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Trump to name Goldman executive to key economic post - reports

Gary Cohn, president and COO of Goldman Sachs, speaks during a news conference, after a meeting with Brazil's President Dilma Rousseff in BrasiliaBy Jason Lange and Olivia Oran WASHINGTON/NEW YORK (Reuters) - U.S. President-elect Donald Trump on Friday was expected to name a senior Goldman Sachs banker to coordinate economic policy across his administration, turning again to Wall Street for expertise in managing the world's largest economy. Trump's pick of Gary Cohn, 56, the firm's president and chief operating officer, to head his White House National Economic Council, reported by NBC and other media outlets, comes despite Trump's past criticism of Wall Street's power. Trump hammered Goldman and its Chief Executive Officer Lloyd Blankfein during the presidential campaign, releasing a television ad that called Blankfein part of a "global power structure" that had robbed America's working class.


Time Inc hires bankers to explore takeover, partnership interest - WSJ

(Theis Dec. 8 story was refiled to say in paragraph 8 that Leonard Blavatnik is a Russian-born American billionaire, not a Russian billionaire.) (Reuters) - Time Inc , the publisher of Time, People and Fortune magazines, has tapped Morgan Stanley and Bank of America Corp to help field takeover or partnership interest, the Wall Street Journal reported. The media company rejected a takeover bid from billionaire investor Edgar Bronfman Jr, the New York Post reported last month. Bronfman, former CEO of Warner Music Group, made the bid along with Russian-born American billionaire Leonard Blavatnik and Israeli businessman Ynon Kreiz, according to the New York Post.

Health, tech stocks extend Wall Street record-setting rally

Traders work on the floor of the NYSEThe three main U.S. stock indexes have hit a series of record highs as investors piled into sectors such as banks and industrials, betting that President-elect Donald Trump would usher in a business-friendly environment. "I think if you are a short-term trader, you may be looking to take profits and you are starting to see a little bit of that in financials," said Robert Pavlik, chief market strategist at Boston Private Wealth.


Wall Street hits record high for third day in a row

Traders work on the floor of the New York Stock Exchange in New York CityWall Street's major indexes hit record highs for the third day in a row on Friday as the post-election rally got a lift from healthcare and technology stocks. The "Trump rally" has been roaring ahead since the Nov. 8 vote on bets that President-elect Donald Trump's policies will boost economic growth and inflation. "I think if you are a short-term trader, you may be looking to take profits and you are starting to see a little bit of that in financials," said Robert Pavlik, chief market strategist at Boston Private Wealth.


U.S. derivatives regulator to move on from Dodd-Frank under Trump

U.S. President-elect Trump leaves an elevator with Priebus and retired U.S. Army Lieutenant General Flynn before speaking with the media about meeting with families of the victims of the November 28 attacks at Ohio State University, in ColumbusBy Lisa Lambert WASHINGTON (Reuters) - The U.S. derivatives regulator will move on from reforms undertaken after the 2007-09 financial crisis to a new focus on U.S. competitiveness and the potential for shocks to the global $710 trillion (564.39 trillion pound) swaps markets under President-elect Donald Trump. J. Christopher Giancarlo, in line to head the Commodity Futures Trading Commission once Trump is inaugurated on Jan. 20, has said the agency should look beyond mandates from the 2010 Dodd-Frank Wall Street reform law to current trends in financial markets. As the sole Republican on the CFTC, Giancarlo will at least temporarily run the commission where he is currently the minority member.


Nasdaq launches new Copenhagen index to reflect DONG, Nets IPOs

A view of the exterior of the Nasdaq market site in the Manhattan borough of New York CityStock exchange operator Nasdaq will replace Denmark's main C20 CAP index with a new index of 25 companies to reflect a higher market capitalization and turnover following two of the world's biggest IPOs in Copenhagen this year. The new C25 CAP will be launched on Dec. 19 and is due to replace Denmark's largest index C20 CAP 12 months later, Nasdaq said in a statement Friday. "Thanks in part to a string of large cap listings since 2010, and with Nets and DONG Energy among this year's global top three IPOs, the Danish stock market has near-doubled in market capitalization and equity turnover since 2012," Nasdaq Copenhagen Chief Executive Bjorn Sibbern said.


