Gold rebounds to 2-week peak as US data boosts Fed rate cut hopes

Gold shook off headwinds from a stronger dollar to scale a near two-week peak on Thursday as data pointed to easing inflationary pressure in the United States, boosting expectations of a further interest rate cut by the Federal Reserve. Spot gold gained 0.6% to $1,287.80 per ounce, having hit a high of $1,288.87 earlier, its highest since May 17. Gold also shrugged off initial pressure from a stronger dollar, with the U.S. unit hovering within striking distance of a two-year high against a baske


Gold shook off headwinds from a stronger dollar to scale a near two-week peak on Thursday as data pointed to easing inflationary pressure in the United States, boosting expectations of a further interest rate cut by the Federal Reserve. Spot gold gained 0.6% to $1,287.80 per ounce, having hit a high of $1,288.87 earlier, its highest since May 17. Gold also shrugged off initial pressure from a stronger dollar, with the U.S. unit hovering within striking distance of a two-year high against a baske
Gold rebounds to 2-week peak as US data boosts Fed rate cut hopes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-30
Keywords: news, cnbc, companies, near, rate, rebounds, stronger, data, dollar, 2week, boosts, previously, market, strategist, peak, cut, pressure, fed, hopes, gold, quarter


Gold rebounds to 2-week peak as US data boosts Fed rate cut hopes

Gold shook off headwinds from a stronger dollar to scale a near two-week peak on Thursday as data pointed to easing inflationary pressure in the United States, boosting expectations of a further interest rate cut by the Federal Reserve.

Spot gold gained 0.6% to $1,287.80 per ounce, having hit a high of $1,288.87 earlier, its highest since May 17.

The metal reversed course from earlier in the session, when it fell to its lowest level since May 23 at $1,274.44.

U.S. gold futures settled up $6.10 at $1,292.40.

While data showed strong growth in gross domestic product in the first quarter, a gauge of inflation tracked by the Federal Reserve increased at a 1.0% rate last quarter, instead of the previously reported 1.3% pace. Manufacturing, retail sales, housing and exports also dropped in April.

Fed policymakers are likely to shrug off the last quarter’s growth spurt and focus on the weak domestic demand and inflation when they meet next month.

“The core PCE came in weaker than expected and is helping gold on the margin since it reaffirms this market’s belief that the next move from the Fed is a cut, which tends to lower the opportunity cost for holding non-cash flow yielding assets like gold,” said Daniel Ghali, commodity strategist at TD Securities.

Gold also shrugged off initial pressure from a stronger dollar, with the U.S. unit hovering within striking distance of a two-year high against a basket of major currencies.

“Gold has held up a lot better than expected with the recent strength in the dollar and that’s a major feather in the cap of the gold market in the near term,” said John Caruso, senior market strategist at RJO Futures.

The dollar has been used as the preferred hedge against trade tensions, repeating a trend seen last year.

“Short-term resistances (for gold) to watch include $1,280, $1,285 and $1,293, levels which were previously support. We would only turn bullish again on gold should it rise back above that $1,300 hurdle and stay above it, or print a bullish reversal at lower levels first,” Fawad Razaqzada, market analyst with Forex.com, wrote in a note.

Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.5% to 740.86 tonnes on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2019-05-30
Keywords: news, cnbc, companies, near, rate, rebounds, stronger, data, dollar, 2week, boosts, previously, market, strategist, peak, cut, pressure, fed, hopes, gold, quarter


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Dollar slips as weak data boosts US rate cut bets

The dollar edged away from two-year highs on Friday after weak U.S. manufacturing activity data sparked worries that the trade conflict with China may hurt the world’s largest economy and affect the currency’s safe-haven status. The fall followed overnight data showing manufacturing activity hit its lowest level in almost a decade in May, suggesting a sharp slowdown in U.S. economic growth was under way. Escalating trade tensions and weak data have fuelled rate cut expectations from the Fed. Mon


