billion
Goldman Sachs Group Inc has agreed to a settlement worth $1.2 billion to resolve a U.S. Under the settlement with the Federal Housing Finance Agency, the conservator for the two government-controlled mortgage finance companies, Goldman Sachs said it agreed to pay $3.15 billion to repurchase mortgage-backed securities from Fannie and Freddie. The FHFA, which valued the settlement at $1.2 billion, said the accord "effectively makes Fannie Mae and Freddie Mac whole on their investments in the securities at issue." The $1.2 billion reflects the amount that Goldman will pay, minus the estimated current value of the securities being bought back from Fannie and Freddie.
Argentina slams U.S. judge as 'imperialist,' peso halts rout
By Jorge A. Otaola and Richard Lough BUENOS AIRES (Reuters) - Argentina on Friday accused the U.S. District Judge Thomas Griesa blocked payments to holders of issued under U.S. Griesa ruled that measures proposed by Argentina's president late on Tuesday to make debt payments locally and push bondholders to bring their debt under Argentine law violated past court rulings. President Cristina Fernandez's measures, if enacted and executed, would potentially allow Argentina to skirt Griesa's court orders and thus resume interest payments on an estimated $29 billion in restructured bonds.
French economy minister says austerity measures sapping growth
By Alexandria Sage PARIS (Reuters) - Austerity measures being pursued by France and elsewhere in the euro zone are quashing growth, French Economy Minister Arnaud Montebourg was quoted saying on Saturday, renewing his attacks on policies he sees as negative for the economy. Montebourg's interview with Le Monde daily came days after President Francois Hollande said he would accelerate reforms but not back away from his supply-side economic policy, based on bigger tax cuts for business. The outspoken minister, a fierce critic of budget austerity, is known for frequent attacks on big business and the European Commission, which he accuses of strangling economic recovery with its prioritization of deficit reduction. "We have to give priority to getting out of the (economic) crisis and relegate to second place the dogmatic reduction of deficits, which is driving us to austerity and a continued rise in unemployment," Montebourg said.
Ackman, other shareholders ask Allergan to call special meeting
By Svea Herbst-Bayliss and Caroline Humer BOSTON/NEW YORK (Reuters) - Investors owning 31 percent of shares of Allergan Inc have asked the company to call a special shareholder meeting, activist shareholder William Ackman said on Friday, giving the hedge fund manager a victory in his fight to acquire the Botox maker. Ackman, whose Pershing Square Capital Management is Allergan's largest shareholder, said 35 shareholders including some of Allergan's "longest-standing" and "largest" investors handed in paperwork on Friday to compel Allergan to call the meeting. Pershing Square and Valeant Pharmaceutical International Inc made a $52 billion hostile offer for Allergan in April.
Cargill sues former employee for breach of contract
(Reuters) - Global commodities trader Cargill Inc [CARG.UL] has sued a former employee, accusing him of stealing trade secrets before he joined rival JBS SA. Privately held Cargill filed the case on Thursday in the U.S. District Court of Colorado, accusing Jason Kuan of breach of contract.(http://1.usa.gov/1lmQx3S) Kuan resigned on Aug. 1 without prior notice. Kuan had worked for Cargill's Case Ready business, which is involved in processing and packaging meat for retailers. He joined JBS, the world's biggest beef producer in early August, after working for Cargill for about 20 years.
HSBC is sued in U.S. for $250 million over alleged role in 'death bonds'
By Jonathan Stempel NEW YORK (Reuters) - HSBC Holdings Plc was sued for $250 million on Friday for allegedly ignoring red flags that a colorful British entrepreneur, the late David Elias, was committing fraud through an investment vehicle he controlled. District Court in Manhattan by the liquidator of Luxembourg-based SLS Capital SA, which failed in 2009, the same year Elias died. According to the complaint, HSBC had been a custodian of life insurance policies used as collateral for bonds that SLS sold to investors, and which were falsely marketed as safe. An HSBC spokeswoman declined to comment.
Amazon developing own online advertising software: WSJ
(Reuters) - Amazon Inc is planning to develop its own software for placing advertisements online, The Wall Street Journal reported, citing people with knowledge of the matter. While the in-house platform is initially planned to replace ads supplied by Google Inc on Amazon's own website, the new system could challenge Google and Microsoft Corp's advertising business in the future, the newspaper cited the people as saying. Amazon's system would resemble Google's AdWords, and is planned to make it easier for marketers to reach the company's users, the newspaper reported the people as saying. The retailer is also building a tool that would help advertising agencies buy in bulk for thousands of advertisers, the Journal said, citing the people.
Decision could boost use of popular weed killer
WASHINGTON (AP) — Faced with tougher and more resistant weeds, corn and soybean farmers are anxiously awaiting government decisions on a new version of a popular herbicide — and on genetically modified seeds to grow crops designed to resist it.
Deadline to clear up health law eligibility near
Athens Olympics leave mixed legacy, 10 years later
ATHENS, Greece (AP) — In an obscure corner of a park sits a forlorn reminder that, 10 years ago, Athens hosted the 2004 Summer Olympics. The crumbling miniature theater is inscribed with the words "glory, wealth, wisdom, victory, triumph, hero, labor" — and it is where visiting Olympic officials planted an olive sapling that would bear their names for posterity.
Wal-Mart: Try, try again
NEW YORK (AP) — Wal-Mart thought shoppers would like the opportunity to use a smartphone app to scan items they want to buy as they walk through store aisles. In theory, they could speed through self-checkout.
Like stocks, junk bonds show investor jitters
Stocks mostly higher, Japan shrugs off GDP drop
MUMBAI, India (AP) — Global stock markets overcame a contraction in Japan's economy and jitters about Ukraine and Iraq to mostly rise Wednesday, but analysts said new geopolitical developments would likely make for volatile trading.
Japan's economy shrinks as tax hike hits spending
TOKYO (AP) — The Japanese economy shrank at an annual pace of 6.8 percent in the second quarter after spending got slammed by a sales tax hike that kicked in from April, government figures showed Wednesday.
Creditor opposes Detroit debt plan, says scrap it
DETROIT (AP) — A major Detroit creditor on Tuesday objected to the bankrupt city's plan to wipe out or reduce billions of dollars in debt, saying it should be scrapped before a trial scheduled to start next week.
Revenue report due as Atlantic City casinos close
Asia stocks drift as Iraq, Ukraine tensions simmer
MUMBAI, India (AP) — Asian stocks drifted on Wednesday as investors remained cautious amid uncertainty over potential conflict in Ukraine and Iraq plus new numbers showing a slowdown in Japan's economy.
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