China insurance regulator bars Evergrande Life from stock market investment

BEIJING, Dec 9 (Reuters) - China's insurance regulator saidlate on Friday it has suspended Evergrande Life, the insurancearm of China Evergrande Group, from conducting stockmarket investment due to its speculative, frequent, high-volumetrading. The China Insurance Regulatory Commission (CIRC) requiredEvergrande Life to properly address the problem by improving itsstock market investment practices and strengthening its riskmanagement, the regulator said in an online statement. ...

Asian markets mixed following ECB decision to extend its bond purchase programme

Asian markets mixed following ECB decision to extend its bond purchase programmeWhile Asian stock market indices were trading mixed on Friday (9 December), the Shanghai Composite was up 0.79% at 3,240.77 at 5.18am GMT following the European Central Bank's decision on quantitative easing (QE).


Nikkei rises to highest in a year on Wall St strength, weaker yen

Visitors looks at an electronic board showing the Japan's Nikkei average at the Tokyo Stock Exchange in TokyoBy Ayai Tomisawa TOKYO (Reuters) - Japanese stocks rose to their highest level in a year on Friday morning, supported by Wall Street gains and solid buying of exporters on the back of a weaker yen. The mining sector was the top gainer on the board, rising 2.8 percent after oil prices extended a rally on Friday, buoyed by growing optimism that non-OPEC producers might agree to cut output following a cartel agreement to limit production. Inpex Corp soared 2.8 percent and Japan Petroleum Exploration Co jumped 4.1 percent. The benchmark Nikkei gained 1.1 percent to 18,970. ...


U.S. SEC enforcement chief Ceresney to depart at year-end

Andrew Ceresney, Director of SEC Enforcement division, speaks as Preet Bharara, U.S. Attorney for the Southern District of New York, looks on during a news conference on Las Vegas sports bettor William "Billy" Walters and Dean Food's former chairman ThomasAndrew Ceresney, the U.S. Securities and Exchange Commission's Wall Street policeman, will leave the agency at the end of December, joining other top officials who are departing before Donald Trump is sworn in as president in January. Ceresney is the seventh top official at the SEC to announce his departure since Trump won November's election. Since then, the SEC has been hit with a wave of resignations, led by the announcement that SEC Chair Mary Jo White plans to step down at the end of the Obama administration.


Technology

Top stories of the hour


Market Extra: Stock benchmarks did something they haven’t done in nearly 20 years
Fri, 09 Dec 2016 19:00:40 +0000

Five major stock-index benchmarks finished at records on the same day—something that hasn’t happened in more than 18 years, according to Dow Jones data.

Trump’s tax holiday won’t make much of a difference without corporate-tax reform
Fri, 09 Dec 2016 18:58:00 +0000

President-elect Donald Trump’s proposal to offer U.S. companies a one-time repatriation holiday would bolster domestic liquidity and improve financial flexibility, Moody’s says, but it would likely be a temporary blip without a broader reform of corporate taxes.

Market Extra: Stock market’s velocity after Trump has investors talking Dow 20,000—and beyond
Fri, 09 Dec 2016 18:55:56 +0000

Do I hear 20,000? 21,000? That’st the question investors are posing after Donald Trump’s postelection ebullience has stretched equity markets deeper into the record books since Nov. 8.

Weekend Sip: The 12 bottles of Christmas
Fri, 09 Dec 2016 18:55:34 +0000

Wine, spirits and cider at a variety of price points. For gifts, or for you.

Futures Movers: Oil futures gain as oil producers aim to shore up output pact
Fri, 09 Dec 2016 18:38:36 +0000

Oil futures head higher Friday for a second consecutive session with some of the world’s biggest crude producers expected to hold a meeting this weekend to shore up last month’s agreement to curb production.

Called to Account: At Deloitte, the problems with audit quality and professionalism start at the top
Fri, 09 Dec 2016 18:35:38 +0000

A Deloitte Brazil whistleblower from 2002 is now one of 12 senior partners charged by the audit regulator with falsifying audit workpapers and covering up the lies.

Roof hesitates before confessing
Fri, 09 Dec 2016 18:16:16 +0000

FILE - In this June18, 2016 file photo, Dylann Storm Roof is escorted from the Sheby Police Department in Shelby, N.C. The trial for Roof, a white man accused of killing nine black people at the church, started Wednesday, Dec. 7, 2016, at the federal courthouse in Charleston, S.C. (AP Photo/Chuck Burton, File)"Uh, I did it," Dylann Roof said in a recording played for the public for the first time at his death penalty trial.


