U.S. stocks rallied to cap their biggest monthly gain in three years as better-than-expected corporate earnings and the Federal Reserve’s dovish turn lifted investor sentiment.
Technology shares led advances as the S&P 500 Index closed at an eight-week high. General Electric Co. and Facebook Inc. both surged more than 10 percent after traders cheered their quarterly results. Emerging-market shares advanced while Treasury yields fell a day after signals from the Fed that it will be “patient” on interest-rate moves and flexible on reducing its balance sheet…
The Federal Reserve’s signal that the pace of interest rate hikes this year will be cautious is respite for Hong Kong’s economy.
Because the Asian finance hub pegs its currency to the dollar, Hong Kong effectively imports U.S. monetary policy. That means borrowing costs are expected to push higher in tandem with Fed rate hikes, pressuring a housing market that’s already showing signs of strain…
Powell’s `Patience’ Is Relief for Hong Kong as Pressures Mount
Adyen NV says it saves merchants millions of dollars by streamlining card-payment transactions. The fintech firm, thousands of miles from Silicon Valley, is making its founders a lot more.
Chief Executive Officer Pieter van der Does, Chief Technology Officer Arnout Schuijff and former innovation director John Caspers have all become billionaires since Adyen’s June initial public offering, according to the Bloomberg Billionaires Index. That kind of wealth creation, rare for a European company, puts Amsterdam-based Adyen in a similar league to U.S. tech titans Facebook Inc. and Twitter Inc…
The British automotive industry saw investment plunge last year as carmakers delayed decisions on upgrading machinery and factories amid mounting concern about the impact of a hard Brexit.
Spending plunged 46 percent to 589 million pounds ($769 million), the lowest since the global financial crisis, the Society of Motor Manufacturers said in a statement Thursday…
U.K. Auto Investment Drops Almost 50% as Brexit Chills Spending
Markus Braun, chief executive officer of Wirecard AG. Photographer: Matthias Doering/Bloomberg
Wirecard AG’s billionaire leader saw his fortune tumble $221 million Wednesday following a Financial Times report that a senior executive at the German payments firm used forged contracts.
Chief Executive Officer Markus Braun’s stake in the Aschheim-based company dropped to $1.44 billion, according to the Bloomberg Billionaires Index. Wirecard said the allegations were false and misleading. An entity Braun controls is Wirecard’s biggest shareholder, with about 7 percent of the stock…
Billionaire Wirecard CEO Takes $221 Million Hit on Fraud Report
A Foxconn logo before the arrival of President Trump for a groundbreaking ceremony in Mount Pleasant, Wis., last June.CreditCreditDarren Hauck/Reuters
It was heralded a year and a half ago as the start of a Midwestern manufacturing renaissance: Foxconn, the Taiwanese electronics behemoth, would build a $10 billion Wisconsin plant to make flat-screen televisions, creating 13,000 jobs. President Trump later called the project “the eighth wonder of the world.”
Now that prospect looks less certain…
Foxconn Reconsidering Plans for a Wisconsin Factory Heralded by Trump
Industry disruptions may be changing investors’ ideas of the risks.
ILLUSTRATION: NICHOLE SHINN FOR BLOOMBERG BUSINESSWEEK
It wasn’t so long ago that investors saw utilities as safe, boring, and modestly profitable. With dependable revenue from monthly electric bills and regular dividends, they were a favorite among penny-saving retirees and portfolio managers wanting to hedge against volatility in the broader market.
That was then. Things first began to change with the deregulation of the 1990s, but global warming and rooftop solar panels have also been steadily chipping away at the notion that the sector is a safe haven. And now there’s PG&E Corp. California’s largest utility owner plans to file for Chapter 11 as early as Jan. 29 in the face of as much as $30 billion in potential liabilities from wildfires that killed more than 100 people in 2017 and 2018…
Malaysian wireless giant Axiata Group Bhd. is caught in a bind as it weighs whether to exit its decade-long investment in Singapore operator M1 Ltd.
