By Sam Forgione NEW YORK (Reuters) - Global equity markets rose on Friday after strong corporate results from Microsoft and Procter & Gamble and reduced concerns over the possible spread of Ebola boosted U.S. shares and kept safe-haven U.S. Treasuries prices stable. MSCI's all-country world equity index rose 3.1 percent for the week, marking its biggest weekly percentage gain since July 2013, while the benchmark U.S. S&P 500 was up 5.5 percent from its low on Oct. 15 and notched its best weekly gain in almost two years. Solid U.S. corporate results bolstered shares over the week. ...
By Sam Forgione NEW YORK (Reuters) - Global equity markets rose on Friday after strong corporate results from Microsoft and Procter & Gamble and reduced concerns over the possible spread of Ebola boosted U.S. MSCI's all-country world equity index rose 3.1 percent for the week, marking its biggest weekly percentage gain since July 2013, while the benchmark U.S.
(Reuters) - Consumer advocate Ralph Nader sent a letter to Apple Inc Chief Executive Tim Cook urging the company to reduce its spending on share buybacks and use the money to raise wages, the Wall Street Journal reported. "... Poverty wages and harmful conditions are a consequence of tolerating outrageous stock buybacks," wrote the five-time presidential candidate in his letter published by the Journal. "Designed by Apple in California has a nicer ringer to it than assembled by workers paid about a dollar per hour, working 11-hour shifts, and sleeping eight to a room in the Jabil Circuit corporate dormitories in Wuxi, China," wrote Nader in the letter dated Oct. 23. Contract electronics maker Jabil's top customers include Apple.
The S&P 500 is up 3.7 percent for the week, putting the index on track for its best week since the start of 2013, boosted by solid corporate earnings reports. News of the first case of Ebola diagnosed in New York hit futures late on Thursday, but the markets have shaken off those concerns on Friday. A doctor being treated for Ebola in a New York City hospital is in stable condition, the city's health commissioner said on Friday, while the World Health Organization set out plans for speeding up development and deployment of experimental Ebola vaccines. "The management of the Ebola virus has given the market some confidence that they can move forward and focus on what pricing is really predicated upon – earnings and data - and in both cases they have been very constructive," said Peter Kenny, chief market strategist at Clearpool Group in New York.
By Yasmeen Abutaleb NEW YORK (Reuters) - U.S. stocks closed out their best week in nearly two years on Friday, helped by earnings from Microsoft and Procter & Gamble and as concerns eased over the possible spread of Ebola in the United States. The S&P 500 was up 5.5 percent from its low on Oct. 15 and had its best weekly gain in nearly two years, boosted by solid corporate earnings reports. News of the first case of Ebola diagnosed in New York City hit futures late on Thursday, but the markets shook off those concerns on Friday. ...
NEW YORK (Reuters) - U.S. stocks closed out their best week since January 2013 on Friday, helped by earnings from Microsoft and Procter & Gamble and as concerns eased over the possible spread of Ebola in the United States. Based on the latest available data, The Dow Jones industrial average rose 127.51 points, or 0.76 percent, to 16,805.41, the S&P 500 gained 13.77 points, or 0.71 percent, to 1,964.58 and the Nasdaq Composite added 30.92 points, or 0.69 percent, to 4,483.72. (Reporting by Caroline Valetkevitch; Editing by James Dalgleish)
By Julien Toyer and Carlos Ruano MADRID (Reuters) - State-owned Spanish airport operator Aena has postponed filing the prospectus for its planned $10 billion (6.22 billion pounds) stock market listing until next week, an official said on Friday, after the Madrid bourse regulator said it needed more information. The sale of a 49 percent stake in the world's biggest airports operator has been flagged as the largest initial public offering in Europe this year and a litmus test for domestic investor faith in an economic recovery. There is no problem with investor demand," an Aena official told Reuters, adding that the prospectus would be filed next Friday. The group is sticking to its planned stock market debut on Nov. 12, but would have a shorter offering period and roadshow than first envisaged as a result of the one-week delay, he said.
