BUSINESS NEWS APRIL 12TH, 2016
Stocks jumped and oil prices rallied to a new high for the year Tuesday even as Wall Street investors are expecting a weak first-quarter earnings season that kick offs this week. The unofficial start to the profit reporting season kicked off after Monday's closing bell with a disappointing report from aluminum maker Alcoa (AA), which topped lowered earnings expectations despite a more than 90% drop in earnings but fell short on revenues. The Dow Jones industrial average ended up about 165 points, or 0.9%. The broader Standard & Poor's 500 stock index gained 1% and the technology-packed Nasdaq composite rose 0.8%.Energy shares led the gains as U.S. benchmark crude jumped 4% to $42.00 a barrel.
ZUCKERBERG TAKES ON TRUMP, UNVEILS FACEBOOK'S 10-YEAR PLAN
Facebook CEO Mark Zuckerberg laid out a 10-year plan to connect the world that sounded as much like a political cause as a grab for potential billions in dollars. In a sweeping address that took on sharp political tones at times, Facebook's 31-year-old CEO detailed how Facebook aims to reach the planet's 7 billion people — half of whom do not have Internet access. And he took very direct aim at those who would limit free trade and immigration. “We are one global community,” he said. “Whether we are welcoming a refugee fleeing war or an immigrant seeking opportunity, coming together to fight a global disease like Ebola or to address climate change.”
Pressure on North Carolina is growing.Deutsche Bank said Tuesday it will freeze plans to create 250 new jobs at its software center in Cary, N.C., citing its opposition to the state’s new controversial law that requires transgender people to use bathrooms and changing facilities matching the gender on their birth certificate.“We take our commitment to building inclusive work environments seriously,” John Cryan, co-CEO of Deutsche Bank, said in a statement. “We’re proud of our operations and employees in Cary and regret that as a result of this legislation we are unwilling to include North Carolina in our US expansion plans for now.”Deutsche Bank currently employs about 900 people at the software development center in Cary. Those jobs aren’t affected.In September, Deutsche Bank announced the job expansion plans.
SC FOR MAKING PUBLIC THE LOAN DEFAULT AMOUNT, RBI OPPOSES
The Supreme Court today favoured making public the total amount of outstanding loans given by banks to various individuals and entities and running into lakhs of crores of rupees as per the information provided to it by RBI in a sealed cover."This information does make out a case. This is quite a substantial amount which is involved," a bench comprising Chief Justice T S Thakur and Justice R Banumathi said.