18 Jan 2020

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McDermott International may file for bankruptcy as soon as next week -Bloomberg

McDermott International may file for bankruptcy as soon as next week -BloombergOilfield services provider McDermott International Inc is preparing to file for bankruptcy as soon as next week, Bloomberg reported on Friday, citing people with knowledge of the matter. McDermott is discussing a restructuring plan in which its debt could be converted into equity, with its group of lenders getting the majority of the shares, the report said. Unsecured creditors would receive less than 10% of the equity along with warrants, according to one of the people cited in the Bloomberg report.


18 Jan 2020 6:00pm GMT

Some IAMGOLD (TSE:IMG) Shareholders Are Down 34%

Some IAMGOLD (TSE:IMG) Shareholders Are Down 34%For many investors, the main point of stock picking is to generate higher returns than the overall market. But if you...


18 Jan 2020 2:42pm GMT

If You Had Bought Johnson & Johnson (NYSE:JNJ) Shares Five Years Ago You'd Have Made 46%

If You Had Bought Johnson & Johnson (NYSE:JNJ) Shares Five Years Ago You'd Have Made 46%If you buy and hold a stock for many years, you'd hope to be making a profit. Better yet, you'd like to see the share...


18 Jan 2020 2:35pm GMT

feedGlobal Economy

Carmakers say diverging from EU regulation will cost ‘billions’

Chancellor's Brexit plan threatens UK manufacturing and consumer choice, auto industry says

18 Jan 2020 1:50pm GMT

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Should CVS Health Corporation (NYSE:CVS) Be Part Of Your Dividend Portfolio?

Should CVS Health Corporation (NYSE:CVS) Be Part Of Your Dividend Portfolio?Dividend paying stocks like CVS Health Corporation (NYSE:CVS) tend to be popular with investors, and for good reason...


18 Jan 2020 1:02pm GMT

Strong bank earnings boosted by the American consumer — and heavy buybacks

Strong bank earnings boosted by the American consumer — and heavy buybacksThe big U.S. banks reported earnings for the fourth-quarter of 2019, seeing decent top-line growth as a result of a strong U.S. consumer. But the bottom line earnings were helped by share buybacks.


18 Jan 2020 12:52pm GMT

Why We’re Not Impressed By The Williams Companies, Inc.’s (NYSE:WMB) 5.4% ROCE

Why We’re Not Impressed By The Williams Companies, Inc.’s (NYSE:WMB) 5.4% ROCEToday we are going to look at The Williams Companies, Inc. (NYSE:WMB) to see whether it might be an attractive...


18 Jan 2020 12:04pm GMT

Lennar Corporation (NYSE:LEN) Looks Like A Good Stock, And It's Going Ex-Dividend Soon

Lennar Corporation (NYSE:LEN) Looks Like A Good Stock, And It's Going Ex-Dividend SoonLennar Corporation (NYSE:LEN) stock is about to trade ex-dividend in 4 days time. You can purchase shares before the...


18 Jan 2020 11:54am GMT

feedGlobal Economy

China and Myanmar sign off on Belt and Road projects

Deal strengthens ties with Beijing as Aung San Suu Kyi faces foreign criticism for Rohingya crackdown

18 Jan 2020 11:18am GMT

Reasons to be cynical about the trade rally

Investors heading back into emerging markets are taking a political risk

18 Jan 2020 4:00am GMT

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4 changes that could affect Social Security in 2020

4 changes that could affect Social Security in 2020If you're one of some 69 million Americans who receive Social Security or SSI benefits, you'll notice some changes in 2020. Here are four.


