Take a look at the day's top stories with anchor Sean McDonald.
"Never bet against America." That's what Warren Buffett recently told CNBC when he was asked about incoming President Donald Trump, and what his expectations are for the stock market under the new administration. Buffett's thoughts on how to invest while Trump is in office are simple -- keep the long haul in mind. Buffett thinks America will be just fine Buffett once remarked that a big reason he loves Coca-Cola as an investment is because a "ham sandwich" could run the company. In other words, the wonderful business that is Coca-Cola is bigger than any one person. It seems that Buffett has similar feelings about the United States. While Buffett was an outspoken Hillary Clinton supporter during
It's no secret that department stores are having a rough time these days. Comparable sales over the holiday season fell at nearly every major chain, and total sales at department stores dropped 5.6% last year, according to the Census Bureau. Macy's (NYSE:M) may be the poster child for this declining industry. The company is more than 100 years old, and has flagship stores in the downtown of major cities across the country. It's as synonymous with shopping as any other store. It has, however, posted declining comparable sales for the last seven quarters in a row, and is on its way to its eighth straight drop. Like its peers, Macy's has been squeezed by e-commerce competitors like Amazon.com on
Hong Kong (AFP) - The dollar retreated against most peers Monday, with warnings of wild volatility ahead as Donald Trump began his presidency promising to put America first and attacking global trade deals.While trading floors are ravaged by uncertainty
American workers who are eligible for benefits can claim Social Security as early as age 62, although full retirement age isn't until at least 66. The most common age at which people file for their Social Security retirement benefit -- you guessed it -- 62. It's easy to see why many people want that money as soon as possible, but for some retirees, it pays to wait. Here's what you need to know about claiming Social Security early, and whether or not it could be the right move for you. Most people claim early More than half of all Americans claim Social Security before their full retirement age, according to a report by the Center for Retirement Research at Boston College, and the most popular
At the same time, millions of Americans marched in Washington and scores of cities across the country to protest Trump’s election and policies that threaten women’s rights, illegal immigrants, health care coverage for more than 20 million people, and long-standing international alliances. The day’s events were both breathtaking and alarming, as Trump and his new White House press secretary, Sean Spicer, appeared unhinged at times as they clashed with reporters and bitterly complained that the media had vastly understated the size of the crowd on hand for Trump’s swearing in ceremony. The White House also complained about what proved to be an inaccurate tweet by a Time Magazine reporter that Trump had removed a bust of Martin Luther King Jr. from the Oval Office.
Alibaba is set to announce results for its December quarter early Tuesday morning before the market opens, followed by a conference call at 7:30 a.m. EST. Besides earnings, Alibaba is currently faced with the constant and strident negativity regarding Chinese companies in addition to President Trump’s anti-China trade rhetoric as well. On the earnings front, Alibaba is expected to report earnings of $1.13 per share on revenues of $7.3 billion for the December quarter. For the current quarter ending in March, the Street expects earnings of $0.67 per share on revenues of $5.2 billion. Alibaba should not have a problem beating estimates for the December quarter and guidance going forward should
Donald Trump says he will not delay "making America great again" - and the new US president has already begun unpicking some of his predecessor's policies, including Barack Obama's signature healthcare system. So some quickfire changes to economic policy could well be in the pipeline. On the campaign trail, the rhetoric was passionate. So, now that Mr Trump is in the Oval Office, what are we likely to see? Deregulation Barely had the inauguration ended than White House Chief of Staff Reince Priebus called a halt to the introduction of any new regulations. That sounds like a bold move to cut red tape and, during the election, Mr Trump did promise to cut back the regulatory burden on business.
Macy's, Sears, Target, Kohl's, and JCPenney are among the many companies that have reported lackluster sales during the critical holiday period. In the wake of the disappointing season, Macy's and Sears are now collectively closing more than 200 stores, and analysts say JCPenney could shut down as many as 300 stores within the next couple years. Target has slashed its fourth-quarter sales and earnings outlook and the mall-based retailer The Limited just shut down all 200 of its stores.
