Third Avenue Management Obtains Exemptive Relief for Focused Credit Fund
Third Avenue Management LLC ("Third Avenue" or the "Adviser"), an investment adviser to private and institutional clients, today announced that the Adviser and the Third Avenue Focused Credit Fund ("FCF") have obtained exemptive relief from the Securities and Exchange Commission ("SEC") to continue to protect shareholders of FCF following modification of the Plan of Liquidation for FCF.
Dec 17, 2015 3:40 AM EST
Russia's Ukraine bond is official sovereign debt: IMF
IMF's board has confirmed that Russia's holding of Ukraine bond is sovereign debt, but not a commercial bond. The due date on payment of Ukraine bond is 20 December. Russia is gearing up to take legal action if Ukraine doesn't pay within a 10-day grace period.
No new Boeing 747 for Air Force One: Congress
The U.S. White House decided to delay Boeing 747 order for the new Air Force One upgrade to fiscal 2017. The congressional negotiators provide less than expected spending bill for the presidential aircraft
HTC One X9: An Android smartphone that looks like an iPhone
HTC plans to release its new Android smartphone called One X9. The smartphone is targeted toward midrange market, and will go on sale in early 2016.
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Moody's lowers rating on South Arica to 'negative' from 'stable'
South Africa's rating has been downgraded by Moody's from stable to negative. The sluggish economy, rising risks and political pressures are primary reasons for downgrading. The most developed nation in Africa is lagging in human and physical infrastructure resources. The country needs to enhance the skills set of people to make them employable.
Dec 17, 2015 1:53 AM EST
Lower fuel costs propel airline profits high
The year-long price weakness in oil is helping airlines post record level profits. During the last nine months of 2015, the US aviation industry recorded over 60 percent growth in profits. Fuel account for 30 percent of operating expenses of airlines. The drop in oil price is boosting operating profits. Airlines are also passing the oil price drop benefit to passengers as they slashed airfares.
Dec 17, 2015 1:41 AM EST
China, Belgium lead foreigners' offloading in US Treasuries
Foreigners offloading in US Treasuries reached its peak in October. China has been selling US debt after devaluing the Yuan. China also offloads through its Belgium third party account. Many other countries are also selling US Treasuries ahead of US Federal Reserve meeting.
Dec 16, 2015 10:11 PM EST
Handy Smart Wallet EKSTER Secures Belongings & Recharges Mobile Battery
Ekster, the calf leather built smart wallet, introduced by Kickstarter, Phorce appointed marketing agent, is witnessing a huge customer demand due to its unique features which include securing preserved cards through wi-fi, GPS tracking of lost device, super power storage capability as well as recharging to other devices.
Dec 16, 2015 6:25 AM EST
New Zealand May Have a New National Flag
New Zealanders have chosen a design for a new national flag. New Zealand has now chosen a preliminary winner for the new design of its national flag. It took about a year, but the final decision for the first stage in the referendum will be made Tuesday when officials announce the winner between two finalists.
Dec 16, 2015 6:09 AM EST
Canada to Legalize Marijuana
Canadian Prime Minister Justin Trudeau is going to devise and implement a system to effectively legalize and regulate marijuana. In a step towards this Trudeau's administration repeated its pledge to legalize marijuana in a speech outlining its agenda as parliament resumes after the 19 October election. The government however will restrict the access to it to prevent misuse.
Dec 16, 2015 5:24 AM EST
Asian stocks rise on Wall Street gains
Tracking overnight gains on the US markets, Asian stocks rose on Wednesday. The market is looking to the decision of US Federal Reserve on interest rate. The recovery in oil prices and short covering were the major reasons for the rebound on Asian markets.
Dec 16, 2015 4:00 AM EST
Hong Kong stocks rebound from longest losing streak since 1984
Hong Kong stocks recovered from nine-session losses, the worst phase since July 1984. The market is eagerly waiting for the outcome of the US Fed meeting. The Chinese government has postponed the reduction proposal in retail petrol prices. The fresh rally in energy stocks boosted Hong Kong and China indices.
Dec 16, 2015 3:56 AM EST
Indian indices rose ahead of Fed decision
Indian equities slipped into pressure as foreign investors pulled off heavily ahead of US Fed meeting. However, the benchmark indices recovered from six-year lows to end the trading on a positive note on Tuesday. The US Fed rate hike is discounted by India amid lower oil prices. Indian imports oil for its 80 percent of energy requirements. Fund managers are bullish on Indian markets for 2016. The surge in consumer prices is positing a tough task for RBI Governor Raghuram Rajan.
Dec 16, 2015 3:37 AM EST
Yuan at 4-year low against the US dollar
After being added to IMF's basket of currencies, Chinese Yuan fell for eight out of 10 sessions, recording its longest run of losses since June. The Chinese currency against the US dollar dropped to four-year low. However, it rose against 11 of 16 major currencies. Chinese central bank in a statement said that Yuan shouldn't be measured by its fluctuations only against the US dollar, but also against other major currencies.
Dec 16, 2015 3:01 AM EST
China restaurant charges diners for breathing unpolluted air
An eatery in Jiangsu Province, China, has charged customers an air cleaning fee on their food bills. The local government said that the fee is illegal and ordered the restaurant owners to fix their pricing system.
Dec 15, 2015 10:37 PM EST
Pepsi to uncork new Gatorade in 2016
PepsiCo will launch Gatorade sports drink in 2016 as the global soft drink major is looking beyong carbonated drinks. The company sees growth potential in organic drinks market. PepsiCo CEO Indra Nooyi recently said focusing on carbonated soft drinks was a thing of the past.
Dec 15, 2015 10:33 PM EST
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