Market Snapshot: Stocks poised for record finish after S&P 500, Dow hit fresh highs
Fri, 09 Dec 2016 18:13:08 +0000

U.S. stocks extend their winning streak Friday, with main benchmarks setting intraday highs after opening modestly higher.

Defense Secretary Carter visits Afghanistan
Fri, 09 Dec 2016 17:18:59 +0000

Defense Secretary Ash Carter makes surprise visit to Afghanistan. (AP)"America is ... committed to a sovereign and secure Afghanistan," Ash Carter said during his surprise trip to the country.


Obama orders review of election hacking
Fri, 09 Dec 2016 17:10:14 +0000

President Barack Obama speaks at MacDill Air Force Base in Tampa, Tuesday, Dec. 6, 2016. (Monica Herndon/Tampa Bay Times via AP, Pool)U.S. officials have said they're "confident" that election-related cyber attacks were directed by the Russian government.


Capitol Report: FedEx chief defends Pacific trade pact Trump has blasted
Fri, 09 Dec 2016 16:48:53 +0000

The chief executive of FedEx Corp. offered a strong defense of international trade in a speech on Friday, telling a forum in Washington that American workers “need” an agreement that President-elect Donald Trump has blasted.

Potential Trump pick on sharing 'fake news'
Fri, 09 Dec 2016 16:00:07 +0000

Texas Agricultural Commissioner Sid Miller (Time)"If it’s thought-provoking, I’ll put it up there and let the readers decide," said Texas Agriculture Commissioner Sid Miller.


South Korean president is impeached in stunning fall
Fri, 09 Dec 2016 15:33:58 +0000

South Korea impeaches scandal-hit president (Reuters)South Korean lawmakers vote to impeach President Park Geun-hye, a stunning fall for the country's first female president.


Syrian civilians leave rebel area in Aleppo
Fri, 09 Dec 2016 15:19:18 +0000

Syrian Arab Red Crescent carrying a patient on stretcher out of a medical facility. (Syrian Arab Red Crescent/Noor Hazouri/AP)Rebel defenses have collapsed after a wide-ranging government offensive and an intensive aerial campaign.


Clinton decries rise of fake news in first speech since loss
Fri, 09 Dec 2016 14:53:04 +0000

Hillary Clinton (Reuters)In her first speech since losing the election, Hillary Clinton warns that false reports can have “real-world consequences.”


Brett Arends's ROI: The Congressional Budget Office just destroyed Trump’s budget promises
Fri, 09 Dec 2016 13:07:27 +0000

Donald Trump’s budget math still doesn’t add up, writes Brett Arends.

Mark Hulbert: This top market timer says stocks’ ‘Trump bump’ won’t last much longer
Fri, 09 Dec 2016 13:05:35 +0000

Veteran market technician Sam Eisenstadt sees the S&P 500 in six months trading where it is now, writes Mark Hulbert.

Alabama executes man convicted of killing store clerk
Fri, 09 Dec 2016 07:47:56 +0000

Alabama executes man convicted of killing store clerkRonald Bert Smith Jr., 45, was convicted of killing a convenience store clerk more than two decades ago.


Trump's campaign spent less than Clinton's
Fri, 09 Dec 2016 06:35:18 +0000

President-elect Donald Trump and Vice President-elect Mike Pence react to supporters during a rally, Thursday, Dec. 8, 2016, in Des Moines, Iowa. (AP Photo/Charlie Neibergall)Trump's campaign spent about $94 million in its final push for the White House, according to new reports.


All-American John Glenn: Astronaut, fighter pilot, senator
Fri, 09 Dec 2016 06:11:35 +0000

John Glenn (Reuters)Neil Armstrong was the first man to walk on the moon, but he was not the celebrity that John Glenn was.


Former senator, astronaut John Glenn dies at 95
Fri, 09 Dec 2016 03:20:18 +0000

Legendary astronaut John Glenn dies at 95The former space explorer and U.S. senator made history in 1962 as the first American to orbit the Earth.


Transportation Dept. considers in-flight calls
Fri, 09 Dec 2016 02:44:00 +0000

Transportation Department considers in-flight calls. (Getty Images)Here's a potential new reality on planes: Listening to another passenger chatting on a mobile phone.


Firefighter: Warehouse missing from fire-inspection records
Fri, 09 Dec 2016 02:20:59 +0000

Oakland warehouse fire (Getty Images)The illegally occupied building where dozens of partygoers perished in a blaze may not have been checked for fire hazards.