Axiata, M1’s biggest shareholder, has less than three weeks left to decide whether to tender its stock into a takeover offer valuing the target at S$1.9 billion ($1.4 billion). The Malaysian company held a board meeting last week to discuss the merits of the bid from Keppel Corp. and Singapore Press Holdings Ltd., according to people with knowledge of the matter…
The U.S. and China are sitting down Wednesday for the first of two days of high-level talks aimed at finding a solution to a trade war that’s casting a growing shadow on both of the world’s two largest economies. But don’t hold your breath for a deal.
Treasury Secretary Steven Mnuchin, who remains the most prominent advocate of a deal in the Trump administration, on Tuesday told the Fox Business Network he expected “significant progress” in this week’s talks…
PG&E Corp. quickly took steps after filing for bankruptcy protection Tuesday to renegotiate power deals with green energy projects that rely on the California utility for most or all of their revenues.
The utility filed papers in the U.S. Bankruptcy Court in San Francisco requesting authority to shed up to $42 billion in power purchase agreements with roughly 350 different suppliers, the majority for solar, wind and other green energy…
PG&E Bankruptcy Hits Green Energy Suppliers
The auction house will be selling 16,889 bottles in Hong Kong from March 29 to 31 featuring more than 250 lots of Domaine de la Romanee-Conti, known as DRC, the most coveted Burgundy wines spanning more than five decades. Photographer: Elin McCoy/Bloomberg
In the latest sign that Chinese thirst for top wines is returning, Sotheby’s is offering a single-owner wine collection estimated to sell for as much as a record $26 million…
Sotheby’s to Offer Record $26 Million Wine Collection
Single or rare events should never be used to draw conclusions about, well, anything.
A mosquito is a much bigger threat. Photographer: Richard Bouhet/AFP/Getty Images
One of the key lessons of behavioral economics is the danger of not examining your own beliefs. Failing to consider the reasons that underlie our decision-making increases the risk of error. Although we can operate in our daily life on autopilot, other situations are not so forgiving. When we put capital at risk, the danger of not understanding what influences our decisions can be monetary losses, career risk or worse.
Oil held its biggest loss in a month as renewed concern over slowing global growth largely outweighed U.S. sanctions against Venezuela’s state oil company.
Futures rose 0.4 percent in New York, after dropping 3.2 percent in the previous session. The Trump administration issued new sanctions on Venezuela’s PDVSA that effectively block the regime of President Nicolas Maduro from exporting crude to the U.S. On Monday, Microchip-maker Nvidia Corp. and heavy-equipment giant Caterpillar Inc. warned of slowing growth in China and elsewhere…
Theresa May faces losing control of Brexit to Parliament on Tuesday in a series of crucial votes that will shape Britain’s split from the European Union.
Despite a last minute gamble aimed at buying off rebels in her Conservative Party, the prime minister will face a knife-edge battle to block a proposal that would hand Parliament the power to delay the process and prevent a no-deal divorce…
Steve Schwarzman’s Blackstone Group LP is a behemoth in private equity, real estate, credit and hedge fund investing, thanks to its ability to raise cash from giant pension plans and sovereign wealth funds.
But given the firm’s goal of managing $1 trillion in assets by 2026, it’s not enough…
Blackstone’s Race for $1 Trillion Leans on Ex-Analyst Joan Solotar
The Trump administration dealt its toughest blow yet to the authoritarian Venezuelan leader Nicolas Maduro, issuing new sanctions on the nation’s state-owned oil company PDVSA that effectively block his regime from exporting crude to the U.S.
