Business

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Doubts grow over stock market's Trump-inspired surge

NEW YORK (AP) — How much more can the "Trump Bump" lift the stock market?<p>U.S. stocks have screamed to records since Election Day because investors are expecting Donald Trump's White House to cut taxes for business, make regulations easier for them and goose more growth out of the economy. But …

Finance

J.C. Penney to Shut 130-140 Stores; Sales Drop

Department store operator J.C. Penney said on Friday it would close about 130-140 stores over the next few months, and reported a 0.7 percent drop in same-store sales for the holiday quarter.<p>The company will also initiate a voluntary early retirement program for about 6,000 eligible employees and …

Markets

Mnuchin promises 'significant' tax changes, but few details emerge

Donald Trump promised on the campaign trail to bring tax relief to middle-class families, but economists worry this will come in the form of a huge windfall for big businesses and the richest Americans.<p>"We don't really know what the Trump team will propose," said Gary Hufbauer, senior fellow at the …

Taxes

RBS reports £7bn loss and says it will not make profit until 2018

Taxpayer-owned bank has now suffered nine consecutive years in the red<p>Royal Bank of Scotland has reported losses of £7bn for 2016, taking its losses since its 2008 government bailout to more than £58bn.<p>The taxpayer-backed bank has also admitted it will not return to profit until 2018, indicating …

Financial Services

Oil prices fall as U.S. crude inventories rise further

Oil prices fell on Friday after U.S. crude inventories rose for a seventh week, showing the market is still struggling to ease oversupply despite many producers’ efforts to rein in output.<p>U.S. crude stocks rose by 564,000 barrels in the week to Feb. 17, according to the Energy Information …

Oil

Pearson Posts a $3.3 Billion Loss as It Faces Down a Collapse in Its Biggest Market

Pearson, the global education company battling a collapse in its biggest market, said it would take further costs out of the business and look to …

Markets

Uber blocks employees at work from chatting on a popular anonymous app, the app's developer says

Uber insiders have made an avalanche of revelations about the company's allegedly dysfunctional culture in recent weeks, culminating with former engineer Susan Fowler's shocking tell-all of alleged sexual harassment.<p>Uber has publicly acknowledged Fowler's statements and vowed to investigate, …

Uber

Magna warns of Trump, Brexit impact; raises dividend

Magna International Inc. will raise its dividend 10 per cent, but warned Friday that Brexit and the election of Donald Trump could harm its business and the auto sector generally.<p>“The election of protectionist governments could lead to the withdrawal of some countries from, or renegotiation of, …

Markets

China to tighten oversight of asset management industry - central bank official

BEIJING (Reuters) - China will tighten oversight of its sprawling asset management industry as it moves to rein in financial risks, a senior central bank official said in remarks published on Friday.<p>Ruan Jianhong, head of the Survey and Statistics Department at the People's Bank of China (PBOC), …

China

The Much-Hyped, Much-Feared Bacon Shortage Probably Won’t Happen

A second straight month of record low U.S. pork belly inventories in January will likely intensify speculation about a potential national bacon …

Bacon

The 10 things in advertising you need to know today

Good morning. Here's everything you need to know in the world of advertising today.<p><b>1. Shine is rebranding and will stop selling ad-blocking to carriers.</b> The new brand will be called Rainbow and will offer consumers a service which only blocks ads that don't meet industry standards.<p><b>2. Facebook will</b> …

Advertising

Nearly all detached homes in Vancouver assessed at $1-million or more

Vancouver is edging close to having 100 per cent of its detached houses assessed at $1-million or more.<p>A new study by Andy Yan, director of Simon Fraser University’s City Program, shows that 99.7 per cent of single-family detached properties in the city of Vancouver had an assessed value of at …

Real Estate

Buffett Expected to Tout Passive Investing in Annual Letter

Warren Buffett, widely considered one of the world's best investors, is likely to tout the merits of passive investing this weekend to readers of his annual letter to Berkshire Hathaway Inc <BRKa.N> shareholders.<p>The letter, slated for release around 8 a.m. EST on Saturday, will probably focus on …