18 Jan 2020 3:56am GMT

McDermott Is Said to Prepare for Bankruptcy as Soon as Next Week

McDermott Is Said to Prepare for Bankruptcy as Soon as Next Week(Bloomberg) -- McDermott International Inc. is preparing to file for bankruptcy as soon as next week to address its more than $4 billion debt load, according to people with knowledge of the matter.The Houston-based company, which builds oil platforms and gas-export plants for energy producers, is negotiating a restructuring plan that could see its debt converted into equity with existing term-loan lenders getting the majority of the shares, said the people. Unsecured creditors would receive less than 10% of the equity along with warrants, one of the people said.The terms of the restructuring are still being negotiated and could change, according to the people, who asked not to be identified because the talks are private. Baupost Group and HPS Investment Partners may provide a bankruptcy loan of about $2 billion, the people said.Representatives for McDermott and HPS declined to comment. A representative for Baupost didn't immediately respond to requests for comment.McDermott has been under significant pressure since September, when its stock and bonds plunged on news that it had hired turnaround advisers. The company has struggled to integrate its acquisition of Chicago Bridge & Iron Co. and clear a backlog of projects, crimping earnings.Late last year the company secured part of a $1.7 billion rescue financing package and entered into a forbearance agreement with some of its lenders, but that relief period expired Jan. 15. Its credit agreements were amended so that acceleration of its bonds wouldn't constitute a default through Jan. 21. On Friday, its 2024 bonds were trading around 9.5 cents on the dollar, according to Trace bond-trading data.McDermott has also been trying to shore up liquidity through a sale of its Lummus Technology business. The company previously said it had received unsolicited bids to acquire all or parts of Lummus with a valuation exceeding $2.5 billion.To contact the reporters on this story: Allison McNeely in New York at amcneely@bloomberg.net;Katherine Doherty in New York at kdoherty23@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, Boris Korby, Nicole BullockFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


18 Jan 2020 12:45am GMT

GE's fmr. embattled CEO Jeffrey Immelt wants to set the record straight in new book

GE's fmr. embattled CEO Jeffrey Immelt wants to set the record straight in new bookJeff Immelt is GE's fall guy so he is writing a book to tell his side of the story.


18 Jan 2020 12:17am GMT

17 Jan 2020

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Edited Transcript of SLB earnings conference call or presentation 17-Jan-20 1:30pm GMT

Edited Transcript of SLB earnings conference call or presentation 17-Jan-20 1:30pm GMTQ4 2019 Schlumberger NV Earnings Call


17 Jan 2020 11:20pm GMT

Where the plant-based food market is headed this year

Where the plant-based food market is headed this year2019 brought the fake meat trade front and center. What's next in the food space? AccelFoods is an early-stage venture fund investing in consumer products, including, high-quality food and beverage companies. Jordan Gasper, Managing Partner at AccellFoods, joined The Final Round to discuss.


17 Jan 2020 10:40pm GMT

New report finds 40% of retirees rely solely on social security

New report finds 40% of retirees rely solely on social securityA new report from the National Institute on Retirement Security has found that 40 percent of retirees rely entirely on social security for income during retirement. Bone Fide Wealth President, Douglas Boneparth joins Yahoo Finance to discuss this report.