The dollar edged away from two-year highs on Friday after weak U.S. manufacturing activity data sparked worries that the trade conflict with China may hurt the world’s largest economy and affect the currency’s safe-haven status. The fall followed overnight data showing manufacturing activity hit its lowest level in almost a decade in May, suggesting a sharp slowdown in U.S. economic growth was under way. Escalating trade tensions and weak data have fuelled rate cut expectations from the Fed. Mon
Dollar slips as weak data boosts US rate cut bets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24
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Dollar slips as weak data boosts US rate cut bets

The dollar edged away from two-year highs on Friday after weak U.S. manufacturing activity data sparked worries that the trade conflict with China may hurt the world’s largest economy and affect the currency’s safe-haven status.

Against a basket of six major currencies, the dollar was down 0.2% at 97.686 in early European trade and 0.7% off a two-year high of 98.371 hit the previous session.

The fall followed overnight data showing manufacturing activity hit its lowest level in almost a decade in May, suggesting a sharp slowdown in U.S. economic growth was under way.

Up to now, the bulk of the pain from the trade war has been felt in Asia, with economies from Singapore to Thailand all posting poor numbers.

“Lot of people for good reasons thought trade wars may be U.S. dollar-positive and other countries cannot retaliate,” said Commerzbank FX strategist Ulrich Leuchtmann.

“But in reality, it’s more difficult. This very disappointing PMI data and other factors like the Huawei story are all creating stress for the U.S. economy and derailing sentiment.”

President Donald Trump said on Thursday that U.S. complaints against Huawei Technologies Co Ltd might be resolved within the framework of a U.S.-China trade deal, while at the same time calling the Chinese telecommunications giant “very dangerous”.

Escalating trade tensions and weak data have fuelled rate cut expectations from the Fed. Money markets broadly expect one rate cut by October followed by another by January 2020.

The dollar weakness helped sterling recover slightly from a 4-1/2 month low while the euro briefly inched above $1.12 to hit a one-week high.

Against the yen, the dollar edged down to 109.50 yen, extending losses overnight, when it gave up two-thirds of a percent, its steepest drop in a single session in two months.

The euro might have also been helped by the Dutch part of the EU parliamentary elections, in which an exit poll showed the Labour party of European Commissioner Frans Timmermans won a surprise victory over a Eurosceptic challenger who had been topping opinion surveys.

The euro has been pinned lower in recent weeks by the prospect of Eurosceptic parties across the continent performing well in the elections.


Company: cnbc, Activity: cnbc, Date: 2019-05-24
Keywords: news, cnbc, companies, slips, rate, twoyear, overnight, cut, yen, trade, dollar, hit, weak, data, boosts, bets, euro


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Pre-Brexit rush by manufacturers boosts UK economy in Q1

Year-on-year GDP growth picked up to 1.8 percent in early 2019 from 1.4 percent in the last three months of 2018, Britain’s Office for National Statistics said. This was its highest since the third quarter of 2017 and again in line with economists’ forecasts. “Manufacturers were clearing their order books before March 29,” an ONS statistician said, referring to the date when Britain had been due to leave the European Union. Stock-building had added 0.7 percentage points to GDP growth during the


Year-on-year GDP growth picked up to 1.8 percent in early 2019 from 1.4 percent in the last three months of 2018, Britain’s Office for National Statistics said. This was its highest since the third quarter of 2017 and again in line with economists’ forecasts. “Manufacturers were clearing their order books before March 29,” an ONS statistician said, referring to the date when Britain had been due to leave the European Union. Stock-building had added 0.7 percentage points to GDP growth during the
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Company: cnbc, Activity: cnbc, Date: 2019-05-10  Authors: leon neal, getty images
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Pre-Brexit rush by manufacturers boosts UK economy in Q1

Year-on-year GDP growth picked up to 1.8 percent in early 2019 from 1.4 percent in the last three months of 2018, Britain’s Office for National Statistics said. This was its highest since the third quarter of 2017 and again in line with economists’ forecasts.