Trump meets with Ohio State attack victims
Fri, 09 Dec 2016 02:19:54 +0000

Donald Trump in Columbus, Ohio. (AP)The president-elect took on the somber task of consoling several people who were stabbed last week.


Life expectancy declines in the U.S.
Thu, 08 Dec 2016 23:41:22 +0000

This Monday, Jan. 25, 2016 photo shows a room inside a funeral home in Saginaw, Mich. According to a study by the government released on Thursday, Dec. 8, 2016, life expectancy in the United States has fallen for the first time in more than 20 years. (Katy Kildee/The Saginaw News - MLive.com via AP)In most years since World War II, rates have inched up, thanks to medical advances, among improvements.


House hurriedly passes stopgap funding bill
Thu, 08 Dec 2016 23:04:16 +0000

House Speaker Paul Ryan speaks during a news conference on Capitol Hill. (Cliff Owen/AP)With the prospect that the federal government could close at midnight Friday, the measure was approved 326-96.


Labor pick's 2013 remark at odds with Trump
Thu, 08 Dec 2016 22:35:50 +0000

Trump’s pick as labor secretary: Legalizing immigrants is ‘the right thing to do’Andrew Puzder, chosen to lead the Labor Department, defended immigration reform three years ago.


Tributes pour in for John Glenn
Thu, 08 Dec 2016 22:19:31 +0000

FILE - In this Tuesday, May 29, 2012, file photo, President Barack Obama awards the Medal of Freedom to former astronaut John Glenn during a ceremony in the East Room of the White House in Washington. Glenn, the first American to orbit Earth who later spent 24 years representing Ohio in the Senate, died Thursday, Dec. 8, 2016, at the age of 95. (AP Photo/Charles Dharapak, File)In 1962 the late astronaut became the first American to orbit the Earth,  helping jump-start the nation's space program.


Trump gets only one intel briefing per week
Thu, 08 Dec 2016 22:06:15 +0000

Donald Trump and Mike Pence. (Getty Images)The president-elect typically receives far fewer intelligence briefings than his predecessors, sources say.


Fewer adults earn more than their parents did
Thu, 08 Dec 2016 21:43:00 +0000

Fewer adults earn more than their parents did. (Getty Images)"My parents thought that one thing about America is that their kids could do better than they were able to do," said one of the researchers.


Muslim leaders worried by some Trump choices
Thu, 08 Dec 2016 20:54:17 +0000

Muslim leaders call on Trump to reject anti-Muslim administration appointmentsThe president-elect is asked to reject anti-Muslim policies he touted and reconsider appointments that will bring Islamophobic attitudes.


Dylann Roof's mother suffers a heart attack
Thu, 08 Dec 2016 20:30:01 +0000

FILE - In this June18, 2016 file photo, Dylann Storm Roof is escorted from the Sheby Police Department in Shelby, N.C. The trial for Roof, a white man accused of killing nine black people at the church, started Wednesday, Dec. 7, 2016, at the federal courthouse in Charleston, S.C. (AP Photo/Chuck Burton, File)The mother of the Charleston, S.C., church shooting defendant collapsed during statements Wednesday, his attorney said in court documents.


Trump pick Linda McMahon's WWE history
Thu, 08 Dec 2016 20:28:03 +0000

Linda McMahon (Yahoo News)President-elect Donald Trump selected the former World Wrestling Entertainment executive to run the Small Business Administration.


Youth vaping a public health threat
Thu, 08 Dec 2016 19:50:50 +0000

Surgeon general says youth vaping is a public health threat. (Getty Images)The U.S. surgeon general said in a new report that e-cigarettes are not harmless and too many teenagers are using them.


Trump's EPA pick called 'a 4-alarm fire'
Thu, 08 Dec 2016 18:03:40 +0000

‘This is a 4-alarm fire’: Environmentalists to campaign against Trump’s EPA pickReaction is swift to the selection of Scott Pruitt, a denier of mainstream climate science, to head the Environmental Protection Agency.


Traded insults before, now pleasantries
Thu, 08 Dec 2016 16:45:39 +0000

Donald Trump and Barack Obama (Getty Images)The president-elect and the president are striking a tone many did not expect just a few months ago.


Broadwell breaks silence after Petraeus affair
Thu, 08 Dec 2016 16:44:42 +0000

Gen. David Petraeus and Paula Broadwell in 2011. (ISAF/Getty Images)Five years after her involvement with the former CIA director, Paula Broadwell is speaking out.


