Latest news for AMG Yacktman Service(YACKX) (See analysis on YACKX)
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Wednesday September 28th 2016: Latest financial news from the worldOPEC reaches first deal to cut oil output since 2008: sources
By Rania El Gamal and Alex Lawler ALGIERS (Reuters) - OPEC agreed on Wednesday to cut its oil output for the first time since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices. "OPEC made an exceptional decision today ... After two and a half years, OPEC reached consensus to manage the market," Iranian Oil Minister Bijan Zanganeh was quoted by Iran's SHANA news agency as saying, without giving details. OPEC's informal meeting in Algeria was still continuing after five hours.
Oil soars 6 pct as OPEC reaches deal to limit output in November
By Barani Krishnan NEW YORK (Reuters) - Oil prices settled up nearly 6 percent on Wednesday after OPEC sources said the group has struck a deal to limit crude output at its policy meeting in November, its first agreement to cut production since the market crashed two years ago on oversupply. The Organization of the Petroleum Exporting Countries reached agreement to limit its production by nearly a million barrels per day to 32.5 million bpd in talks held on the sidelines of the Sept. 26-28 International Energy Forum in Algiers, the sources told Reuters. OPEC will agree to concrete levels of production for country at its Nov. 30 meeting in Vienna, the sources said.
Wall Street rallies as OPEC reaches output deal
The energy index jumped 4 percent and was set to have its best day since January after OPEC sources said the group has reached a deal to limit crude output at its policy meeting in November. "The energy sector has been the biggest drag on earnings for the past year and a half or two years, and if you can get some stability there, all of a sudden earnings start to look a lot better," said Mark Kepner, managing director at Themis Trading in Chatham, New Jersey. Shares of Caterpillar Inc, which sells heavy equipment to energy companies, jumped 3.79 percent.
Fed's Yellen defends regulatory role, raises stress test changes
Federal Reserve Chair Janet Yellen was thrust into the election-year boxing ring during a congressional committee hearing on Wednesday, defending the central bank's regulatory role, taking and landing punches on Wells Fargo and other banks considered too big to fail, and addressing accusations of political conflicts of interest. At a House of Representatives Financial Services Committee hearing, Yellen also provided details on the changes the central bank is considering making to the annual stress tests it gives U.S. banks.
Wells Fargo plans to eliminate sales goals sooner than planned
On Tuesday, Wells Fargo said CEO John Stumpf will forfeit unvested equity awards worth about $41 million and will not get a salary while the company's board investigates the bank's sales practices. Stumpf will appear before the House Financial Services Committee on Thursday.
Apple deepens enterprise push with Deloitte partnership
More than 5,000 Deloitte advisers will be included in the Apple initiative, the companies said. The consulting firm also launched EnterpriseNext, a program aimed at helping clients make better use of Apple products and services.
VW CEO: Hopeful for deal with U.S. authorities by end of the year
Volkswagen AG Chief Executive Matthias Mueller said Wednesday he is hopeful that the German automaker can reach agreement by the end of the year with the U.S. government on the size of a fine to settle an investigation of the company's alleged violations of U.S. clean air laws. Mueller, speaking on the sidelines of the Paris auto show, said he also sees “good progress” toward an agreement with U.S. regulators that could allow Volkswagen to repair certain 3.0 liter diesel engines that emit more pollutants than U.S. law allows.
Och-Ziff unit to plead guilty in U.S. bribe probe - sources
Och-Ziff Capital Management Group LLC will pay $400 million and a subsidiary will plead guilty to resolve U.S. probes into its involvement in bribes paid to African officials, two people familiar with the matter said on Wednesday.In a deal expected to be announced on Thursday, the largest publicly traded U.S. hedge fund firm will enter a deferred-prosecution agreement with the U.S. Department of Justice while a subsidiary will plead guilty, the sources said. The payment will also resolve a related probe by the U.S. Securities and Exchange Commission, the sources said. A spokesman for Och-Ziff declined to comment.
Exclusive: U.S. approves sale of Boeing fighter jets to Qatar, Kuwait - sources
The U.S. government has approved $7 billion in sales of Boeing Co fighter jets to Kuwait and Qatar, and has begun an informal notification process with U.S. lawmakers, two sources familiar with the decision said on Wednesday. The sales had been pending for more than two years, amid concerns raised by Israel, Washington's closest Middle East ally, that arms sold to Gulf Arab states could be used against it and concerns about human rights issues in Qatar. U.S. officials began notifying lawmakers informally about the sale of 36 Boeing F-15 fighter jets to Qatar valued at around $4 billion, and 28 F/A- 18E/F Super Hornets, plus options for 12 more, to Kuwait in a deal valued at around $3 billion, the sources said.
Redstone's National Amusements to call on CBS, Viacom to explore merger -sources
Sumner Redstone's National Amusements Inc is preparing to call on CBS Corp and Viacom Inc to explore a merger, two people familiar with the matter said on Wednesday. National Amusements is the controlling shareholder of both media companies, which separated from each other 10 years ago. A merger would give Viacom, whose networks include Comedy Central, Nickelodeon and MTV, a seasoned media executive at the helm with CBS CEO Leslie Moonves at a time when its TV ratings and ad revenue have been in decline, many investors believe.
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