• (adsbygoogle = window.adsbygoogle || []).push({}); Brent crude skids to lowest since 2004 | Reuters. LONDON Brent crude prices fell to their lowest in more than 11 years on Monday, hounded by a relentless rise in global supply that looks set to outpace demand again next year.With crude oil prices losing nearly 50 per cent from their peak levels and touching 11-year lows on Monday, Goldman Sachs and CLSA have said the prices could further fall to touch $20 a barrel.Profits from stockpiling crude at sea, a tactic used by oil traders in 2008 to weather the market rout, will probably remain elusive during the current slump, according to Barclays Plc. Oil production is running close to record highs and, with fresh barrels poised to enter the market from the likes of Iran, the United States and Libya, the price of crude is set for its largest monthly percentage decline in seven years. Brent LCOG6, -1.79% futures for February delivery on London’s ICE exchange fell 53 cents, or 1.4%, to finish at $36.35 a barrel—the lowest settlement since July 5, 2004, according to Dow Jones. While consumers have enjoyed lower fuel prices, producers have hacked back spending and cut thousands of jobs, while exporting nations have suffered tumbling revenue. While that spread — which helps traders hoard crude for later sale — may last longer than during the 2008-2009 recession, it’s still generally not wide enough to cover the cost of hiring tankers, Barclays said. Brent futures ...

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    Brent oil hits 11-year low as global supply balloons
  • JPMorgan Chase & Co. Upgrades Northern Tier Energy LP (NTI) to “Neutral”. Under the deal, Northern Tier unit holders would receive $15 a unit in cash and 0.2986 Western Refining share for each common unit held, or roughly $26.21 a unit based on Monday’s close. EL PASO, Texas and TEMPE, Ariz., Dec. 21, 2015 (GLOBE NEWSWIRE) — Western Refining, Inc. (NYSE:WNR) and Northern Tier Energy LP (NYSE:NTI) today jointly announced that they have entered into a merger agreement whereby Western will acquire all of NTI’s outstanding common units not already owned by Western. Northern Tier Chief Executive Dave Lamp in prepared remarks Monday said that the MLP model “has not been rewarded by the equity market, as evidenced by the historical disconnect between NTI’s high yield and low unit price.” “With a simplified corporate structure and diverse geographic base, the new Western will be well positioned to unlock additional value for shareholders,” Mr. As an alternative to the cash and stock consideration, each NTI unitholder may elect to receive, per NTI unit, either $26.06 in cash or 0.7036 of a share of WNR. Assuming completion of the proposed transaction, NTI will become a wholly-owned subsidiary of WNR and NTI common units will cease to be publicly traded. Jeff Stevens, President and CEO of WNR said, “The merger of Western and NTI will result in the combined entity owning three of the most profitable independent refineries on a gross margin per barrel basis, ...

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    UPDATE 1-Western Refining to buy rest of Northern Tier
  • NetApp Acquiring SolidFire for $870 Million to Boost Flash. NetApp Inc. agreed to buy SolidFire Inc. for $870 million in cash to boost its presence in the growing market for systems that can retrieve and store vast amounts of data at rapid speeds. NetApp was the No. 4 player in the market for flash-storage devices, which use the same fast computer memory that’s found in smartphones and tablets, according to Gartner Inc. The company said SolidFire will add to existing offerings in solid-state, giving the company products that span three segments: enterprise infrastructure, “application owners,” and “next-generation infrastructure buyers.” NetApp plans to close the deal in the fiscal Q4, which ends in April. SolidFire, based in Boulder, Colorado, had sales of about $50 million in 2014, while NetApp had more than double that amount in the flash category, Gartner said. NetApp Chief Executive Officer George Kurian is seeking to trim costs while focusing on areas such as flash storage and software to help companies manage and organize data that is stored both on internal networks and in public cloud systems. The acquisition comes following a decline in growth for NetApp and several disappointing quarters, as competitors such as Nimble Storage (NMBL) and Pure Storage (PSTG) have taken some business from both NetApp and EMC (EMC), the two incumbents of the industry. However, the thrilling ride for Nimble investors came to a screeching halt on November 19th, when the company ...

