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Sunday March 9th 2014: Latest financial news from the worldAckman outspent by Herbalife in lobbying battle
By Svea Herbst-Bayliss BOSTON (Reuters) - Hedge fund manager William Ackman, who is betting $1.16 billion that Herbalife is a fraud, spent $264,000 last year on lobbyists to press his case against the company, according to government documents filed in recent weeks. That amount is dwarfed by the nearly $2 million Herbalife spent in 2013 on federal lobbying as the nutrition and weight loss company fought the billionaire investor's claims it runs a pyramid scheme. In October Ibarra Strategy Group began working for Pershing Square and earned $30,000 for the year, the filingshows. The group, founded by Mickey Ibarra, a former Director of Intergovernmental Affairs under President Bill Clinton, specializes in Latino outreach.
Asian and European industrial health under scrutiny this week
With China's leaders seeking to rebalance the world's industrial powerhouse more toward consumer spending, and with bad weather distorting most United States data since the start of the year, some clarity would be helpful. After private sector business surveys suggesting services activity around the world is on the up, investors and policymakers will shift their focus to industrial production figures for the euro zone, Britain, Japan and China. Industrial output growth in China, the world's second largest economy, is likely to have slowed further in January from 9.7 percent in December, hurt by weaker local and foreign demand. "China's export growth is likely to have softened in February after the surge in January due to the front-loading of exports before the Lunar New Year," said David Mann at Standard Chartered.
Five years from U.S. stock market's low, it's joy versus worry
By Caroline Valetkevitch NEW YORK (Reuters) - Five years ago, the United States was in the midst of its worst recession in seven decades, and stocks were feeling it. On this day in 2009, the S&P 500 hit its nadir, closing at 676.53. That low marked a climax of a 16-month selloff that took more than half the S&P 500's value. Naturally, some investors are questioning whether the bull run is nearing an end.
U.S. judge says RBC liable in Rural/Metro buyout case
A Delaware judge said Royal Bank of Canada should be held liable to former shareholders of Rural/Metro Corp because it failed to disclose conflicts of interest that tainted the $438 million buyout of the ambulance operator. Bankers at RBC Capital Markets were so eager to collect higher fees that they convinced Rural/Metro directors to sell the company in June 2011 to private equity firm Warburg Pincus LLC at an unreasonably low $17.25 per share, wrote Vice Chancellor J. Travis Laster of the Delaware Chancery Court. Former Rural/Metro Corp shareholders are seeking about $172 million from Toronto-based RBC, representing the difference between the buyout price and what they believe the company was worth, according to published reports.
Stocks may extend rally after strong jobs data
That bet has helped equities shrug off bearish data and geopolitical uncertainties in Ukraine, taking the S&P 500 to a series of record highs. "We're hoping the payroll report means we're on a stronger footing going ahead and that we can get more robust growth going forward," said Michael Mullaney, chief investment officer of Fiduciary Trust Co in Boston.
A washing machine factory tests Italy's industrial future
By Danilo Masoni and Francesca Piscioneri PORCIA, Italy (Reuters) - The boxy white and grey factory of this rainy northern town makes fewer than half the washing machines it did when Italy joined the euro. Home appliance maker Electrolux, which owns the factory, wants to cut the salaries of some 5,000 workers at the plant and three other factories across Italy by up to 15 percent over the next three years. The Swedish company says lowering labor costs is the only way its washing machines, fridges and other home appliances can compete against rival products made in eastern Europe and Asia. "It's a matter of survival," says Annarita Licci, a 38-year-old mother of two, who moved to Porcia in 2000, the year after Europe introduced its single currency.
Bank of England's Carney faces grilling over foreign exchange scandal
By William Schomberg and William James LONDON (Reuters) - Mark Carney faces probably his toughest questioning so far as Bank of England governor next week when lawmakers will seize on a foreign exchange scandal to press their demands for tighter oversight of the central bank. Carney arrived from Canada last July as an outsider with a mandate to shake up the 320 year-old institution, from monetary policy to its relationship with the powerful banks of the City of London. A group of influential members of parliament wants Carney to change the way the BoE polices itself too. Their long-standing frustrations with what they say is the Bank's outdated governance system broke out again last week when the BoE suspended an official amid an internal review into whether Bank staff turned a blind eye to possible manipulation of key rates by foreign exchange traders.