(Reuters) - Rebekah Brooks, the former head of News Corp's British newspaper division who was at the centre of a phone hacking scandal, is visiting New York this week, exploring possible jobs, a company spokesman said on Friday. A protege of Murdoch, Brooks has been in meetings at News Corp's headquarters, the publisher of The Wall Street Journal and New York Post, and elsewhere exploring job possibilities, according to the spokesman. Brooks soared through the ranks at News Corp from a junior newsroom position to become chief executive officer of News International, the British publisher of The Sun and The Times, before stepping down in 2011 in the wake of the phone hacking scandal Brooks stood trial in London this summer for illegal conspiracy to hack into phones and authorising illegal payments to public officials. The news of her trip to New York was first reported by Capital New York.
By Bernie Woodall and Ben Klayman DETROIT (Reuters) - Ford Motor Co on Friday reported a 34 percent drop in third-quarter profit, and revenue fell due to the cost of introducing the F-150 pickup truck. Ford, which affirmed its full-year profit outlook, said earnings suffered from lower wholesale vehicle volumes and recall costs, as well as supplier parts shortages. While a strong performance in North America helped push earnings above Wall Street estimates, analysts and investors were not impressed.
Reuters Sergey Brin, CEO and co-founder of Google, models Google Glass. Much has been written about how technology could be used to replace humans in the service sector, but a recent USA Today story suggests it can also save companies money by making workers more efficient. KFC, one of the world’s largest fast-food chains, recently ran a trial in which it trained employees using a software program on Google Glass that could potentially help its parent company, Yum Brands, save millions of dollars in labor costs. The training program was developed by Ankur Gopal, a Kentucky engineer and the CEO of the mobile technology company Interapt. When wearing Google Glass, employees would see a series of on-screen prompts giving them step-by-step directions for tasks like making a sandwich, shutting down a fryer, or closing a store for the night. USA Today reports that Gopal said Yum Brands, which also owns Pizza Hut and Taco Bell, calculated that it could save nearly 2% of its labor costs by adopting his program in their stores. These savings, a result of a faster training process, would come to tens of millions of dollars across the company’s 8,000 locations. A spokesperson for KFC tells Business Insider no such calculation was made and that he could not confirm Gopal’s estimate. “I was one of the guinea pigs, and in less than two hours I was making KFC chicken as if I’d worked there for a long time,” Gopal tells USA Today. The automation of work done by fast-food employees has become an increasingly hot-button topic as workers across the country have pushed the big national restaurant chains to raise their wages to $15 an hour. One line of thinking, summed up by a recent Wall Street Journal editorial, is that if employees don’t want to work for the wages they’re currently being paid, fast-food companies can save themselves the hassle by employing computerized machines to do their jobs, instead. Meanwhile others, like the New York Times columnist Paul Krugman, have said that it would be impossible to replace many fast-food employees because they work in a “common-sense industry” that needs the flexibility only a human can provide at this point in time. It’s unclear whether using Google Glass to make training more efficient would allow companies to cut jobs, or whether it would merely get workers the company was already going to hire up to speed in a shorter period of time. Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
NEW YORK (Reuters) - Transatlantic exchange operator Nasdaq OMX Group Inc on Friday reported a higher third-quarter profit, as lower expenses helped offset a decline in revenues driven in part by the impact of foreign exchange rates. Net income attributable to Nasdaq totaled $123 million, or 71 cents per share, up from $113 million, or 66 cents per share, a year earlier. Excluding one-time items, the New York-based company earned 72 cents per share, beating the analysts' average estimate by 2 cents, according to Thomson Reuters I/B/E/S. Revenue fell 2 percent to $497 million. ...
By Deepa Seetharaman SAN FRANCISCO (Reuters) - Amazon.com Inc's sales projections for the crucial holiday quarter disappointed Wall Street and third-quarter results missed forecasts, sending the online retailer's shares 9 percent lower on Thursday. After an unusually busy first half of the year that saw the online retailer spend on developing everything from mobile phones and Hollywood-style production to grocery deliveries, investors were ready to see it curtail its ambitions and start delivering sustainable profits. "Because of all that money they need to spend to drive growth, it becomes an expensive proposition." Thursday's after-hours share losses wipe more than $15 billion off of Amazon's market value. The stock had already been down 13 percent since Amazon's last quarterly results announcement in July, when it also missed targets and ignited a debate about its free spending ways.