The move ratchets up pressure on Maduro to resign and cede power to National Assembly leader Juan Guaido by cutting off the regime from the market where it gets the bulk of its cash. The U.S. and other countries recognized Guaido last week as Venezuela’s rightful president, and he said Monday he would take control of Venezuelan accounts abroad and appoint new boards to PDVSA and its Houston-based subsidiary Citgo Petroleum…
Catherine Clifford of CNBC reports, Hedge fund billionaire Ray Dalio: ‘Capitalism basically is not working for the majority of people’:
With just over $18 billion to his name, capitalism has been good to Ray Dalio: He started his hedge fund, Bridgewater Associates, out of a two-bedroom New York City apartment in 1975 and it now manages $160 billion in assets and is the largest hedge fund in the world, according to Forbes.
Quite literally, Dalio has built a fortune thanks to capitalism. But he’s also keenly aware that it is a deeply flawed system…
Ray Dalio on the Limits of Capitalism?
An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia. Photographer: Simon Dawson/Bloomberg
Saudi Arabian Oil Co. is buying up to 19.9 percent of South Korean oil refiner Hyundai Oilbank Co. for 1.8 trillion won ($1.6 billion), tightening the OPEC behemoth’s grip in the world’s biggest crude consuming region.
Asian stocks were mixed on Monday at the start of a crucial week for global trade and a policy meeting of the Federal Reserve.
While the MSCI Asia Pacific Index headed toward an eight-week high, fewer than half of the benchmark’s stocks were up on the day. China and Hong Kong shares led the region, Japan saw modest losses, U.S. futures dipped and Australia’s markets were shut for a holiday. Shares on Wall Street finished the week higher Friday on corporate earnings and a reopening — for now — of the federal government. Oil fell as traders assessed the implications of political turmoil in Venezuela, a major exporter. Treasury yields edged lower and the yen climbed…
Global Telecom Holding climbed the most allowed in a day after its majority shareholder offered to support the company’s funding requirements and look at taking it private.
The shares jumped about 10 percent, the most in three months, in Cairo. They have lost half their value in the past 12 months…
Global Telecom Surges in Cairo After Veon Offers Funding Support
Andela trains developers in Nigeria and Kenya for contract work with U.S. employers; its investors say remote work could help reduce greenhouse gas emissions.
Software developers videoconferencing at the Nairobi, Kenya, office of Andela. PHOTOGRAPHER: ROOPA GOGINENI FOR BLOOMBERG BUSINESSWEEK
Outsourcing isn’t generally seen as the most high-minded of industries. But when the Chan Zuckerberg Initiative, the philanthropic organization backed by the wealth of Facebook’s founder, looked to write checks to startups, the first investment it led was for Andela, which places African computer programmers to work remotely for American corporations. By training Nigerian computer programmers, the thinking went, Andela’s office in Lagos would speed the development of the technology industry in those countries. “Technology is the exact opposite of an extractive industry,” says Jeremy Johnson, Andela’s chief executive officer. “Success begets success.”…
Remember when Danske Bank got caught doing some pretty dumb money laundering? And also how it made us think of another bank with that particular habit?
Well, funny coincidence: So did The Fed!…
Going Forward, Federal Regulators Should Announce When They Are NOT Probing Deutsche Bank
Senators began a new effort to end the 34-day partial government shutdown after blocking two rival spending bills. The White House signaled President Donald Trump was open to a plan to reopen agencies for three weeks, but at a price.
“The three-week CR would only work if there is a large down payment on the wall,” White House spokeswoman Sarah Huckabee Sanders said Thursday, referring to a stopgap spending bill and the president’s demand for $5.7 billion for a wall at the southern border…
He’s looking forward to the welcome baskets from his new neighbors, the entire Royal Family.
He’s already got the finest accommodations, both professionally and personally, in New York City. He’s made sure to own the most expensive home in Chicago, such as it is. He’s in the process of turning the entirety of Florida into his own personal 65,000-square-mile beach retreat. So it only makes sense that Ken Griffin would now turn to his situation for the handful of days he spends in Citadel’s third city, London. No. 3 Carlton Gardens was good enough for Charles de Gaulle, and after a top-to-bottom no-expense-spared renovation, including a pool, staff quarters and private gardens, KG guesses it’s good enough for him…
The former officers and directors of Yahoo agreed to pay $29 million in a lawsuit over a series of data breaches.CreditCreditMarcio Jose Sanchez/Associated Press
That changed in the first month of 2019.
