MONEY (MSM)
The next managing director of the International Monetary Fund is likely to come from outside Europe when current leader Christine Lagarde eventually leaves, the deputy head of the Washington-based fund said in an interview broadcast on Saturday. IMF First Deputy Managing Director David Lipton told the BBC World Service the tradition by which a European heads the fund while an American leads the World Bank was coming under pressure and
Britain’s Pearson (PSON.L) said on Saturday it was in talks to sell its 50 percent stake in The Economist Group, publisher of The Economist newspaper. The move comes on the heels of Pearson’s sale of the Financial Times newspaper to Japanese media group Nikkei, announced this week as its focuses on its education business. “Pearson confirms it is in discussions with The Economist Group Board and trustees regarding the potential
The No. 2 U.S. wireless carrier AT&T Inc and the biggest satellite-TV provider DirecTV became the country’s largest pay-TV company on Friday, completing their $48.5 billion merger after receiving final regulatory approval. The newly expanded AT&T leapfrogs the biggest U.S. cable company Comcast Corp. The company said it will serve more than 26 million U.S. customers and more than 19 million in Latin America, making it the world’s biggest pay-TV
The proposed acquisition, the health insurance industry’s largest, comes three weeks after Aetna Inc agreed to buy Humana Inc for $37 billion. Health insurers are finding it tougher to raise prices following the roll-out of President Barack Obama’s healthcare law, while grappling with soaring expenses of medications including cancer drugs that can cost each patient more than $100,000 a year. Anthem said buying Cigna would help it reduce costs and
DETROIT/SAN FRANCISCO (Reuters) – Fiat Chrysler will recall 1.4 million vehicles in the United States to install software to prevent hackers from gaining remote control of the engine, steering and other systems in what federal officials said was the first such action of its kind. The announcement on Friday by FCA US LLC, formerly Chrysler Group LLC, was made days after reports that cybersecurity researchers used a wireless connection to
Staff economists at the Federal Reserve expect a quarter-point U.S. interest rate increase this year, according to forecasts the Fed mistakenly published on its website in a gaffe that drew criticism about its ability to keep secrets. The disclosure of the sensitive information is the latest blow to the Fed’s reputation for secrecy around policy deliberations. Later on Friday evening, the Fed said the inadvertently released document was not the
India’s Reliance Industries Ltd (RELI.NS) will launch its ambitious 4G telecoms venture in December through a direct physical presence in over 1,000 “Jio Centers” and will also sell self-branded devices under its retail unit, the company disclosed in a post earnings presentation on Saturday. The energy conglomerate run by the country’s richest man, Mukesh Ambani, re-entered the telecoms sector in 2010 and has already invested over $15 billion in building
WASHINGTON/NEW YORK (Reuters) – The U.S. Transportation Department is investigating possible price gouging by the five biggest U.S. airlines while train service was disabled between New York and Washington following a deadly Amtrak crash in May, it said on Friday. The review involves Delta Air Lines Inc (DAL.N), American Airlines Group Inc (AAL.O), United Continental Holdings Inc (UAL.N), Southwest Airlines Co (LUV.N) and JetBlue Airways Corp (JBLU.O), all of which
Boeing Co (BA.N) on Friday named Mark Jenks as head of its flagship 787 Dreamliner passenger jet program, succeeding Larry Loftis, who will retire at the end of July. Jenks, who has been the program’s deputy head since January, will take over as its vice president and general manager, Boeing said. Jenks has been with the 787 program almost since its inception, Boeing said.
Democratic presidential candidate Hillary Clinton will propose nearly doubling the U.S. capital gains tax rate on short-term investments to 39.6 percent. A Clinton campaign official said the plan would affect investments held between one and two years, which are currently taxed at a 20 percent capital gains rate.
