Reliance reaps record profit from consumer-facing growth

Indian oil-to-telecoms conglomerate Reliance Industries said strong growth in its consumer-facing businesses lifted second quarter net profit by 18.3% year-on-year to a record total. Consolidated net profit rose to 112.62 billion Indian rupees ($1.58 billion) in the three months ended Sept. 30, the country's largest company by market value said on Friday. "The company has reported a record net profit for the quarter," Reliance's billionaire Chairman Mukesh Ambani said, adding that the results also reflect the rapid scale-up of its consumer businesses.

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  India's Reliance profits jump 18.3 percent

  AFP
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  DHFL reports $29 million loss in June quarter

  Reuters

SmileDirect Claims California Dentist Conspiracy Harmed Business

In a lawsuit filed Wednesday in federal court, SmileDirect alleges the Dental Board of California had an investigator conduct “a series of coordinated raids” on the company's retail locations, known as SmileShops. The California Dental Board declined to comment on the lawsuit. A spokeswoman for SmileDirect didn't have any additional comment on the lawsuit.

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  California Passes Dental Law Regarding Self-Applied Orthodontic Treatments

  PR Newswire
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  CUBEX LLC Expands With The Launch Of New Dental Venture, ZIMBIS

  PR Newswire

CME dismisses Vanity Fair story on Trump chaos trades as 'patently false'

A viral Vanity Fair article that suggested traders may have had foreknowledge about a series of geopolitical events — and profited handsomely from them — is “patently false,” according to the Chicago Mercantile Exchange. On Thursday, author William Cohan published an article that linked mysterious trading in S&P 500 (^GSPC) futures contracts to market-moving developments like the September 13 drone attack on Saudi Arabia's oil facilities, the U.S.-China trade war and Hong Kong's independence protests. Euphemistically called “chaos trades,” the article alleged someone connected to President Donald Trump's actions may have provided investors with illicit or insider knowledge, who reaped hundreds of millions in profit.

• What a suspicious pattern of Trump trades really reveals

  The Week
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  Analysts Have a Few Problems With Trump ‘Chaos Trades’ Article

  Bloomberg

Bank of America declares ‘the end of the 60-40’ standard portfolio

Investors have long been told that the ideal portfolio should carry 60% of its holdings in equities and 40% in bonds, a mix that provides greater exposure to historically superior stock returns, while also granting the diversification benefits and lower risk of fixed-income investments. But in a research note published by Bank of America Securities titled “The End of 60/40,” portfolio strategists Derek Harris and Jared Woodard argue that “there are good reasons to reconsider the role of bonds in your portfolio,” and to allocate a greater share toward equities.

Lender Spat Could Push Barbecue Fuel Retailer into Debt Restructuring

The second-biggest U.S. distributor of retail propane is tangling with TPG Specialty Lending Inc., which provides a $575 million credit facility that makes up the bulk of Ferrellgas's liquidity. According to the company's annual 10-K filing, Ferrellgas failed to deliver its financial results by the Sept. 24 deadline, delivering them a day later after TPG said it was in default.

Facebook's Zuckerberg Says China 'Never Let Us In'

Facebook Inc. Chief Executive Officer Mark Zuckerberg discusses the social-media company's stance against the censored version of the internet found in China, and role of U.S.-based online companies in promoting free expression. Zuckerberg spoke to students at Georgetown University's Gaston Hall in Washington.

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  What Facebook CEO Mark Zuckerberg Said in His Defense of ‘Free Expression’

  Coindesk
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  Facebook's Zuckerberg criticizes TikTok for censoring protesters

  Reuters

Here's what a higher minimum wage really does to job growth

Striking McDonalds workers demanding a $15 minimum wage demonstrate in Las Vegas, Nevada U.S., June 14, 2019. Fact One: The effective minimum wage (I'll spell this out below) has been soaring recently and is at an all-time high. Nixon was in the White House, Neil Armstrong was on the moon, and the hippies were at Woodstock.

Exclusive: One of the nation's largest banks is coming to Philadelphia

One of the nation's largest financial institutions, Northern Trust Corp., is opening its first Philadelphia location at the newly redeveloped 2400 Market Street, according to records from the Pennsylvania Department of Banking and Securities. The state banking regulator said it approved Chicago-based Northern Trust's application this week to open an office in a suite on the second floor of 2400 Market — the 650,000-square-foot building that was redeveloped and expanded last year via a partnership involving Lubert-Adler and PMC Property Group. Officials from Northern Trust (NASDAQ: NTRS) did not respond to inquiries Thursday.

Oracle co-CEO Mark Hurd dies at 62

Last month, Hurd went on a medical leave for unspecified health reasons, while Catz and founder Larry Ellison took over his responsibilities during the absence. "Oracle has lost a brilliant and beloved leader who personally touched the lives of so many of us during his decade at Oracle," Ellison wrote in an email to company employees. Hurd and Catz were named co-CEOs in 2014, after Ellison decided to step aside to focus on his role as chief technology officer.

