Uber IPO; Central banks in focus; Delta earnings - CNN

An IPO of that size would be one of the biggest in tech history. The company could make registration documents connected to the sale available Thursday, according to Reuters.

The news agency reported that Uber was targeting a valuation of up to $100 billion. Uber declined to comment on the report.

2. Delta earnings: Delta (DAL) is set to report its results before the opening bell.

The airline has already said its first quarter earnings will be better than expected thanks to fuel costs rising at a less dramatic pace than it had originally anticipated.

Delta has an advantage compared to many other US carriers — it does not have any Boeing 737 Max jets, which has allowed it to avoid headaches associated with the aircraft's grounding.

Rival American Airlines (AAL) cut its revenue forecast due to the grounding of the aircraft on Tuesday, and its stock dropped 2% as a result.

3. Central banks in focus: The European Central Bank will announce its latest decision on interest rates at 7:45 a.m. ET. A press conference will follow at 8:30 a.m. ET.

No policy changes are expected but ECB President Mario Draghi could provide an assessment of economic data that suggests continued weakness in major eurozone economies.

Draghi's term as president of the central bank ends in October and speculation about who will replace him is mounting.

At 2:00 p.m. ET, the US Federal Reserve will release minutes from its March meeting. The Fed held rates steady, lowered its economic forecasts and signaled that no further rate hikes are coming this year.

Investors will hunt for clues about whether some members think the Fed should cut rates — which both President Donald Trump and his Fed board pick Stephen Moore have called for.

4. Brexit summit: British Prime Minister Theresa May is traveling to Brussels to seek a Brexit extension that would prevent her country from crashing out of the bloc without a deal on Friday.

"The odds still favor the UK being offered a lengthy extension to Brexit negotiations, with strict conditionality," said Kit Juckes, a strategist at Societe Generale.

Juckes said that outcome would be positive for the pound, which has been volatile in recent weeks.

Watch CNN Business' live digital show 'Markets Now' at 12:45 p.m. ET

5. Global market overview: US stock futures were pointing higher.

European markets opened mostly up, following a mixed trading session in Asia.

The Dow Jones industrial average plunged 0.7% on Tuesday. The S&P 500 and the Nasdaq both dropped by 0.6%.

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6. Earnings and economics: Bed Bath & Beyond (BBBY) will report earnings after the close.

Tesco (TSCDF), the biggest supermarket chain in Britain, said that its full year profit surged by a third despite an uncertain market. It also announced a dividend hike.

UK GDP grew 0.3% in the three months to February, according to the Office for National Statistics. Construction output dropped 0.6% over the period, but services grew 0.4%.

US inflation data for March will be published at 8:30 a.m. ET. Weekly US crude inventories data will be released at 10:30 a.m. ET.

7. Coming this week:
Wednesday — Delta Air Lines (DAL), LVMH (LVMHF) and Bed Bath & Beyond (BBBY) earnings; US March consumer prices; Fed minutes; ECB rate decision; UK GDP and EU summit on Brexit
Thursday — Rite Aid (RAD) earnings; Disney (DIS) investor day; India election polling begins
Friday — JPMorgan Chase (JPM) and Wells Fargo (WFC) earnings; China export data, Britain's current deadline to leave the European Union

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https://www.cnn.com/2019/04/10/investing/premarket-stocks-trading/index.html

2019-04-10 09:28:00Z
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2 Dividend Blue Chips Worth Owning And 1 I'll Avoid No Matter How Cheap It Gets - Seeking Alpha

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2 Dividend Blue Chips Worth Owning And 1 I'll Avoid No Matter How Cheap It Gets  Seeking Alpha

AT&T is a beloved high-yield dividend aristocrat and owned by many conservative income investors looking for safe and recession-resistant dividends. While it ...

https://seekingalpha.com/article/4253665-2-dividend-blue-chips-worth-owning-1-avoid-matter-cheap-gets