The former officers and directors of Yahoo agreed to pay $29 million to settle charges that they breached their fiduciary duties in their handling of customer data during a series of cyberattacks from 2013 until 2016. Three billion Yahoo user accounts were compromised in the attacks. The settlement ended three so-called derivative lawsuits filed in Delaware and California against the company’s former leadership team and board, including Marissa Mayer, Yahoo’s former chief executive. Insurance coverage will pick up the tab…
Venezuelan bonds are posting their biggest gains in a year as President Nicolas Maduro’s opponents gain momentum in their efforts to oust him amid large protests throughout the country. World leaders are now saying they’ll recognize Juan Guaido, the head of the National Assembly, as the interim president.
A great business is one that dominates and endures. I find that 99% of articles and books that study great businesses and leaders focus on the factors that lead to domination. Very little research is dedicated to endurance.
If I were to ask – What is the #1 characteristic of an exceptional business?
Many would say – The fastest growing companies.
Some would say – The company that earns the most money.
Others would say – The largest companies…
Survival is the Ultimate Performance Measure of a Business
The iconic candy company is more than a century old—and is now big into cats and dogs.
The family-owned company, based in Virginia, does more than $35 billion a year in revenue and has expanded beyond candy to become a powerhouse in the pet space. In a rare interview, Reid speaks with Bloomberg Businessweek Editor Joel Weber…
Mars Inc. CEO Grant Reid Is Thinking a Hundred Years Ahead
PG&E Corp. estimates it would cost as much as $150 billion this year alone to comply with a federal judge’s extraordinary fire-safety proposal.
The figure would be about five times as much as PG&E’s forecast liabilities for wildfires that scorched the state in 2017 and 2018. The estimate was included in PG&E’s response Wednesday to a call by U.S. District Judge William Alsup for the utility to trim tree branches and inspect and repair thousands of miles of power lines or cut local electricity supply to prevent wildfires…
Hidden on the edge of a spa town, less than half an hour’s drive from Frankfurt, is a company that lets you invest alongside one of Germany’s richest families.
Visitors to HQ Trust in Bad Homburg are quickly introduced to the most famous family member, Harald Quandt. Not in person —- the German industrialist died in 1967 —- but via a pair of specially-commissioned portraits of him by Andy Warhol that hang in the lobby (there are also two of his wife)…
Why the campus safety office and the endowment manager may feel differently about Bird.
Colleges are nervous about the boom in shared electric scooters, which riders can rent with an app and then leave at their destination for the next rider. Administrators see students zipping down campus streets and sidewalks as a safety hazard. They worry about unused scooters littering the quad and people tripping over them…
Colleges That Rushed to Fund Electric Scooter Startups Don’t Love Them on Campus
J-Gundz didn’t quit Twitter so much as he quit on “us.”
It seems like only yesterday that Jeff Gundlach warmed the cockles of our cold, dead heart by announcing that he had joined Twitter to share his thoughts on investing and also call bullshit on Business Insider.
Over the last few, precious months, Jeffrey has dropped truth bomb after truth bomb and moved markets with his megamind-like thinking. He also likes to livetweet Buffalo Bills games, play arch political pundit and verbally roll his eyes at Larry Kudlow. As much as we like to hew to icy snark around here, we have to say this: Jeffrey Edward Gundlach is very good at Twitter…
Qatar said on Monday it plans to buy $500 million of Lebanese government bonds to help support one of the world’s most indebted countries. Eurobonds rallied by the most since September.
