U.S. mutual funds with heavy exposure to Puerto Rico bonds have sold off some of the cash-strapped island's debt to meet investor redemption demands.» Read More
VALLEY OF THE KINGS, Australia, Dec 19- A fleet of charter flights ferry thousands of workers to and from this outback mine site. Rio Tinto, BHP Billiton and Fortescue Metals Group are bulking up in Western Australia's iron-rich Pilbara desert as if the mining boom had never ended.
Dec 16- Vanguard Group, the top U.S. mutual fund company, is poised to capture the most fund flows for a third straight year, according to Morningstar Inc.. Through the end of November, Vanguard funds had captured $65.3 billion in fund flows, Morningstar said.
WASHINGTON, Dec 15- The withering U.S. municipal bond market will shrink even more well into 2014, with interest rate and credit risks keeping both investors and borrowers away. "There are two themes that occurred this year and they're going to carry on to next year," said Chris Alwine, head of municipal bonds at The Vanguard Group, which has $100 billion in assets.
Dec 13- Qualcomm Inc promoted Chief Operating Officer Steve Mollenkopf to chief executive in a surprise move that follows investor pressure on the phone chipmaker to return capital and speculation that he might be poached to run Microsoft.
NEW YORK, Dec 13- With a nearly 50 percent gain in his portfolio for the year, fund manager Michael Corbett might be expected to coast into January. "I'm interested in finding the five baggers," which Wall Street calls a stock that appreciates to more than five times its purchase price.
LONDON, Dec 12- The bet paid off in Ireland and it paid off in Hungary but star bond investor Michael Hasenstab's faith in distressed countries honouring their sovereign debts faces an even bigger test in Ukraine. For the moment at least the fate of a $5 billion- plus punt on Ukraine government debt by the Franklin Templeton manager does not look promising.
"Because antimicrobial drug use in both humans and animals can contribute to the development of antimicrobial resistance, it is important to use these drugs only when medically necessary," the FDA said in a release.
NEW YORK, Dec 9- As the calendar closes down on 2013, many U.S. money managers are finding themselves in an unfamiliar position: selling some of the bond funds that have long been mainstays of their clients' portfolios.
Dec 9- Struggling teen apparel retailer Abercrombie& Fitch Co said it will extend Chief Executive Mike Jeffries' contract by at least a year after it expires in February, days after a shareholder urged the company to replace him.
*Russia cracking down on tobacco consumption. MOSCOW/ LONDON, Dec 4- Philip Morris International Inc and Japan Tobacco Inc are buying 20 percent stakes in their Russian distributor Megapolis for $750 million each, strengthening their grip on the world's No.2 cigarette market by volume after China.
NEW YORK, Dec 4- Portfolio manager Joel Beam has spent the last 13 years investing in a part of the market that even many professional investors aren't familiar with. There are now 41 preferred funds tracked by Morningstar; 10 years ago there were only five, including the Forward fund.
Dec 3- Canadian planemaker Bombardier Inc said on Tuesday that it replaced the head salesman for the slow-selling CSeries aircraft with an executive from its business jet division. "Clearly the sales have been pretty weak, so at some point you've got to try something different," said Neil Dihora, a Morningstar Inc analyst.
Dec 3- An Abercrombie& Fitch Co shareholder urged the teen apparel retailer to replace Chief Executive Mike Jeffries after his contract expires in February, failing which the company should look to sell itself.
NEW YORK, Dec 3- Bill Gross, co-founder and co-chief investment officer of bond giant Pimco, said Tuesday that easy-money policies worldwide have put global economies and their capital markets increasingly at risk.
Dec 3- An Abercrombie& Fitch Co shareholder called on the teen apparel retailer to replace Chief Executive Mike Jeffries after his contract expires in February, saying his re-election could further dent shareholder confidence in the board.
LOS ANGELES, Dec. 2- College savings plans are better deals than they were a few years ago, but there are still a few clunkers out there. Each fall, investment research firm Morningstar singles out the nation's best 529 college savings plans.
MSCI indexes for Japan, Germany, France and Spain, for instance, trade at 14 times earnings, compared with 15 for the Standard& Poor's 500; Britain is cheaper, at 13 times earnings, and MSCI's broad-based index of emerging markets is cheaper still, with a price-earnings ratio of 11..
CHATHAM, N.J./ LOS ANGELES/ WHITE PLAINS, NY, Nov 27- T he 2013 holiday shopping season may end up being remembered for its ugly sweaters and, for many retailers, even uglier discounts.
These data do not confirm the signal of increased risk of heart attacks that was found in an analysis of previous clinical trials first reported in 2007, the FDA said in a statement. "GSK welcomes the decision of the FDA and appreciates the agency's robust review of the science with regard to Avandia," Glaxo said in an emailed statement.
These data do not confirm the signal of increased risk of heart attacks that was found in an analysis of previous clinical trials first reported in 2007, the FDA said in a statement. GlaxoSmithKline could not immediately be reached to comment on the FDA decision.