BUSINESS NEWS MAY 10TH, 2016
A big rally Tuesday on Wall Street turned a stalled stock market into a confused market, one that still doesn’t know if it wants to go up or down amid persistent worries ranging from weak corporate earnings to sluggish economic growth around the globe.The U.S. stock market has traded sideways since its all-time high notched nearly a year ago on May 21, 2015. And while the Standard & Poor’s 500 stock index is within 2.2% of its record close of 2130.82, there are still enough headwinds that will make it hard for the market to break out sharply to the upside, Wall Street pros say.Indeed, there is still a case for the stock market moving up at stall speed. Here’s a list of five roadblocks -- in addition to angst over coming interest rate hikes from the Federal Reserve and volatile energy market -- that are holding the market back.
FEDERAL JUDGE BLOCKS STAPLES-OFFICE DEPOT MERGER
A federal judge issued an injunction that stops the merger of office-supply giant Staples and Office Depot, potentially scuttling their merger.U.S. District Judge Emmet Sullivan said Tuesday a merger has a “reasonable probability” of harming competition in office supplies, the Associated Press reports. The order backs the Federal Trade Commission, which had sought to stop the $6.3-billion merger on the same grounds.Staples and Office Depot had said they would drop their merger if a judge ruled against them.
A SECRET SECTION OF CENTRAL PARK REOPENS
Since the days when Fiorello H. La Guardia was mayor and Franklin D. Roosevelt was president, it has been a well-kept secret of New York City — to people, if not to migrating birds, the occasional wandering coyote and annoying, invasive plants like wisteria: a four-acre peninsula in Central Park that the groundskeepers did not bother with and that was off limits to the public.Officially, anyway.Now it is on its way to being less isolated. Not since the 1930s has it been open regularly; now, it will be — from 2 to 5 p.m. three days a week through June 30, and four days a week from July 1 to Aug. 31 with slightly different hours.
TAIWANESE COS EXPLORE BIZ OPPORTUNITIES IN INDIA
Taiwanese technology companies are bullish on Indian market specially Smart City project and are coming to country to explore business opportunities. "India's FDI has increased significantly in last two years which is catching eye balls of global companies... The Smart City project announced by the government offers huge collaboration opportunity between India and Taiwan,"Taiwan External Trade Development Council Deputy Executive Director Scott Yang said at an event here. About 47 Taiwanese brands have come to India to participate in Smart Cities India 2016 exhibition starting from May 11 and will meet Indian companies on May 13 to explore business opportunity in the country.