“Manufacturers were clearing their order books before March 29,” an ONS statistician said, referring to the date when Britain had been due to leave the European Union.

“That’s been the driver for the last few months,” he added.

Previous private-sector business surveys had shown manufacturers reported building up stocks of goods in case the country left without a transition deal, which they feared could cause chaos at Britain’s borders.

However, the ONS said it had seen more limited evidence of this.

Stock-building had added 0.7 percentage points to GDP growth during the first quarter, but some sectors – such as motor trades, wholesalers and warehouses reported relatively little evidence of this.

Net trade took a record 2.2 percent off the quarterly rate of GDP growth, as businesses sucked in imports.

In the event, with just days to go before Britain was due to leave, Prime Minister Theresa May asked the EU for more time to negotiate a deal. Brexit has now been delayed until Oct. 31 unless there is an early agreement.


Company: cnbc, Activity: cnbc, Date: 2019-05-10  Authors: leon neal, getty images
Keywords: news, cnbc, companies, rush, economy, deal, growth, boosts, ons, manufacturers, early, months, evidence, prebrexit, gdp, leave, quarter, uk, q1, reported


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Ford jumps 8%, as strong demand for its popular trucks in North America boosts first-quarter earnings

We’re still somewhat concerned about the external environment,” outgoing Ford CFO Bob Shanks told CNBC’s “Closing Bell.” Ford shares were up more than 22% year-to-date through Wednesday but still down by about 15% over the past 12 months. Ford reported operating losses only in South America and China. Outside North America, the company had an operating loss of $196 million, which was an improvement of $632 million from the prior quarter. On the company’s earnings call CEO Jim Hackett thanked Bob


We’re still somewhat concerned about the external environment,” outgoing Ford CFO Bob Shanks told CNBC’s “Closing Bell.” Ford shares were up more than 22% year-to-date through Wednesday but still down by about 15% over the past 12 months. Ford reported operating losses only in South America and China. Outside North America, the company had an operating loss of $196 million, which was an improvement of $632 million from the prior quarter. On the company’s earnings call CEO Jim Hackett thanked Bob
Ford jumps 8%, as strong demand for its popular trucks in North America boosts first-quarter earnings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: maggie fitzgerald, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, lot, work, trucks, company, billion, ford, million, popular, north, strong, jumps, firstquarter, demand, shanks, earnings, operating, boosts, business


Ford jumps 8%, as strong demand for its popular trucks in North America boosts first-quarter earnings

“We have a lot of work to do. A lot of redesign of the business. We’re still somewhat concerned about the external environment,” outgoing Ford CFO Bob Shanks told CNBC’s “Closing Bell.”

Ford shares were up more than 22% year-to-date through Wednesday but still down by about 15% over the past 12 months.

The company, which released earnings after the markets closed Thursday, credited its better-than-expected performance in North America to strong truck and sport utility vehicle sales there, particularly its F-Series and Ranger pickups.

Ford has redesigned some of its most popular vehicles, set to launch later this year or next, including updates of its Ranger and Super Duty pickups, the Explorer and Escape SUVs, as well as the all-new Aviator and all-new Corsair from Lincoln. The automaker will have replaced 75% of its U.S. lineup by the end of next year, the company said.

“The ship is starting to turn after a lot of work on the fitness of the business, rethinking the product portfolio, working on a number of alliances,” said Shanks.

The Detroit automaker said its U.S. North American operating profits were $2.2 billion. Ford reported operating losses only in South America and China. They lost $158 million and $128 million, respectively. Ford also reported operating profits in the Asia Pacific, Middle East and Africa, and Europe.

Outside North America, the company had an operating loss of $196 million, which was an improvement of $632 million from the prior quarter.

“This quarter was a really good start for the year,” Shanks said in a statement announcing the results. “We expect first quarter EBIT to be the strongest of the year due to seasonal factors and major product launches ahead. It does, however, put us on track to deliver better company results in 2019 than last year.”

