- S&P 5002,778.58-0.27%
- Dow 3025,786.28-0.07%
- Nasdaq7,233.95-0.37%
- Russell 20001,572.00-1.25%
- Crude Oil63.89-0.64%
- Gold1,338.90+0.30%
- Silver17.22+0.43%
- EUR/USD1.23+0.02%
- 10-Yr Bond2.54-0.35%
- Vix12.29+20.96%
- GBP/USD1.38-0.04%
- USD/JPY110.33-0.17%
- BTC-USD11,435.41-16.15%
- FTSE 1007,755.93-0.17%
- Nikkei 22523,951.81+1.00%
Reuters•1 hour agoBitcoin, other cryptocurrencies tumble on government crackdown worries
LONDON/NEW YORK (Reuters) - Bitcoin slid as much as 18 percent on Tuesday to a four-week low, as worries about a regulatory crackdown on the market spread after reports suggested it was still possible that South Korea could ban trading in cryptocurrencies. Bitcoin's slide triggered a selloff across the broader cryptocurrency market, with biggest rival Ethereum down 23 percent on the day at one point, according to trade website Coinmarketcap, and the next biggest, Ripple, plunging by as much as a third. Bitcoin traded as low as $11,191.59 on the Luxembourg-based Bitstamp exchange.
Reuters•8 minutes agoGE renews break-up talk after $11 billion insurance, tax hit
Chief Executive John Flannery has previously raised the idea of selling pieces of the largest U.S. industrial company, as he slashes thousands of jobs and moves to cut $3.5 billion in costs to counter a plunge in profits and cash flow. Now, GE Capital will suspend its dividend for the "foreseeable future" to help fund the reserve, GE said.
- Bloomberg•yesterday
India to Split Flag Carrier Into Four Parts Ahead of Sale
India will break up its debt-burdened flag carrier into four separate companies and offer to sell at least 51 percent in each of them as part of a disinvestment proposed by Prime Minister Narendra Modi. The core airline business comprising Air India and Air India Express -- the low-cost overseas arm -- will be offered as one company, and the process will be completed by the end of 2018, Junior Aviation Minister Jayant Sinha said in an interview Monday. A successful sale of Air India -- with $7.9 billion in debt, five subsidiaries and a joint venture, and a combined workforce of 27,000 -- is crucial for Modi, who wants to showcase his credentials as a reformist attempting to steer the state away from running businesses. The airline, which is surviving on a taxpayer-funded bailout, has strained government finances for decades, and Finance Minister Arun Jaitley said last year that money spent on Air India could have been used for education.
- Business Insider•yesterday
China is heading toward a debt crisis that will throw into question everything we think we know about it's economy
The country's total non-financial sector debt, which includes household, corporate and government debt, will surge to nearly 300% of GDP by 2022, up from 242% in 2016. By some estimates, China’s true growth rate after taking the bad debt into account could be just half the official 6.9%. China’s worrisome build-up of corporate and household debt is well-documented, but fears of a financial crisis have receded sharply from the turbulent days of 2015 and 2016, when the country’s stock market crashed on fears that an epic two-decade growth streak might come to an abrupt halt.
- Bloomberg•10 hours ago
Pickup Makers Are Betting $45 Billion on Your Infidelity
The folks who drive pickup trucks are an ardent, consistent lot. This week at the North American International Auto Show in Detroit, each of Detroit’s so-called Big 3—Fiat Chrysler Automobiles NV, Ford Motor Co. and General Motors Co.—is showing off a new pickup truck in the hopes of tempting customers currently wedded to a rival, or at the very least keeping its own drivers from straying. With that kind of black ink at stake, auto executives have been questioning just how loyal the typical pickup truck owner truly is. When it comes to full-size rigs, roughly half of pickup truck owners re-upped last year, trading in a full-size truck and buying another rig from the same brand, according to Edmunds.com.
- CNBC Videos•6 hours ago
GM CEO Mary Barra: Tax reform won’t change profit-sharing...
CNBC’s Phil LeBeau reports on comments from General Motors CEO Mary Barra on what the GOP tax reform bill means for the car-maker.
