Page 2728 - Business Finance
Global Markets: Stocks rally after speech by Fed's Powell, oil prices surge
NEW YORK (Reuters) - Global equity markets rose on Friday after Federal Reserve Chairman Jerome Powell said the U.S. central bank's policies are best to keep the economy humming, spurring new highs on Wall Street, while oil surged on signs Iran sanctions may crimp worldwide supply.
US dollar declines amid Fed Chair Powell's speech
The US dollar index decreased against other major currencies as Wall Street digested comments from US Federal Reserve Chairman Jerome Powell.
U.S. stocks up, S&P 500 reaches record closing high
NEW YORK (Reuters) - The benchmark S&P 500 index clinched its longest-ever bull market run on Friday, closing above its previous January high, as Federal Reserve Chairman Jerome Powell affirmed the U.S. central bank's current pace of rate hikes.
Papa John's taps investment banks amid pressure from founder -sources
NEW YORK (Reuters) - Papa John's International Inc , the world's third-largest pizza delivery company, has hired Bank of America Corp and Lazard Ltd to help find ways to stabilize the restaurant chain, which has come under pressure from its founder John Schnatter, people familiar with the matter said on Friday.
Wells Fargo lays off more than 600 mortgage workers
(Reuters) - Wells Fargo & Co is laying off more than 600 workers as it grapples with a slowdown in its mortgage business, a bank spokesman said on Friday.
Papa John's taps investment banks amid pressure from founder: sources
NEW YORK (Reuters) - Papa John's International Inc , the world's third-largest pizza delivery company, has hired Bank of America Corp and Lazard Ltd to help find ways to stabilize the restaurant chain, which has come under pressure from its founder John Schnatter, people familiar with the matter said on Friday.
Wall Street rallies as Powell stays on rate-hike course
NEW YORK (Reuters) - The S&P 500 and the Nasdaq hit new record highs on Friday after Federal Reserve Chairman Jerome Powell affirmed U.S. economic strength and said the central bank's gradual interest rate hikes were the best way to protect the economic recovery.
Powell signals more hikes ahead if US economy stays strong
Federal Reserve Chairman Jerome Powell signaled today that he expects the Fed to continue gradually raising interest rates if the US economic expansion remains strong. Powell added that while annual inflation has risen to near the Fed's 2 per cent target rate, it doesn't seem likely to accelerate above that point. That suggests that he doesn't foresee a need for the Fed to step up its rate hikes. Next month, the Fed is widely expected to resume raising rates. Speaking to an annual conference of central bankers in Jackson Hole, Wyoming, Powell said the Fed recognises the need to strike a careful balance between its mandates of maximizing employment and keeping price increases stable. He said a gradual approach to rate hikes is the best way to navigate between the risks of raising rates too fast and "needlessly shortening the expansion" and moving too slowly and risking an overheated economy. "My colleagues and I," the Fed chairman said in his speech, "are carefully monitoring incoming .
Gold traders see price floor amid rising open-interest in options
NEW YORK (Reuters) - A rise in activity in gold options amid geopolitical tensions and a record-long bull market for U.S. equities suggests that investors are betting gold prices have found a floor, traders said.
Gold firms as markets brace for Fed chairman's speech
LONDON (Reuters) - Gold prices rose on Friday as the dollar came under pressure ahead of a speech by the U.S. Federal Reserve chairman, which could yield clues to the direction of U.S. monetary policy.
Gap shares tumble as flagship brand shows no sign of recovery
(Reuters) - Shares of Gap Inc fell 8 pct in premarket trading on Friday, a day after the company's namesake brand posted another bigger-than-expected drop in comparable sales, raising concerns around the unit's turnaround plan.
Oil surges as China demand resumes, signs that Iran supply curbed
NEW YORK (Reuters) - Oil prices surged 2 percent on Friday and were on track to end a run of weekly declines on signs that Iran sanctions may limit global supply and that a trade war may not curb China's appetite for U.S. crude.
U.S. Fed's Powell defends policy of gradual interest rate hikes
JACKSON HOLE, Wyo. (Reuters) - Federal Reserve Chairman Jerome Powell on Friday defended the U.S. central bank's push to raise interest rates as healthy for the economy and signaled more hikes were coming despite President Donald Trump's criticism of higher borrowing costs.
Shelved Aramco IPO hits at heart of Saudi prince's reforms
DUBAI/RIYADH (Reuters) - Saudi Arabia's decision to shelve what was billed as the biggest share sale ever is a major blow to the credibility of Crown Prince Mohammed bin Salman but there are other ways to finance reforms to strengthen the economy, bankers and investors say.
Rlys warns against fraudsters who are promising candidates jobs through bribe
The railways today warned against unscrupulous elements who cheated candidates by claiming there was a quota of minister of railways through which they could get selected if they paid a bribe. In a statement, it said about Rs 93 lakh was collected by a group of people from candidates appearing for its computer-based exams in Maharashtra, especially in Vasai. "The railways lodged an FIR. The Mumbai Police has promptly arrested two accused for the offence and further investigations are on," it said. The national transporter is currently conducting recruitment for various posts, including about 66,000 posts for assistant loco pilots and various categories of technicians. This recruitment is being conducted through Railway Recruitment Boards (RRBs). The railways is also conducting recruitment for 8,619 constables and 1,120 sub-inspectors in the Railway Protection Force (RPF). Recruitment for this is being done by the director general of RPF. For Group 'C' posts, about 47 lakh candidates ..
Traders keep bets on Fed interest rate rises as Powell speaks
(Reuters) - Traders of short-term interest rate futures on Friday kept their bets the Federal Reserve will raise rates twice more this year after Fed Chairman Jerome Powell said further rate hikes would likely be appropriate.
Saudi reforms to boost growth despite any Aramco IPO delay: IMF
DUBAI (Reuters) - Saudi Arabia is moving ahead with economic reforms and growth in its non-oil economy will pick up this year despite any delay to a planned sale of shares in national oil giant Saudi Aramco, a senior International Monetary Fund official said on Friday.
Vedanta to invest around $8 bn over the next 3 years
Natural resources company Vedanta Chairman Navin Agarwal on Friday said the company will invest around $8 billion in growth projects across businesses, over the next three years.
Axis Solutions bets big on city surveillance projects, corporates for growing India biz
Axis Communications is betting on city surveillance projects in the country along with strong demand from sectors like retail, education and hospitality to drive growth of its India business. The Swedish company, which recently bagged a community CCTV project with close to 1,500 cameras in Hyderabad, said it is witnessing double-digit growth in its business in India. "There is strong demand in sectors like retail, education, manufacturing, hospitality and healthcare. Besides, smart cities and city surveillance projects also present a good growth opportunity for us," Axis Communications Sales Director India and SAARC Sudhindra Holla said. The company has undertaken the Mysore City Palace project and also works with companies like Cafe Coffee Day, Fortis and Persistent. "Axis carries a rich lineage of over 35 years in India and during the time, we understand the pulse of the India market. With an estimated budget of Rs 2.09 lakh crores for smart city programmes by the government, we are
Global Markets: Stocks rally after Powell speech, oil prices surge
NEW YORK (Reuters) - Global equity market rose on Friday after Federal Reserve Chairman Jerome Powell expressed no surprises in a key speech outlining a steady course for monetary policy, while oil prices surged on signs Iran sanctions may constrain worldwide supply.