Latest news for AMG Yacktman Service(YACKX) (See analysis on YACKX)
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Wednesday May 25th 2016: Latest financial news from the worldGains in financial, energy stocks lift Wall Street
Bank of America , JPMorgan and Citigroup were up between 1.5 and 2 percent. Comments from policymakers in recent days and upbeat U.S. economic data have raised expectations that the Federal Reserve could pull the trigger on a rate increase much sooner than previously thought. The Fed last raised its key interest rate in December by quarter of a percentage point to between 0.25 and 0.5 percent.
Bayer could get ECB financing for Monsanto bid, rules show
By Francesco Canepa FRANKFURT (Reuters) - Bayer could receive financing from the European Central Bank that would help to fund a takeover of Monsanto , according to the terms of the ECB's bond-buying program. U.S.-based Monsanto, the world's largest seed company, turned down Bayer's $62 billion bid on Tuesday, but said it was open to further negotiations. The ECB can buy bonds issued by companies that are based in the euro area, have an investment-grade rating and are not banks, provided that they are denominated in euros and meet certain technical requirements.
Exxon shareholders OK measure that could put climate expert on board
By Luc Cohen and Rory Carroll DALLAS/SAN RAMON, Calif. (Reuters) - Voters at Exxon Mobil Corp's annual meeting on Wednesday approved a measure to let minority shareholders nominate outsiders for seats on the company's board, meaning a climate activist could eventually become a director at the oil giant. The so-called proxy access measure, which passed last year at fellow U.S. major Chevron Corp, was the only one of 11 shareholder proposals related to climate change to pass at annual meetings held on Wednesday by both companies. This year's meetings were arguably the tensest ever, coming on the heels of the Paris accord to curb fossil fuel emissions and as New York's attorney general investigates Exxon for allegedly misleading the public about climate change risks.
SEC investigating Alibaba's accounting practices
(Reuters) - Alibaba Group Holding Ltd said it was being investigated by the U.S. Securities and Exchange Commission over whether the Chinese e-commerce company's accounting practices violated any federal laws. The company has provided the SEC with information about its accounting for its logistics unit, Cainiao Network, as well as operating data from its Singles' Day shopping festival, according to Alibaba's annual report filed on Monday. (http://bit.ly/1XwuQ1o) Singles' Day is the biggest shopping event in the world, larger than the United States' Black Friday and Cyber Monday combined. ...
Fed survey lays bare U.S. economic divide
Almost half of American families say they would struggle to pay for emergency expenses and those with a high school degree or less are most likely to say their well-being has declined, according to a Federal Reserve survey released on Wednesday. The annual survey, in its third year, takes the pulse on the financial situation of U.S. families, which has been a key issue ahead of this year's presidential election. It found that Americans with a bachelor's degree or higher were "by far" most likely to say that they are doing OK financially or living comfortably and report an improvement in their finances over the past year.
Bank 'living wills' light on information, but reveal problems: U.S. monitor
There is not enough information in the public section of the "living wills" major banks file with U.S. regulators to fully explain how the organizations could undergo bankruptcy without taxpayer aid, the country's financial monitor said on Wednesday. Last month, federal regulators gave failing grades to five out of the eight biggest banks for their plans for winding down operations during a financial emergency without federal bailouts. The requirement for a living will was part of the Dodd-Frank Wall Street reform legislation passed following the 2007-2009 financial crisis, when the U.S. government spent billions of dollars to keep banks considered "too big to fail" from collapsing and wrecking the U.S. economy.
HP Enterprise unit's merger with CSC no shield from cloudburst
Hewlett Packard Enterprise Co's planned merger of its struggling IT services business with Computer Sciences Corp could generate considerable savings, but it won't stop customers from defecting to cloud services. The deal will create the world's third-largest IT service provider at a time when traditional IT players such as IBM Corp and Accenture Plc are struggling to keep pace with the likes of Amazon.com Inc and Microsoft Corp , which provide cloud-based computing services at much cheaper rates. "While CSC mentioned scale as a big part of the rationale, we're not convinced as to why being bigger in a declining end-market is a good thing," Citi Research analyst Ashwin Shirvaikar said in a broker note.
U.S. states stung by drop in April income tax revenue
U.S. state personal income taxes tumbled in the key revenue month of April due to lower investment returns from weaker equities and energy prices in 2015, a Reuters analysis of state data found. This April, personal income tax (PIT) revenue fell by an average of 9.88 percent compared to the same month last year in the 32 U.S. states and Puerto Rico for which Reuters has data. Taxes on wages and investment income are a top revenue source for the 43 states that collect it.
Exclusive: Sanofi to unveil challenge to Medivation's board - sources
France's Sanofi SA is preparing to name candidates it will put forward to replace the entire board of U.S. cancer drug company Medivation Inc as early as Wednesday, according to people familiar with the matter. Sanofi has threatened to oust the board after Medivation rejected its unsolicited $9.3 billion acquisition offer late last month, taking advantage of a so-called 'written consent' rule that gives Medivation shareholders the ability to act at any time to replace directors. Medivation has declined to engage in sale talks with Sanofi unless the latter raises its $52.50 per share cash offer first, sources have said.
Oil up but backs off $50 target; profit-taking after U.S. drawdown
By Barani Krishnan NEW YORK (Reuters) - Oil prices rose as much as 1 percent on Wednesday after the U.S. government reported a larger-than-expected drop in crude stocks for last week, but profit-taking after the data kept prices below the $50 a barrel level that oil bulls had been hoping for. The U.S. Energy Information Administration said crude inventories fell 4.2 million barrels in the week to May 20. While the decline was steeper than the 2.5 million barrels forecast by analysts in a Reuters poll, it was not as much as the 5.1 million expected by trade group American Petroleum Institute.
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One of the most frequent questions I get from my coaching clients is: "How can I increase my chances of being promoted?" It is natural for those who are achievement driven to want to keep moving up in the business world. My training as a business psychologist, along with my experience from managing a team of 13, has taught me a thing or two...
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