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.
United States
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.
Stocks gain on strong data with oil nearing $35/bbl
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.
US Fed sees economic activity slowdown in some districts
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.
D.C. Regulators Dump Exelon-Pepco $6.8 Billion Deal
It's been almost a year since Exelon and Pepco announced their possible merger. Both companies are now facing difficulties as they need to comply with new conditions the district imposed. They have to adapt with the new terms if they want the merger to move forward.
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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.
The Dell's acquisition of EMC Corp for $59 billion is going ahead as per the schedule. EMC shareholders are expected to vote on the deal in May. Dell's Michael Dell said in a memo that the deal would be completed according to the stipulated schedule.
Global investment in the clean energy sector has been increasing year by year. However, Canada’s clean energy investment has been plunged by 46% in 2015 compared to the previous year. Canadian government has been urged by the Clean Energy advocates to adopt more investment friendly policies to patronize the sector.
The retail prices for prescription drugs have increased at a faster rate from the year 2006 to 2013. In 2013, the retail price hike for prescription drugs used by older people in America was 9.4%.
The bigger companies are getting global through acquiring operations in the regional markets, which has become a trend in the multi-billion dollar market. Following the trend, Hong Kong based firm Mobvista has announced on Monday acquiring NativeX for $24.5 million. Through the deal, NativeX has been expected to contribute for achieving Mobvista’s international goals and successes.
Following slow start of the year, tech companies began to come to life. As Palo Alto Networks, Splunk and Salesforce.com brought Nasdaq to soar 2% in the last five trading days.
Puerto Rico, the island territory of U.S. is in the crisis due to its surmounting debt. Governor Alejandro Garcia Padilla repeated the island's debt will lead to moratorium.
Cities like Austin, Texas, and Seattle, and Seattle have become a new target for tech workers. They are areas in which the tech startups are increasing in large number.
On Sunday’s Oscars night, the Girls Scout got free ads from host Chris Rock, allowing them to sell cookies to audiences. Many celebrities showed their support as the on-screen tally revealed that the troop had raised more than $65,000 during the effort.