Lebanon’s struggling economy needs a cash infusion to reassure bond holders still reeling from mixed remarks by officials about the possibility of debt restructuring this month…
Alphabet Inc.’s Google was at the receiving end of a hefty fine of 50 million euros ($56.8 million) by France’s privacy regulator, which used its new powers to levy much higher penalties for the first time under European Union data protection rules.
France’s data authority CNIL said the amount of the fine was “justified by the severity of the infringements observed regarding the essential principles” of the EU’s General Data Protection Rules, or GDPR. They are “transparency, information and consent,” it said Monday in a statement…
A month into Alberta’s mandatory oil curtailment and rationing on the country’s biggest heavy-crude export pipeline system has eased, but very little.
Apportionment, the percentage by which each shipper’s nominated volume is reduced in order to meet a pipeline’s capacity, will be 39 percent on the heavy oil line 4/67 of Enbridge Inc.’s mainline system out of Kerrobert, Saskatchewan, in February versus 42 percent in January, the company said on Monday. Apportionment on light oil line 2/3, by contrast, increased in February to 46 percent from 43 percent in January…
Two key markets are moving out of the U.K. as Brexit forces finance firms to put more of the region’s trading infrastructure on the continent.
CME Group Inc. will move its foreign-exchange forwards and swaps venue, which has trading volumes of about $15 billion a day, from London to Amsterdam, while Cboe Global Markets Inc. will shift most European equities trading to its market in the Dutch capital after Brexit…
Brexit Forces Equity, Foreign-Exchange Markets to Leave London
The coming earnings season is likely to be ugly, but that may not be taken badly by an equity market that’s already anticipating negative news, according to JPMorgan Chase & Co.
Particularly weak activity indicators in Europe suggest the coming season is likely to be challenging and below consensus estimates, according to strategist Mislav Matejka, who has cut his expectations for the region’s earnings-per-share growth by 3 percent for the year…
After years of gloom, the oil industry’s out of its slump.
Three-quarters of senior oil and gas professionals surveyed by energy and maritime services company DNV GL AS say they are optimistic about the sector’s growth in 2019, their sunniest outlook since before the crude-price collapse in 2014. Confidence across the energy industry is now where it was in 2010, when Brent soared to $95 a barrel, about 50 percent above today’s level…
The chairman of a Hong Kong-listed property developer and his wife cut their stake just as the stock plunged 89 percent.
Shum Tin Ching and his wife Wang Xinmei sold 93.6 million shares of Jiayuan International Group Ltd. on Jan. 17 at an average of HK$2.7611 apiece — about a 79 percent discount from the previous day’s close — according to a Hong Kong exchange filing. That reduced their shareholding to 53.92 percent from 57.65 percent. Their trades made up about a quarter of the entire volume in the stock for that day, according to data compiled by Bloomberg…
Workers climb scaffolding surrounding a storage tank at the under-construction Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district, outside of Lagos.
Photographer: Tom Saater/Bloomberg
Nigerian billionaire Aliko Dangote said he’s on schedule to finish by next year his $15 billion oil refinery, which will be one of the world’s biggest, despite analysts saying the timeline is ambitious.
Puerto Rico’s federal supervisors are making a final push to write down $18 billion in sales-tax bonds under a settlement that would mark their largest renegotiation yet of the U.S. territory’s crushing debts.
The restructuring proposal covers the revenue bonds known as Cofinas, which make up roughly 40% of Puerto Rico’s core government debt. First issued in 2007, the Cofina bonds are backed by sales taxes that provided investors a secure source of repayment and lowered Puerto Rico’s borrowing costs…
Puerto Rico’s $18 Billion Bond Restructuring Nears Completion
Wall Street trading desks had a horror-show fourth quarter that dragged on bank results. But investors in big-bank stocks focused instead on gains in lending businesses and improving sentiment around the U.S. economy.