- MarketWatch•2 hours ago
How to generate the income you need in retirement
You’ve spent your whole life saving for retirement . Now you’re finished working, and it’s time to start spending what you’ve saved. For many investors, the transition can be confusing or even traumatic. How will you tap your portfolio? As investors approach this transition from saving to spending they should take three steps: start with a retirement income plan, keep their portfolio invested and diversified, and then rebalance their portfolio periodically to generate the cash they require. Here we’ll discuss the last step — creating your paycheck when rebalancing. Why is this important? If you’re an investor, you’ve almost certainly heard of having an appropriate asset allocation to stocks and
- MarketWatch•yesterday
Bitcoin steadies above $13,000, as Ripple drifts south
Bitcoin was posting modest gains on Monday, holding above the $13,000 level, while Ripple prices were coming under pressure. The bitcoin spot price BTCUSD, -14.19% was at $13,697.90, up 0.6%, according to research site CoinDesk.com. The cryptocurrency moved above $14,000 on Saturday, but has since pared those gains. On Monday, the spot price has traded between a low of $13,401.24 and a high of $13,792.21. In futures, the January bitcoin contract on the CME BTCF8, -14.92% BTCF8, -14.92% was at $13,580, down 2.6% from Friday’s settlement of $13,945. Bitcoin futures on Cboe Global Markets XBTF8, -11.04% was off 1.6% to $13,570. Across other cryptocurrencies, Ripple dropped 4% to $1.84, while Ether
- Bloomberg•12 hours ago
BP Takes $1.7 Billion Charge on Deepwater Horizon Claims Closure
BP Plc expects to book a post-tax non-operating charge of about $1.7 billion in its fourth-quarter results, reflecting the remaining losses and claims from the 2010 Deepwater Horizon disaster. “With the claims facility’s work very nearly done, we now have better visibility into the remaining liability,” Chief Financial Officer Brian Gilvary said Tuesday in a statement. Cash payments related to Deepwater Horizon in 2018 are now anticipated to be about $3 billion, higher than the company’s third-quarter estimate of just over $2 billion.
- Zacks•9 hours ago
AT&T Finalizes Deal With Communications Workers of America
AT&T Inc. T has recently finalized a year-long pending deal with the Communications Workers of America (CWA) in relation with AT&T Mobility Orange unit employees. Following the announcement, shares of AT&T were up 1.15% to $36.90 on Jan 12. Announced on Dec 13, 2017, the four-year contract covers more than 20,000 AT&T Mobility employees (in wireless retail, call center and tech segments) in 36 states and the District of Columbia.
- Zacks•22 hours ago
New Study Links Price Manipulation to Bitcoin's Insane Surge
Is it possible that suspicious activity from just one person could have caused a 566% surge in the price of bitcoin? In a report titled “Price Manipulation in the Bitcoin Ecosystem,” researchers Neil Gandal, JT Hamrick, Tyler Moore, and Tali Oberman argue that suspicious trades on a popular cryptocurrency exchange are linked to rises in the exchange rate. The research team analyzed activity on the Mt. Gox currency exchange for the purposes of the report.
- Zacks•yesterday
Raytheon Unit Wins $642M Deal for Ballistic Missile Test
Raytheon Company’s RTN Integrated Defense Systems (IDS) business segment recently secured a contract worth $641.6 million to perform Ballistic Missile Defense System (BMDS) test related activities for multiple radar platforms. Work related to this will
- Zacks•yesterday
What's in the Cards for Kinder Morgan (KMI) in Q4 Earnings?
Kinder Morgan Inc KMI is expected to post fourth-quarter 2017 earnings on Jan 17.Last quarter, the company delivered an earnings surprise of 7.1%. Moreover, Kinder Morgan delivered an average positive earnings surprise of 1.8% in the last four quarters
- CNBC Videos•8 hours ago
IBM and Maersk to use blockchain to improve shipping
Bridget Van Kralingen, IBM vice-president of Global Business Services, discusses IBM’s newly announced partnership with Maersk, in which the two companies will use blockchain to improve logistics and shipping.
- Fox Business•yesterday
Ford won’t be giving one-time tax related bonuses
Ford CEO Jim Hackett won’t be following his CEO rivals in doling out bonus payments to employees on the heels of tax reform, but says his workers will benefit anyway. “Because some of the tax moves are actually enhancing profits … employees will see a benefit, but there’s not a stand-alone distribution, that doesn’t make sense,” Hackett told FOX Business’ Jeff Flock during an interview at the North American International Auto Show in Detroit. Currently Ford has a profit sharing plan in place.
Business Insider•yesterdayXiaomi is picking banks for an IPO worth up to $100 billion
Chinese phone maker Xiaomi has begun picking banks to underwrite its public offering, which might value the firm at up to $100 billion, according to Bloomberg. The firm has sunk to fourth place in China behind Huawei, Oppo, and Vivo, but has made strong progress in India where it's one of the top three manufacturers. Xiaomi, one of the biggest smartphone brands in China, is picking banks ahead of an IPO at a possible valuation of $100 billion (£72.3 billion).