Warren Buffett

Japan starts weekend early to improve work-life balance

TOKYO (AP) — It was not business as usual for some workers in Japan on Friday.<p>As the clock reached 3 p.m., about 100 office workers raised champagne glasses in a cafe in the middle of Tokyo's central business district to toast "Premium Friday," a new initiative to promote better work-life …

Work-life Balance

Why baristas are about to earn less in Australia

<b>On Thursday, Australian officials made a decision that prompted an immediate backlash around the country.</b><p>The nation's workplace tribunal, the Fair Work Commission, slashed a pay benefit for workers in the hospitality, retail, fast food and pharmacy industries.<p>Known as penalty rates, it afforded …

Employment Law

British Airways owner IAG sees pre-tax profits rocket by a third

Significant drops in fuel charges at British Airways owner International Consolidated Airlines helped push its pre-tax profits up by a third to €2.41bn (£2.03bn) in spite of a slight dip in revenue.<p>The company, which also owns Iberia and Aer Lingus, saw total sales drop by 1.3pc to €22.56bn, but …

Airlines

BA owner IAG's profits hit by weak pound

<b>IAG, which owns British Airways and Iberia, says the weak pound hit final year profits by 460m euros (£388m).</b><p>Pre-tax profits were 2.4bn euros before exceptional items, up 32.7% to 31 December 2016.<p>Willie Walsh, IAG's chief executive, said: "It was a good performance in a challenging environment …

Airlines

Malaysia says it'll seize motorcycles being operated as ride-sharing vehicles

A hot fledgling motorcycle taxi hailing service has hit a wall in Malaysia, after barely getting on the road.<p>Dego Ride found itself effectively banned from Malaysian streets on Friday, after regulators threatened to seize motorcycles belonging to people offering rides on their vehicles, local news …

Uber

Juncker envisions EU overhaul, roles for post-Brexit UK and Turkey

The head of the EU's executive commission, Jean-Claude Juncker, has suggested a dramatic restructuring of the bloc with "core" members and "orbit" nations. These outliers could include the UK and Turkey, he said.<p>European Commission President Jean-Claude Juncker suggested a radical re-envisioning of …

Euro

Bank of Ireland CEO Says Will See Some Brexit Benefit

Richie Boucher, chief executive officer at Bank of Ireland, discusses the company's outlook, the reintroduction of the dividend, the impact of Brexit …

Banking

Millennials Are Not Being Rewarded for Job Loyalty

Contrary to popular belief, millennials are in fact less likely to switch jobs than earlier generations, a new study suggests—and the wish for job …

Employment

Airbus Forecasts Africa Demand for 1,000 Jets Over Next 20 Years - Bloomberg

Airbus SE expects African operators to buy about 990 new planes over the next two decades to meet increasing demand for passenger and freight …

Aerospace

China's New Banking Regulator Chief Faces Daunting Challenges - Bloomberg

China has appointed Guo Shuqing as the new head of the banking regulator, according to people familiar with the matter. Having spent much of his life …

India police arrest 'world's cheapest smartphone' firm boss

<b>The director of Ringing Bells, the Indian firm which claimed to be selling the world's cheapest smartphone, has been arrested on allegations of fraud.</b><p>Mohit Goel was held after one of the phone's distributors claimed it had not received handsets it had paid for.<p>The Freedom 251 phone, priced at 251 …

Narendra Modi

Is Vice Really a Shark in the Media Bloodbath?