Ford’s North American profit margin was 8.7%. The full company margin was 6.1%.

The quarterly numbers come amid Ford’s $11 billion restructuring plan, with an aim to slash costs by $14 billion over the next five years. The plan involves focusing on Ford’s historically strongest segments such as trucks, utility vehicles and muscle cars, while scaling back international operations, investing in new technologies, and featuring more profitable vehicles.

Ford announced Wednesday it has invested $500 million in electric-truck maker Rivian to build a battery-powered electric vehicle. Shanks said the partnership is a “win win” for both companies.

“Working with a fantastic start-up like this that is looking at electrification and that part of the business with fresh eyes, we’re going to learn a lot from it,” said Shanks.

The stock closed at $9.41 a share on Thursday.

On the company’s earnings call CEO Jim Hackett thanked Bob Shanks for his work, as he is leaving the company. Shanks will be replaced by Tim Stone, who served 20 years at Amazon and is the former CFO of Snap.


Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: maggie fitzgerald, daniel acker, bloomberg, getty images
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Chipotle earnings top estimates as digital sales double, boosts same-store sales outlook

Chipotle Mexican Grill on Wednesday reported earnings and revenue that beat analysts’ expectations after doubling its digital sales during the quarter. Notably, digital sales rose 100.7% during the quarter, accounting for 15.7% of total sales. Executives would not disclose what percent of digital sales are delivery orders. The loyalty program is just one part of Chipotle’s strategy to build digital engagement. The reported same-store sales number includes a 0.30% negative impact in anticipation


Chipotle Mexican Grill on Wednesday reported earnings and revenue that beat analysts’ expectations after doubling its digital sales during the quarter. Notably, digital sales rose 100.7% during the quarter, accounting for 15.7% of total sales. Executives would not disclose what percent of digital sales are delivery orders. The loyalty program is just one part of Chipotle’s strategy to build digital engagement. The reported same-store sales number includes a 0.30% negative impact in anticipation
Chipotle earnings top estimates as digital sales double, boosts same-store sales outlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: amelia lucas, courtesy of taco bell
Keywords: news, cnbc, companies, boosts, chipotle, share, sales, program, outlook, double, customers, reported, digital, company, samestore, delivery, estimates, earnings, loyalty


Chipotle earnings top estimates as digital sales double, boosts same-store sales outlook

Chipotle Mexican Grill on Wednesday reported earnings and revenue that beat analysts’ expectations after doubling its digital sales during the quarter.

After the markets closed, shares of the company initially surged 4% but have since lost those gains.

“The on-going improvement in each of our key operating metrics over the past few quarters gives us confidence that our mission to win today and cultivate the future, is resonating,” CEO Brian Niccol said in a statement.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

Earnings per share: $3.40, adjusted, vs. $3.01 expected

Revenue: $1.31 billion vs. $1.27 billion expected

Same-store sales growth: 9.9% vs. 7.29%

Chipotle reported fiscal first-quarter net income of $88.1 million, or $3.13 per share, up from $59.4 million, or $2.13 per share a year earlier.

Excluding expenses related to restaurant asset impairment, corporate restructuring and other costs, the Mexican food chain earned $3.40 per share, topping the $3.01 per share expected by analysts surveyed by Refinitiv. Price hikes at the end of 2018 helped lower food, beverage and packaging costs but were partially offset by more demand for steak.

Net sales rose 13.9% to $1.31 billion, beating expectations of $1.27 billion.

Notably, digital sales rose 100.7% during the quarter, accounting for 15.7% of total sales. Executives would not disclose what percent of digital sales are delivery orders.

In March, Chipotle launched its points-based loyalty program nationwide. Less than a week later, the company surpassed its one millionth member, who scored a year’s worth of Chipotle. The program has already helped mobile app downloads soar, according to a Barclays note. The company plans to use consumer data to better target loyalty program members.

