By Wayne Cole SYDNEY (Reuters) - Asian stock markets edged broadly higher on Thursday and the Australian dollar jumped after a surprisingly strong reading on Chinese manufacturing bolstered hopes for recovery in the world's second-biggest economy. Japan's Nikkei added 0.2 percent while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 percent. "Emerging markets continue to be main benefactor from the mix of low volatility, improving global growth and supportive central banks," said analysts at Barclays in a note.
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By Ronald Grover , Jennifer Saba and Liana B. Baker LOS ANGELES/NEW YORK (Reuters) - Chase Carey, Twenty-First Century Fox's president and chief operating officer, may be feeling pressure to stay in his job for several more years both from his boss, Rupert Murdoch, and from the company Murdoch is trying to buy, Time Warner Inc. As Murdoch mulls his next step following Time Warner’s rejection of his $80 billion offer, some Time Warner investors say they are concerned about who might succeed the 83-year-old chairman and chief executive. In particular, they're not sure whether Murdoch's sons, James, 41, and Lachlan, 42, are ready to manage the integration challenge. The 60-year-old New Yorker, who's been working for Murdoch since 1988 and earned a reputation for a no-nonsense leadership style, signed a two-year contract with Fox in June that gives him the option to opt out after 18 months.
Wed, 23 Jul 2014 23:30:22 -0400
China's food regulator has visited close to 600 restaurants, businesses and food distributors as it investigates a fast-spreading food safety scare that has dragged in a number of global brands and hit food outlets as far away as Japan. Shanghai police detained five people on Wednesday, including the head and the quality chief of Shanghai Husi Food, a Chinese-based supplier to foreign fast-food brands including KFC, McDonald's Corp and coffee chain Starbucks Corp over allegations it supplied out-of-date meat. Shanghai Husi Food is owned by Illinois-based OSI Group.
Wed, 23 Jul 2014 19:56:01 -0400
By Alexei Oreskovic SAN FRANCISCO (Reuters) - Facebook Inc's fast-growing mobile advertising business helped drive a 61 percent increase in revenue during the second quarter, beating Wall Street's financial targets and sending shares to a record-high in after-hours trading on Wednesday. Facebook now counts 1.5 million advertising customers and the company's ad business saw strong growth across all of its geographic regions, Chief Operating Officer Sheryl Sandberg told Reuters in an interview on Wednesday. Investors bid up shares of Facebook roughly 5 percent to $75.13 in after-hours trading on Wednesday, giving the Internet company a roughly $190 billion valuation, putting it on par with IBM Corp. "It might be more expensive from a market cap perspective, but I don’t think anyone was expecting this level of profitability," JMP Securities analyst Ronald Josey said. Facebook's operating margin expanded to 48 percent of revenue in the second quarter, up from 31 percent in the year-ago period.
Thu, 24 Jul 2014 00:23:06 -0400
China's factory activity expanded at its fastest pace in 18 months in July as new orders surged, a preliminary HSBC survey showed on Thursday, the latest indication that the economy is picking up as government stimulus measures kick in. "Economic activity continues to improve in July, suggesting that the cumulative impact of mini-stimulus measures introduced earlier is still filtering through," said Qu Hongbin, chief economist for China at HSBC. "We expect policy makers to maintain their accommodative stance over the next few months to consolidate the recovery." Mainland China stocks jumped after the PMI report while shares in the rest of Asia edged higher. The Australian dollar hit a three-week high on prospects of stronger exports to China.
Thu, 24 Jul 2014 01:09:12 -0400
By Jonathan Spicer and Ann Saphir NEW YORK/SAN FRANCISCO (Reuters) - The U.S. Federal Reserve's policy statement, unchanged for the last four months, will probably stay that way until at least September for one main reason: slow wage growth. Yet Fed officials, who gather for a policy meeting July 29-30, are in no rush to talk about hiking interest rates because wage gains remain stubbornly low, raising questions about just how close the United States is to full employment. While some of the more hawkish officials are anxious to tighten monetary policy and a number of private economists are warning the U.S. central bank risks falling behind on the inflation curve, Fed Chair Janet Yellen has signaled she will resist their pressure until the wage picture is clearer. Data on Tuesday showed only a modest rise in core consumer prices and the Fed's preferred inflation gauge is still below target, giving Yellen breathing room to continue her very cautious steps toward a rate increase, probably next year.
Thu, 24 Jul 2014 01:33:24 -0400
South Korea's Hyundai Motor said its net profit fell by the most in five quarters, as the local currency's sharp gain and higher U.S. discounts to entice customers overshadowed solid April-June vehicle sales in China and at home. Hyundai Motor, the world's fifth-biggest automaker combined with affiliate Kia Motors, on Thursday reported a 2.24 trillion Korean won ($2.18 billion) net profit for the second quarter, down nearly 7 percent from a year earlier. The fall is the biggest since Hyundai Motor's net profit slumped 16 percent in the first quarter of last year, squeezed by massive U.S. recalls and labor disputes in South Korea.
Thu, 24 Jul 2014 01:13:15 -0400
By Karen Freifeld and Edward Krudy NEW YORK (Reuters) - U.S. authorities' $8.9 billion settlement last month with French bank BNP Paribas for sanctions busting will pay for New York cops to get live computer feeds of street crime and for new carpets in the offices of prosecutors, among many other things. In some places – particularly New York state – that is leading to ugly wrangling over how to spend it. One is whether there should be clearer standards for how such money is used by a maze of state and federal authorities. "That's nonsense," said Matthew Anderson, a spokesman for New York banking regulator Benjamin Lawsky, whose office has been a major player in recent settlements.
