Latest news for AMG Yacktman Service(YACKX) (See analysis on YACKX)
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Friday January 20th 2017: Latest financial news from the worldWall St. gains across sectors ahead of Trump inauguration
Trump, a New York businessman and former reality TV star, is scheduled to be sworn in around midday by U.S. Supreme Court Chief Justice John Roberts in Washington. Investors will focus on Trump's inaugural speech to get more insight into his economic policies.
U.S. bankers tell Europeans to think positively on Trump
By Carmel Crimmins and Pamela Barbaglia DAVOS, Switzerland (Reuters) - U.S. bankers, buoyed by a resurgence in profits, are advising their counterparts in Europe to think positively about the new administration of U.S. President-elect Donald Trump. At the annual gathering of the world's political and business elites in the Swiss resort of Davos, U.S. financiers told investors and overseas' rivals to focus less on Trump's anti-globalization rhetoric and more on his cabinet picks, comprising of Wall Street veterans and corporate bosses. Many European bankers fear Trump, who campaigned on an "America first" platform and who has threatened to impose punitive tariffs on Chinese imports, could trigger a trade war with the world's second-largest economy.
Investment Focus: History suggests Trump month will be stocks down, dollar up
For financial markets, the Trump era begins on Monday, and if history is any guide the following month should be a rocky one for Wall Street but positive for the dollar. The S&P 500 has fallen a median 2.7 percent in the month after each new president has taken the keys to the White House since Herbert Hoover did so in January 1929, according to Reuters analysis. Only four presidents have seen Wall Street rise in their first month in power: Hoover (+3.8 percent), John F. Kennedy in 1961 (+6 pct), George H. W. Bush in 1989 (+5.3 pct) and Bill Clinton in 1993 (0.8 pct).
AIG to pay Buffett's Berkshire about $10 billion in insurance deal
American International Group Inc has agreed to pay roughly $10.2 billion to Warren Buffett's Berkshire Hathaway Inc to take on many long-term risks on U.S. commercial insurance policies it has already written. The reinsurance transaction covers "long-tail" exposures, which are liabilities that can emerge long after policies are issued, from excess casualty, workers compensation and other AIG policies dating from 2015 and before. Berkshire's National Indemnity Co unit will take on 80 percent of net losses in excess of the first $25 billion, with a maximum liability of $20 billion.
Goldman Sachs rejects Indonesian businessman's $1.1 billion claim over share trade
Goldman Sachs has rejected allegations by an Indonesian businessman who is seeking $1.1 billion in damages from the U.S. bank for making what he called "unlawful" trades in the shares of a property firm. Indonesia's government has recently raised investor concerns by cutting business ties with JPMorgan over a negative research report and partially reversing a mining policy. Benny Tjokrosaputro, president director of Indonesian property developer PT Hanson International Tbk, filed a lawsuit in a Jakarta court on Sept. 8 against Goldman's unit, Goldman Sachs International.
Exclusive: HSBC cutting around 100 senior banking jobs globally - sources
HSBC has begun cutting around 100 senior jobs in its investment banking division worldwide this week, according to sources with direct knowledge of the matter. The cuts affect bankers at managing director and director level in the lender's Global Banking and Markets division, the sources said, declining to be identified due to the sensitivity of the matter.
Fears of economic 'race to bottom', strong dollar in Davos
A strengthening dollar and a "race to the bottom" on taxes, deregulation and trade policy are the major risks to an otherwise brightening global economy, financial leaders said on the final day of the World Economic Forum in Davos. Asked about "black swans", or unexpected, disruptive events, that could derail the outlook in 2017, International Monetary Fund (IMF) chief Christine Lagarde touched on risks stemming from the policy promises of incoming U.S. president Donald Trump. "If the disruptions we are expecting for 2017 as a result of what has happened in 2016 prove to be all negative and we are to end up in a race to the bottom on the tax front, on the trade front, on the financial regulation front, then that for me would be a really big 'black swan' that would have devastating effects," she said.
GE profit rises 36 percent, but sales slow
(Reuters) - General Electric Co reported a 36 percent jump in fourth-quarter earnings on Friday, helped by strength in its power and renewable energy businesses, and it affirmed its growth and profit forecasts for 2017.
Ford to record pre-tax remeasurement loss of $3 billion in 2016
ChemChina seeks U.S. anti-trust approval for Syngenta deal
China National Chemical Corp [CNNCC.UL], or ChemChina, said on Friday it has sought the U.S. anti-trust regulator's approval for its planned $43 billion acquisition of Swiss crop protection and seed group Syngenta AG . "ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure," Syngenta said.
Windows 10: Microsoft's enterprise upgrade push 'will pay off in 2017'
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Poll: Will Trump improve or harm cybersecurity and digital privacy?
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