Morgan Stanley quits brokerage industry pact on recruiting

Morgan Stanley quits brokerage industry pact on recruiting

NEW YORK (Reuters) – Morgan Stanley is quitting a pact it signed with rival securities brokerages over a decade ago agreeing not to sue one another when brokers quit to join rivals and take clients with them. FILE PHOTO: The headquarters of Morgan Stanley is pictured in New York, U.S., June 1, 2012. REUTERS/Eric Thayer/File […]

CVS bid for Aetna: A $66 billion bet on cutting drug costs

CVS bid for Aetna: A $66 billion bet on cutting drug costs

NEW YORK (Reuters) – The proposed merger between U.S. pharmacy operator CVS Health Corp and No. 3 health insurer Aetna Inc represents a $ 66 billion bet that insurers can drive down high U.S. drug prices by cutting out the middleman. FILE PHOTO: The CVS logo is seen at one of their stores in Manhattan, […]

As Trump tax comes to floor, failure could spell stocks selloff

As Trump tax comes to floor, failure could spell stocks selloff

NEW YORK (Reuters) – Investors are increasingly pricing in the effect of a corporate tax cut into the shares of U.S. companies, leaving the market primed for a steep sell-off if the Republican-controlled Congress fails to pass one of President Donald Trump’s top priorities. FILE PHOTO: A street sign is seen in front of the […]

SEC fines UBS $3.5 million for overcharging mutual fund customers

SEC fines UBS $3.5 million for overcharging mutual fund customers

(Reuters) – UBS AG (UBSG.S) will pay a $ 3.5 million civil fine to settle U.S. Securities and Exchange Commission claims that it overcharged customers on mutual funds, the regulator said on Friday. FILE PHOTO – The logo of Swiss bank UBS is seen on a branch office in Zurich, Switzerland November 8, 2016. REUTERS/Arnd […]

Global insurers look to raise rates after catastrophic quarter

Global insurers look to raise rates after catastrophic quarter

(Reuters) – Insurers and reinsurers around the globe are looking to raise rates after what looks set to be their most costly quarter on record. A recreational vehicle (RV) that caught fire is pictured following Hurricane Irma in Cudjoe Key, Florida, U.S., September 24, 2017. REUTERS/Carlo Allegri Hurricanes Irma and Maria alone caused as much […]

Higher bond yields, soft earnings weigh on Wall St.

Higher bond yields, soft earnings weigh on Wall St.

NEW YORK (Reuters) – U.S. stocks fell on Wednesday, with the Dow Industrials and S&P 500 indexes suffering their worst day in seven weeks, on a batch of soft quarterly earnings and a rise in bond yields. Benchmark U.S. 10-year note US10YT=RR yields hit a seven-month high of 2.475 percent, buoyed by economic data, recent […]

Fidelity chairman says U.S. regulations lag social media advances

Fidelity chairman says U.S. regulations lag social media advances

BOSTON (Reuters) – U.S. financial regulations on data retention do not fit with the way people expect to communicate on social media, Fidelity Investments Chairman Abigail Johnson said on Tuesday. FILE PHOTO: Fidelity Chairman and Chief Executive Officer Abigail Johnson interviews founder of Bloomberg L.P. and former New York City Mayor Michael Bloomberg about innovation […]

IBM lags in cloud computing and AI. Can tech’s great survivor recover?

IBM lags in cloud computing and AI. Can tech’s great survivor recover?

TECHNOLOGY giants are a bit like dinosaurs. Most do not adapt successfully to a new age—a “platform shift” in the lingo. A few make it through two and even three. But only a single company spans them all: IBM, which is more than a century old, having started as a maker of tabulating machines that […]

Recent hurricanes take toll on quarterly earnings

Recent hurricanes take toll on quarterly earnings

SAN FRANCISCO (Reuters) – After raging over the southern United States and Puerto Rico, remnants of hurricanes Harvey, Irma and Maria are now dampening U.S. corporate profits. Traders gather for the IPO of Singapore-based Sea Limited on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 20, 2017. REUTERS/Brendan McDermid […]

Ackman urges ADP to consider acquiring Ceridian amid proxy fight

Ackman urges ADP to consider acquiring Ceridian amid proxy fight

BOSTON (Reuters) – Activist investor William Ackman, currently battling for board seats at Automatic Data Processing Inc (ADP.O), on Thursday said the human resource software company should buy rival Ceridian, in a move that could woo customers with a better product. FILE PHOTO – William Ackman, chief executive of Pershing Square walks on the floor […]