Wed, 23 Jul 2014 20:13:18 -0400
A U.S. federal judge on Wednesday dismissed a shareholders' lawsuit claiming JPMorgan Chase & Co board members knew about Bernard Madoff's Ponzi scheme and ignored red flags signaling his massive fraud. The lawsuit filed in February alleged that Chief Executive Jamie Dimon and 12 other current and former executives and directors turned "a blind eye to Madoff's thievery." The claims were based partly on statements Madoff gave in a series of interviews - including conversations with plaintiffs lawyers while in federal prison in North Carolina - about his interactions with the bank. Madoff was an important client of the bank for two decades. Judge Paul Crotty ruled there were not enough specific facts to prove the board breached their duties to shareholders.
Wed, 23 Jul 2014 14:38:35 -0400
General Motors Co on Wednesday announced six recalls covering 717,950 vehicles in the United States for varying reasons, although none were related to ignition switch issues. GM has recalled nearly 15 million vehicles worldwide this year for potentially lethal issues with ignition switches. Vehicles involved in the recalls announced Wednesday have been linked to two crashes and three injuries but no deaths, GM said. Most of GM's recalls this year have been for older models, but many of the recalls announced Wednesday are for current-model vehicles, including about 57,000 Chevrolet Impala sedans from the 2014 model year for the loss of power steering.
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TOKYO (AP) — Improvements in life spans, education and incomes are slowing due to natural disasters, misguided government policies and worsening inequality in a world where the 85 richest people have as much wealth as the 3.5 billion poorest people, the United Nations said Thursday in its annual human development report.
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NEW YORK (AP) — Some of the hottest tickets in town — to Broadway hits, Jay-Z and Justin Timberlake concerts, a New York Yankees-Boston Red Sox game — were snapped up by an international ring of cyber thieves who commandeered more than 1,000 StubHub users' accounts to make big money by fraudulently buying tickets and reselling them, prosecutors said Wednesday.
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(Refiles to correct spelling of Allston in fourth paragraph) By John McCrank NEW YORK, July 17 (Reuters) - The U.S. Securities and Exchange Commission has been seeking information on 10 registered broker dealers as part of an ongoing investigation into high-frequency trading strategies, according to an internal SEC document reviewed by Reuters. The regulator told its staff in late March that it was interested in seeing any tips, complaints, or referrals that they receive concerning the brokers and high frequency trading. ...
Thu, 17 Jul 2014 15:16:22 -0400
A "Benefit Corporation" (B Corp) is a company that engages in socially beneficial practices and considers how their business decisions will impact their employees, suppliers, community, consumers and the environment. I believe a company doesn't have to be exclusively a nonprofit or a for-profit and a B Corp is the perfect hybrid of the two--a company structured to make a profit while also providing social benefits.
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Jess Lee is Polyvore's CEO. Prior to co-founding Polyvore, Jess was a product manager at Google, where she worked on Google Maps and launched features like My Maps and draggable driving directions. After four years at Google, Jess became hopelessly addicted to making Polyvore sets and decided the only cure was to join the Polyvore team to help build the company. Jess has a degree in computer science from Stanford University. How has your life experience made you the leader you are today? When I was growing up, my mom ran her own small business out of our apartment. Because
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By Eva Perrett, Masters Student at Graduate Institute in Geneva Swiss students have dispersed the summer holidays. Among those graduating and entering the job market, a new trend is emerging. More and more young people are founding startups. Idyllically situated with views of Zurich, the Villa Rigi, a former manor house, has bright rooms and a garden that now serve a new purpose: as a headquarters for Swiss startups. Five startups are based here, among them ElectricFeel, a technology spin-off from the university ETH Zürich, with a focus on urban mobility. ...
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Walmart could be the next battleground in the fight over gun rights in retail chains after a loaded revolver was found in the bathroom of a South Carolina store. On the afternoon of Saturday, July 12, a man with a concealed carry permit left his gray Smith & Wesson revolver, loaded with five live .38 caliber rounds, atop the toilet paper dispenser in a stall of the rear men's bathroom of a York, South Carolina Walmart, according to a police report.
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This week two new studies (one by The Economist and one by Quantum Workplace) highlight how rapidly young professionals' view of their careers have changed. While startups continue to be exciting and people desperately want to work for pre-IPO companies, research shows that most Millennials (under the age of 30) are starting to really mature in their career thinking. Here is some data: Young People are Getting more Serious: The days of young people smoking marijuana, hanging around on the street in cities like Berlin, or kids in the UK engaging in binge drinking are slowly coming to an
Thu, 17 Jul 2014 12:21:52 -0400
A Subway worker in Freeport, Texas, claims she was forced to continue working her shift while suffering from a stomach bug, then was fired the same day. Elizabeth Taff, 24, says she was so sick she could barely stand up straight and vomited several times during her shift on July 11, but her manager refused to let her leave unless she found someone to cover her shift.
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Have you ever laid awake at night thinking about that entrepreneur who has already forged the path that you are on? I often think of an entrepreneur who has already accomplished much of what I am setting out to do. He is a legend when it comes to real estate brands in New England. His name is Richard DeWolfe.
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Money can only buy happiness up to a point. But just how much you need to get to that threshold really depends on where you live, according to a new analysis by Doug Short, vice president of research at investment group Advisor Perspectives. Short's analysis found that if you live in a place like Hawaii, where the cost of living is relatively high, you need to make $122,175 per year before some extra cash doesn't really translate into more happiness. In Mississippi, by comparison, the threshold at which more money stops making you happier is a lot lower: $65,850 per
Thu, 17 Jul 2014 10:21:35 -0400
On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act became law. As with human 4-year-olds, the party parents throw may be a little duller than on the first birthday, but the toddler now appreciates the present in the box more than the box itself. Let's look at what's in the box.