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Latest business news
Wednesday May 4th 2016: Latest financial news from the worldWall St. falls as data adds to growth worries; biotechs down
U.S. stocks declined for a second day on Wednesday, weighed down by tepid data on private sector U.S. jobs and a retreat in biotech shares. The Nasdaq Biotech Index dropped 2.9 percent, its seventh session of losses out of the last eight. The ADP private sector employment report showed hiring in April fell to its lowest in three years.
Strong U.S. services sector data buoys economic outlook
The U.S. services sector expanded in April as new orders and employment accelerated, bolstering views that economic growth would rebound after almost stalling in the first quarter. Economists say strong services industry activity together with a rebound in automobile sales in April reported on Tuesday, underscore the economy's firm fundamentals that could keep the Federal Reserve on track to raise interest rates twice this year. If Friday's payrolls report corroborates that trend, a June rate hike certainly remains an option," said Harm Bandholz, chief economist at UniCredit Research in New York.
Tesla production, spending rising, 500,000 cars planned in 2018
By Kshitiz Goliya and Alexandria Sage SAN FRANCISCO (Reuters) - Electric carmaker Tesla Motors Inc said it would accelerate production to meet strong demand for its upcoming Model 3 mass-market sedan, but higher spending will make it harder to reach promises of profitability this year. Tesla shares rose more than 5 percent to $234.70 in after hours trade on Wednesday after the company said it was on track to deliver 80,000 to 90,000 electric vehicles this year and vowed to reach an annual production target of 500,000 cars in 2018, two years faster than expected. Tesla reported a wider first-quarter net loss, although results broadly beat Wall Street targets.
Slower growth dominates picks at hedge fund conference
By Svea Herbst-Bayliss and David Randall NEW YORK (Reuters) - Against a backdrop of slower economic growth, prominent hedge fund managers, including Larry Robbins, Stanley Druckenmiller and David Einhorn, said it will take longer for stocks to rise and laid out best ideas that markets barely reacted to. The remarks come as the hedge fund industry has come under fire for hefty fees, sluggish returns and even a lack of talent. Robbins, whose Glenview Capital Management LLC has fallen on hard times with heavy losses early this year and last, kicked off the Sohn Investment Conference, an annual charitable event that raises money for pediatric cancer, with a confession and warning.
Wells Fargo problem loans jump 62 percent, driven by energy
Wells Fargo and other banks have beefed up reserves for possible loan losses as sharply lower oil prices have made it difficult for energy companies to repay their debts. Wells Fargo did not specify what portion of its oil and gas loans were criticized.
Gundlach warns on 'safe' stocks, Trump presidency
By Trevor Hunnicutt NEW YORK (Reuters) - DoubleLine Capital LP Chief Executive Jeffrey Gundlach on Wednesday warned that increasing investor demand for ostensibly safe low-volatility stocks and utility stocks is a major risk facing markets. The closely watched investor, speaking at the Sohn Investment Conference, also said investors should prepare for a Donald Trump presidency, an election result that could lead to higher government debt. Trump's support for infrastructure spending and desire to amp up job growth could lead to higher debt, Gundlach said.
U.S., Takata confirm recall of 35 million-40 million Takata air bag inflators
Previously, 14 automakers had recalled 24 million vehicles with 28.8 million inflators linked to at least 11 deaths and more than 100 injuries. National Highway Traffic Safety Administration (NHTSA) officials said Tesla Motors Inc , Fisker Automotive and Jaguar Land Rover will recall Takata air bag inflators, bringing the automakers involved to 17, including Honda Motor Co , Ford Motor Co and Fiat Chrysler Automobiles NV .
Whole Foods protects profits in second quarter as it cuts prices
The biggest challenge for the nation's largest natural and organic grocery chain has been to protect profits while it works to shake its "Whole Paycheck" reputation for lofty prices and stay a step ahead of Wal-Mart Stores Inc , Kroger Co and other mainstream grocers that are expanding into the specialty realm Whole Foods pioneered. Shares of Whole Foods rose 2.4 percent to $29.19 in after-hours trading, but remained significantly off their all-time high of just above $63 in October 2013. The company, which recently slashed labor costs by centralizing marketing and some purchasing, later this month will debut the first store in its more affordable chain called 365 by Whole Foods Market.
Cable, 'Deadpool' help Fox earnings meet forecasts
(Reuters) - Twenty-First Century Fox Inc reported quarterly earnings in line with Wall Street expectations as the company's cable channels brought in higher affiliate fees and ad revenue while its movie studio turned out blockbuster film "Deadpool." Fox, owner of cable networks Fox News Channel and FX, reported a better-than-expected 5.7 percent rise in adjusted revenue for the quarter that ended in March. Excluding items, the company earned 47 cents per share, in line with projections from analysts polled by Thomson Reuters I/B/E/S. Revenue from the cable network business, which accounts for more than half of Fox's total revenue, rose nearly 10 percent to $3.94 billion in the quarter. Total day and primetime ratings for Fox News topped all U.S. basic cable channels from January through March, the first time in the network's history that it has led basic cable in both categories for a full quarter, according to Nielsen data.
Bombardier not studying bigger version of CSeries jet: sources
By Allison Lampert and Tim Hepher MONTREAL/PARIS (Reuters) - Canada's Bombardier is not looking at building a bigger version of its CSeries jetliner, three people close to the company said on Wednesday. There has been persistent analyst and media speculation that Bombardier would add a third member of its slow-selling 108-130-seat jet family to compete with best-selling Airbus and Boeing models that carry at least 150 people. Bombardier last week scored a much-needed sale of 75 CS100 CSeries models to Delta Air Lines .
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Empathy. It's one of the biggest things to which I attribute my success. It's the reason I believe that I am one of the great salespeople out there. What a lot of people don't understand about empathy is that it's not just about being caring, but it's also the ability to understand people on a higher level. It has allowed me to easily create...
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