Led by energy and banking stocks, equities on Wall Street surged after the latest data buoyed investor confidence. Crude oil price was nearing $35 per barrel. Wall Street is waiting for jobs data to be released on Friday.
Regions
SunEdison’s Vivint Acquisition Efforts May Face Limbo
SunEdison has announced on Wednesday suspending quarterly dividend followed by earlier decision for making delay in disclosing quarterly earnings report. Following these revelations, the banks deciding earlier to extend loan facility, have pulled out from the loan commitments. Delay in disclosing earnings violate prior loan agreement which has been cited as the reason for pulling back.
Fidelity Wrote Down Canadian Unicorn Hootsuite and Other Tech Startups
Fidelity Investment wrote down many of tech startups in its January valuation report. Canadian startup darling Hootsuite Media Inc. was among the list.
Arun Jaitley, Indian FM, Explains Disputed Tax Provisions On EPF Withdrawals, Hints For Partial Rollback
Indian Finance Minister has apparently faced the brunt of imposing tax on withdrawals from EPF. Ahead of widespread criticism, he has explained certain provisions in the proposed budget arguing in its favor. However, he has hinted for a partial rollback.
N.J. pension investment fees up at $728 mln in 2015
Public worker unions are raising voice against huge fees and bonuses being paid to private fund managers. New Jersey's (N.J.) government worker pension fund paid $728 million in fees to private fund managers for 2015 year.
Latest News
According to a latest 'Beige Book' from US Federal Reserve, economic activity in some districts has been slowing down, while some recorded modest growth in labor market. The latest financial market crash also hit consumer spending severely in some areas.
Intending the erase the image of lavish supercar maker, McLaren has introduced its 570 GT model. The auto manufacturer has pledged to continue producing cheaper cars for broadening its arena in the UK automobile market. The car maker has adopted an expansion strategy involving £1 billion fund aiming to triple the yearly production.
After United Technologies refused its $90.7 billion offer, Honeywell announced on Tuesday to stop its effort in acquiring its rival company. United Technologies refused the offer because of regulatory concern.
The US Department of Labor has proposed a fiduciary rule which is believed to cause increase cost for brokerage business. The proposed rule is now being reviewed by the Office of Management and Budget. But fearing enactment of tougher rules, Metlife has announced on Monday selling its US adviser unit to MassMutual for $300 million.
Last week, Google announced to invest $30 million to news organizations in Europe. This is a part of the Digital News Initiative plan launched by the Internet giant.
Eroding revenue from bond trading and other core services, Morgan Stanley has changed its business focus towards asset management business. It has also focused on Latin America to procure investment in US businesses. To ensure the business hunting, the banking giant has planned for appointing 75 advisers for this region during this year.
Internet service provider MyRepublic bid to become the fourth mobile-phone carrier in Singapore. The company aim to reach profit within three years of operation.
As Costco will replace its credit card from Amex to Citigroup, a new leader credit card will emerge. Chase will take over the throne of sales volume from Amex.
The legal battle running for 13 years between hedge fund investor Paul Singer and Argentina is over as both the parties have reached to an agreement. Singer's Elliott Management will get $4.65 billion cash from the Argentina government as part of the deal.
