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Text of May FOMC statement

The odds of an interest rate hike by the Federal Reserve at its June meeting moved sharply higher following the release of the central bank's policy statement in which it brushed aside the importance of weaker than expected first quarter GDP figures.

Business

Royal Enfield revving up to buy Ducati?

Another report from Times of India reveals that Royal Enfield too is in a race to purchase the famous Italian brand. A part of Eicher Motors, Royal Enfield is one of the most profitable automobile brands in the world expanding aggressively in overseas markets with direct sales and distribution subsidiaries in North America and Latin America, and a strong presence in Europe and even Australia.

Business

Oil eases, near weakest since late March on small USA stocks decline

Oil prices started to stage a recovery by mid-morning, rising around 0.5% to 48.56 United States dollars (£37.53) per barrel - but still had a way to go before reaching last week's peaks of 53 USA dollars (£40.96). WTI Crude is now trading down 5.05 percent at $45.52, with Brent Crude down 4.98 percent at $48.38. Saudi Arabia's OPEC Governor Adeeb Al-Aama said on Friday there is an emerging consensus among OPEC and non-OPEC countries who took part in a global pact to cut crude ...

Business

Warren Buffett says Wells Fargo botched response to abuses

At the same time, Buffett said health care costs "are the tapeworm of American economic competitiveness" and have risen from 5 percent of gross domestic product in the 1960s to about 17 percent today. Buffett had harsh words for Wells Fargo & Co managers who failed to respond promptly to a sales practices scandal that cost the then-chief executive officer his job past year.

Business

Jobs Report Enough for Rate Hike, but Not Perfect

Average hourly earnings for private-sector workers rose 2.5% in April compared with a year earlier. The unemployment rate refers to the percentage of the population made up of individuals who are actively looking for employment, but can't find a job.

Business

Fed holds interest rates steady

Wall Street has grown a bit less bullish about the economic outlook, given uncertainty about President Trump's fiscal policies and weaker readings on GDP growth in the first quarter and job growth in March. Germany's unemployment declined more than expected in April, reports said citing data from the Federal Labor Agency on Wednesday. In their post-meeting statement today, the central bank policymakers provided little guidance on when their next rate hike might come.

Business

Unemployment rate fell to 4.4% in April, a 10-year low

The record low for post-9/11 veterans comes after a slight uptick in unemployment between February and March. The result handily surpassed an analyst consensus, which had predicted 180,000 new jobs for the month, and rebound in the unemployment rate to 4.6 percent.

Business

Puerto Rico faces uncertain future as debt saga unfolds

Ambac Assurance Corp, which insures $1.3 billion of COFINA debt, filed a similar lawsuit in San Juan federal court, alleging its constitutional rights were also violated, and including among its defendants Puerto Rico's federal financial oversight board and each of the board's seven members.

Business

North Korea Says It Has Detained A Fourth U.S. Citizen

The state-controlled news company Korean Central News Agency ( KCNA ) said the government detained Kim Hak Song on Saturday, according to The Associated Press . 9pm BST: North Korean troops are being motivated to fight against the United States by being made to watch a freaky Godzilla-like film - which was produced by Kim Jong-un's father.

Business

Berkshire Hathaway annual meeting

Warren Buffett, who long shunned investments in technology stocks and then made an ill-fated bet on IBM, said that mistake shouldn't discourage wagers on the broader industry. If Berkshire does decide to pay dividends, it would have to commit to maintaining that payout over time, Buffett said, as cutting it could have disastrous consequences for the company's share price.

Business

AkzoNobel rejects 3rd PPG Industries takeover bid

PPG had raised an earlier offer for the Dutch company by 8% to €96.75 per share, valuing AkzoNobel at €26.9bn (£22.8bn). This was made up of €61.50 in cash and 0.357 in shares of PPG common stock. The company is under pressure from shareholders to embrace the deal with PPG, with activist investor Elliott Advisors calling for an extraordinary general meeting (EGM) where investors can vote to remove AkzoNobel chairman Antony Burgmans.

Business

Korea detains its fourth USA citizen

China, previously North Korea's chief ally and main trading partner, in February halted coal imports from Pyongyang in compliance with sanctions leveled by the United Nations, and called for Pyongyang to halt its nuclear weapons and missile tests.