EU aims for deal on tackling failing banks next week
By Jan Strupczewski and Martin Santa BRUSSELS (Reuters) - European Union governments and parliamentarians will try to reach a compromise this week on how to wind down failing banks, in marathon talks intended to settle who decides to close banks and who picks up the bill. A deal in the negotiations, set to span three days, would be the final step in a European banking union that would mean one supervisor for all euro zone banks, one set of rules to close or restructure those in trouble and one common pot of money to pay for it. The banking union, and the thorough clean-up of banks' books that will accompany it, is meant to restore banks' confidence in one another and boost lending to other businesses and households. New lending has been throttled by banks' efforts to raise capital and reduce the bad loans that proliferated in the recession triggered by the global financial crisis and deepened by the euro zone's own sovereign debt crisis.
Bet on Buffett's company before Icahn's company: Barron's
(Reuters) - Warren Buffett's Berkshire Hathaway Inc trades at a lower premium and has more earnings power than Carl Icahn's Icahn Enterprises Inc , and investors wishing to invest alongside either billionaire may want to side with the so-called Oracle of Omaha, Barron's said in its March 10 edition. Both conglomerates posted record profit in 2013, with Berkshire recording $19.5 billion of net income and $15.14 billion of operating income while Icahn Enterprises, a so-called master limited partnership, posted a $1.03 billion profit. Berkshire owns more than 80 businesses including the BNSF Railway and Geico car insurance, and shares such as Wells Fargo & Co and Coca-Cola Co . Icahn Enterprises owns stakes in companies like auto parts maker Federal Mogul Corp , and through investment in an Icahn hedge fund stocks such as Apple Inc and Herbalife Ltd .
European recovery could fuel Daimler stock: Barron's
(Reuters) - The gradual recovery of European economies could boost demand for upscale cars and trucks, which may help the share price of Mercedes-Benz parent Daimler AG extend its recent big gains, Barron's said in its March 10 edition. Daimler trades at about 12 times projected 2014 profit, above the 10 multiple for BMW parent Bayerische Motoren Werke AG and 8 multiple for Audi parent Volkswagen AG , following a 48 percent jump in its share price in the last year, the business weekly said. But another 19 percent increase in the share price over the next 12 months, to 80 euros from 67.44 euros, could be in the offing because strong products at numerous price points position the German automaker to benefit from a possible "pronounced uptick" in demand from Western Europe, the newspaper said. Daimler's profit per share may grow 17 percent in 2014 and 2015, topping respective gains of 14 percent and 13 percent at Volkswagen and 2 percent and 5 percent at BMW, it said.
'300' sequel rules box office with $45.1M debut
NEW YORK (AP) — The shirtless warriors of the "300" sequel "Rise of an Empire" ravaged the post-Oscars box-office weekend with a domestic debut of $45.1 million but an even bigger international haul of $87.8 million.
Vietnam says it may have found missing jet's door
KUALA LUMPUR, Malaysia (AP) — Vietnamese authorities searching waters for the missing Boeing 777 jetliner spotted an object Sunday that they suspected was one of the plane's doors, as international intelligence agencies joined the investigation into two passengers who boarded the aircraft with stolen passports.
Why Malaysia Airlines jet might have disappeared
NEW YORK (AP) — The most dangerous parts of a flight are takeoff and landing. Rarely do incidents happen when a plane is cruising seven miles (11 kilometers) above the earth.
Interpol: Passports on flights must be checked
PARIS (AP) — Interpol knew about stolen passports that two passengers used to board an ill-fated Malaysia Airlines flight bound for China, but no authorities checked the police agency's vast database on stolen documents beforehand, it said Sunday — baring a gaping loophole in global cooperation against one of the world's biggest but most unrecognized security threats today.
BAE report says Ukraine has faced cyberattacks
LONDON (AP) — Ukraine was repeatedly attacked by sophisticated cyberspies as tensions between pro-Russian and Western-leaning factions escalated in recent months, according to a report from U.K.-based defense contractor BAE Systems.
China's inflation rate eases to 2 pct in February
BEIJING (AP) — China's inflation rate eased in February to 2 percent year-on-year amid signs the world's second-largest economy might be cooling.
China to tighten rules against pollution
Comcast challenging Disney's hold on tourism trade
PHILADELPHIA (AP) — Comcast Corp. will invest hundreds of millions of dollars in California and Florida theme parks, stepping outside its core business of telecommunications in an effort to boost revenue and profits.
US commerce secretary in Gulf ahead of Obama visit
ABU DHABI, United Arab Emirates (AP) — The U.S. Secretary of Commerce is in the Middle East where she said Sunday she will tell officials from the United Arab Emirates, Saudi Arabia and Qatar that closer economic cooperation with Washington is a way to build deeper security ties with the United States.
US job gain despite freeze raises economic hopes
[$$] Dreamliner Makes Emergency Landing
Boeing 787 lands in Honolulu after an engine malfunction.
