8 October, 2015 by The TZ Newswire Staff Comments Off on Fed awaiting evidence global chill not knocking U.S. off track
Fed awaiting evidence global chill not knocking U.S. off track
The U.S. Federal Reserve thought the economy was close to warranting an interest rate hike in September but policymakers wanted firmer evidence a global economic slowdown was not knocking America off course. The minutes from the Sept. 16-17 meeting released on Thursday pointed to a deeply cautious Fed even before subsequent economic data showed a sharp slowdown in hiring by U.S. employers.
8 October, 2015 by The TZ Newswire Staff Comments Off on Dovish Fed drives Wall Street higher
Dovish Fed drives Wall Street higher
U.S. stocks closed higher on Thursday as investors saw further signs of dovishness in the Federal Reserve September meeting minutes which shed light on its decision to keep interest rates near zero. The …
8 October, 2015 by The TZ Newswire Staff Comments Off on Bill Gross sues Pimco for $200 million over forced ouster
Bill Gross sues Pimco for $200 million over forced ouster
Billionaire bond investor Bill Gross sued his former employer Pacific Investment Management Co and its parent Allianz SE (ALVG.DE) for $200 million, saying a greedy “cabal” of executives drove him out of the bond fund giant he helped found because they wanted his huge bonus for themselves. The lawsuit ratchets up the vitriol between Gross, 71, who now works at Janus Capital Group Inc (JNS.N), and Pimco, which he built over four decades into a $2 trillion bond fund company.
8 October, 2015 by The TZ Newswire Staff Comments Off on Proposed Fiat Chrysler UAW pact gradually ends two-tier pay: sources
Proposed Fiat Chrysler UAW pact gradually ends two-tier pay: sources
DETROIT/KOKOMO, Ind. (Reuters) – The latest proposed four-year contract for Fiat Chrysler Automobiles NV’s U.S. unionized workers would over time eliminate the much-maligned two-tier pay structure, allowing new hires to reach top pay within eight years, sources said. The proposal agreed by United Auto Workers and Fiat Chrysler (FCAU.N) (FCHA.MI) negotiators late Wednesday night would also increase the top pay for some second-tier workers to $29 in the course of the agreement, up from their current pay of about $19 per hour, sources said.
8 October, 2015 by The TZ Newswire Staff Comments Off on Chevron extends job cuts to global trading desks
Chevron extends job cuts to global trading desks
Chevron Corp (CVX.N) is cutting staff on its global energy trading desks this week, sources said on Thursday, making it the latest division to face reductions as part of a $3 billion cost-saving plan brought on by low crude oil prices. The Supply and Trading group, based in Houston, but with offices in Singapore, London and San Ramon, California, may be reduced by as much as 10 percent as part of a company-wide job reduction plan, according to two people familiar with the measures.
8 October, 2015 by The TZ Newswire Staff Comments Off on No room for mistakes by central banks amid ‘new mediocre’
No room for mistakes by central banks amid ‘new mediocre’
Central banks have little room for error in a low-growth world in which over-leveraged and commodity-dependent emerging economies and a slowing China are major risks, top international financiers told the International Monetary Fund’s meeting. Despite $7 trillion in quantitative easing from banks in industrial nations since the global financial crisis, the world is stuck in a “new mediocre” growth pattern, IMF chief Christine Lagarde said on Thursday.
8 October, 2015 by The TZ Newswire Staff Comments Off on Dell looks to EMC deal to boost corporate presence
Dell looks to EMC deal to boost corporate presence
The potential acquisition of EMC, which has a market capitalization of $52 billion, would be the largest technology sector deal on record. It could help Dell diversify away from the stagnant personal computer market and give it the scale to attack the faster-growing and more lucrative market for managing and storing data for enterprises. “Dell and EMC are increasingly competing with the likes of Amazon, Google, Microsoft, and others that have deep pockets.