Energy Transfer Shares Profit, Raises Distribution by 3.4%

Energy Transfer Equity (ETE) continues to reward unit holders with a distribution hike. The partnership's development projects are expected to provide funds for further distribution hikes.

Economic Watch: New Reports Show 2018 Started Near Last Year’s Higher Pace

A measure of the U.S. manufacturing secotor released Thursday is just one in a raft of economic reports released this week that showed 2018 began with a similar pace to that seen when 2017 wrapped up.

According to the Institute for Supply Management on Thursday, growth in the manufacturing sector slowed just a bit in January as its measure registered 59.1%. That's a decrease of 0.2 of a percentage point from the seasonally adjusted December reading of 59.3%.

Despite the decline, the January figure is still above the 57.4% average reading for 2017. A reading over 50% indicates expansion while below 50% signals contraction.

Also, the New Orders Index registered 65.4%, a decrease of 2 percentage points from the seasonally adjusted December reading. And the Production Index registered 64.5%, a 0.7 of a percentage point decrease from the month before.

Comments from this survey of the nation's purchasing executives reflect expanding business conditions, with new orders and production maintaining high levels of expansion, employment expanding at a slower rate, order backlogs expanding at a faster rate, and export orders and imports continuing to grow faster in January. Of the 18 manufacturing industries surveyed, 14 of them reported growth.

The one downside in the report, as analysts at Econoday noted, is employment in manufacturing.

“Employment is the weak link in the January report, slowing nearly 4 points to what however is still 54.2% to indicate a solid monthly net increase in the sample's staffing,” Econoday said. “This report has been sending loud signals of sharp acceleration for the last year, and acceleration is now beginning to take hold in government data, at least in some of the data most notably factory orders and shipments. If the factory sector does indeed begin to overheat, we can look back at this report…as offering the first signals.”

A separate report on ...Read the rest of this story

Subaru BRZ tS First Drive Review | tS is for track star

It may not have the acceleration of its STI stablemate, but can it sure can carve a corner.

Unilever boss warns WTO rules would be 'worst case scenario' after Brexit

The boss of Unilever has warned that a reversion to World Trade Organisation rules following Brexit would be the “worst case scenario” as the consumer goods giant nears a decision on whether to pick the UK or the Netherlands as its headquarter base. Paul Polman said that it would be a “real shame” for the UK to trade under WTO terms and the Government needed to opt for “the best outcome for the UK and Europe.” "In the end I hope that common sense prevails,” he added. The Anglo-Dutch maker of Dove, Marmite and Surf said that it would complete its review over whether to pick London or Rotterdam for its main base by the end of this quarter. A decision would mean that Unilever keeps its dual-stock market listing and maintains both Dutch and UK corporate governance code, but its legal base would be simplified by not having to be registered, or hold shareholder meetings in two countries. Mr Polman insisted that “Brexit is not a factor” in the headquarter decision as the company would be making its decision “for the next 30 to 50 years”. However, tensions around the UK's withdrawal from the EU have meant that the multinational's review of its headquarters has become highly politicised. Unilever's headquarters in London Around a third, or €1bn (£875m), of the goods Unilever makes in the UK are exported, which has also fed into the company's discussions with the Government about trade borders. Mr Polman said that Unilever had held “constructive” discussions with both the UK and Dutch governments about the best outcome for its review. Last year the Dutch government proposed lowering the country's corporation tax and scrapping dividend withholding tax in a move that commentators argued was a naked attempt to win over Unilever. Unilever's attempt to simplify ...Read the rest of this story

Earnings Watch: UPS, Daimler Record Big Profits

Two of the biggest names in trucking, one in the shipping business and the other in the manufacturing sector, reported their fourth quarter 2017 and full-year earnings on Thursday morning and both showed big gains.

Parcel delivery and trucking company UPS Inc. reported it moved back into the black in the fourth quarter of 2017 while reporting a bigger profit for all of last year.

Net income during the final three months of 2017 totaled $1.1 billion, or $1.27 per share, compared to a net loss a year earlier of $239 million, or 27 cents per share.

The company reported that fourth quarter 2017 net profit was partially boosted by $258 million, or 30 cents per share, in tax savings due to the federal tax reform bill passed and signed into law in December. The results were also affected by an $800 million pre-tax pension charge.

Revenue in the most recent quarter totaled $18.8 billion versus $16.9 billion for the fourth quarter of 2016.

For all of 2017, UPS said net income improved 43.1% from 2016 to $4.9 billion as total revenue increased 8.2% to $65.9 billion.

“We made significant progress on key capacity investments in 2017. Our momentum, transformative actions, and the economic catalyst from the Tax Cuts and Jobs Act position UPS for growth in 2018 and beyond,” said David Abney, UPS chairman and CEO.

The company's supply chain and freight segment produced record full-year and fourth-quarter results with a 21% hike in revenue, which totaled $3.2 billion for the fourth quarter of 2017. Operating profit was $142 million compared to an operating loss of $139 million a year earlier. Tonnage gains in freight forwarding, UPS Freight, and Coyote Logistics contributed to improved top-line results, according to the company.

Revenue at its core domestic package service rose 8.4% to $11.84 billion in the most recent quarter ...Read the rest of this story

Oil rises as OPEC compliance eclipses boom in U.S. output

Oil rose on Thursday after a survey showed OPEC's commitment to its supply cuts remains in place, even as U.S. production topped 10 million barrels per day for the first time since 1970. Brent April crude futures rose 59 cents to $69.48 a barrel by 1438, while NYMEX crude for March delivery also rose 59 cents to $65.32. Brent crude rose by 3.3 percent in January, its strongest start to the year for five years, in line with a broad rise in other risk-linked assets such as U.S. equities, which hit record highs last month and marked their biggest January increase since 1997.

TomTom Telematics launches next generation fleet management