2019-04-10 05:24:00Z
CBMiZWh0dHBzOi8vc2Vla2luZ2FscGhhLmNvbS9hcnRpY2xlLzQyNTM2NjUtMi1kaXZpZGVuZC1ibHVlLWNoaXBzLXdvcnRoLW93bmluZy0xLWF2b2lkLW1hdHRlci1jaGVhcC1nZXRz0gFpaHR0cHM6Ly9zZWVraW5nYWxwaGEuY29tL2FtcC9hcnRpY2xlLzQyNTM2NjUtMi1kaXZpZGVuZC1ibHVlLWNoaXBzLXdvcnRoLW93bmluZy0xLWF2b2lkLW1hdHRlci1jaGVhcC1nZXRz

Exclusive: VW eyes buying big stake in China partner JAC, taps Goldman - sources - Reuters

HONG KONG/FRANKFURT (Reuters) - Volkswagen AG is exploring purchasing a big stake in its Chinese electric vehicle joint venture partner JAC Motors and has tapped Goldman Sachs as an adviser on the plan, people with direct knowledge of the matter said.

FILE PHOTO: FILE PHOTO: A Volkswagen badge on a production line at the Volkswagen plant in Wolfsburg, Germany, March 1, 2019. REUTERS/Fabian Bimmer/File Photo

The move by VW, the largest foreign automaker in China, to buy into Anhui Jianghuai Automobile Group (JAC Motors) is the latest by foreign automakers to boost ownership in the world’s biggest car market since Beijing relaxed rules last year.

Rival German automaker BMW agreed in October to buy control of its main joint venture in the country for 3.6 billion euros ($4.05 billion). And Daimler AG also plans to increase its stake in local partner BAIC Motor.

The stake purchase move shows that JAC would be a key player in VW’s big global bet on EVs and on strong Chinese demand for such vehicles. VW plans to shift a large part of its planned EV production in China to JAC if it ends up getting control of JAC, said one of the people.

Foreigners were previously prevented from controlling any Chinese automaker or joint venture. Beijing last year removed such caps for firms making fully electric and plug-in hybrid vehicles. Limits on commercial vehicles makers ease in 2020 and by 2022 for the wider car market.

Chinese Premier Li Keqiang promised the European Union on Tuesday that Beijing would no longer force foreign companies to share sensitive know-how when operating in China and was ready to discuss new global trading rules on industrial subsidies.

VW, which has a market capitalization of nearly $85 billion, does not currently own shares in Shanghai-listed JAC, which has a market value of more than $1.7 billion, according to Refinitiv data.

The German car giant’s plans are at an early stage but it is keen to take a big stake, said three of the people. Two of them said it will seek to buy shares from JAC’s major shareholders, which, Refinitiv data showed, are mainly state-backed firms owning over 40 percent.

JAC’s parent, Anhui Jianghuai Automobile Group Holding, holds a 24 percent stake and is fully controlled by the local government.

When contacted by Reuters, VW said: “We are carefully watching what the implications are for our business and for our joint venture partners. In this regard we will explore all possible options together with all stakeholders to secure long-term success in China.”

JAC and its parent didn’t respond to requests for comment. Goldman declined to comment. The people declined to be identified as the matter was confidential.

JAC is trading at a price-to-book ratio of 0.93, which means VW would have to pay a premium for shares since JAC’s state shareholders cannot sell shares for less than their book value.

The Chinese automaker’s shares jumped and hit the daily 10 percent maximum increase limit on Wednesday afternoon. VW shares were slightly lower in early trading.

“The news shows the bargaining power of companies like JAC and BAIC is stronger, and Volkswagen’s and Daimler’s determination to cooperate with Chinese partners in the long-term is also firm,” said Patrick Yuan, a Hong Kong-based analyst at Jefferies.

VW IN CHINA

Wolfsburg-based VW, which delivered 4.21 million cars in mainland China and Hong Kong last year, has operated in China for decades. Besides JAC, it has joint ventures with state-owned FAW Group and SAIC Motor.

