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  • SAFT ON WEALTH-There are no pure index investors Wednesday, 19 Nov 2014 | 5:02 PM ET

    Nov 19- At the heart of every great movement, and index investing is no different, lies a kernel of truth surrounded by a great deal of hooey. I'd argue that index investing, the practice of eschewing active stock or bond picking in exchange for a cheap and cheerful return close to that of a given index, has done more good for investors over the past 40 years than any...

  • Morgan Stanley's oil trading desk, the largest of the five divisions within its commodities business, recorded net revenue of $676 million in 2012, half as much as 2008, according to a submission cited in the committee's 400- page report. And Goldman Sachs saw its global commodity net revenues drop to around $1 billion in 2012, less than a third as much as its...

  • For example, following its purchase of the RBS Sempra commodities business in mid-2010, JPMorgan Chase& Co sought Fed permission to trade a range of niche physical oil products such as asphalt, Canadian condensate and marine diesel. After it became clear that the Fed would not grant the request, JPMorgan withdrew it. "The decision of the Federal Reserve not to...

  • WASHINGTON, Nov 19- A two-year Senate investigation into Wall Street's physical commodities business found that U.S. banks had manipulated prices and gained unfair trading advantages at the expense of consumers. Goldman Sachs Group Inc, Morgan Stanley and J.P. Morgan built huge inventories of aluminum, oil, jet fuel and other commodities, the report said, and...

  • CARACAS, Nov 19- Venezuela will increase taxes on luxury goods, alcohol and tobacco to help shore up the government's finances, the top tax official said, as falling oil prices threaten the OPEC member's coffers. Buyers of luxury goods, including cars worth more than $30,000, will pay an excise tax of 15 percent, up from 10 percent, tax chief Jose David Cabello said...

  • WASHINGTON/ CHICAGO, Nov 19- U.S. farmers are about to reap a bumper harvest not just in corn and soybeans but also in new subsidies that could soar to $10 billion, blowing a hole in the government's promise that its new five-year farm bill would save taxpayers money. If payments for 2014, the first year the farm bill takes effect, do come in at that level- as some private...

  • OTTAWA, Nov 19- U.S. aerospace giant Boeing Co is frustrated by Canada's decision to extend the life of its aging fleet of fighter jets, a move that will delay a decision on buying replacements, a company official said on Wednesday. The comments were a rare public expression of unhappiness by Boeing about the way Canada is conducting the process to buy new fighters.

  • Salesforce Q4 revenue forecast misses estimates Wednesday, 19 Nov 2014 | 4:34 PM ET

    Nov 19- Cloud software company Salesforce.com Inc forecast current-quarter revenue that fell short of market expectations, pushing its shares down 4 percent in extended trading. The company said it expected revenue of about $1.44 billion for the quarter ending Jan. 31, missing the average analyst estimate of $1.45 billion. Net loss narrowed to $38.9 million,...

  • NEW YORK, Nov 19- Citigroup Inc is considering a sale of its index business, two sources familiar with the situation said on Wednesday, making it the latest bank to think about jettisoning benchmarking amid increased regulatory scrutiny. About $174 billion in exchange traded fund and mutual fund assets track Citigroup indexes, according to Morningstar.

  • *Lowe's, Target shares rise after results. "The market doesn't really know how to react to this, whether it's a hawkish or dovish statement, but the reality is I think it's a truthful statement that we are in a very interesting spot with both headwinds and tailwinds facing this economy," said Burt White, managing director and chief investment officer at LPL Financial...

  • Keurig profit jumps 11 pct as portion pack sales rise Wednesday, 19 Nov 2014 | 4:26 PM ET

    Nov 19- Keurig Green Mountain Inc reported an 11 percent jump in quarterly profit, largely helped by higher sales of its K-Cup coffee portion packs. The maker of the K-Cup single-serve coffee pod said net income attributable to Keurig rose to $141.1 million, or 86 cents per share, in its fiscal fourth quarter ended Sept. 27 from $127 million, or 83 cents per share, a...

  • U.S. top trade official optimistic on fast-track power Wednesday, 19 Nov 2014 | 4:25 PM ET

    Trade Representative Michael Froman said on Wednesday he still hopes for bipartisan support in Congress on granting the White House the authority to fast track trade deals but added the timing was up to lawmakers. Congress has yet to consider a Trade Promotion Authority bill, introduced in January, that would prevent lawmakers from amending trade deals in...

  • Nov 19- U.S. Bank, sued by the government last year for allegedly aiding a massive fraud at brokerage Peregrine Financial, must face claims for nearly $36 million in restitution to Peregrine's victims, a federal judge in Iowa ruled. U.S. Bank, part of Minneapolis- based U.S. Bancorp, was sued last year by the U.S. Commodity Futures Trading Commission for allegedly...

  • FACTBOX-Proposed U.S. nuclear power reactors Wednesday, 19 Nov 2014 | 4:20 PM ET

    Nov 19- The U.S. Nuclear Regulatory Commission on Wednesday said its staff found no safety reasons that would prevent the approval of a license for a proposed new reactor at DTE Energy Co's Fermi nuclear power plant in Michigan. This is not the final approval for the project but is an important step in the process. DTE filed to build and operate a new reactor at Fermi...

  • Libyan OPEC official indicates output cut on Nov 27. NEW YORK, Nov 19- Oil prices fell for a third straight day on Wednesday, as early gains on talk of a possible OPEC output cut vanished after the Federal Reserve released minutes of last month's policy meeting revealing worries that U.S. inflation could remain below target for "quite some time."

  • Bond yields, which move inversely to prices, initially trimmed gains as the headlines from the Fed minutes showed a slightly dovish bent, according George Goncalves, head of U.S. rates strategy at Nomura Securities in New York. "On balance, the Fed's statement, released at the conclusion of its Oct. 29 meeting was surprisingly hawkish, a tone that was not maintained...

  • NEW YORK, Nov 19- U.S. stocks ended little changed on Wednesday as minutes from the recent Federal Reserve meeting gave investors few new clues as to when U.S. interest rates may rise. The Dow Jones industrial average fell 4.66 points, or 0.03 percent, to 17,683.16, the S&P 500 lost 3.17 points, or 0.15 percent, to 2,048.63 and the Nasdaq Composite dropped 26.73 points,...

  • WELLINGTON, Nov 20- Italian luxury textiles house Loro Piana recently made its annual trip down under to select two bales of the finest merino wool, one from New Zealand and the other from Australia, for its premier line of suits, which sell for tens of thousands of dollars. "Any time we mention New Zealand wool and build brands that mention New Zealand origin, we're...

  • BEIJING, Nov 20- Even as China's home prices suffered their biggest annual fall in nearly four years in October, there are early indications the worst might have passed as property sales, investment and construction all show some signs of recovery. "Now I can think about buying a small house in the Beijing suburbs." After home prices powered to record highs in four of...

  • China's electric vehicle sales surged five-fold in the first 10 months of 2014, powered by Beijing subsidies. As China's demand for luxury and premium cars cools, the Guangzhou autoshow this week hosts a separate event dedicated to green vehicles. "China's green vehicle market will be huge," said Arnold Chan, Deputy Chairman of China Dynamics Holdings Ltd..