During the company’s earnings conference call, Niccol said the rewards program has grown to 3 million members.

The loyalty program is just one part of Chipotle’s strategy to build digital engagement. The company has a partnership with third-party delivery service DoorDash. At the end of 2018 and in the first week of 2019, Chipotle offered free delivery to promote the partnership. Niccol told investors that nearly half of the free delivery burrito bowls were new or lapsed customers. Even after the promotion ended, Chipotle saw increased customer retention.

Whereas some restaurants have seen third-party delivery services’ hefty commission fees offset the benefits of delivery, executives said that delivery actually helped raise its operating margin to 21% this quarter.

It has also been investing in changes to its restaurants to make delivery and digital pick-up easier for customers, like pick-up shelves and drive-through windows called Chipotlanes.

Same-store sales grew by 9.9%, driven by a 5.8% increase in restaurant transactions. This is the fifth consecutive quarter that Chipotle has seen same-stores growth. The reported same-store sales number includes a 0.30% negative impact in anticipation of customers redeeming loyalty program rewards.

The company raised its same-store sales outlook for 2019. It is now forecasting mid-to-high single-digit sales growth at stores open at least a year. It previously said that it was expected mid-single digit growth.

The company opened 15 stores and closed 2 locations during the quarter, bringing its total restaurant count to 2,504. Chipotle reiterated its forecast of opening between 140 to 155 stores during 2019.

Second-quarter food costs are expected to rise 1% because of avocados. The chain is known for charging extra for its guacamole, but that won’t shield it from rising avocado prices that began to hit the company in late March. Hartung said that Chipotle is forecasting higher prices due to higher demand from retailers and lower supply from California growers.

Investors have been optimistic about the chain under Niccol’s leadership. When he was head of Taco Bell, he was known for developing innovative products. At the end of March, the company’s stock price hit $700 per share for the first time since 2015, when a multistate E. coli outbreak linked to Chipotle sent shares plunging. The stock is up more than 64% so far in 2019.

“They are on a pathway back, but I think one of the key [reasons] has been the marketing and pushing more the dollars towards the national marketing versus local marketing,” BTIG analyst Peter Saleh said on CNBC’s “Closing Bell.”

In 2018, Chipotle launched a national advertising campaign “For Real,” which focuses on its ingredients. Two months ago, it released “Behind the Foil,” documentary-style ads that show how the chain prepares its ingredients before they land in a customer’s burrito.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: amelia lucas, courtesy of taco bell
Keywords: news, cnbc, companies, boosts, chipotle, share, sales, program, outlook, double, customers, reported, digital, company, samestore, delivery, estimates, earnings, loyalty


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52% of managers say March Madness boosts office productivity

Giving into March Madness at work can actually boost your productivity and morale, according to new research from global staffing firm Robert Half. Almost three-fourths of managers say college basketball tournament activities lift their staff’s morale, and 52 percent also see productivity benefits. “Many companies recognize it’s impractical to try to downplay the office buzz around major sporting events like March Madness,” said Stephanie Naznitsky, executive director of OfficeTeam, a division o


Giving into March Madness at work can actually boost your productivity and morale, according to new research from global staffing firm Robert Half. Almost three-fourths of managers say college basketball tournament activities lift their staff’s morale, and 52 percent also see productivity benefits. “Many companies recognize it’s impractical to try to downplay the office buzz around major sporting events like March Madness,” said Stephanie Naznitsky, executive director of OfficeTeam, a division o
52% of managers say March Madness boosts office productivity Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: kerri anne renzulli, streeter lecka, getty images sport, getty images
Keywords: news, cnbc, companies, employees, work, college, productivity, half, say, boosts, managers, madness, tournament, workers, robert, office, 52


52% of managers say March Madness boosts office productivity

If your manager is getting on you for incessantly talking about your busted bracket, boasting about your college basketball team or discussing what happened in last night’s games, you now have the perfect excuse.