The result: last week, bank stocks posted their strongest five-day gains in more than two years. The KBW Nasdaq Bank index rallied 7.7%, the best one-week rise since the 2016 presidential election. That has erased a big chunk of steep losses suffered amid fourth-quarter market tumult…
Bank Investors Look Beyond Trading Revenue to Deliver Strong Gains
South Korea and Malaysia may provide further evidence this week that emerging-market central banks have successfully vanquished the currency crises of 2018, with policy makers in both countries forecast to hold interest rates steady.
Turkey, Indonesia and South Africa all kept rates on hold last week, underscoring how tighter monetary policy in many developing economies is keeping the lid on inflation, part of a mix that’s helping to fuel stocks, bonds and currencies…
PUTRAJAYA, Malaysia—Malaysia’s finance minister waved off an apology from Goldman Sachs Chief Executive David Solomon for the role of one its then-bankers in the scandal surrounding state investment fund 1Malaysia Development Bhd., saying it wasn’t enough.
Lim Guan Eng said Friday that the only apology that would matter is one that comes with full reimbursement and reparations for the $6.5 billion the 1MDB fund raised with the investment bank’s help. Prosecutors say much of the money was later siphoned off, with several hundred…
History will remember Jack Bogle, the founder of Vanguard Group, as the great democratizer of capitalism, the person who made it possible for just about everyone to afford to buy a stake in stocks and bonds.
I will remember him as the most extraordinary combination of stubbornness and flexibility I have ever encountered. Mr. Bogle died on Jan. 16 at the age of 89…
What Drove Jack Bogle to Upend Investing
Facing EU budget scrutiny again. PHOTOGRAPHER: DOMINIKA ZARZYCKA/NURPHOTO VIA GETTY IMAGES
The European Union requires all 28 member nations to maintain sound public finances, no matter their size or national challenges. But infractions generally don’t result in real punishment, and smaller countries sometimes complain that the biggest economies have gotten the most leniency. That’s set up a perpetual push and pull between the EU and national governments who test the limits, the way Italy did last year. While Brussels dares do little to enforce the rules, the stigma of being a fiscal pariah is often enough to rattle financial markets and push reprobate countries into discipline…
A year after his annual letter to chief executives urged them to run their companies with the social good in mind, the BlackRock chief Larry Fink said they must step into a leadership vacuum.
BlackRock’s chief executive, Larry Fink, released his annual letter to fellow executives on Wednesday, several hours after it had been spoofed. Mike Cohen for The New York Times
Larry Fink, the investment manager who oversees nearly $6 trillion at BlackRock, set off a yearlong conversation among business leaders and policymakers last January when he wrote a letter to chief executives declaring that companies needed to do more than make profits.
They may not be happy about it, but the masters of the universe proved accurate in predicting the stock market selloff of 2018.
Long ridiculed as a reverse indicator, especially for failing to predict the financial crisis, the consensus of delegates at the World Economic Forum’s annual meeting last January looks pretty smart one year on…
Davos Predicted the Stock Market Selloff of 2018
The country with the European Union’s lowest interest rates also has one of the bloc’s lowest rates of inflation.
Harmonized data published on Thursday by Eurostat placed Danish annual inflation at 0.7 percent in December, a whisker above Portugal and Greece’s rate of 0.6 percent and less than half the euro area’s average of 1.6 percent…
Inflation Is Flagging in European Capital of Negative Rates
Oleg Deripaska’s wealth is rising as his problems with the U.S. subside.
His fortune swelled $679 million this year to $3.5 billion as shares of the Russian’s key asset, En+ Group Plc, surged 19 percent. That followed a drop of $5.8 billion last year, the biggest among Russia’s ultra-wealthy, according to the Bloomberg Billionaires Index, after he and his key assets were sanctioned by the U.S. Treasury Department…
Deripaska’s Fortune Swelled $679 Million in January
Elizabeth Warren is demanding that Wells Fargo & Co. be kicked off college campuses, a market the bank has said is among its fastest-growing.