Business

Chinese export, import growth slow in April as rebound cools

April's numbers left the country with a trade surplus of $38.05 billion, which compared with forecasts for $35.50 billion, and above $23.93 billion in March. Beijing's trade picture has improved despite criticism from U.S. President Donald Trump that the country has an unfair trading advantage. U.S. Last month, Trump launched a trade probe against China and other exporters of cheap steel into the USA market.

Business

His support for black colleges remains 'unwavering'

Trump sought to clarify an earlier statement that some higher education officials interpreted to mean that he planned to end a capital financing program that helps these institutions fix, renovate and build new facilities. To read this article in one of Houston's most-spoken languages, click on the button below. We refer of course, to the fact that the White House Director of Communications for the Office of Public Liaison has pumped up Trump's support of Historically Black Colleges and ...

Business

Jobs Market Rebounds, Adds Over 211000 New Jobs

For instance, the U-6 rate measure that covers individuals who gave up looking for a job, or those who work part-time but want to work full-time, dropped to 86 percent in April, the lowest level in the past decade. The low rate could help the Federal Reserve stay on track to gradually increase interest rates this year , Xinhua news agency reported. The economy needs to create 75,000 to 100,000 jobs a month to keep pace with growth in the working-age population.

Business

Puerto Rico files for biggest U.S. municipal bankruptcy

More than 2,000 investors have already filed claims based on representations from the island broker-dealers that the bonds were safe. "We have reached this decision because it protects the best interests of the people of Puerto Rico", said Rossello, who took office in January.

Business

Saw Kejriwal receive Rs 2 cr in cash: Mishra

In a tell-all press briefing at Rajghat a day after he was sacked, the AAP leader said he had given a statement to lieutenant-governor Anil Baijal on various irregularities that he had seen during his two-year tenure in Mr Kejriwal's Cabinet.

Business

Featured Stock to Focus: Ascena Retail Group Inc. (ASNA)

Looking about the past performance history, the company plunged -2.01% in past week and declined -7.13% in one month. Analysts on average have given a price target of $5.81 to Ascena Retail Group Inc. FBR & Co set a $7.00 target price on shares of Ascena Retail Group and gave the company a "hold" rating in a research report on Wednesday, December 14th.

Business

Berkshire Hathaway shareholder events continue Sunday

Previous year the shares rose more than 23%, nearly twice the rise in the S&P 500 (plus reinvested dividends) and the 10.7% rise in the book value of Berkshire Hathaway shares. Despite the earnings shortfall, Buffett's preferred measure of growth for Berkshire, book value per Class A share, or assets minus liabilities, rose 3.5 percent in the quarter to $178,073.

Business

OPEC likely to agree to cut oil production again in May meeting

CRUDE CONCERNS: U.S. benchmark crude futures fell under the key $45 level after tumbling almost 5 percent during U.S. trading. Baku, Fineko/abc.az. The weakness in commodities washed over to stocks, countering some fairly solid earnings reports and some cautious optimism about U.S. President Donald Trump's reform plans after the U.S.

Business

North Korea holds fourth U.S. citizen for 'hostile acts'

A United States citizen has been detained by North Korea, media reports said. "We are aware of reports that a USA citizen was detained in North Korea ", the statement said. Kim works for the Pyongyang University of Science and Technology. A Kushner Companies spokeswoman declined to comment in a "New York Times" article about the Beijing event published on Saturday.

Business

Google's Sundar Pichai Received Nearly $200 Million in Compensation in 2016

Revenues at this "Other Bets" division climbed to $244m (£189m), up from $165m (£127m) in the year-ago quarter, mostly thanks to Nest, Verily and Fiber. In response to criticism from both users and advertising customers, Google will be altering its YouTube advertising policies to give advertisers more control over where their ads are placed.

Business

The economy is barely growing. These are 3 theories why

The survey was, however, conducted before Thursday's advance data on the March goods trade deficit and inventories, which saw many economists lowering their first-quarter growth estimates. Many of them may not, but they're still out there and drawing off other resources instead, and that will have an impact on future growth, too. Government spending on defence declined at a 4.0 percent pace, the biggest fall since the fourth quarter of 2014 and second quarterly drop.

Business

Mexican Economy Maintains Growth in First Quarter

Trump has taken credit for increased consumer confidence, growing employment and record gains on the stock market in recent months. The price index for gross domestic purchases increased 2.6 percent in the first quarter, compared with an increase of 2.0 percent in the fourth quarter.