17 Jan 2020 9:30pm GMT

New Software Flaw Could Further Delay Boeing’s 737 Max

New Software Flaw Could Further Delay Boeing’s 737 Max(Bloomberg) -- Boeing Co. has identified a new software flaw in the grounded 737 Max that will require additional work, possibly further delaying the plane's return to service.The company alerted the U.S. Federal Aviation Administration and is notifying customers and its suppliers, it said in an emailed statement. Boeing's best-selling jet was grounded on March 13 after two fatal crashes involving a flight-control system.The issue involves how software on the plane checks itself to ensure it's receiving valid data, said a person familiar with the issue who wasn't authorized to speak publicly about it. It occurs when the system is initially starting up, the person said."We are making necessary updates and working with the FAA on submission of this change, and keeping our customers and suppliers informed," Boeing said in its statement. "Our highest priority is ensuring the 737 MAX is safe and meets all regulatory requirements before it returns to service."The FAA didn't comment directly on the latest issue to arise on the problem-plagued plane. "We continue to work with other international aviation safety regulators to review the proposed changes to the aircraft," the agency said in an emailed statement. "Our first priority is safety, and we have set no time-frame for when the work will be completed."The 737 Max is costing the plane-maker billions of dollars in losses. The software problem was discovered during the final validation review process of the updates being installed on the plane, the person said.It's unclear how time-consuming the repair will be. Software systems on aircraft require a far higher degree of reliability and checks before approval compared to consumer products. But the issue could be relatively narrow and therefore not nearly as complex as other work on the software.News of the flaw sent Boeing shares down as far as $323, less than $3 from their closing low after the second Max crash. The stock closed down 2.3% in New York at $324.15, the day's biggest loser on the Dow Jones Industrial Average. Boeing's long-term issuer default rating was downgraded by Fitch to A- from A.The discovery has already pushed Boeing's work back by at least a week, said another person familiar with the matter who also wasn't authorized to speak about it. It's unclear how much longer it will take to complete fixes, the person said.The issue is in the plane's flight-control computer software. It was confined to how it performs validation checks during startup and doesn't involve its function during flight, the people said.The problem came to light when the latest version of the software was loaded onto an actual aircraft, according to one of the people. While it has been tested on planes in flight, most of the software reviews have occurred in a special simulator used by engineers on the ground.Airlines have already built months of delay into their schedules to resume flying the plane, so it's possible the software work won't require additional changes. Southwest Airlines Co., American Airlines Group Inc. and United Airlines Holdings Inc. have said they won't fly the plane again until June. "Boeing has made us aware of the issue but it's too early to provide any indication regarding potential impact to timing" of the plane's return to service, said Brandy King, a Southwest spokeswoman.Carriers have said they'll need to adopt new pilot training and to work on planes to prepare them for service once the grounding is lifted by the FAA.Boeing announced on Jan. 7 that it will recommend pilots undergo additional simulator training on the Max, a reversal of their long-held view that crews qualified on other 737 models only needed computer-based instruction. That action makes it more likely the FAA and other nations will require the additional training.The crash of a Lion Air 737 Max on Oct. 29, 2018, and an Ethiopian Airlines plane on March 10 both occurred after a system known as Maneuvering Characteristics Augmentation System repeatedly pushed the planes into dives. Pilots in both cases were able to temporarily maintain control, but eventually the jets entered steep dives and crashed.Boeing has been working for more than a year on fixing software to ensure that MCAS is safe. The process has been bumpy at times as new glitches arose and tension flared with regulators.During the process of assessing the plane last year, Boeing discovered another issue and had to redesign its flight-control computers. The reworking of that software has been one of the reasons that the repairs have taken so long.A Boeing audit of the aircraft at the end of last year also discovered that wiring on the plane was potentially vulnerable to short-circuits that could trigger flight-control problems. That will require moving some wiring in the plane.(Updates with details about issue, background starting in third paragraph)\--With assistance from Justin Bachman.To contact the reporters on this story: Alan Levin in Washington at alevin24@bloomberg.net;Mary Schlangenstein in Dallas at maryc.s@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at jmorgan97@bloomberg.net, Ros KrasnyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


17 Jan 2020 9:23pm GMT

These 4 Beaten-Down Stocks Are Must-Haves on Your Watch List

These 4 Beaten-Down Stocks Are Must-Haves on Your Watch ListAs the gig economy is expected to double in value over the next several years, it is important for investors to keep an eye on some promising investment opportunities within this space Continue reading...


17 Jan 2020 8:10pm GMT

Morgan Stanley Downgrades IBM, Says Revenue Growth Slowing

Morgan Stanley Downgrades IBM, Says Revenue Growth SlowingInternational Business Machines Corporation (NYSE: IBM ) is now less likely to generate long-term revenue growth without a meaningful shift in its portfolio, according to Morgan Stanley. The IBM Analyst ...


17 Jan 2020 8:05pm GMT

feedGlobal Economy

Brazil could see $10bn hit from US-China trade truce

Latin American country had been a big beneficiary of Sino-American economic conflict

17 Jan 2020 5:21pm GMT

US housing starts jump in December to highest in 13 years

'Warmer-than-usual' temperatures may have helped activity, economists say

17 Jan 2020 2:14pm GMT

FirstFT: Today’s top stories 

Your daily briefing on the news

17 Jan 2020 12:37pm GMT

feedBBC News - Economy

Retail sales fall sharply in December

A fifth straight month without growth adds to pressure on the Bank of England to cut interest rates.

17 Jan 2020 11:39am GMT

feedGlobal Economy

Jamie Dimon is causing headaches for rivals — and himself

JPMorgan's stellar profits show banks can make money despite tougher rules

17 Jan 2020 11:00am GMT

Think hard before ditching GDP

Fine, bash GDP. But it's unclear we have a better measure of prosperity.