Jan.22 -- President Trump has made no secret of his opinion on China, accusing it of currency manipulation throughout his election campaign. But, he's not the first president to take issue with Beijing on this matter. Bloomberg's Enda Curran reports on "Bloomberg Daybreak: Asia."
Financial markets have not priced in a protectionist Donald Trump presidency, according to Goldman Sachs. Look at how quickly Asia’s export-oriented companies have bounced back, “suggesting the market may not have priced in much trade risk”, wrote Goldman. Among Asian companies with sizable revenue exposure to the U.S., Goldman dislikes Kia Motors (000270.Korea), SMIC (981.Hong Kong), Advantech (2395.Taiwan), Acer (2353.Taiwan), and Cipla (500087.India) the most. These five companies promise 34%, 32%, 29%, 26% and 26% downside respectively. At first glance, Kia Motors should not be picked on by Trump. About 40% of its production is based in the U.S. – versus 10% in Mexico with the rest produced
A new Consumer Financial Protection Bureau report found that more than one in four consumers felt threatened when contacted by debt collectors. The first-ever national survey of consumer experiences with debt collectors found consumers often faced calls that came too often, at odd hours and contained warnings of jail time and other threats. CFPB Director Rich Cordray said the report casts a "troubling light" on the industry, and that the bureau is working to stop abuses.
The world's biggest smartphone maker Samsung blamed faulty batteries on Monday for the fires that hit its flagship Galaxy Note 7 device last year, as it sought to draw a line under the humiliating recall. Samsung Electronics was forced to discontinue the smartphone, originally intended to compete with Apple's iPhone, after a chaotic recall that saw replacement devices also catching fire. The debacle cost the South Korean company billions in lost profit and reputational damage, during a torrid period when it has also been embroiled in a corruption scandal that has seen President Park Geun-Hye impeached.
Although the overall individual audit rate is only about one in 119, the odds increase dramatically as your income goes up, as it might if you sell a valuable piece of property or get a big payout from a retirement plan. The IRS wants to be sure that owners of IRAs and participants in 401(k)s and other workplace retirement plans are properly taking and reporting required minimum distributions.
Japanese Prime Minister Shinzo Abe said on Monday he believed U.S. President Donald Trump understood the value of free trade and that he would keep pitching a multinational trade pact that Trump's administration has vowed to exit. "I believe President Trump understands the importance of free and fair trade, so I'd like to pursue his understanding on the strategic and economic importance of the TPP (Trans-Pacific Partnership) trade pact," Abe told a session of parliament's lower house.
24/7 Wall St. has put together a preview of the Dow Jones Industrial Average companies scheduled to report their quarterly results this week. Overall, 30% of the Dow is reporting next week, and this has the potential to sustain the run that the Dow has
Jan.22 -- Nasser Saidi, president of Nasser Saidi & Associates, discusses President Donald Trump's relations with the Middle East. He speaks with Bloomberg's Yousef Gamal El-Din and Tracy Alloway on "Bloomberg Markets: Middle East."
President Donald Trump's first executive order targets the sweeping "Obamacare" law by giving federal agencies broad leeway to chip away at the measure. Trump signed the executive order in the Oval Office Friday, hours after being sworn in as the 45th president of the United States. The one-page directive gives agencies authority to grant waivers, exemptions and delays of provisions in the Affordable Care Act.
Pacific Gas & Electric Co. says it is prepared to pay the maximum fine of $3 million after a jury convicted the company of deliberately violating pipeline safety regulations before a deadly natural gas pipeline explosion in the San Francisco Bay Area. U.S. District Court Judge Thelton Henderson is scheduled to sentence PG&E on Monday, and prosecutors want him to impose the bonus and advertising requirements. "PG&E's crimes compel a serious sentence that will alter its culture for good," prosecutors said in a sentencing memo filed with the court.