- CNBC•9 hours ago
Bitcoin headed to $100,000 in 2018, says analyst who predicted last year's price rise
Bitcoin (Exchange: BTC=) could hit $100,000 in 2018, an analyst who correctly predicted the cryptocurrency's rally at the start of last year told CNBC on Tuesday. Kay Van-Petersen, an analyst at Saxo Bank, added that other rival digital coins could also outperform. Van-Petersen forecast in December 2016 that bitcoin would reach $2,000 in 2017 .
Associated Press•3 hours agoWith a $6B charge comes new thoughts about GE's future
After a decade breaking off substantial pieces of the multinational conglomerate in bid to a return to its industrial roots, a more comprehensive reshaping of General Electric Co. may be on the way. CEO John Flannery, who was put in charge of reviving the company last summer, revealed significant issues at GE Capital Tuesday which will lead to a $6.2 billion after-tax charge in the fourth quarter. The problems were revealed after review and reserve testing of GE Capital's runoff insurance portfolio.
Reuters•6 hours agoBrent oil falls but demand underpins near $70/barrel
Brent crude oil shed some of its recent gains on Tuesday, falling nearly $1 a barrel but healthy demand underpinned prices near $70, a level not seen since 2014's market slump. Prices have been driven up by oil production curbs in OPEC nations and Russia, as well as strong demand thanks to healthy economic growth. Brent futures fell 90 cents to $69.36 a barrel by 1345 GMT.
- Bloomberg•yesterday
Fiat Chrysler’s Marchionne: The Future of Cars Will Be Electric and Commoditized
Sergio Marchionne, one of the longest-serving CEOs in the auto industry, has a stark warning: Carmakers have less than a decade to reinvent themselves or risk being commoditized amid a seismic shift in how vehicles are powered, driven and purchased. Developing technologies like electrification, self-driving software and ride-sharing will alter consumers’ car-buying decisions within six or seven years, the Fiat Chrysler Automobiles NV chief executive said in an interview. The industry will divide into segments, with premium brands managing to hold onto their cachet while mere people-transporters struggle to cope with the onslaught from disruptors like Tesla Inc. and Google’s Waymo.
Associated Press•2 days agoThis Week: UnitedHealth, industrial production, housing data
A look at some of the key business events and economic indicators upcoming this week: HEALTHY RUN Wall Street expects the nation's largest health insurer capped 2017 with another strong quarter.
- Zacks•8 hours ago
IBM Q4 Earnings: Cloud, Analytics & Security in Spotlight
International Business Machines Corporation IBM is set to report fiscal fourth-quarter 2017 results on Jan 18. IBM’s expanding cloud & analytics portfolio is expected to steal the limelight.The company’s growth will be driven primarily by Big Data & business
Business Insider•5 hours agoIBM is teaming up on blockchain with the world’s largest shipping company (IBM)
Shares of IBM gained about 1% Tuesday morning after the computer and software giant announced a blockchain partnership with Denmark’s Maersk, the world’s largest shipping company. The two companies will create an industry-wide trading platform that could speed up the movement of goods while saving billions of dollars by eliminating the "enormous trail of paperwork and bureaucracy" that comes with international shipping, Reuters reports. “The big thing that is missing from this industry to digitize and unleash the potential of the technology is really to create a form of utility that brings standards across the entire ecosystem,” Maersk’s Chief Commercial Officer Vincent Clerc told Reuters.
Reuters•10 hours agoEricsson books Q4 goodwill impairment in digial and media arms
Swedish mobile network gear maker Ericsson booked an impairment of 14.2 billion crowns ($1.8 billion) in the fourth quarter, related primarily to goodwill in its digital and media operations, hitting operating income but not cashflow. "The majority of goodwill originates from investments made 10 years ago or more, and has limited relevance for Ericsson's business going forward," Ericsson said in a statement. Once the world's biggest manufacturer of mobile network gear, Ericsson has been hit by competition from Huawei [HWT.UL] and Nokia , while telecom operator spending has slumped ahead of the roll-out of next-generation 5G technology.
- Bloomberg•6 hours ago
Dow Jones Hits 26,000 Milestone
The Dow Jones Industrial Average plowed past 26,000 as optimism over corporate earnings turbocharged the equity bull market.Gains in companies from Boeing Co. to Caterpillar Inc. lifted the index for American blue chips past the round-number milestone