Business

North Korea accuses United States of assassination plot against Kim Jong Un

State media claims USA and South Korean intelligence agencies were working together with an unidentified terrorist group to carry out an attack, possibly with a biochemical weapon at a military parade. The US has sent a warship to the region and installed a controversial anti-missile defence system in South Korea. Tension on the Korean peninsula continues to rise, driven by concern that the Kim Jong-Un regime is planning to conduct the country's sixth nuclear test or test-launch another ...

Business

Influence of English is fading, says EU chief Juncker

He said: "Slowly but surely English is losing importance in Europe and also because France has an election". It is the other way around. Barnier, a former French EU commissioner who clashed with the City of London, speaks English but wants the right to negotiate in his native tongue.

Business

Mud in your eye: Always Dreaming wins Kentucky Derby in slop

Calvin Borel was aboard that day. Always Dreaming has one leg down, and the Preakness and the Belmont to go before we'll know. Patch qualified for the Kentucky Derby after finishing second in this year's Louisiana race. Always Dreaming , a commanding victor of the Florida Derby in his previous start, picked up the winner's share of more than $1.2 million, adding to his $650,000 bankroll.

Business

Warren Buffett slams Wells Fargo's handling of massive sales scandal

Even the world's most famous investor, also known as the Oracle of Omaha, has regrets. "It would certainly be unpleasant if we were in the department store business", Munger said. "I had plenty of ways to ask questions, or anything of the sort, and educate myself", Buffett said. At the Berkshire annual meeting this weekend, Buffett laid out a list of blunders that led to the scandal at Wells, where more than 5,000 salespeople set up about 2 million fake accounts for the bank's customers ...

Business

Buffett says AHCA is tax cut for the rich

Munger said the country's room for further economic growth will allow it to see a boom in investments going forward, but did caution there would be "growing pains" along the way. Warren Buffett continues looking for major acquisitions for Berkshire Hathaway. The high cost of US health care puts American businesses at a competitive disadvantage with other countries.

Business

Trump does not think US should copy Australia's health system: White House

Do you feel lucky to have Medicare here in Australia? The mining magnate said Mr Trump was a "fantastic" leader and did wonders for the U.S. economy, News Limited reports. Trump's comments came after the House narrowly passed the GOP's bill aimed at repealing and replacing ObamaCare . The Congressional Budget Office hasn't run the numbers on the latest version of the Republican health care program, but the earlier version of the bill before the latest amendments found that 24 ...

Business

French election twist to May Day in Paris

The claims could deal a blow to her hopes of winning Sunday's election run-off against Emmanuel Macron , the independent candidate who according to opinion polls is about 20 per cent ahead of her rival. "I think with part of the right, we have exactly the same vision on the national identity and independence", Louis Aliot, Front National vice president, told LCI television Tuesday.

Business

Trump Administration Loosens School Lunch Nutrition Standards

Perdue praised Mrs. Obama early in his speech for her work in the fight against childhood obesity . USDA will seek to publish an interim rule as soon as possible to effect the change in milk policy. Kansas Republican Sen. Pat Roberts joined Perdue at the Leesburg school Monday, and said that the new flexibility will help "ensure that schools are able to serve nutritious meals that children will actually eat".

Business

Dems shift financial debate to spotlight Trump's empire

The bill now moves for a full House vote. In applauding the panel's vote, Tim Pawlenty , CEO of the industry group Financial Services Roundtable , said the SEC should assume "primary responsibility" in regulating investment advisors and broker-dealers' services to retail investors, ThinkAdvisor writes .

Business

Valero Energy Corporation Posted losses of -0.39% in the Last Trade

EPS growth for this year is -38.00% and EPS growth for next year is expected to reach at 24.95%. Sure, the percentage is encouraging but better times are ahead as looking out over a next 5-year period, analysts expect the company to see its earnings go up by 11.02%, annually.

Business

The 'Oracle of Omaha' Condemns Republican Health Care Bill At Berkshire Meeting

Buffett told Berkshire Hathaway shareholders Saturday that the bank should have done more to correct the problem once it was discovered. Buffett, a supporter of Democrat Hillary Clinton in last year's USA presidential election, said he believes Berkshire has made no political contributions at the parent company level in his 52 years at the helm, but some subsidiaries in heavily regulated industries "are probably going to have to make some" contributions.


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