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  Mark Hurd: Silicon Valley’s Ultimate Salesman

  Bloomberg
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  Mark Hurd, with 'loquacious' style, brought Oracle into cloud era through sales revamp

  American City Business Journals

Why the bull market won’t end with a typical crash, says hedge fund billionaire Ray Dalio

The U.S. and China may be nearing a tentative, partial trade agreement but the IMF's new leader has warned the trade truce won't be enough to boost global growth. Another ongoing dispute may also be nearing a resolution, with the U.K. and EU agreeing a Brexit deal, though British MPs still have to approve it. But the U.S. has confirmed tariffs on $7.5 billion worth of European goods will take effect on Friday, proving that geopolitical tensions are here to stay.

• Ray Dalio Says Global Economy Is in a ‘Great Sag’

  Bloomberg
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  Ray Dalio: Where Could the Business Cycle Head?

  Market Realist

Oaktree's Howard Marks on Negative Rates, Demanding Safety, U.S. Recession

Howard Marks, co-chairman at Oaktree Capital, discusses his latest note to clients on negative interest rates, the reasons why investors buy negative-yielding assets, relying on analysis over ratings, and the inevitability of a U.S. recession. He speaks with Bloomberg's Erik Schatzker on "Bloomberg Markets."

The 401(k) retirement is coming — are you prepared?

Most retirees rely on retirement income they didn't personally put away for their futures, although they did work for it. Young adults won't have that luxury, and they know it, a recent survey found. All but 5% of current retirees consider Social Security and a pension plan as their primary sources of retirement income, according to a Wells Fargo (WFC) survey released Friday.

With merger pending, BB&T reports better-than-expected third quarter earnings

BB&T Corp. (NYSE: BBT) today reported better than-expected adjusted third-quarter earnings driven by stronger revenues and lower credit costs. BB&T reported a third-quarter profit of $735 million, or 95 cents a share, down 6 percent compared to last year's profit of $789 million, or $1.01 a share. "We continue to make significant progress laying the groundwork for our exciting merger of equals with SunTrust," BB&T CEO Kelly King said in a statement. "We are very pleased the shareholders of both companies strongly supported the merger at their respective meetings earlier this quarter.

Why stock investors shouldn’t ignore this warning signal from the oil market

Oil prices might be acting like a warning light when it comes to the stock market, which is trading near all-time highs despite growing concern over the U.S.-China tariff battle and rising global trade tensions. Equity and corporate bonds in the U.S. have so far shrugged off the worrying signs for the global economy coming from lower oil prices. But we suspect that it won't be long before slower global growth, including in the U.S., takes a toll on both,” said Simona Gambarini, markets economist at Capital Economics, in a Friday note.

Medicare 2020: 4 major changes you should know about

Pulling up last year's information: If you want to compare this year's drug list with last year's, you must switch between the old plan finder and this year's – a major inconvenience. That means if you want to make sure last year's drug list is covered under this year's plan, you must access the old plan finder first. Caregiver access: If you're a caregiver who needs access to your senior's saved medical information on the old system, you need to first fill out an authorization form.

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  Tucker: Medicare-for-all is actual socialism

  FOX News Videos
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  What to know before switching to Medicare Advantage

  MarketWatch

Best Dividend Stocks In 2019: 5 High-Yield Stocks Beating The S&P 500

Dividend stability factor: 7. Dividend payout ratio: 35.3%. Earnings stability factor: 8.

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  People's United Financial Declares Cash Dividend on Preferred Stock

  PR Newswire
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  Is Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE:HASI) A Good Dividend Stock?

  Simply Wall St.

Dimon says money-market turmoil last month risks morphing into a crisis if Fed falters

JPMorgan Chase & Co CEO Jamie Dimon said Friday that the turmoil in the plumbing of the financial system last month may be precursor of a bigger crisis if the Federal Reserve doesn't learn from the experience. During a moderated discussion at the Institute for International Finance meeting in Washington, Dimon said problems in money markets, a crucial source of funding for Wall Street, was exacerbated due to regulations that currently tie up bank's extra cash parked at the Fed. As a result, Dimon said his firm, and other major money-center lenders, couldn't step in and sop up Treasury debt, in the so-called repo market at a key period.

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  Three charts that will make Jamie Dimon smile

  Quartz
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  Why banks shouldn’t blame the ‘repo rupture’ on regulation

  Yahoo Finance

Why the stock market hasn't crashed yet because of China's slowing economy

Traders continue to surprisingly laugh in the face of China's economic slowdown, which is in large part being fueled by the trade war with the U.S. Markets are more focused (and more upbeat, subsequently) on how global economic slowdowns will drive stimulus actions by central bankers and governments (especially in China), according to experts. Optimism also rages on because China's economy does in fact continue to grow, allowing big multinationals such as Starbucks and Apple to benefit from the rise in worker incomes and overall living standards.

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  IMF head says more needed to boost growth than US-China deal

  Associated Press
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  China's GDP growth grinds to near 30-year low as tariffs hit production

  Reuters