• RT @rbaum: The entrance to the Congress is the closest thing Davos has to a red carpet, and it’s right by the @reuters office. @LaurenYoung…
    Reuters Business Thu 23 Jan 2020 11:05
  • RT @BakerLuke: Power politics at #Davos. Future of NATO panel pulls together sec-gen ?@jensstoltenberg? and Turkey’s Cavusoglu, Poland’s Du…
    Reuters Business Thu 23 Jan 2020 10:30
  • Greta, Merkel, Guaido, Lagarde: Who to watch out for on day 3 of #WEF20 Link #ReutersDavos https://t.co/Zbchscvfnz
    Reuters Business Thu 23 Jan 2020 10:00

    Greta Thunberg is expected to keep a relatively low profile on Thursday, after U.S. Treasury Secretary Steven Mnuchin took a new dig at the young climate activist.

    Thunberg, who Mnuchin said should get an economics degree before making calls about fossil fuel divestment, is due to take part in a climate strike on Friday.

  • RT @LaurenYoung: Today at @wef: Just spotted @Yale’s Irrationally Exuberant @RobertJShiller #ReutersDavos #wef20 https://t.co/Kb2g7hBt1n
    Reuters Business Thu 23 Jan 2020 09:35
  • Swiss National Bank says negative interest rates a necessity Link https://t.co/g0JYiWeImc
    Reuters Business Thu 23 Jan 2020 09:35

    ZURICH (Reuters) - Negative interest rates are a necessity for Switzerland, with recent policy tweaks designed to allow the measure to be maintained or even cut deeper, Swiss National Bank Chairman Thomas Jordan said on Thursday.

    “We know that negative rates also have side effects, that is the reason why we changed the threshold,” Jordan told CNBC, referring to the SNB raising the limit before the charge of -0.75% applied to commercial bank deposits at the central bank.

    “That gives us the freedom to maintain negative rates for longer and also to cut the rate if necessary,” Jordan said on the sidelines of the World Economic Forum meeting in Davos.

    Jordan’s colleague Andrea Maechler said on Wednesday the SNB would end negative interest rates “as soon as we are able,” when asked about the central bank’s ultra-loose monetary policy aimed at curbing the Swiss franc’s...

  • RT @iron_emu: Piyush Goyal, India’s Minister of Railways and Minister of Commerce and Industry: “Muslims are safer in India than in any oth…
    Reuters Business Thu 23 Jan 2020 09:20
  • RT @cmhettich: Day 7 in Davos. More coffee please. #reutersdavos #WEF20 https://t.co/yOiuKCVk3Y
    Reuters Business Thu 23 Jan 2020 09:15
  • RT @rbaum: Alternative welcome on approach from station #wef20 #reutersdavos @ Davos Congress Link
    Reuters Business Thu 23 Jan 2020 08:45
  • RT @BakerLuke: ?@OECD?’s Angel Gurría trying to convince the world that a global tax on digital companies ( affecting many big US corporati…
    Reuters Business Thu 23 Jan 2020 08:40
  • RT @BakerLuke: A new condition for physiotherapists to study in the future? They should call it #Davos mobile-phone-leaning-forward-neck-st…
    Reuters Business Thu 23 Jan 2020 08:15
  • RT @alexsmitheditor: Alpine artistry from @MarkRonson #WEF20 #reutersdavos https://t.co/66nHaFPXhO
    Reuters Business Thu 23 Jan 2020 08:00
  • ECB to launch review that will redefine its mission and tools Link https://t.co/HPIE5zYFhA
    Reuters Business Thu 23 Jan 2020 07:45

    FRANKFURT (Reuters) - European Central Bank President Christine Lagarde is set to launch a broad review of its policy on Thursday that is likely to see her redefine the ECB’s main goal and how to achieve it.

  • PG&E strikes deal with creditors over restructuring Link https://t.co/qFCqJmSstY
    Reuters Business Thu 23 Jan 2020 07:05

    (Reuters) - Bankrupt California power producer PG&E Corp (PCG.N) said on Wednesday it had reached a deal on its restructuring with creditors, who were pushing for a rival plan.

    PG&E said its creditors, led by Elliott Management and Pacific Investment Management Co, would drop their reorganization plan and support PG&E’s proposal, pending approval by a bankruptcy court.

    The bondholders had previously opposed PG&E’s reorganization plan and in December came out with an updated proposal that included a sweetened offer to California wildfire victims, no debt at the reorganized holding company and a new board with residents from California forming the majority of directors.

    New notes to be issued under PG&E’s plan will save its customers about $1 billion, the company said.

    California Governor Gavin Newsom on Wednesday reiterated his objection to...