FILE PHOTO: Employees work on a production line manufacturing light trucks at a JAC Motors plant in Weifang, Shandong province, China November 30, 2018. REUTERS/Stringer/File Photo

It formed its 50:50 JV with JAC in 2017 to research and develop zero-emission passenger cars as the German automaker has committed almost one-third of the industry’s EV spending, about $91 billion. Separately, South Korea’s SK Innovation Co said it is in talks to set up separate battery-making JVs with VW and Chinese partners, Reuters reported on Wednesday.

JAC, China’s 11th largest local automaker by group sales, makes a range of commercial vehicles including pickup trucks and heavy duty trucks. It also produces vehicles for electric car maker NIO Inc.

JAC warned in January of a 770 million yuan net loss for 2018 mainly due to a drop in car sales, compared to a 432 million yuan profit in 2017. Excluding exceptional items such as government subsidies, losses would reach 1.9 billion yuan, the company said. It will release annual results on April 30.

Reporting by Julie Zhu, Arno Schuetze and Yilei Sun; Additional reporting by Edward Taylor in Frankfurt and Kane Wu in Hong Kong; Editing by Jennifer Hughes and Muralikumar Anantharaman

Our Standards:The Thomson Reuters Trust Principles.

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https://www.reuters.com/article/us-volkswagen-m-a-jac-exclusive/exclusive-volkswagen-eyes-buying-big-stake-in-china-partner-jac-motor-taps-goldman-sources-idUSKCN1RM0F1

2019-04-10 05:11:00Z
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Bank Of America Raising Its Minimum Wage To $20 An Hour - NPR

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People walk past a branch of Bank of America in New York City in 2015. The bank announced Tuesday that it's raising its minimum wage to $20 an hour by 2021. Mark Lennihan/AP hide caption

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Mark Lennihan/AP

Bank of America will raise the minimum wage for its employees to $20 an hour in the next two years and freeze health care cost increases for lower-paid workers, the company said Tuesday.

The hourly pay will rise to $17 starting May 1 and then increase to the higher rate by 2021, CEO Brian Moynihan said.

"If you get a job at Bank of America, you'll make $41,000" a year, he told MSNBC. "With the success our company has ... we have to share that success with our teammates."

Sheri Bronstein, the company's chief human resources officer, said in a statement that the bank is raising its minimum wage "because we believe that to best serve our customers and clients, we need the best teams."

Bank of America said it last raised its minimum wage to $15 an hour two years ago. "The average rate for all U.S. hourly employees is significantly above this level," it said.

This latest move comes at a time when employers of all sizes are having to compete harder to fill open positions.

"Banks in particular, they're compelled to raise wages somewhat to recruit staff. So this is something they would be doing anyway, because there's a tighter labor market and that's what happens," says Ben Zipperer, an economist at the Economic Policy Institute.

Zipperer also notes that the announcement comes one day before Moynihan is to appear before the House Financial Services Committee, along with the heads of JPMorgan Chase, State Street, Morgan Stanley, Bank of New York Mellon and Goldman Sachs.

"It's hard to avoid noticing the particular timing of this announcement," Zipperer says.

The executives are expected to face tough questions from lawmakers about bank profits, regulatory issues, consumer protection and executive pay.

The heads of major banks typically make outsized salaries compared to their employees. Moynihan, for example, earned $23 million in 2017, or about 250 times as much as the median bank employee, according to a filing by Bank of America last year.

A group that has been working to unionize employees at banks welcomed the news of higher wages at Bank of America. "It's a good thing to see Bank of America acknowledge that base wages — not metrics and incentives — are the surest way to improve the banking experience and the lives of its workers," said Nick Weiner, organizing coordinator at the Committee for Better Banks.

The House is considering a bill to raise the federal minimum wage from $7.25 an hour to $15 an hour. The bill is backed by Amazon, which last year committed to paying all of its workers at least $15.

