• News Desk

BUSINESS NEWS FEBRUARY 1ST 2016


U.S. CONSUMER SPENDING REMAINS UNCHANGED IN DECEMBER

U.S. stocks pared sharp opening losses to finish flat for the day. U.S. consumers kept their spending flat in December. However consumers boosted their savings rate to propel it to a 3-year high. Consumer spending was unchanged in December after rising 0.5% in November. Higher incomes and flat spending pushed the savings rate to 5.5% of after-tax income in December. Warm weather held back spending on winter clothes & more-than-expected rainfall hurt demand for automobiles.

For more on the story log on to

http://www.bbc.com/news/business-35441191

U.S. MANUFACTURING DATA DISAPPOINTS

A key report on U.S. manufacturing in January showed that the sector contracted for the fourth straight month. The Institute for Supply Management (ISM) said its manufacturing index rose to 48.2% last month from 48% in December. A reading below 50 indicates that companies are shrinking instead of expanding. According to economists, a strong dollar, weak global demand and weak commodity prices are hurting the sector.

For more on the story log on to

http://www.marketwatch.com/story/weak-tone-to-manufacturing-report-from-ism-in-january-2016-02-01

YAHOO LIKELY TO CUT 15% JOBS; CLOSE SEVERAL UNITS: REPORT

Yahoo's CEO Marissa Mayer is likely to reveal cost-cutting plans that include a reduction of 15% of the internet company's workforce and the closure of several business units, according to a Wall Street Journal report. The report further adds that the plans are expected to be announced after Yahoo's fourth-quarter results. Yahoo had about 11,000 employees as of June 30th 2015. Yahoo has struggled to grow its Internet business in the wake of competition from Google & Facebook. Meyer's turnaround efforts haven't borne fruit yet.

For more on the story log on to

http://www.reuters.com/article/us-yahoo-redundancies-idUSKCN0VA335

ALPHABET EARNINGS BEAT ESTIMATES

Alphabet has just released its first full quarter of financial data under its new structure. The company earned $21.3 bn in revenues with profits of $4.9 bn. Gains for the firm came on the strength of a growing mobile search business as well as YouTube and the company's advertising business. Alphabet has officially become the world's biggest company in terms of value. Its market cap of about $570 bn exceeds Apple's, which is around $539 bn.

For more on the story log on to

http://www.engadget.com/2016/02/01/google-alphabet-q4-2015-earnings/


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