  • Tesla reached a $100 billion market valuation for the first time, in a sign of Wall Street's confidence in an all-electric future Link https://t.co/QkZv2tCpgd
    Reuters Business Thu 23 Jan 2020 06:00

    (Reuters) - Tesla Inc shares surged on Wednesday, and the company became the first publicly listed U.S. automaker to cross $100 billion in market valuation, more than Ford Motor Co and General Motors Co combined.

    Shares of the electric carmaker were up 8.1% at $591.78 in late morning trading, continuing their furious rally that has more than doubled the share price in the last three months.

    It “speaks to the inflection in electric vehicle demand globally,” Wedbush analyst Dan Ives wrote in an email.

    “The skeptics have been proven wrong, and the $100 billion market cap is sending the bears into hibernation mode.”

    The milestone comes less than a month after Tesla’s stock crossed $420, the price at which Chief Executive Officer Elon Musk had tweeted he would take the electric-car maker private.

    Musk tweeted he had “funding secured” to take the company...

  • Of the 11 major sectors in the S&P 500, six ended the session in positive territory. Tech was up the most, while energy was the biggest laggard  Link https://t.co/v9sz3ER5WJ
    Reuters Business Thu 23 Jan 2020 04:30

    NEW YORK (Reuters) - Technology shares led the S&P 500 marginally higher on Wednesday, as a healthy forecast from IBM helped mitigate worries over the developing coronavirus outbreak.

    The S&P 500 and the Nasdaq closed barely in the black after approaching, then backing down from record highs the day after virus fears prompted a sell-off. The Dow closed nominally lower.

    “The market’s had a big run, that’s made some investors a bit skittish, cautious,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “So we’re not seeing a really strong day.”

    “Earnings season is always volatile and unpredictable,” Ghriskey added. “Every new earnings report that gets released is another piece of the puzzle.”

    Optimism was boosted by International Business Machines (IBM.N), which posted surprise quarterly revenue growth and forecast...

  • Boeing's new CEO orders rethink on key jetliner project Link https://t.co/YuYjeHRdol
    Reuters Business Thu 23 Jan 2020 04:20

    LONDON/CHICAGO (Reuters) - Boeing Co’s new chief executive has sent the aerospace giant back to the drawing board on proposals for a new mid-market aircraft, effectively shelving in their current form plans worth $15 billion-$20 billion that had been overtaken by the 737 MAX crisis.

  • Commonwealth Bank of Australia's pension arm hit with another class-action lawsuit Link https://t.co/YXcFjNi32v
    Reuters Business Thu 23 Jan 2020 03:10

    (Reuters) - Commonwealth Bank of Australia (CBA.AX) said on Thursday a class-action lawsuit was filed against its pension arm, Colonial First State, for allegedly not acting in customers interest for insurance policies.

    The pension arm of Australia’s biggest bank has been hit with at least three such lawsuits, highlighting the intense scrutiny the sector faces after a government-backed inquiry showed systemic over-charging of fees.

    The law firm, Shine Lawyers, had said in a statement earlier this week that Colonial First State encouraged customers to pick policies by CBA’s insurance unit CommInsure, leaving them with higher premiums.

    “These customers were forced to pay more for life insurance as well as total and permanent disability insurance, and this has eaten into their superannuation,” its class actions practice leader Rebecca Jancauskas had said.

    The...

  • Tesla raced past $100 billion in market valuation, making it the first publicly listed U.S. automaker to achieve that milestone Link https://t.co/6qUqowQg2C
    Reuters Business Thu 23 Jan 2020 03:00

    (Reuters) - Tesla Inc shares surged on Wednesday, and the company became the first publicly listed U.S. automaker to cross $100 billion in market valuation, more than Ford Motor Co and General Motors Co combined.

    Shares of the electric carmaker were up 8.1% at $591.78 in late morning trading, continuing their furious rally that has more than doubled the share price in the last three months.

    It “speaks to the inflection in electric vehicle demand globally,” Wedbush analyst Dan Ives wrote in an email.

    “The skeptics have been proven wrong, and the $100 billion market cap is sending the bears into hibernation mode.”

    The milestone comes less than a month after Tesla’s stock crossed $420, the price at which Chief Executive Officer Elon Musk had tweeted he would take the electric-car maker private.

    Musk tweeted he had “funding secured” to take the company...

  • PG&E strikes deal with creditors over restructuring Link https://t.co/xqdP6eX22Q
    Reuters Business Thu 23 Jan 2020 02:40

    (Reuters) - Bankrupt California power producer PG&E Corp (PCG.N) said on Wednesday it had reached a deal on its restructuring with creditors, who were pushing for a rival plan.

