Breaking Stock Market and Financial News

Senate panel overwhelmingly approves Trump Pentagon pick

Top Reuters News - 4 hours 17 min ago
WASHINGTON (Reuters) - The U.S. Senate Armed Services Committee voted overwhelmingly on Wednesday to recommend President-elect Donald Trump's pick for Secretary of Defense, retired Marine General James Mattis.

Fed's Yellen says she expects rates to rise 'a few times a year' until end of 2019

MarketWatch Market Pulse - 4 hours 26 min ago

WASHINGTON (MarketWatch) -- In a speech to the Commonwealth Club in San Francisco, Federal Reserve Chairwoman Janet Yellen said she expects interest rates to rise a few times per year until the end of 2019. "As of last month, I and most of my colleagues--the other members of the Fed Board in Washington and the presidents of the 12 regional Federal Reserve Banks--were expecting to increase our federal funds rate target a few times a year until, by the end of 2019, it is close to our estimate of its longer-run neutral rate of 3 percent," she said. "Right now our foot is still pressing on the gas pedal, though, as I noted, we have eased back a bit." Yellen also pointed out slow productivity growth is likely to prevent the Fed from a more aggressive pace of hiking. Yellen is due to take questions, and is due to deliver a different speech more specifically on the economic outlook on Thursday night.

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Oil futures mark 1-week low on concerns over climbing U.S. shale output

MarketWatch Market Pulse - 4 hours 42 min ago

Oil futures fell by nearly 3% Wednesday as concerns over climbing U.S. shale output pushed prices to their lowest in about a week. Those concerns outweighed some earlier support from growing signs that major crude producers have kept output in check as promised. February West Texas Intermediate crude fell $1.40, or 2.7%, to settle at $51.08 a barrel--the lowest finish since Jan. 10, according to FactSet data.

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Jump in manufacturing, tight labor markets show U.S. economic health: Fed

Top Reuters News - 4 hours 48 min ago
WASHINGTON (Reuters) - A pickup in manufacturing, "widespread" reports of labor shortages and improving business investment set the stage for the Federal Reserve's December rate hike amid signs of steady economic growth across the country, the Fed reported Wednesday in its latest Beige Book compendium of economic conditions.

Oracle sued in U.S. for paying white men more than minorities

MarketWatch Market Pulse - 4 hours 54 min ago

Oracle Corp. was sued by the U.S. Labor Department on Wednesday for pay discrimination. Oracle "has a systemic practice of paying Caucasian male workers more than their counterparts in the same job title," particularly females, black and Asian employees, the government said. In a statement, Oracle said the complaint is meritless, "politically motivated" and based on "false allegations." A number of technology companies have faced criticism for their hiring practices in recent years, which has prompted many in the technology industry to reshape their diversity efforts, which has included hiring more women and minorities. Shares of Oracle traded flat around $39.10 on Wednesday. They've risen nearly 2% in the past three months and 15% in the past year. The S&P 500 , meanwhile, has risen 6% in the past three months and 21% in the past year.

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Gold futures post modest loss as dollar strengthens

MarketWatch Market Pulse - 5 hours 12 min ago

Gold futures saw a modest loss on Wednesday as strength in the U.S. dollar dulled investment demand for the metal. Prices however, remained close to a two-month high, supported by recent comments from President-elect Donald Trump, which suggested that he favors a weaker greenback to benefit U.S. trade. February gold lost 80 cents, or less than 0.1%, to settle at $1,212.10 an ounce after ending Tuesday at its highest since mid-November. The Federal Reserve's Beige Book, released after prices settled Wednesday, showed that "price pressures intensified somewhat" in the last few weeks of 2016. In electronic trading, gold futures traded at $1,208.40.

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China's Xi says to build new relations with United States

Top Reuters News - 5 hours 27 min ago
GENEVA (Reuters) - China will build a new model of relations with the United States as part of its creation of a "circle of friends" around the world, President Xi Jinping said in a speech at the United Nations in Geneva on Wednesday.

One habit Trump says he will keep as president: tweeting

Top Reuters News - 5 hours 34 min ago
WASHINGTON (Reuters) - U.S. President-elect Donald Trump scrapped a proposal to move news briefings out of the White House, but said he wants his team to choose who gets into the press room.

SEC fines marketing company for perks, non-GAAP metric disclosure issues

MarketWatch Market Pulse - 5 hours 38 min ago

The Securities and Exchange Commission fined MDC Partners , a New York-based marketing company, $1.5 million to settle charges it failed to disclose certain perks granted to its then-CEO, Miles S. Nadal, and for violating disclosure rules for non-GAAP financial metrics. MDC Partners failed to disclose additional personal benefits the company paid on behalf of Nadal such as private aircraft usage, club memberships, cosmetic surgery, yacht and sports car expenses, jewelry, charitable donations, pet care, and personal travel expenses, according to the SEC. The CEO later resigned and returned $11.285 million worth of perks, personal expense reimbursements, and other items of value improperly received from 2009 to 2014. The company also improperly used a non-GAAP measure called ''organic revenue growth'' that excluded the effects of two other items, acquisitions and foreign exchange impacts. MDC Partners then revised its calculation to exclude another item, which resulted in higher ''organic revenue growth'' results, without informing investors of the change. MDC Partners also failed to give GAAP metrics equal or greater prominence to non-GAAP metrics in its earnings releases. MDC Partners neither admitted nor denied the allegations.

