Category: Latest News
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Wall Street rally boosted by higher oil prices
U.S. crude pared some of their gains, but were up more than 2 percent after the International Energy Agency said oil prices might have bottomed as output in the United States and other non-OPEC countries was beginning to fall quickly. Investors took a positive view of European Central Bank's new stimulus package unveiled on Thursday,…
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Wells Fargo searching for rainmaker in bid to boost dealmaking franchise
Wells Fargo & Co , in a bid to boost its dealmaking franchise, is hunting for a new head of mergers and acquisitions, according to people familiar with the matter. The bank's existing head of mergers, John Laughlin, has moved to a vice chairman role, a spokeswoman said. “John Laughlin's appointment to vice chairman recognizes…
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Yahoo exploring sale of $1 billion-$3 billion in ‘non-core assets’: CFO
By Deborah M. Todd SAN FRANCISCO (Reuters) – Yahoo Inc is exploring the sale of $1 billion to $3 billion of patents, property and other “non-core assets,” its chief financial officer said on Thursday. Yahoo CFO Ken Goldman told the Morgan Stanley Technology, Media and Telecom Conference that a committee created to explore alternatives to…
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Wall Street slightly lower as crude oil slips
U.S. crude fell about 1 percent after a report from the American Petroleum Institute (API) showed that an increase in crude stockpiles was way above estimates. Wall Street closed sharply higher on Tuesday, helping the S&P 500 claw back most of its losses in the last two months. “The market got severely overbought yesterday,” said…
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Warren Buffett defends 3G, touts economy in record year for Berkshire
Warren Buffett on Saturday used his annual letter to Berkshire Hathaway Inc shareholders to launch vigorous defenses of an aggressive private equity partner and a maligned mobile home unit, as his conglomerate recorded robust profits. The world's third-richest person and a revered investor, Buffett also injected himself into the contentious 2016 U.S. presidential campaign, lambasting…
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Yahoo launches auction process as Starboard gears up for fight
Yahoo shares jumped after the company announced its board has formed a committee of independent directors to explore strategic alternatives, and that it has hired investment banks and a law firm to run the process. The launch of the auction process, a move activist hedge fund Starboard Value and other shareholders have pushed since late…
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Yahoo board forms committee to explore strategic alternatives
(Reuters) – Yahoo Inc said its board formed an independent committee to explore strategic alternatives, alongside the pursuit of the reverse spinoff of its Internet business. The committee has engaged Goldman Sachs & Co Inc, J.P. Morgan and PJT Partners Inc as its financial advisers, and Cravath, Swaine & Moore LLP as its legal adviser.…
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Worldwide M&A activity falls 23 pct, but U.S. has a flurry
Worldwide mergers and acquisitions deals have fallen 23 percent to $336 billion so far this year compared with last year, but cross-border activity by amount targeting U.S.-based companies reached a record high, Thomson Reuters data shows. After hitting a record high by deals value in 2015, worldwide M&A activity has been hurt this year by…
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Yellen faces tough sell on Fed rate hikes in Congress
By Jonathan Spicer and Ann Saphir WASHINGTON/SAN FRANCISCO (Reuters) – Federal Reserve Chair Janet Yellen will defend the U.S. central bank's first rate hike in a decade and likely insist that further rises this year remain on track, albeit at a slower pace, when she addresses Congress on Wednesday. Yellen, who is certain to be…
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Yahoo to cut 15 percent jobs, close several units: WSJ
(Reuters) – Yahoo Inc Chief Executive Marissa Mayer is set to reveal cost-cutting plans that include slashing 15 percent of the company's workforce, or roughly 1,600 jobs, and closing several business units, the Wall Street Journal reported on Monday. The plans are expected to be announced after Yahoo's fourth-quarter results on Tuesday, the Journal reported,…