Samsung Electronics Launches New Line of NFC-enabled Printers for SMBs
Summary: • Samsung Electronics introduced the color laser printer Xpress C1860 series and the mono-laser printer Xpress M2885 series at CeBIT 2014. • The Xpress C1860 series comprises of the C1810W color laser printer …
Samsung Electronics Unveils Samsung Cloud Print™ tailored for SMBs
Summary: • Samsung Electronics Printing Solutions plans to launch the new Samsung Cloud Print™ at CeBIT 2014, the world’s largest IT and office automation trade show in Hannover, Germany. • The new Samsung Cloud …
Overcoming Unconscious Biases Against Female Bosses
Counterproductive gender biases keep gender equality stagnating: women lead only 4.2 percent of our largest pubic corporations, make up only 14 percent of top officers in corporate America and fill a measly 18 percent of board seats.
What's In Your IRA?
Is your IRA invested in stocks, bonds, mutual funds, and ETFs? Or have you decided to spread your investment horizons a bit, and include some "non-traditional" IRA investments? Since this is the Spring IRA season, which is your last chance to post a tax deduction for 2013, you might consider some alternative investments to diversify your IRA. But, fair warning: Not all investments are allowed inside an IRA. Many are prohibited, including buying a vacation home, artwork, or collectible coins, with your IRA money. And if you make a mistake in your choices, you could face huge penalties - and
Bank Of America Wants People To Pay $5 For A Currently Free Service
Bank of America is offering you the chance to pay a fee for a service you may not know you already have. The bank on Thursday launched a new kind of account, known as the "SafeBalance" account, which costs $4.95 a month and comes with no paper checks.
How to Work at Home as a Writer
Years ago, when I worked in the check processing department of a now defunct Philadelphia bank, I dreamt of one day becoming my own boss while working at home. The bank was an unusually strict sort of workplace. In my case I worked in a small room with my back to a low-level supervisor, an elderly woman, Miss Stiff, who wore a white Mennonite bonnet. Another employee sat a side desk, although he was rarely present. Usually it was just me and Miss Stiff, which meant no talking ever, and no unnecessary breaks or staying out too long for lunch.
Companies issue second most weekly debt on record
NEW YORK (MarketWatch) -- U.S. companies sold the second most amount of debt on record this week as corporate issuers took advantage of low interest rates to enter the market. Companies such as General ...
Product Placement Gets Ellen to Take Selfie -- Real Time Content Marketing Lets LG Joke Back
Ellen's selfie stunt produced the most retweeted image of all time! Whether you like the fact that it was a staged product placement is not the point because it was brilliant. What I think is even more brilliant was LG's real time content marketing response suggesting a G2 would have enabled Ellen to take the selfie herself.
The Phantom Menace: New Report Doubles Down on 'Tax Migration' Myth
"Exodus on the Parkway," a new 36-page paper on the impact of tax rates on New Jersey's economic health begins by noting that it "does not provide proof or hard evidence that high income or high net worth residents are leaving New Jersey because of high tax rates." (Emphasis added.) It's odd, then, that the report goes on to build a case counter to that finding, implying that New Jersey's wealthy are frequently signing mortgage documents and hiring moving vans in order to pay less in taxes.
International Corporate Volunteering: Profitable for Multinational Corporations
Governor Christie's New Scandal: Verizon's Fiber-Optic-"Digital Bridge" Gate
Authority Marketing is a New Focal Point for Entrepreneurs
In general, that maxim may be true. However, if you're in competition with someone who is using authority marketing strategies, you'll find yourself at a huge disadvantage. In this specific case, all things are not equal.
Introducing Micro Content
This Map Shows Why The Plan To Split Up California Would Be A Dystopian Nightmare
It would be Ayn Rand's dream come true: separate states for rich people and poor people. A proposal to split California into six states, introduced by billionaire investor Tim Draper in December, would formally create state lines between the haves and the have-nots. "You'd be creating one exceptionally wealthy state and others with dire poverty," Corey Cook, a political science professor at the University of San Francisco, said to The Huffington Post. "You'd create massive inequality. ...
Extreme Weather Puts Economic Chill on Small Businesses
Brands Rise as Media Companies
It's the latest craze, the emerging brand-sponsored content site where companies pump out content off of their corporate website with the hopes of connecting to their target consumer in a way that doesn't feel "Salesy."
Samsung Introduces Milk Music, the Next Big Thing in Music
Summary: • Samsung Telecommunications America (Samsung Mobile) introduced Milk Music™, a new, free and ad-free radio service. • Milk Music powered by Slacker is available now exclusively for Galaxy consumers to download on Google …
Informative, Interesting, Relevant: Three Rules for Creating Quality Content in Digital Marketing
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