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SEC fines General Motors $1 million for accounting failures

MarketWatch Market Pulse - 5 hours 38 min ago

The Securities and Exchange Commission fined General Motors $1 million to settle charges that the company did not properly assess the potential impact on its financial statements of a defective ignition switch because of deficient internal accounting controls. The company's own internal investigation involving the defective ignition switch wasn't brought to the attention of its accountants until November 2013 even though other General Motors personnel knew in the spring of 2012 about the safety issue, according to the SEC. For at least an 18-month period, accountants at General Motors did not properly evaluate or account for the potential losses associated with a recall of cars with the defective ignition switch. General Motors neither admitted nor denied the charges. GM shares were flat Wednesday, but have gained 23% in the last 12 months, while the S&P 500 has gained about 21%.

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SEC fines Orthofix International $14 million for accounting failures, foreign bribery

MarketWatch Market Pulse - 5 hours 38 min ago

The Securities and Exchange Commission said on Wednesday it would fine Orthofix International , a Texas-based medical device company, $14 million to settle charges that it improperly booked revenue in certain instances and made improper payments to doctors at government-owned hospitals in Brazil in order to increase sales. Orthofix violated the Foreign Corrupt Practices Act, or FCPA, when its Brazilian subsidiary used high discounts and fake invoices to make improper payments through third-parties to induce government doctors to use Orthofix's products. The accounting failures caused the company to materially misstate certain financial statements from at least 2011 to the first quarter of 2013. The company agreed to admit its wrongdoing and pay an $8.25 million penalty to resolve the accounting violations and more than $6 million to settle the FCPA charges. Four former Orthofix executives, including its CFO, also agreed to settle cases related to the accounting failures without admitting or denying the findings. Orthofix's then-CEO Robert Vaters, who was not charged with wrongdoing, reimbursed the company $72,886 for cash bonuses and certain stock awards he received in error based on the restated accounting, making it unnecessary for the SEC to pursue a Sarbanes-Oxley Section 304(a) clawback action against him. Orthofix shares were flat Wednesday, but are down 8% in the last 12 months, while the S&P 500 has gained about 20%.

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BRIEF-KELT EXPLORATION PLANS TO SPEND $144.6 MLN ON CAPITAL PROJECTS IN 2017

Reuters Us Markets - 5 hours 45 min ago
* IS FORECASTING FUNDS FROM OPERATIONS FOR 2017 TO BE APPROXIMATELY $128.0 MILLION

U.S. to probe whether Fujifilm violating Sony magnetic tape patents

Reuters Us Markets - 5 hours 46 min ago
WASHINGTON, Jan 18 (Reuters) - The U.S. International Trade Commission said on Wednesday it had launched on investigation into whether Fujifilm Holdings Corp was violating patents which Sony Corp...

UPDATE 1-U.S. consumer agency sues Navient for 'failing' student loan borrowers

Reuters Us Markets - 5 hours 52 min ago
WASHINGTON, Jan 18 (Reuters) - U.S. regulators sued Navient Corp on Wednesday, accusing the largest U.S. student loan servicer of "systematically and illegally failing borrowers at every stage of...

UPDATE 1-Motor racing-F1 body approves Liberty Media takeover

Reuters Us Markets - 5 hours 53 min ago
* Formula one's governing body also a shareholder (Adds detail)

CANADA FX DEBT-C$ tumbles to 1-week low; Poloz says rate cut 'on the table'

Reuters Us Markets - 5 hours 53 min ago
(New throughout, updates prices and market activity, adds comments from analysts and details on Bank of Canada rate decision) * Canadian dollar at C$1.3216, or 75.67 U.S. cents * Loonie...

UPDATE 2-Minneapolis Fed unveils institute to aid fiscal policymakers

Reuters Us Markets - 5 hours 56 min ago
MINNEAPOLIS, Jan 18 (Reuters) - The Federal Reserve is launching a research institute to generate ideas elected officials might use to help more Americans benefit from a growing economy, Minneapolis...

BRIEF-Twitter's Fabric acquired by Google- blog

Reuters Us Markets - 6 hours 3 min ago
* Fabric says signed agreement to be acquired by Google and team to join Google's developer products group- blog Source http://bit.ly/2k4L5Hm

Colombia amasses US$9bn in orders for new bond

Reuters Us Markets - 6 hours 7 min ago
NEW YORK, Jan 18 (IFR) - Colombia, rated Baa2/BBB/BBB, has amassed a US$9bn order book on a two-part bond US dollar bond ahead of pricing later on Wednesday, according to a lead on the deal.

U.S. sues Oracle, alleges salary and hiring discrimination

Reuters Us Markets - 6 hours 11 min ago
WASHINGTON, Jan 18 (Reuters) - The U.S. Labor Department has sued Oracle America Inc, alleging that the technology company systematically paid its white, male employees more than other workers and...

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