Headlines 

Americas Southwest Border Is Not Out of Control

President Donald Trump’s vision of the U.S. southwestern border verges on the apocalyptic. “Caravans are heading here,” he claims. “Deadly ravages of drugs, gangs and crime [are] pouring across our border,” while legal loopholes allow in murderers and thieves who have “transformed once-peaceful neighborhoods into bloodstained killing fields.” Never mind the studies showing that illegal immigrants commit crimes at rates less likely to be incarcerated than people born in the U.S. And ignore, for the moment, the Drug Enforcement Agency’s own put it this week, look instead at the historical record of…

Read More
Headlines 

GE Kicked Out of Dow, the Last 19th Century Member Removed

General Electric Co. suffered a crowning mentioned as a Dow candidate. Tuesday’s switch de-emphasizes industrial companies in the Dow, currently the biggest industry group in the index at 23 percent of its value, according to data compiled by Bloomberg. Walgreens is categorized as a consumer-staples company, a group that now only makes up 5.7 percent of the Dow. Health-care companies are 13 percent. According to the index manager’s website, the Dow favors a company that “has an excellent reputation, demonstrates sustained growth and is of interest to a large number…

Read More
Headlines 

This Stock’s 9,500% Rally Created a Town of Millionaires

At most big companies, it’s pretty clear who the millionaires are: top executives, rainmakers, science whizzes with PhDs. But at China’s Bloomberg. The previously unreported value of their holdings has ballooned as Sunny Optical’s shares surged more than 9,500 percent since June 2008, trouncing even Netflix Inc.’s 7,500 percent gain. Founded more than three decades ago by a former appliance-factory worker with a high school education and less than $10,000 of borrowed cash, Sunny Optical is now a $22 billion behemoth that supplies lenses to the likes of Samsung and…

Read More
Headlines 

A Trader Named Morgan Stanley Just Left Morgan Stanley

Morgan Stanley. No, really. The fixed-income trader, who just happens to share a name with the 82-year-old Wall Street firm, has left the bank, a person with knowledge of the matter said. Stanley joined in 2012 after graduating from Boston College, according to records from the Financial Industry Regulatory Authority. Stanley, whose middle name is Adam, didn’t return LinkedIn messages seeking comment on his next career move. A spokesman for the New York-based bank declined to comment. Read more: http://www.bloomberg.com/news/articles/2018-04-17/morgan-stanley-leaves-morgan-stanley-yes-you-read-that-right

Read More
Headlines 

China Is Studying Yuan Devaluation as a Tool in Trade Spat

Chinese leaders are weighing options as trade tensions rise Trump bashed China’s currency policy on the campaign trail Other markets have been far more turbulent as both the U.S. and China proposed tariffs on $50 billion of goods and Trump instructed his administration to consider levies on an additional $100 billion of Chinese products. currency manipulator, make it more difficult for Chinese companies to service their mountain of offshore debt, and undermine recent efforts by the government to move toward a more market-oriented exchange rate system. It would also expose…

Read More
Headlines 

Threats From All Sides Push Walmart and Humana Closer Together

Walmart Inc. and health insurer Humana Inc. may be facing different threats with the same solution. Amazon.com Inc. has taken direct aim at the giant retailer by siphoning customers out of its stores. Humana’s rivals are striking deals to make them one-stop health superstores with insurance, drug coverage, pharmacies, clinics and doctors. A told Bloomberg the pair are mainly considering a closer partnership to provide care to consumers at or near their homes, helping them manage or prevent illness. Walmart would be able to steer Humana’s millions of customers to…

Read More
Headlines 

Stocks Tumble in Biggest Weekly Decline Since 2016: Markets Wrap

Dow Jones Industrials lost more than 1,400 points in the week Crude oil registers largest five-day increase since July data showed European growth sputtering. The tech heavy Nasdaq 100 dropped 7.3 percent this week, the most since 2015. Traders had already been bracing for the possibility of slowing expansion as the Federal Reserve reiterated its commitment to further interest-rate increases after Wednesday’s hike. “There is a tug of war between Fed tightening, fiscal stimulus, strong earning but slowing sales and now tariffs and potential trade wars,” said Jason Browne, chief…

Read More
Headlines 

Bitcoin Falls on Fears of Regulatory Trouble for Big Crypto Exchange

Japan’s FSA warns Binance for operating without a license Biggest cryptocurrency fell 4.5% after news first reported told Bloomberg in January that it was working to acquire a license in Japan, but the warning could complicate those efforts. Zhao said on Thursday that the exchange is “engaged in constructive dialogue” with the FSA. While Binance was founded in Hong Kong last year, Zhao has said that his company does not currently have a legal headquarters anywhere in the world.

Read More
Headlines 

Trade Wars Are Bad and Hard to Win, U.K. Tells Trump

The U.K. has “deep concern” about the U.S. plan to slap tariffs on steel and aluminum imports, and negotiated accords are better, Prime Minister Theresa May told President Donald Trump. The two leaders spoke Sunday by telephone, with May saying “multilateral action was the only way to resolve the problem of global overcapacity in all parties’ interests,” according to a spokesman for the prime minister. Trump’s vow that trade wars are good and are easy to win also drew a rebuke from one of May’s most senior ministers, who said…

Read More
Headlines 

China Political Advisers Urge Response to U.S. Tariffs

Delegates from China’s top political advisory body, the Chinese People’s Political Consultative Conference, convened Saturday in Beijing. The representatives from a variety of political, social, economic and corporate organizations are meeting in parallel with a two-week session of the rubber-stamp parliament that begins Monday.  The legislature is expected to enact sweeping changes that would allow President Xi Jinping to rule indefinitely and give him greater control over the levers of money and power. The agenda includes repealing presidential term limits, creating a powerful new agency to police officials and possibly approving…

Read More
Headlines 

As CERAWeek Oil Gabfest Starts, Here’s What We’re Listening For

CERAWeek by IHS Markit, the largest gathering of energy executives and officials in the Americas, begins Monday. Here’s what we’ll be listening for over the five-day period:  What’s OPEC’s next move? Secretary General Mohammad Barkindo will dine with shale executives in Houston on Monday. Can the two rivals make peace as the price of oil recovers? Where will the Permian go from here? The world’s hottest oil field is still the subject of speculation about its maximum potential. Last year, Occidental Petroleum Corp.’s chief executive officer, Vicki Hollub, said output…

Read More
Headlines 

Scaramucci Says He Fears John Kelly Will Thwart SkyBridge Sale

Former Read more: Hicks’s exit widens Trump staff tumult Scaramucci’s fury with Trump’s chief of staff has been well-known since his dismissal on Kelly’s first day managing the White House. Scaramucci lost the job less than two weeks after he had been hired, largely over a tirade against then-chief strategist Steve Bannon. Now Scaramucci is at it again, but this time the target is Kelly — making him one of Kelly’s most high-profile critics at a time when some other Trump loyalists are questioning whether the president is being ill-served…

Read More
Headlines 

Disney Faces Lengthy Bidding War as Comcast Makes Sky Play

Your move, Bob Iger. Comcast Corp. is challenging the chief executive officer of Walt Disney Co. and his plans to take over 21st Century Fox Inc.’s media businesses by swooping in and trying to snag one of the main assets. Comcast made a surprise 22.1 billion-pound ($31 billion) offer Tuesday for U.K. pay-TV company Sky Plc, which Iger has called a crown jewel of the package he’s seeking to buy from Fox. The sudden arrival of Comcast creates some difficult choices for Iger: Should he be content with Fox minus…

Read More