Jack Ma, the billionaire chairman of China e-commerce leader Alibaba Group, made waves in Davos this week when he criticized the U.S. for spending $14.2 trillion in the past 30 years on 13 overseas wars instead of putting part of those funds into America’s own infrastructure. It turns out Ma isn’t the only prominent Chinese billionaire who believes that. Zong Qinghou, the chairman of beverage maker Wahaha and formerly China’s richest man, said in an interview with Forbes China on Saturday that he agrees with Ma’s argument. Zong went on to say countries that once had the money to pay for military cooperation with the U.S. are today finding it harder to come up with resources. The U.S., as one
Blackstone Group LP is readying a new Asia-focused real estate fund that aims to raise a record $5 billion or more, betting on strong returns from property investments in the region, people familiar with the plans told Reuters. It has invested more than 70 percent of the $5.08 billion it raised in its first Asia-focused property fund, a threshold when buyout firms typically start considering and preparing for follow-up capital raising. New York-based Blackstone intends to boost investments in assets such as warehouses and shopping malls in China, India, Southeast Asia and Australia, one of the people said.
Oil prices fell one percent on Monday as signs of a strong recovery in U.S. oil drilling activity outweighed news that OPEC and non-OPEC producers were on track to meet output reduction goals set in December. Global benchmark Brent crude prices were down 49 cents at $55 a barrel at 1221 GMT, while U.S. West Texas Intermediate (WTI) crude futures traded at $52.57 a barrel, down 65 cents, or 1.2 percent, on Friday's close. Ministers representing members of the Organization of the Petroleum Exporting Countries and non-OPEC producers said at a meeting in Vienna on Sunday that of almost 1.8 million barrels per day (bpd) they had agreed to be taken out of the market, 1.5 million bpd had already gone.
Red, white and blue balloons rained down over crystal chandeliers in the soaring atrium of the Trump International Hotel at midnight in "a new inaugural tradition," its social media account promised. Trump's lease with the federal government to develop and operate a hotel inside the historic Old Post Office building expressly prohibits any elected official from benefiting from the property, yet Trump has not divested from his company or this particular project. The government's General Services Administration previously said it would refrain from commenting on the apparent contract violation until Trump took office, which he did at noon Friday.
By Marc Jones LONDON (Reuters) - The dollar fell to a 1-1/2 month low against an index of the world's other top currencies on Monday, after U.S. President Donald Trump struck a protectionist tone in his inauguration speech. "Every decision on trade, on taxes, on immigration, on foreign affairs, will be made to benefit American workers and families," Trump said in Washington on Friday. "...Protection will lead to great prosperity and strength." The speech was then followed over the weekend by coordinated protests in U.S. cities, testy exchanges between members of Trump's top staff and U.S. media and a signal from the president that he would begin renegotiating the North American Free Trade Agreement.
By Melanie Burton MELBOURNE (Reuters) - It was back in 2003 that Serena Williams first stamped her name on Australian Open history, the then 21-year-old taking down sister Venus to bring home her first title on the blue courts of Melbourne Park. Fourteen years on, the American is gunning for her 23rd grand slam title, and, at 35, is now among the oldest players left in the draw having fought off 16th seed Czech Barbora Strycova over two sets on Monday. Venus, at 36 the oldest player in the women's draw, is also through to the last eight in her record 73rd grand slam and Serena pondered whether it was a youthful outlook that had kept the pair at the top of the game for so long.
The board of Sainsbury's reprimanded its chairman David Tyler for using an employee of the British supermarket and a supplier to help revamp his country house, it said on Monday. Tyler, who has been chairman of Sainsbury's since 2009, was given a warning letter by the company's board and made a 5,000 pound ($6,200) contribution to charity as recompense for the staff member's time. The case, first reported by The Guardian, related to Tyler's use of a Sainsbury's staffer and a supplier to help with the development and installation of an underfloor heating system at his barn conversion in East Sussex, southern England.