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https://www.npr.org/2019/04/09/711388419/bank-of-america-raising-its-minimum-wage-to-20-an-hour

2019-04-09 17:30:00Z
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Bank of America will increase its minimum wage to $20 - KOAT Albuquerque

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1. Bank of America will increase its minimum wage to $20  KOAT Albuquerque
2. Bank of America boosts its minimum wage to $17 an hour on way to $20 by 2021  USA TODAY
3. Bank of America is raising its minimum wage for employees to $20 an hour  CNBC
4. Bank of America raising hourly minimum wage to $20  WPVI-TV
5. Bank of America to raise minimum wage to $20 a hour by 2021  PennLive
6. View full coverage on Google News

https://www.koat.com/article/bank-of-america-will-increase-its-minimum-wage-to-dollar20/27088122

2019-04-09 16:32:00Z
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$4 gas is nearly a reality for many Americans - CNN

A survey of more than 5,000 gas stations conducted by AAA shows that the average price for a gallon of regular gas is now $2.75, up 11% in the last month. And the average price is already above $3 a gallon in six western states: California, Hawaii, Washington, Oregon, Nevada and Alaska.

Four-dollar gas is the average in a couple of California counties. Many others are within a few cents of that mark, including San Francisco, where the average price is $3.98. The statewide average in California is up 20 cents a gallon, or 5%, to $3.83 in just the last week.

The Midwest has also been hit by price spikes. The average price in Chicago has jumped 46 cents a gallon, or 16%, to $3.27 in the last month.

Unplanned refinery maintenance at several locations is responsible for the sudden, and uneven, increases across the nation, said Tom Kloza, head of energy analysis for the Oil Price Information Service. Western states are particularly vulnerable to supply disruptions because they have less refining capacity than other locations across the United States.

"The western half of the country hasn't added any refining capacity this century," said Kloza. "It's been a cluster of difficulties but not disasters hurting supplies, particularly out in the West."

Kloza said $4-a-gallon gas will be common in California and perhaps in some other western states in the coming weeks. But most of the country could start to see some relief in gas prices soon as refineries along the Gulf Coast start to come back online from scheduled maintenance in the coming weeks.

Crude oil prices have also played a role in the steady rise in gasoline prices, although gas prices increases have outpaced those in oil markets.

US crude oil is up 51% since December 24. American sanctions on Iran and Venezuela and fighting in Libya have combined with a cutback on oil production by OPEC nations to drive up the price of oil.

"Almost every day since the day after Christmas, both gas prices and oil prices have crept up," said Kloza.

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https://www.cnn.com/2019/04/09/business/gas-prices/index.html

2019-04-09 15:20:00Z
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How to Get Free Ice Cream at Ben & Jerry's Today - Lifehacker

Spring is here, which means it’s once again for the most wonderful day of the year: Free Cone Day at Ben & Jerry’s.

For those not already familiar with the annual ice cream event, the franchise opens its doors once a year to offer a free cone to anyone willing to stand in line. In the past, Ben & Jerry’s has also used the day to register new voters, as one of the company’s pet political agendas is battling voter disenfranchisement. They’ve even sent out trucks to give out free ice cream in Florida and inform voters about the measure to restore voting rights to former felons in the state (which passed!), as the New Times reported.

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So, the cone isn’t entirely without strings, but they’re ones I’m happy to have pulled. And Thrillist shared this warm quote from their CEO about their motivations:

“We’re nothing without our fans,” CEO Matthew McCarthy said in a statement. “This is one of our favorite days of the year. It’s a special tradition, and I can’t wait to see all the smiles and happiness Free Cone Day brings. It’s all about saying thank you to our fans.”

Ben & Jerry’s locations all over the world are supposed to be participating; as a frequent enjoyer of Free Cone Day, my recommendation is to get your ice cream early and to tip the scoopers. They’re working harder than they have all year to make your day a little sweeter.

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https://lifehacker.com/hot-to-get-free-ice-cream-at-ben-jerrys-today-1833910363

2019-04-09 14:28:00Z
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