Giving into March Madness at work can actually boost your productivity and morale, according to new research from global staffing firm Robert Half.

Almost three-fourths of managers say college basketball tournament activities lift their staff’s morale, and 52 percent also see productivity benefits.

Maybe that’s why 75 percent of employers don’t fight the basketball fervor but rather embrace the national tournament by organizing sports-related festivities. The most popular are friendly competitions, offered by 45 percent of organizations. (The survey didn’t specify if office winners earn just bragging rights or something greener, too.)

Companies also celebrated March Madness by allowing employees to wear their team apparel (43 percent of organizations do this), watch games in the office (29 percent), and decorate their workspaces (28 percent).

“Many companies recognize it’s impractical to try to downplay the office buzz around major sporting events like March Madness,” said Stephanie Naznitsky, executive director of OfficeTeam, a division of Robert Half. “Organizing activities tied to sports can provide welcome distractions that help lift workers’ spirits and engagement.”

The positive effects of hosting such sporting activities at work isn’t evenly shared across the country, the Robert Half survey found.

Managers in Des Moines, Iowa; Indianapolis, Ind.; and Raleigh, N.C., saw the biggest uplift in their staff’s workplace attitudes, while leaders in Miami, Fla.; Los Angeles, Calif.; and Detroit, Mich., reaped the most benefits from their employees increased productivity.

Of course, the college tournament comes with one major downside for managers: Almost half of workers admit they get distracted at work by sports, up from 38 percent in 2016. The most frequent offenders? Men and younger employees.

Almost 65 percent of male professionals say they get sidetracked by sports when they should be completing tasks vs. 33 percent of women. And even more millennial employees are guilty; 66 percent of workers ages 18 to 34 find that sports waylay them, while only 43 percent of Gen X staff and 27 percent of Baby Boomers say the same.

Don’t Miss: The winner of Warren Buffett’s March Madness office pool could get $1 million a year for life

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Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: kerri anne renzulli, streeter lecka, getty images sport, getty images
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Chinese demand boosts L’Oreal cosmetics sales

Strong Chinese demand for luxury skin creams helped Lancome owner L’Oreal beat sales forecasts in the fourth quarter, as did a pick-up in its lagging mass market division. Like rivals including U.S.-based Estee Lauder, the French maker of Maybelline and Urban Decay make-up has thrived on strong demand from Chinese shoppers in recent years, especially for its higher-end products. At L’Oreal Asia Pacific overtook North America as its biggest region last year. Sales rose 2.8 percent in that divisio


Strong Chinese demand for luxury skin creams helped Lancome owner L’Oreal beat sales forecasts in the fourth quarter, as did a pick-up in its lagging mass market division. Like rivals including U.S.-based Estee Lauder, the French maker of Maybelline and Urban Decay make-up has thrived on strong demand from Chinese shoppers in recent years, especially for its higher-end products. At L’Oreal Asia Pacific overtook North America as its biggest region last year. Sales rose 2.8 percent in that divisio
Chinese demand boosts L’Oreal cosmetics sales Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: marlene awaad, bloomberg, getty images
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Chinese demand boosts L'Oreal cosmetics sales

Strong Chinese demand for luxury skin creams helped Lancome owner L’Oreal beat sales forecasts in the fourth quarter, as did a pick-up in its lagging mass market division.

Like rivals including U.S.-based Estee Lauder, the French maker of Maybelline and Urban Decay make-up has thrived on strong demand from Chinese shoppers in recent years, especially for its higher-end products.

Sales of L’Oreal’s top-flight brands exceeded analyst expectations in the last three months of the year thanks to this market, despite cooling economic growth in China, and fears over a Washington-Beijing trade war.

Some heavy-hitters in the luxury fashion industry, like LVMH’s Louis Vuitton, have also reported encouraging momentum in Asia. At L’Oreal Asia Pacific overtook North America as its biggest region last year.