    PG&E said its creditors, led by Elliott Management and Pacific Investment Management Co, would drop their reorganization plan and support PG&E’s proposal, pending approval by a bankruptcy court.

    The bondholders had previously opposed PG&E’s reorganization plan and in December came out with an updated proposal that included a sweetened offer to California wildfire victims, no debt at the reorganized holding company and a new board with residents from California forming the majority of directors.

    New notes to be issued under PG&E’s plan will save its customers about $1 billion, the company said.

    California Governor Gavin Newsom on Wednesday reiterated his objection to...

  • The S&P 500 and the Nasdaq closed barely in the black after approaching, then backing down from record highs the day after coronavirus fears prompted a sell-off  Link https://t.co/T6DehRg3uv
    Reuters Business Thu 23 Jan 2020 02:30

    NEW YORK (Reuters) - Technology shares led the S&P 500 marginally higher on Wednesday, as a healthy forecast from IBM helped mitigate worries over the developing coronavirus outbreak.

    The S&P 500 and the Nasdaq closed barely in the black after approaching, then backing down from record highs the day after virus fears prompted a sell-off. The Dow closed nominally lower.

    “The market’s had a big run, that’s made some investors a bit skittish, cautious,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “So we’re not seeing a really strong day.”

    “Earnings season is always volatile and unpredictable,” Ghriskey added. “Every new earnings report that gets released is another piece of the puzzle.”

    Optimism was boosted by International Business Machines (IBM.N), which posted surprise quarterly revenue growth and forecast...

  • Boeing's new CEO orders rethink on key jetliner project Link https://t.co/t3YR2kGQ5l
    Reuters Business Thu 23 Jan 2020 02:05

    LONDON/CHICAGO (Reuters) - Boeing Co’s new chief executive has sent the aerospace giant back to the drawing board on proposals for a new mid-market aircraft, effectively shelving in their current form plans worth $15 billion-$20 billion that had been overtaken by the 737 MAX crisis.

  • ECB to launch review that will redefine its mission and tools Link https://t.co/G0vzt0EsYs
    Reuters Business Thu 23 Jan 2020 01:50

    FRANKFURT (Reuters) - European Central Bank President Christine Lagarde is set to launch a broad review of its policy on Thursday that is likely to see her redefine the ECB’s main goal and how to achieve it.

  • Investors brushed aside fears from China's virus outbreak and bought tech shares led by IBM, helping nudge the S&P 500 and Nasdaq to record highs  Link https://t.co/ELizida2yo
    Reuters Business Thu 23 Jan 2020 01:00

    NEW YORK (Reuters) - Technology shares led the S&P 500 marginally higher on Wednesday, as a healthy forecast from IBM helped mitigate worries over the developing coronavirus outbreak.

    The S&P 500 and the Nasdaq closed barely in the black after approaching, then backing down from record highs the day after virus fears prompted a sell-off. The Dow closed nominally lower.

    “The market’s had a big run, that’s made some investors a bit skittish, cautious,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “So we’re not seeing a really strong day.”

    “Earnings season is always volatile and unpredictable,” Ghriskey added. “Every new earnings report that gets released is another piece of the puzzle.”

    Optimism was boosted by International Business Machines (IBM.N), which posted surprise quarterly revenue growth and forecast...

  • Trump threatens big tariffs on car imports from EU Link https://t.co/9UMOpEQueM
    Reuters Business Thu 23 Jan 2020 00:35

    DAVOS, Switzerland (Reuters) - U.S. President Donald Trump on Wednesday threatened to impose high tariffs on imports of cars from the European Union if the bloc doesn’t agree to a trade deal.

  • Tesla's stock surge drives the electric car maker's valuation past the $100 billion mark, making it the first U.S. automaker to achieve that milestone Link https://t.co/6HMsFzIhxS
    Reuters Business Thu 23 Jan 2020 00:20

    (Reuters) - Tesla Inc shares surged on Wednesday, and the company became the first publicly listed U.S. automaker to cross $100 billion in market valuation, more than Ford Motor Co and General Motors Co combined.

    Shares of the electric carmaker were up 8.1% at $591.78 in late morning trading, continuing their furious rally that has more than doubled the share price in the last three months.

    It “speaks to the inflection in electric vehicle demand globally,” Wedbush analyst Dan Ives wrote in an email.

    “The skeptics have been proven wrong, and the $100 billion market cap is sending the bears into hibernation mode.”

    The milestone comes less than a month after Tesla’s stock crossed $420, the price at which Chief Executive Officer Elon Musk had tweeted he would take the electric-car maker private.

    Musk tweeted he had “funding secured” to take the company...

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