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    NetApp Acquiring SolidFire for $870 Million to Boost Flash
  • FTC Rejects Staples-Office Depot Deal Without a Counteroffer. Staples Inc. will have to do more to smooth government opposition to its proposed takeover of Office Depot Inc. after the U.S. rejected its latest attempt to win antitrust approval. Federal Trade Commission, the company said on Monday, thwarting again its attempt to create a larger entity better able to contend with the major changes reshaping the office supplies market. Seeking to mollify the FTC’s opposition to the deal, Staples had offered to sell off or give up $1.25 billion worth of commercial contracts, a bright spot in its otherwise pressured business. The FTC says that the tie-up of the No. 1 and No. 2 office-supply retailers will eliminate competition and raise prices for corporate customers that purchase under contract. Staples said the FTC, which earlier this month sued to block the deal, had not made a counteroffer but the retailer said it was nonetheless “still willing to continue negotiations” with the agency to come up with an acceptable solution. Staples Chief Executive Officer Ron Sargent said at the time the transaction would help it cope with a changing competitive environment and save at least $1 billion in costs. Office Depot bought OfficeMax two years ago, reducing the Big Three in office supplies to the Big Two, at a time sales were in serious decline as rivals like Amazon.com amzn and Walmart wmt among many others were stealing market share. A trial has been set for March 21 in Washington. ...

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    Staples says FTC rejected updated offer of Office Depot
  • Nearly a billion PCs run this notoriously insecure software. Now Oracle has to clean it up.. The Federal Trade Commission announced that it has won concessions in a settlement with software maker Oracle over the company’s failure to uninstall older, insecure Java SE software from customer PCs upon upgrade.Oracle, one of the nation’s largest tech companies, is settling federal charges that it misled consumers about the security of its software, which is installed on roughly 850 million computers around the world. By abandoning these legacy builds, Oracle essentially left backdoors open on the computers of its customers — backdoors well-known to potential attackers due to their widespread publicity among security researchers. As part of the settlement, Oracle will be responsible for both notifying its users of the terms it agreed to and the risks posed by its uninstalled software, as well as for providing the tools necessary to perform complete removals. Action like this highlights the need for industry watchdogs, as insecure legacy software is a prime example of what economists call externalities: negative consequence of economic behavior that the free market provides no incentive to correct or account for. The software, known as Java SE, helps power many of the features consumers expect to see when they browse the Web, from browser-based games to online chatrooms. That’s partially due to its huge installed base—over 850 million PCs are estimated to have Java ...

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    Oracle settles with FTC over Java’s “deceptive” security patching
  • Brent crude skids to lowest since 2004 | Reuters. LONDON Brent crude prices fell to their lowest in more than 11 years on Monday, hounded by a relentless rise in global supply that looks set to outpace demand again next year.With crude oil prices losing nearly 50 per cent from their peak levels and touching 11-year lows on Monday, Goldman Sachs and CLSA have said the prices could further fall to touch $20 a barrel. Oil production is running close to record highs and, with fresh barrels poised to enter the market from the likes of Iran, the United States and Libya, the price of crude is set for its largest monthly percentage decline in seven years. Brent LCOG6, -1.79% futures for February delivery on London’s ICE exchange fell 53 cents, or 1.4%, to finish at $36.35 a barrel—the lowest settlement since July 5, 2004, according to Dow Jones. While consumers have enjoyed lower fuel prices, producers have hacked back spending and cut thousands of jobs, while exporting nations have suffered tumbling revenue. Brent futures fell by about 2 percent to as low as $36.05 per barrel on Monday, their weakest since July 2004, and were down 45 cents at $36.43 at 0905 GMT. The slide comes amid fears of a slowdown in global growth, which could impact oil demand coupled with a supply glut, and the Organization of the Petroleum Exporting Countries (Opec) holding production steady. Brent crude futures haven fallen more than 18.5 percent this month, their steepest fall since the collapse of failed ...