But L’Oreal, which is due to detail its results at a news conference on Friday, also faces a challenge to keep improving revenue growth in other areas, including its consumer products unit, home to brands like Garnier shampoo.

Sales rose 2.8 percent in that division on a like-for-like basis in the fourth quarter, which strips out currency effects and acquisitions, up from 2.3 percent a quarter earlier.

That helped boost overall sales at the firm, up 7.7 percent like-for-like and head of forecasts for a 6.4 percent rise, and which came in at 7.1 billion euros ($8.1 billion).


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: marlene awaad, bloomberg, getty images
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Bank of America boosts CEO Brian Moynihan’s pay 15% to $26.5 million after record profit last year

Bank of America CEO Brian Moynihan got a 15 percent raise, the biggest increase among bank chiefs to disclose pay so far, after the lender reported record earnings last year. Moynihan’s compensation rose to $26.5 million from $23 million in 2017, according to a regulatory filing Friday. That includes a $1.5 million salary and $25 million in stock units, some of which are performance-based. Bank of America, the second biggest U.S. lender after J.P. Morgan Chase, benefited last year from the corpo


Bank of America CEO Brian Moynihan got a 15 percent raise, the biggest increase among bank chiefs to disclose pay so far, after the lender reported record earnings last year. Moynihan’s compensation rose to $26.5 million from $23 million in 2017, according to a regulatory filing Friday. That includes a $1.5 million salary and $25 million in stock units, some of which are performance-based. Bank of America, the second biggest U.S. lender after J.P. Morgan Chase, benefited last year from the corpo
Bank of America boosts CEO Brian Moynihan’s pay 15% to $26.5 million after record profit last year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: hugh son, christopher goodney, bloomberg, getty images
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Bank of America boosts CEO Brian Moynihan's pay 15% to $26.5 million after record profit last year

Bank of America CEO Brian Moynihan got a 15 percent raise, the biggest increase among bank chiefs to disclose pay so far, after the lender reported record earnings last year.

Moynihan’s compensation rose to $26.5 million from $23 million in 2017, according to a regulatory filing Friday. That includes a $1.5 million salary and $25 million in stock units, some of which are performance-based.

Bank of America, the second biggest U.S. lender after J.P. Morgan Chase, benefited last year from the corporate tax cut, rising interest rates and Moynihan’s efforts to cut costs. The bank generated $28.1 billion in profits in 2018, 54 percent more than the previous year, on $91.2 billion in revenue.

Moynihan, 59, has led the Charlotte, North Carolina-based bank since the start of 2010. He spent much of the earlier part of his tenure cleaning up the mortgage-related mess related to his predecessor’s acquisition of subprime lender Countrywide Financial. More recently, his stature among investors and analysts has climbed with the bank’s financial performance.

His rivals have also gotten raises. J.P Morgan’s Jamie Dimon, typically the highest-paid of bank CEOs, got a 5 percent increase to $31 million. Morgan Stanley’s James Gorman got a 7 percent raise to $29 million.

Goldman Sachs CEO David Solomon got $23 million, but his firm said some of that could get clawed back if the results of an investigation into the 1MDB scandal would have influenced the board’s pay decisions.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: hugh son, christopher goodney, bloomberg, getty images
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Lamborghini’s new $200,000 SUV boosts automaker’s sales by 51 percent in 2018

The Lamborghini SUV might seem like the ultimate four-wheeled oxymoron. But so far, the experiment is paying off in the Lamborghini Urus. Lambo’s total global sales jumped 51 percent in 2018, with the company delivering 5,750 cars. Much of that gain was from the 1,761 new Uruses delivered to customers during the last half of the year. The company — part of Volkswagen Group — sold 1,595 total cars in the U.S., its largest single market.