Fast-food exec picked as labor secretary
Thu, 08 Dec 2016 15:39:26 +0000

Andy Puzder, CEO of CKE Restaurants, departs after meeting with U.S. President-elect Donald Trump. (Reuters)Sources say Trump will nominate Andy Puzder, CEO of CKE Restaurants, which operates the Carl’s Jr. and Hardee's chains.


Union leader won't back down on Trump
Thu, 08 Dec 2016 14:47:17 +0000

Donald Trump (Gerry Broome/AP)Chuck Jones says he started getting threats after Donald Trump slammed him on Twitter.


D.C. pizzeria gunman speaks out
Thu, 08 Dec 2016 13:27:45 +0000

Comet Ping Pong pizza restaurant. (Jonathan Ernst/Reuters)Edgar Maddison Welch, who has admitted to opening fire inside Comet Ping Pong, says he "just wanted to do some good."


What’s Trump’s agenda? Newt has some ideas
Thu, 08 Dec 2016 10:00:40 +0000

Donald Trump and Newt Gingrich (Getty Images)“The first challenge in governing is to not blow up,” says former House speaker Newt Gingrich, one of Donald Trump’s closest allies.


Juveniles charged in deadly Tenn. wildfire
Thu, 08 Dec 2016 02:49:00 +0000

Juveniles charged in deadly Tennessee wildfire. (Tennessee Highway Patrol/Handout via REUTERS)Two juveniles face aggravated arson charges in connection with the blaze that killed 14 people, authorities say.


Trump: I'll negotiate Air Force One deal
Thu, 08 Dec 2016 01:14:00 +0000

Air Force One departs Andrews Air Force Base, Md. (Jose Luis Magana/AP)The president-elect follows up criticism of the planes' cost by saying he'll engage with Boeing directly for any replacement fleet.


Trump's likely EPA pick has enraged activists
Wed, 07 Dec 2016 23:11:59 +0000

Oklahoma Attorney General Scott Pruitt speaks during an interview in Oklahoma City. (Sue Ogrocki/AP)Oklahoma Attorney General Scott Pruitt fits with the president-elect's pledge to eliminate regulations on oil and gas drilling.


Former astronaut John Glenn hospitalized
Wed, 07 Dec 2016 22:17:05 +0000

Former astronaut, Sen. John Glenn is hospitalized in Ohio. (Mark Duncan/AP)He became the first American to orbit the Earth in 1962, then represented Ohio in the Senate from 1974 to 1999.


Cabinet candidate defends Russia, rips China
Wed, 07 Dec 2016 20:15:57 +0000

Potential Trump Cabinet pick defends spreading fake stories: ‘I’m not a news source’Rep. Dana Rohrabacher, rumored in the running for secretary of state, is making waves with his global comments.


How one man went from prison to NYU
Wed, 07 Dec 2016 17:49:19 +0000

Terrance Coffie went from prison to New York University with the help of the Doe Fund. (Yahoo News)Terrance Coffie tells Katie Couric that before graduating from college, the only thing he'd ever completed was a prison term.


Trump just got friendlier toward China
Wed, 07 Dec 2016 16:43:26 +0000

Trump ChinaTrump's pick, Iowa Gov. Terry Branstad, is steeped in the importance of trade and the ways it benefits Americans.


Starbucks CEO: America is 'over-retailed’
Wed, 07 Dec 2016 15:45:09 +0000

Starbucks CEO Howard Schultz (Getty Images)At Starbucks Investor Day, Schultz said brick-and-mortar is dying—and announced plans to open 12,000 more stores.


Megyn Kelly blasts Trump's social media chief
Wed, 07 Dec 2016 14:52:05 +0000

FILE - In this May 5, 2016 file photo, Megyn Kelly poses for a portrait in New York. Kelly is calling on President-elect Donald Trump’s social media director to stop encouraging hostile elements among some of his supporters. London-based newspaper, The Guardian, reports that the Fox News anchor told an audience at a speaking event in Washington Monday, Dec. 5, 2016, that there’s a small group of Trump supporters “that really enjoys nastiness and threats.” She said Dan Scavino’s job during the campaign was “to stir these people up and that man needs to stop doing that.”(Photo by Victoria Will/Invision/AP, File)The Fox News anchor is highly critical of Dan Scavino, saying he "really enjoys nastiness and threats."


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