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    Oil prices keep falling — this is the reason why
  • Drexel Hamilton Reiterates “Buy” Rating for Oracle Co. (ORCL). SAN FRANCISCO – PC users will see more warnings about the dangers of keeping outdated software on their machines, under a legal settlement negotiated by tech giant Oracle and regulators at the Federal Trade Commission.Oracle, one of the nation’s largest tech companies, is settling federal charges that it misled consumers about the security of its software, which is installed on roughly 850 million computers around the world.Oracle Co. (NASDAQ:ORCL)‘s stock had its “outperform” rating reaffirmed by analysts at Credit Suisse in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The FTC says Oracle Corp. deceived consumers for several years by promising that updating their Java software would keep them safe from malware and hacking attacks. By abandoning these legacy builds, Oracle essentially left backdoors open on the computers of its customers — backdoors well-known to potential attackers due to their widespread publicity among security researchers. As part of the settlement, Oracle will be responsible for both notifying its users of the terms it agreed to and the risks posed by its uninstalled software, as well as for providing the tools necessary to perform complete removals. Many consumers aren’t aware they use Java, which comes pre-installed on many PCs and helps with the operation of many web-based functions, including online calculators, games, chatrooms ...

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    Oracle Settles FTC Charges That Java Software Left PCs Open to Hackers
  • Caterpillar ordered to pay $73.6M to tiny British firm for stealing design. A federal jury has ordered Peoria-based Caterpillar to pay a small British firm $73.6 million for ripping off its design for a piece of heavy-duty construction equipment.CHICAGO — Caterpillar Inc. will be required to pay $74 million in damages after a federal court jury in Chicago found the company stole trade secrets from a supplier, the Wall Street Journal reported Monday.Siblings Gary, Keith and Jacqui Miller took US construction giant Caterpillar to court in a David Vs Goliath battle over stolen trade secrets, and won, securing $74.6m in damages. The Friday verdict in the eight-week case in district court found that the Peoria-based manufacturer and onetime biggest customer of England-based supplier Miller UK Ltd. used its position as a major purchaser from the company to gain the secrets, then produce its own product, the Journal reported. The Cramlington-based business launched the legal bid amid claims the one-time customer used confidential documents during the two firms’ working relationship to create a rival product. The verdict — the largest award under the Illinois Trade Secret Act, according to Miller’s attorneys — was a David and Goliath-style triumph for Miller, which employs just 105 workers in a small town in the north of England, against Caterpillar, which employs 120,000 workers worldwide and is one of Illinois’ largest employers. The firm’s founder Keith Miller ...

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    Caterpillar hit with $73.6 mln trade secrets verdict in US
  • FTC Rejects Staples-Office Depot Deal Without a Counteroffer. Staples Inc. will have to do more to smooth government opposition to its proposed takeover of Office Depot Inc. after the U.S. rejected its latest attempt to win antitrust approval. Federal Trade Commission, the company said on Monday, thwarting again its attempt to create a larger entity better able to contend with the major changes reshaping the office supplies market. Seeking to mollify the FTC’s opposition to the deal, Staples had offered to sell off or give up $1.25 billion worth of commercial contracts, a bright spot in its otherwise pressured business. Per Bloomberg Business, Staples recently offered to divest a total of $1.25 billion in commercial contracts in hopes of pushing the acquisition through, but that wasn’t enough for the FTC; today Staples announced that the offer has been denied. Staples says it’s willing to continue negotiating with the FTC, but it’s clear that the commission isn’t a fan of the two top office supply chains joining together. The FTC says that the tie-up of the No. 1 and No. 2 office-supply retailers will eliminate competition and raise prices for corporate customers that purchase under contract. Upon filing its lawsuit, the FTC said Staples and Office Depot merging into one company would likely “eliminate beneficial competition that large companies rely on to reduce the costs of office supplies.” That’s very much unlike Office Depot’s ...

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    Staples’ remedy for Office Depot rejected by US
  • Ex-RBS Bond Trader Pleads Guilty as Bond Probe Widens. A former top trader at the Royal Bank of Scotland pleaded guilty in federal court in Connecticut on Monday to one count of conspiracy to commit securities fraud as part of the government’s investigation into Wall Street bond sales practices. Adam Siegel, 37, of Riverside, waived his right to indictment and pleaded guilty on Monday in Hartford federal court to participating in a multi-million securities fraud scheme. Adam Siegel’s plea is an indication that the government is continuing a crackdown on deceptive practices in the bond market even after an appeals court threw out the conviction of former Jefferies & Co. trader Jesse Litvak. Daly, United States Attorney for the District of Connecticut, Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Patricia M. According to a news release, Siegel admitted that he and others conspired to increase RBS’s profits on residential mortgage-backed securities and collateralized loan obligations bond trades at the expense of customers. Siegel is the second RBS trader to plead guilty amid a probe by federal prosecutors in Connecticut into whether banks cheated their customers on prices of mortgage-backed securities. On Dec. 8 a federal appellate panel reversed a key and first conviction in the probe against Jesse Litvak, a former Jefferies Group Inc managing director who was found guilty in 2014 and sentenced to two years in prison. ...