As Vice begins its fifth HBO season, Shane Smith, co-founder and part-owner of Vice Media, claims the organization is ‘without an agenda and not partisan in any way.’<p>“What we’re trying to do,” said former Canadian punk-rocker Shane Smith, the co-founder and part-owner of the multi-platform …

Journalism

U.S. companies decry Trump action on transgender student rights

NEW YORK (Reuters) - U.S. companies led by tech firms Yahoo Inc, Apple Inc and Microsoft Corp criticized the Trump administration's decision to revoke Obama administration guidance that allowed transgender public school students to use the bathroom of their choice.<p>Their statements evoked the …

Equality

Toshiba says it is considering sale of majority stake in chip unit

TOKYO (Reuters) - Toshiba Corp (6502.T) said on Friday it is looking to sell a majority stake in its prized flash memory chip business to plug a hole in its finances from a $6.3 billion writedown of its U.S. nuclear unit.<p>The beleaguered conglomerate is "aiming to make a final decision in early …

Whitman’s excuses for Hewlett Packard Enterprise earnings are not enough

Hewlett Packard Enterprise Inc. stumbled yet again Thursday, and Chief Executive Meg Whitman has run out of excuses for her failure to get this crumbling ship afloat.<p>HPE (HPE) has never found its footing since splitting with HP Inc. (HPQ) more than a year ago, with year-over-year revenue declines …

Hewlett Packard

China's Recon buys $100M majority stake in Millennium Films

HONG KONG (AP) — A Chinese wire and cable maker is buying independent studio Millennium Films, which produced "Rambo" and "The Expendables."<p>It's the latest acquisition in China's overseas shopping spree for entertainment companies.<p>Recon Holding said Thursday it is taking a 51 percent stake in …

Movies

Coke Says it Supports WHO's Sugar Guidelines

NEW YORK (AP) — Coke says it supports the World Health Organization's guidelines for limiting added sugar, as the company works on repairing its image in public health circles and reshaping its business.<p>Incoming CEO James Quincey also said the company has "outgrown" its namesake cola and is …

Coca-Cola

Samsung Electronics to strengthen controls for donations amid political scandal

SEOUL (Reuters) - Tech giant Samsung Electronics Co Ltd said on Friday it will strengthen controls for financial support made to third-parties, after its vice chairman was arrested in a graft scandal that could topple South Korea's president.<p>Samsung said it would now require financial payments of 1 …

Samsung

Toshiba says not aware Westinghouse considering Chapter 11 filing

TOKYO (Reuters) - Japanese conglomerate Toshiba Corp (6502.T) said on Friday it was not aware that its U.S. nuclear unit Westinghouse was considering filing for Chapter 11 bankruptcy protection.<p>The Nikkei business daily reported earlier that a Chapter 11 filing was one of the options that Toshiba …

21st Century

Sears cuts 130 corporate jobs, mostly at Hoffman Estates HQ

Sears Holdings laid off about 130 corporate employees Thursday, part of a restructuring plan aimed at cutting at least $1 billion in costs this year.<p>The 130 employees worked in various roles at Sears' corporate offices, mostly in its Hoffman Estates headquarters, Sears spokesman Chris Brathwaite …

Chicago

Oil sold out of tanker storage in Asia as market slowly tightens

SINGAPORE (Reuters) - Traders are selling oil held in tankers anchored off Malaysia, Singapore and Indonesia in a sign that the production cut led by OPEC is starting to have the desired effect of drawing down bloated inventories.<p>Yet in the short-term, the crude released from tankers will weigh on …

Oil

Why South Korean companies, entertainers are getting cold shoulder in China

<b>(CNN) —</b> Ever since Seoul agreed last year to host a US missile defense system, South Korean pop stars, musicians and companies have felt a distinct chill in China.<p>This week, China took aim at Lotte, a South Korean conglomerate that owns the golf course on which the THAAD system will be located. …

China

U.S. oil slips as stockpiles rise for seventh week

TOKYO (Reuters) - U.S. oil prices fell on Friday after government data released late on Thursday showed stockpiles rose last week for a seventh straight week, although losses were muted as inventory growth was well below expectations.<p>U.S. West Texas Intermediate <CLc1> fell 13 cents, or 0.2 …

Oil

10 Ways To (Mostly) Avoid A Tax Audit

I know you’ve seen headlines and ads claiming that you can completely avoid a tax audit by following certain advice. If you’re hoping to learn how to completely avoid a tax audit, lean in and I’ll tell you a secret: you can’t. No one can promise you that you will never be audited. That’s because …

Taxes