Robo-advisers battle Wall Street for rich investors

Citigroup Inc. doesn’t think its richer customers will drop their high-priced money managers in favor of automated investing, but Betterment LLC is betting it can prove the big bank wrong. The robo-adviser—the largest among independent digital advice startups that popped up after the 2008 financial collapse—has overhauled its entire brand. The shift in marketing and […]

U.S. home prices rose 6% in 1st qtr as supply tightened

Home prices in the U.S. increased 6 percent in the first quarter from a year earlier as competition heated up for a scarcity of listings. Prices rose 1.4 percent on a seasonally adjusted basis from the previous three months, the Federal Housing Finance Agency said in a statement Wednesday. In March, prices climbed 0.6 percent […]

African markets – Factors to watch on May 24

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. – – – – – GLOBAL MARKETS China’s main stock index fell one percent and the Australian dollar slipped on Wednesday after Moody’s cut its sovereign credit rating on China. WORLD OIL PRICES Oil […]

Markets Wrap: Europe stocks gain, dollar steady before Fed clues

European stocks rose and U.S. equity futures and the dollar both steadied as investors awaited fresh insights into the path for borrowing costs from the Federal Reserve. A credit-rating downgrade in China sank industrial metals and oil’s winning streak continued. The Stoxx Europe 600 Index climbed a second day, but struggled to gain momentum as […]

U.S. stock futures higher ahead Trump’s budget plan to cut spending

U.S. stock index futures were modestly higher on Tuesday, shrugging off a deadly bomb blast in Britain and ahead of U.S. President Donald Trump’s first full budget plan that is aimed at slashing government spending. U.S. futures slipped slightly on Monday evening, before recovering, on news of the suicide attack that killed at least 22 […]

Hong Kong car park sells for record $3 bln (Video)

A prized commercial property site in Hong Kong, currently being used as a public car park, has been sold to Henderson Land Development for a record HK$23.3 billion ($3 billion). As Sonia Legg reports, it outbid eight other developers including local giants Cheung Kong Property Holdings and Sun Hung Kai Properties to take ownership of […]

Wall St higher as oil, defense stocks gain

Wall Street gained in early trading on Monday, helped by higher oil prices and as defense stocks rose after a $110 billion arms deal between the United States and Saudi Arabia. Oil prices were up about 0.6 percent, bolstered by confidence that top exporters will this week agree to extend supply curbs, with suggestions that […]

Euro rebounds to six-month high on Merkel while dollar steadies

The euro climbed to a six-month high, rebounding from an early decline, after Chancellor Angela Merkel said the common currency was “too weak.” The dollar stabilized in a narrow range following the biggest weekly slump since July. Europe’s common currency rose as much as 0.3 percent to $1.1236, its strongest level since Nov. 9, after […]

Shareholders take Akzo Nobel to court to oust Chairman Burgmans

Akzo Nobel (AKZO.AS) shareholders angered by the Dulux owner’s rejection of a 26.3 billion euro ($29.5 billion) takeover offer from U.S. rival PPG Industries (PPG.N) took their fight to an Amsterdam court on Monday. Activist hedge fund Elliott Advisors, supported by several long-term institutional investors, asked the Amsterdam Enterprise Chamber to order an investigation into […]