17 Jan 2020 6:30am GMT

EM investors can no longer ignore climate change

The benign consensus for 2020 leaves too much out of the equation

17 Jan 2020 6:00am GMT

China’s GDP grows at slowest pace in 29 years

World's second-largest economy grew 6.1% in 2019 as trade war and domestic pressures took toll

17 Jan 2020 5:14am GMT

Pinn’s illustration of the week: Tariff truce

'Phase one' deal provides only limited relief in US-China trade war

17 Jan 2020 5:00am GMT

feedBBC News - Economy

China's economic growth hits 30-year low

The world's second largest economy has seen weak domestic demand amid a trade war with the US.

17 Jan 2020 4:44am GMT

feedGlobal Economy

Trump nominates Fed critic to central bank’s board

Adviser to US president's 2016 election campaign has questioned the role of the institution

17 Jan 2020 2:45am GMT

feedBBC News - Economy

How the dog biscuit became a million dollar idea

The BBC's Aaron Heslehurst explains how the dog biscuit became a million dollar idea.

17 Jan 2020 12:25am GMT

This is what a million pound coin looks like

An extremely rare Edward VIII sovereign has been sold for £1m, the most expensive UK coin ever sold.

17 Jan 2020 12:13am GMT

16 Jan 2020

feedGlobal Economy

EU trade commissioner criticises US-China trade deal

Phil Hogan suggests 'phase one' truce offers more political than economic benefits

16 Jan 2020 11:20pm GMT

Running hard will test the stamina of investors

Mike Mackenzie's daily analysis of what's moving global markets

16 Jan 2020 9:18pm GMT

Norwegian polysilicon maker jumps on US-China trade deal

Beijing has agreed to buy more supplies of the solar panel material that REC produces in the US

16 Jan 2020 7:00pm GMT

feedBBC News - Economy

Hays Travel: 'We're different to Thomas Cook'

The company has taken over all 550 Thomas Cook stores after the package holiday firm collapsed.

16 Jan 2020 3:23pm GMT

feedGlobal Economy

Manufacturing activity improved in January — Philadelphia Fed survey

Forecast-topping result stirs recovery hopes for struggling sector

16 Jan 2020 2:40pm GMT

feedBBC News - Economy

Estate agents report 'uplift' in housing market

Expectations of future sales have "risen sharply" according to property professionals.

16 Jan 2020 12:01am GMT

15 Jan 2020

feedBBC News - Economy

Dow closes above 29,000 as market rally continues

The Dow and the S&P hit new records, as investors have "fear of missing out".

15 Jan 2020 11:10pm GMT

US and China sign deal to ease trade war

Mr Trump has hailed the deal as a "transformative", but the majority of tariffs will remain in place.

15 Jan 2020 7:24pm GMT

US-China trade deal: Winners and losers

Most tariffs will remain in place. So who benefits from the US-China deal?

15 Jan 2020 5:28pm GMT

German economy sees weakest growth since 2013

Exports grew more slowly, and investment in equipment and machinery weakened, official data shows.

15 Jan 2020 3:27pm GMT

Fall in inflation raises prospects of interest rate cut

Speculation grows that UK interest rates will be cut after inflation slows in December.

15 Jan 2020 11:04am GMT

CEO Secrets: Vegan ice cream entrepreneur shares her advice

Cecily Mills explains how moving back to her parents' house provided her business breakthrough.

15 Jan 2020 12:01am GMT

14 Jan 2020

feedBBC News - Economy

Climate change to drive 'massive' investment shift

One of the world's biggest investors says the change will happen 'sooner than most anticipate'.

14 Jan 2020 9:54pm GMT

US reverses China 'currency manipulator' label

The move comes as the two countries are expected to sign a preliminary trade agreement this week.

14 Jan 2020 12:06am GMT

13 Jan 2020

feedBBC News - Economy

Weak November weighs on UK growth

Official statistics show the economy grew by just 0.1% in the three months to November.

13 Jan 2020 11:37am GMT

12 Jan 2020

feedBBC News - Economy

Bank of England policymaker hints at possible rate cut

Gertjan Vlieghe would consider lowering rates depending on the strength of the post-election economy.

12 Jan 2020 3:19pm GMT