The Democratic senator from Massachusetts and likely presidential candidate said Thursday that she requested more information from Wells Fargo Chief Executive Officer Tim Sloan and from 31 colleges where the bank does business. The inquiry follows a Consumer Financial Protection Bureau report said that Wells Fargo charged students the highest fees of 573 banks examined…
Manhattan home prices fell in the fourth quarter, with the median slipping to less than $1 million for the first time in three years, as ample inventory continued to allow buyers to demand sweeter deals.
Condo and co-op prices declined to $999,000 in the three months through December, a drop of 5.8 percent from a year earlier, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. Many apartments were sold for less than sellers originally sought, with an average discount of 6.2 percent from the last list price. That’s up from price cuts of 5.4 percent a year earlier…
William Koch, founder and chief executive officer of Oxbow Carbon & Minerals LLC Billionaire Bill Koch doesn’t have to sell his Oxbow Carbon LLC so two private equity firms can recoup an investment of more than $250 million in the energy company, an appeals court ruled, reversing a lower-court order.
The Delaware Supreme Court said Thursday that a trial judge misconstrued an investment agreement when he ruled that Crestview Partners LLC and Load Line Capital LLC could force the sale of Oxbow…
Vincent Chui Photographer: Ore Huiying/Bloomberg
Morgan Stanley, the world’s second-largest wealth manager, is beefing up its services for rich clients in Singapore with a focus on Chinese entrepreneurs looking to set up family offices in the city state.
“The city is a key business hub for China entrepreneurs, as well as a family office nexus,” Vincent Chui, who heads the bank’s Asia wealth operations, said in an interview. The U.S. bank hired Wee Yee Yeong to head its Singapore wealth business this year, and plans to add relationship managers there and in Hong Kong, he said…
Banco Santander said on Tuesday that it would no longer hire Andrea Orcel as its chief executive after it refused to pay him more than $50 million in deferred compensation he was owed by his previous employer, UBS.CreditCreditSimon Dawson/Bloomberg
Andrea Orcel is Europe’s most famous investment banker, a suave, brash and fabulously wealthy dealmaker who counts many of the Continent’s chief executives as his longtime clients.
Last fall, he agreed to become one of those C.E.O.s. He accepted a job running the day-to-day operations of Banco Santander, a sprawling European and American lender whose ruling Botín family is one of Mr. Orcel’s oldest patrons…
Leslie Moonves, the former chief executive of CBS, plans to fight a decision by the company’s board that denied him a $120 million severance payment after he was fired for cause following numerous allegations of sexual misconduct.
Mr. Moonves, 69, told CBS that he was demanding an arbitration hearing, according to a securities filing on Wednesday. His termination agreement gives him that right, and he had up to 30 days after his Dec. 17 firing to challenge the board’s decision to not pay him the severance…
Leslie Moonves to Take CBS to Arbitration Over $120 Million Severance
If you liked PG&E Corp. at $47 a share in early November, you’ll love it at six bucks now.
That, in a nutshell, is what the troubled utility’s last remaining bullish analyst is telling investors after reiterating his “buy” rating on the shares.
John Bogle Photographer: Matt Furman/Redux
John Bogle turned investing upside down.
By founding Vanguard Group, and persisting through the disappointing early years of running the first index mutual fund available to individual investors, he ended up slashing fees paid by hundreds of millions of regular people.
‘Patron Saint’ of the Investing Business: Remembering Jack Bogle
The stock-market sell-off is going to be a significant drag on the U.S. economy this year as wealthy households feel its impact, according to Goldman Sachs Group Inc.
Lower equity prices could take half a percentage point off U.S. gross-domestic product growth in 2019, with overall tighter financial conditions restricting expansion by around 1 percentage point, Goldman economist Daan Struyven wrote in a note Tuesday. In October, he had said the positive wealth effect from equity gains in 2017 and early 2018 had likely evaporated…