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Business News

Location American Business News for 13 April 2017
Elon Musk to Tesla's disgruntled shareholders: Buy Ford Elon Musk has some advice for investors who say they’re fed up with his iron grip over Tesla's board: buy Ford shares instead. The trash-talking tech billionaire took to Twitter late Wednesday after five major investme...
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Uber allegedly used secret 'Hell' software to spy on rival Uber used secret software code-named "Hell" to spy on rival ride-sharing app Lyft, according to a report. The program was used by Uber between 2014 and early last year to track how many Lyft drivers were available for ne...
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Fintech friction takes root in India's banking landscape As the government resolutely pushes digital payments in a bid to move India towards a less-cash economy, a look at why tension is brewing between fintech firms and large banks
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Retail Sales: It Isn't the Weather This Time

Wall Street Journal - 13 Apr 2017 17:33
Weak consumer spending growth can be blamed on slower auto sales and higher savings, but could weigh on the economy.
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The 3 ways Amazon's Alexa could snag $10 billion in revenue by 2020 (AMZN) Steve Jurvetson / Wikimedia Commons Peoplelove Amazon's Echo speaker, and the digital assistant Alexa who lives inside it -- especially Amazon CEO Jeff Bezos. In February, Bezos said that not only does he have an Echo in...
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CFPB proposes 'minor' changes to HMDA rule

American Banker - 13 Apr 2017 23:08
The Consumer Financial Protection Bureau proposed a series of clarifications to its 2015 rule expanding mortgage data collection requirements that many in the industry have said is too onerous.
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Yext Is Set to Raise More Than $115 Million in Its IPO The knowledge engine priced its initial public offering at $11 on Wednesday.
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Wells Fargo reports flat first-quarter profits

USA Today - 13 Apr 2017 16:12
Wells Fargo reports flat first-quarter profits Wells Fargo reports flat first-quarter profits as the bank tries to move past fake accounts scandal        
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After Plunging, Syntel Shares Look Cheap

Barron's - 13 Apr 2017 13:47
After Plunging, Syntel Shares Look Cheap The IT specialist's stock could rise sharply once its health-care and banking clients bounce back.
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Narendra Modi's record infrastructure spending seen boosting loan volumes An upturn in borrowing as Narendra Modi builds and improves infrastructure could boost rupee loan volumes to the most since the year ended March 2011
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LSTA takes risk retention fight to the top

American Banker - 13 Apr 2017 23:08
The Loan Syndications and Trading Association is appealing directly to Treasury Secretary Steven Mnuchin to exempt collateralized loan obligation managers from rules requiring "skin in the game" of deals.
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Bill Gross: Stocks Rest on Faulty Foundation

Barron's - 13 Apr 2017 20:09
Bill Gross: Stocks Rest on Faulty Foundation Equities "are priced for too much hope," junk bonds "for too much growth," writes the fund manager.
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The Canadian government just introduced legislation to legalize marijuana Associated Press/Jae C. Hong Canada's Liberal government on Thursday introduced long-awaited legislation to legalize marijuana by July 2018, taking Prime Minister Justin Trudeau one step closer to fulfilling a key campai...
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Panic now: the housing bull's turning bearish

MoneyWeek - 13 Apr 2017 17:00
A property crash always unfolds in similar ways: credit runs dry, a priced-out majority stymies demand, confidence falters. Sound familiar? Then prepare for the bear, says Jonathan Compton. The post Panic now: the housin...
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Trump's Wall Street faction is starting to win him over

Business Insider - 13 Apr 2017 16:53
Trump's Wall Street faction is starting to win him over Chip Somodevilla/Getty Images On the campaign trail, now President Donald Trump painted a picture of a new stance for the American economy: protectionist, manufacturing-focused, and scorn forWall Street's influence. Near...
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U.S. stocks edged higher in early trading Thursday as investors sized up earnings from several major banks and new data on inflation. Financial stocks led the gainers, followed by technology …
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(Reuters) - Wells Fargo & Co posted flat quarterly earnings on Thursday and warned its costs would remain elevated as the fallout from a sales practices scandal continues to impact the third-largest U.S. bank.
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Citigroup's profits rise, helped by trading business

Miami Herald - 13 Apr 2017 16:17
Citigroup reported a first quarter profit that beat analysts' expectation Thursday. Like its competitors, Citi benefited from higher trading revenue and interest rates. The New York-based bank said it earned …
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Washington state regulators have begun accepting bids for a new seed-to-sale tracking system to keep tabs on marijuana commerce, a deal with an initial value of about $3 million. The …
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EU court faults Russia for 'serious failings' in a 2004 siege that killed 186 schoolchildren Thomson Reuters The European Court of Human Rights ruled on Thursday that there were "serious failings"in how Russia handled the 2004 Beslan school siegethat lefthundreds dead. The court said that Russian authorities did...
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Google Disabled Burger King's Ad Hijacking Google Home, but BK Got Around That Too Burger King's latest ad stunt--in which a TV spot was designed to hijack people's Google Home devices by saying "OK, Google" and asking about the Whopper--turned into a game of cat and mouse on Wednesday, as Google block...
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Turkey Badly Needs a Long-Term Plan for Syrian Refugees

Harvard Business Review - 13 Apr 2017 16:00
It’s time to stop treating the situation as a short-term crisis.
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