The Lamborghini SUV might seem like the ultimate four-wheeled oxymoron. But so far, the experiment is paying off in the Lamborghini Urus. Lambo’s total global sales jumped 51 percent in 2018, with the company delivering 5,750 cars. Much of that gain was from the 1,761 new Uruses delivered to customers during the last half of the year. The company — part of Volkswagen Group — sold 1,595 total cars in the U.S., its largest single market.
Lamborghini’s new $200,000 SUV boosts automaker’s sales by 51 percent in 2018 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: robert frank, adam jeffery
Keywords: news, cnbc, companies, company, uruses, boosts, total, lambos, urus, cars, 200000, yearthe, sales, volkswagen, ultimate, 2018, 51, lamborghini, lamborghinis, suv, automakers


Lamborghini's new $200,000 SUV boosts automaker's sales by 51 percent in 2018

The Lamborghini SUV might seem like the ultimate four-wheeled oxymoron. Like low-fat ice cream or soft rock, Lambos and SUVs just didn’t belong together.

But so far, the experiment is paying off in the Lamborghini Urus. Lambo’s total global sales jumped 51 percent in 2018, with the company delivering 5,750 cars. Much of that gain was from the 1,761 new Uruses delivered to customers during the last half of the year.

The company — part of Volkswagen Group — sold 1,595 total cars in the U.S., its largest single market.


Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: robert frank, adam jeffery
Keywords: news, cnbc, companies, company, uruses, boosts, total, lambos, urus, cars, 200000, yearthe, sales, volkswagen, ultimate, 2018, 51, lamborghini, lamborghinis, suv, automakers


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Goldman Sachs boosts rates on Marcus accounts as banks fight for deposits

Goldman Sachs is the latest bank to boost interest rates for savings products. Its Marcus consumer finance arm will pay online savings account users a 2.25 percent rate starting Friday, an increase of 20 basis points. The rate on its 1-year certificate of deposit rises 10 basis points to 2.75 percent. If the Fed continues to hike rates, top accounts could yield almost 3 percent by year-end, according to Bankrate.com chief financial analyst Greg McBride. “There’s definitely a price war among the


Goldman Sachs is the latest bank to boost interest rates for savings products. Its Marcus consumer finance arm will pay online savings account users a 2.25 percent rate starting Friday, an increase of 20 basis points. The rate on its 1-year certificate of deposit rises 10 basis points to 2.75 percent. If the Fed continues to hike rates, top accounts could yield almost 3 percent by year-end, according to Bankrate.com chief financial analyst Greg McBride. “There’s definitely a price war among the
Goldman Sachs boosts rates on Marcus accounts as banks fight for deposits Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: hugh son, christopher goodney, bloomberg, getty images
Keywords: news, cnbc, companies, points, accounts, deposits, yield, yearend, boosts, mcbride, online, marcus, banks, rates, goldman, basis, fight, savings, sachs, rate


Goldman Sachs boosts rates on Marcus accounts as banks fight for deposits

The stock market may be tanking lately, but at least savers are getting paid more to park their money.

Goldman Sachs is the latest bank to boost interest rates for savings products. Its Marcus consumer finance arm will pay online savings account users a 2.25 percent rate starting Friday, an increase of 20 basis points. The rate on its 1-year certificate of deposit rises 10 basis points to 2.75 percent.

Banks are jockeying for deposits because they’re a cheap form of capital to make loans. But after three years of Federal Reserve rate increases, competition among online banks and smaller institutions has grown fierce, and some analysts worry that that could threaten the industry’s profitability.

If the Fed continues to hike rates, top accounts could yield almost 3 percent by year-end, according to Bankrate.com chief financial analyst Greg McBride. A year ago, it was about 1.5 percent, he said.

“There’s definitely a price war among the most competitive banks,” McBride said. “Banks are leapfrogging each other to be at the top of the heap. If it gets more people saving, that’s a good thing.”


Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: hugh son, christopher goodney, bloomberg, getty images
Keywords: news, cnbc, companies, points, accounts, deposits, yield, yearend, boosts, mcbride, online, marcus, banks, rates, goldman, basis, fight, savings, sachs, rate


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