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Consumer Reports says Tesla misunderstands 'positive' Model 3 rating

Reuters Business News - Fri, 10/20/2017 - 15:26
DETROIT (Reuters) - Consumer Reports said on Friday that Tesla Inc had apparently misunderstood the "average" reliability rating the magazine assigned to the electric carmaker's Model 3 sedan this week, calling it generally "positive" for an all-new vehicle.
Categories: Reuters

Wall St gains, progress in Trump's tax plan lifts hopes

Reuters Business News - Fri, 10/20/2017 - 15:19
(Reuters) - U.S. stocks rose on Friday after the Senate passed a budget resolution, lifting hopes that President Donald Trump's tax-cut plan may move forward.
Categories: Reuters

Whole Foods says hacking incident resolved

Reuters Business News - Fri, 10/20/2017 - 14:46
(Reuters) - Amazon.com Inc's Whole Foods Market said on Friday it had replaced affected point-of-sale systems at venues located within some stores where payment card information had been stolen.
Categories: Reuters

Top oilfield services firms signal fourth-quarter uncertainty

Reuters Business News - Fri, 10/20/2017 - 14:21
(Reuters) - The world's top two oilfield service firms on Friday warned slower producer spending and weakness in offshore exploration may weigh on current-quarter earnings, but said activity could improve in the longer term as the global crude market comes into balance.
Categories: Reuters

Airbus sees CSeries jets grabbing major global market share: CEO

Reuters Business News - Fri, 10/20/2017 - 14:10
MONTREAL (Reuters) - Airbus SE expects to sell "thousands" of Bombardier Inc's new CSeries aircraft, capturing half the global market for smaller single-aisle commercial jets, Chief Executive Tom Enders said on Friday.
Categories: Reuters

Fed's Mester calls for balance on bank regulation rethink

Reuters Business News - Fri, 10/20/2017 - 14:10
NEW YORK (Reuters) - Cleveland Federal Reserve Bank President Loretta Mester on Friday laid out a set of guiding principles by which to approach changes to U.S. banking regulations, emphasizing the need to tailor rules to risk, to boost cooperation across borders, and to aim for simplicity but not over-simplification.
Categories: Reuters

Wall Street up as progress in Trump's tax plan lifts hopes

Reuters Business News - Fri, 10/20/2017 - 13:30
(Reuters) - U.S. stocks extended gains in early afternoon trading on Friday to scale new highs on hopes that President Donald Trump's tax-cut plan would make further headway after the Senate passed a budget resolution.
Categories: Reuters

Wells Fargo fires forex bankers, investigates unit: WSJ

Reuters Business News - Fri, 10/20/2017 - 13:29
(Reuters) - Wells Fargo & Co , the third-largest U.S. bank by assets, has fired four foreign-exchange bankers amid an investigation into that business by both the bank and regulators, the Wall Street Journal reported, citing people familiar with the matter and the bank.
Categories: Reuters

Wells Fargo faulted by U.S. regulator for auto insurance abuses: NYT

Reuters Business News - Fri, 10/20/2017 - 13:20
(Reuters) - Wells Fargo & Co wrongly pushed auto insurance on customers who did not need it and took too long to halt the abuse, the New York Times reported on Friday, citing a confidential report from a leading bank regulator.
Categories: Reuters

Apple hit with trademark lawsuit over iPhone X 'animoji' feature

Reuters Business News - Fri, 10/20/2017 - 12:56
NEW YORK (Reuters) - A Japanese software company is suing Apple Inc in a U.S. court over the trademark for the term "animoji", alleging the U.S. technology company stole the name to use on a feature of its iPhone X.
Categories: Reuters

Merck to cut 1,800 U.S. sales jobs, add 960 in chronic care

Reuters Business News - Fri, 10/20/2017 - 12:45
(Reuters) - Drugmaker Merck & Co Inc , moving to a new sales team structure in the United States, plans to cut 1,800 sales positions, while adding 960 jobs to a new chronic care sales force, the company said on Friday.
Categories: Reuters

Gillette weakens P&G report after Peltz row

Reuters Business News - Fri, 10/20/2017 - 12:27
(Reuters) - Procter & Gamble Co disappointed Wall Street with sales on Friday, hurt by continuing weakness in its Gillette business, a week after it claimed to have fought off hedge-fund manager Nelson Peltz's move to muscle onto the board.
Categories: Reuters

Japan's Kobe Steel says violated statutory standards, losing customers

Reuters Business News - Fri, 10/20/2017 - 12:21
TOKYO (Reuters) - Kobe Steel Ltd sank deeper into crisis on Friday as the embattled company said it had lost some customers to competitors because of widespread data falsification that had extended to its mainstream steel sheet business.
Categories: Reuters