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    Ex-RBS Bond Trader Pleads Guilty as Bond Probe Widens

Recent Entries
20.01.2016. Author: . No reviews
Brent oil hits 11-year low as global supply balloons

Brent crude skids to lowest since 2004 | Reuters. LONDON Brent crude prices fell to their lowest in more than 11 years on Monday, hounded by a relentless rise in global supply that ...

20.01.2016. Author: . No reviews
UPDATE 1-Western Refining to buy rest of Northern Tier

JPMorgan Chase & Co. Upgrades Northern Tier Energy LP (NTI) to “Neutral”. Under the deal, Northern Tier unit holders would receive $15 a unit in cash and 0.2986 Western Refining ...

20.01.2016. Author: . No reviews
NetApp Acquiring SolidFire for $870 Million to Boost Flash

NetApp Acquiring SolidFire for $870 Million to Boost Flash. NetApp Inc. agreed to buy SolidFire Inc. for $870 million in cash to boost its presence in the growing market for systems ...

20.01.2016. Author: . No reviews
Staples says FTC rejected updated offer of Office Depot

FTC Rejects Staples-Office Depot Deal Without a Counteroffer. Staples Inc. will have to do more to smooth government opposition to its proposed takeover of Office Depot Inc. after ...

20 Jan 2016 | No comments yet »
Brent oil hits 11-year low as global supply balloons

Brent crude skids to lowest since 2004 | Reuters. LONDON Brent crude prices fell to their lowest in more than 11 years on Monday, hounded by a relentless rise in global supply that looks set to outpace demand again next year.With crude oil prices losing nearly 50 per cent from their peak levels and touching 11-year lows on Monday, Goldman Sachs and CLSA have said the prices could further fall to touch $20 a barrel.Profits from stockpiling crude at sea, a tactic used by oil traders in 2008 to weather ...

Read full article »
20 Jan 2016 | No comments yet »
UPDATE 1-Western Refining to buy rest of Northern Tier

JPMorgan Chase & Co. Upgrades Northern Tier Energy LP (NTI) to “Neutral”. Under the deal, Northern Tier unit holders would receive $15 a unit in cash and 0.2986 Western Refining share for each common unit held, or roughly $26.21 a unit based on Monday’s close. EL PASO, Texas and TEMPE, Ariz., Dec. 21, 2015 (GLOBE NEWSWIRE) — Western Refining, Inc. (NYSE:WNR) and Northern Tier Energy LP (NYSE:NTI) today jointly announced that they have entered into a merger agreement whereby Western ...

Read full article »
20 Jan 2016 | No comments yet »
NetApp Acquiring SolidFire for $870 Million to Boost Flash

NetApp Acquiring SolidFire for $870 Million to Boost Flash. NetApp Inc. agreed to buy SolidFire Inc. for $870 million in cash to boost its presence in the growing market for systems that can retrieve and store vast amounts of data at rapid speeds. NetApp was the No. 4 player in the market for flash-storage devices, which use the same fast computer memory that’s found in smartphones and tablets, according to Gartner Inc. The company said SolidFire will add to existing offerings in solid-state, ...

Read full article »
Brent oil hits 11-year low as global supply balloons

Brent crude skids to lowest since 2004 | Reuters. LONDON Brent crude prices fell to their lowest in more than 11 years on Monday, hounded by a relentless rise in global supply that ...

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Brent oil hits 11-year low as global supply balloons

Brent crude skids to lowest since 2004 | Reuters. LONDON Brent crude prices fell to their lowest in more than 11 years on Monday, hounded by a relentless rise in global supply that ...

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Brent oil hits 11-year low as global supply balloons

Brent crude skids to lowest since 2004 | Reuters. LONDON Brent crude prices fell to their lowest in more than 11 years on Monday, hounded by a relentless rise in global supply that ...

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