Page 1307 - Business Finance
John Bogle dies at 89; fought for lower fees for investors
When he lost his job running a mutual fund company after stocks tanked in the early 70's, John C Bogle decided that money managers knew very little about predicting the market and charged way too much for that lack of knowledge. He founded a new fund company, Vanguard, in 1974. Two years later, Vanguard introduced the first index fund for individual investors a vehicle that simply tracks the performance of an index like the S&P 500. It was no frills and enabled investors to avoid the higher fees assessed by professional fund managers who frequently failed to beat the market. The fund, called First Index Investment Trust, was derided for years as "Bogle's folly." Critics maintained that it aimed only for mediocrity and missed moneymaking opportunities outside the index's narrow focus. Bogle, who died Wednesday at the age of 89, and Vanguard eventually won investors over. That initial fund is now the Vanguard 500 Index fund with USD 400 billion in assets. It is no longer ...
SpaceX to build Mars ships in Texas, not Los Angeles
SpaceX said Wednesday that it will build test versions of its Mars spaceship in south Texas instead of the Port of Los Angeles in another blow to the local economy that comes days after the company announced massive layoffs. The decision was made to streamline operations, the Hawthorne, California-based company said in a statement. SpaceX won approval last year to lease 19 acres at the port's Terminal Island. It planned to erect a new facility to do work on the interplanetary spacecraft, now called Starship, and its launch vehicle, the Super Heavy, which would be the largest rocket ever built. The port facility would have allowed the giant craft to be barged or shipped to launch sites. It could have added about 700 jobs to the area. SpaceX now won't proceed with that option. SpaceX founder Elon Musk tweeted that development of Starship will continue in Hawthorne but prototypes will be built in south Texas. The company has a launch facility in Boca Chica near Brownsville, where one ...
5Paisa Capital reports consolidated net loss of Rs 3.55 crore in the December 2018 quarter
Sales rise 254.29% to Rs 18.99 crore
Motilal Oswal Financial Services consolidated net profit declines 83.87% in the December 2018 quarter
Sales decline 20.07% to Rs 647.59 crore
Medico Intercontinental reports standalone net profit of Rs 0.17 crore in the December 2018 quarter
Sales reported at Rs 1.17 crore
Kayel Securities reports standalone net profit of Rs 0.04 crore in the December 2018 quarter
Sales reported at Rs 0.07 crore
Urbaknitt Fabs reports consolidated net profit of Rs 0.06 crore in the December 2018 quarter
Sales rise 194.56% to Rs 28.16 crore
AVI Polymers reports standalone nil net profit/loss in the December 2018 quarter
Sales reported at Rs 0.05 crore
Market may open in negative zone
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 22 points at the opening bell. Hindustan Unilever and Reliance Industries will declare their results today, 17 January 2018.
Singapore's December exports post worst fall in two years
SINGAPORE (Reuters) - Singapore's exports recorded their worst decline in more than two years in December as shipments of electronics and pharmaceuticals plunged, official data showed on Thursday.
Record U.S. crude production weighs on oil prices
SYDNEY (Reuters) - Oil prices dipped on Thursday as U.S. crude production quickly approached an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge.
Global Markets: Asia shares falter on China unease, pound finds some peace
SYDNEY (Reuters) - Asian share markets faltered on Thursday as unease over China's economic outlook eroded early gains, though an anti-climactic end to the latest chapter in the Brexit saga did offer sterling a moment's peace.
Fuel prices witness upward trend
Petrol and diesel prices continued to witness a hike in the national capital on Thursday.Petrol price in New Delhi saw an increase of 14 paise and is now being retailed at Rs 70.47 per litre, while diesel price was hiked by 19 paise and is now being sold at Rs 64.78 per litre.Meanwhile, petrol prices in Mumbai also saw an increase of 14 paise to be sold at Rs 76.11 per litre. A litre of diesel is being sold at Rs 67.82 in the financial capital of the country following an increase of 20 paise.Yesterday, petrol and diesel were retailed at Rs 70.33 and Rs 64.59 per litre respectively in Delhi while in Mumbai, a litre of petrol cost Rs. 75.97 after a decline of 8 paise. On the other hand, diesel witnessed a drop of 13 paise in Mumbai and was sold at Rs 67.62 per litre.The rise in prices comes amidst the revision of global crude oil prices owing to a possible stifling of supply in the near future.
France urges Renault to replace Carlos Ghosn
French Economy Minister Bruno Le Maire on Wednesday opined that it was time for new leadership at Renault, saying that its jailed chairman Carlos Ghosn should be replaced as soon as possible."We want a meeting of the Renault executive board in the next few days. We're asking for new long-term leadership," Le Maire was quoted by CNN saying.The French government own 15 per cent of Renault. It previously supported the French automobile manufacturer's decision to allow Ghosn to continue serving his post while awaiting a trial.On January 11, the 64-year-old Renault boss was indicted for the second time since he was arrested on November 19 last year on charges of financial misconduct.Ghosn has been charged by Japanese prosecutors for temporarily transferring personal investment losses to Nissan and understating his income between 2010 and 2018, CNN reported.Last December, Ghosn was re-arrested after new allegations surfaced on aggravated breach of trust, where the 64-year-old ...
RBC lowers five-year fixed mortgage rate - The Globe and Mail
(Reuters) - Royal Bank of Canada has become the first major Canadian bank to cut its five-year fixed mortgage rate, The Globe and Mail reported on Wednesday.
Asia shares edge up, pound gets moment's peace
SYDNEY (Reuters) - Asian shares crept higher on Thursday as upbeat bank earnings bolstered Wall Street, while an anti-climactic end to the latest chapter in the Brexit saga gave sterling a moment's peace.
Oil prices edge down as U.S. fuel stockpiles grow more than expected
SYDNEY (Reuters) - U.S. oil prices inched down on Thursday, with traders worried about the strength of demand in the United States after gasoline stockpiles there grew last week by far more than analysts had expected.
John Bogle, Vanguard founder and low-cost investing pioneer, dies at 89
(Reuters) - John Bogle, whose family's struggles during the Great Depression led him to pioneer low-cost investing and to found Vanguard Group, now the world's biggest mutual fund firm, died on Wednesday at the age of 89, Vanguard said.
Goldman dealmakers shine in Solomon's maiden quarter
(Reuters) - Goldman Sachs Group Inc turned in a better-than-expected profit during David Solomon's first quarter at the helm, helped by dealmakers in the division the new chief executive once oversaw.
Sears chairman prevails in bankruptcy auction for retailer with $5.2 billion bid - sources
NEW YORK (Reuters) - Sears Holdings Corp Chairman Eddie Lampert prevailed in a bankruptcy auction for the U.S. department store chain with an improved takeover bid of roughly $5.2 billion, allowing the 126-year-old retailer to keep its doors open, people familiar with the matter said Wednesday.