BMW raided in cartel investigation as Daimler claims immunity

Reuters Business News - Fri, 10/20/2017 - 12:16
MUNICH/BRUSSELS (Reuters) - BMW's headquarters were raided by European Union officials investigating an alleged cartel among German carmakers, it said on Friday, as rival Daimler claimed whistleblower status in an effort to avoid fines.
Categories: Reuters

Merck to cut 1,800 U.S. sales jobs, add 960 jobs in chronic care

Reuters Business News - Fri, 10/20/2017 - 12:15
(Reuters) - Drugmaker Merck & Co Inc, moving to a new sales team structure in the United States, plans to cut 1,800 sales positions, while adding 960 jobs to a new chronic care sales force, the company said on Friday.
Categories: Reuters

Tech, bank stocks lift Wall Street; tax-cut plan back in focus

Reuters Business News - Fri, 10/20/2017 - 11:54
(Reuters) - Technology and bank stocks lifted Wall Street on Friday and investor optimism received a fresh boost from Washington, where the Trump administration inched a step closer to implementing tax-cut plan.
Categories: Reuters

P&G's quarterly sales drag; Peltz still looms in board battle

Reuters Business News - Fri, 10/20/2017 - 11:48
(Reuters) - Procter & Gamble Co disappointed Wall Street with sales on Friday, a week after it claimed to have fought off hedge-fund manager Nelson Peltz's move to muscle onto the board and force more dramatic change at the consumer goods giant.
Categories: Reuters

Exclusive: PDVSA blocked from using NuStar terminal over unpaid bills

Reuters Business News - Fri, 10/20/2017 - 11:33
HOUSTON (Reuters) - Venezuela's state-run petroleum firm PDVSA has been barred from using a NuStar Energy oil storage terminal in the Caribbean over $26 million in unpaid bills, according to documents reviewed by Reuters, halting delivery of a cargo to an oil trader.
Categories: Reuters

Wells Fargo scrutinized by regulator for auto insurance program: NYT

Reuters Business News - Fri, 10/20/2017 - 11:30
(Reuters) - Wells Fargo & Co engaged in deceptive auto insurance practices, failed to properly manage risks and hasn't set aside enough funds to pay back affected customers, the New York Times reported, citing a confidential report by federal regulators.
Categories: Reuters

Hedge fund assets hit all-time high at end of Q3, despite USD2.5bn in redemptions in September

Hedgeweek News - Fri, 10/20/2017 - 11:18

Despite redemptions of USD2.5 billion from hedge funds in September, Q3 ended with USD12.5 billion of inflows and the industry sitting at an all-time peak AUM, according to the latest Hedge Fund Industry Asset Flow Report from eVestment.



The proportion of funds losing assets in September was the highest of the year, and highest since December 2016. However, the proportion of managers who lost greater than 2 per cent, or greater than 5 per cent of their total AUM due to outflows was nowhere near the level seen in December. The proportion of all funds that lost greater than 2 per cent of assets from redemptions was almost right on the annual average, while the proportion of large funds losing a meaningful amount of AUM was well below their 2017 average.
 
Macro funds have been, and still remain, investors’ primary allocation target of 2017, but losses among some larger funds appear to have taken their toll. 61 per cent of macro strategies had redemptions in September, compared to only 48 per cent facing net outflows for the year. Each of the largest asset losers in September have produced performance losses YTD in 2017. Despite the elevated redemptions in September, several funds still received meaningful new allocations during the month.
 
Managed futures fund flows were negative for a third consecutive month as revised August data ultimately showed a slight outflow that month. Outflows in September were elevated, and nearly 70 per cent of reporting managers faced redemption pressures during the month. Performance has undoubtedly been the culprit, and while that part of the picture had improved in July and August, losses returned in September. The outlook to year-end for managed futures fund flows does not have many supporting factors at the moment.
 
The revival of long/short equity strategies accelerated into the end of Q3 with the strategy’s largest monthly inflow since February 2014. While the story on the strategy for 2017 had been of large, but targeted allocations to large funds, and to those with an emphasis on quantitative approaches, inflows in September were much more widespread. More than half of reporting managers saw net new money come in during September, and those with net inflows for the year improved to near 40 per cent.
 
Three months after four consecutive months of performance losses ended in June 2017, commodity managers faced their largest redemptions since November 2012 to end Q3. Net inflows for the quarter, and for the year, remained positive after September’s outflow, however with performance losses again in September, the future is less rosy.
 
After two months of light outflows, September’s EM inflow was the largest in twelve months. It appeared that, after redemptions in July and August, the resurgence of flows into EM hedge funds which had only started in May, had fizzled. September’s allocation, however, more than offset the prior two months’ redemptions. But a closer look at the numbers shows that inflows were very much isolated within a small handful of funds as the majority of products still faced redemption pressures. Allocations were greatest to products focused on EM credit markets.
 
About 50 per cent of reporting China-focused funds had inflows in September, which is slightly better than the overall hedge fund industry. Flows from reporting managers were net positive during the month, but only a small proportion had meaningful new allocations. 

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