On his last day as Fed vice chair, Stanley Fischer‘s sent some advice to President Donald Trump: Stay the course. In an interview at the World Bank/International Monetary Fund conference Friday, Fischer pushed the president to reappoint Janet Yellen as Fed chair. Though normally reluctant to wade into political waters, he made his preference known.
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Though Amazon has promised steep discounts at Whole Foods stores, now that it owns the organic supermarket chain, Costco still reigns supreme in the ongoing grocery price wars, according to JPMorgan. “[Costco] offers an unquestioned value prop with the best pricing, curated assortment, strong private label offering, and treasure hunt atmosphere,” JPMorgan analyst Christopher Horvers
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A scandal about falsified quality data at Kobe Steel expanded on Friday, as the Japanese steel maker said nine subsidiaries, including several outside Japan, had either failed to carry out required product checks or had lied about the results. Including products sold by the subsidiaries, Kobe Steel said it now estimated that it had shipped
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In other cases, cybercriminals may attack small businesses in order to access larger companies they do business with, Kaiser said. When hackers gained access to Target in 2013, for example, they did so through the company’s HVAC vendor, Kaiser said. Nearly 90 percent of businesses reported having put in place some cybersecurity protection, according to
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Airplanes and Panamax cargo ships redefined the parcel service in the 20th century, but those days may be fading quickly. Morgan Stanley believes the SpaceX plan for the Big Falcon Rocket as a reusable mode of Earth transportation could change the game for United Parcel Services and FedEx. “The freight transportation business — especially parcel
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The bank also said, however, its fixed-income trading revenue fell 22 percent on a year-over-year basis. Third-quarter fixed-income revenue totaled $2.152 billion versus $2.646 billion in the year-earlier period. Bank of America said the slowdown was “driven by less favorable market conditions across credit-related products, as well as lower volatility in rates products.” “This slowly
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Daniel Acker | Bloomberg | Getty Images An employee removes a pizza from the oven at a Domino’s Pizza restaurant in Rantoul, Illinois. Shares of Dominos fell 5 percent Thursday after the company beat earnings but disappointed some optimistic investors who were hoping for even better growth. Even though the company reported 8.4 percent domestic
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The total value of all bitcoins in existence (roughly 66 million) stands at about $86 billion. Add in the other few hundred cryptocurrencies and it’s a $155 billion market. Yet these new assets comprise just a fraction of the world’s multitrillion currency market. And as a new asset with a smaller pool of investors, cryptocurrencies
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After back-to-back storms pummeled Texas, Florida and Puerto Rico, many people upped their charitable contributions for 2017. Now it’s time to reap the tax benefit. Daniel Borochoff, president of CharityWatch.org, predicts donations could surpass last year’s record high, driven primarily by overall economic growth, although the recent disasters will also play a role. “The giving
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Health insurance is a very big topic for the 30-something clientele Roberge at Beyond Your Hammock serves. The questions he asks include: Have the premiums or coverage changed? Should you switch to a high-deductible plan? If you use a health savings account, does the company contribute to it, too? Roberge finds that clients often don’t
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Domino’s, the biggest U.S. pizza delivery chain, reported a better-than-expected quarterly profit on Thursday as the company benefited from higher demand in the United States. Same-store sales at company-owned outlets in the United States, Domino’s biggest source of store revenue, jumped 8.4 percent in the third quarter ended Sept. 10. This was above the 6.6
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Citi reported a 3 percent year-over-year increase in global consumer banking revenue. In North America, retail banking revenue rose 12 percent, excluding mortgages. Citi cited “continued growth in loans and assets under management,” as well as higher interest rates. The bank’s international consumer business saw an 8 percent revenue increase, driven by higher loans and
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China’s new digital barons are rising. One of its most ambitious global deal makers is falling. And a property mogul who likes to borrow heavily is on top. Xu Jiayin — an entrepreneur behind China Evergrande Group, one of the country’s most aggressive property developers — has become the country’s richest person, according to a
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