THE SERIOUS & fUN SIDE OF BUSINESS
FEATURE: BIZ OF TRAVEL THURSDAY
7 APRIL, 2016 WEDNESDAY
The former CFO of Enron warned a group of execs
San Francisco is first city to require fully-paid parental leave
THE SERIOUS SIDE
STOCK MARKET CLOSE
DJIA 17716.05 +112.73 0.64%
Nasdaq 4920.72 +76.78 1.59%
S&P 500 2066.66 +21.49 1.05%
Gold 1224.80 +1.00 0.08%
Crude Oil 37.80 +0.05 0.13%
CBOE Volatility 14.09 -1.33 8.63%
BOND MARKET CLOSE
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Stocks Surge as April Hike Grows Remote
Good news, policy doves: the chances of an April rate hike just grew even more remote.
And the lower odds that the Federal Reserve would increase rates later rather than sooner helped stocks surge: The S&P 500 was up 1.1% on Wednesday, the Dow Jones Industrial Average added 0.64%, and the Nasdaq rose 1.6%. Stocks had struggled to determine a direction earlier in the day.
Minutes from latest Federal Reserve meeting, on March 16, showed members debated an April hike, erring on the side of caution as they left interest rates unchanged and lowered the outlook for increases this year to two from four.
Fed funds futures still indicate that only one hike this year — in September — has odds greater than 50%, according to CME Group. An April rate hike is currently priced in at a 3% chance, while a June hike has an 18% probability. An April rate hike had a 5% chance at the beginning of the week.
West Texas Intermediate crude oil closed 5.2% higher at $37.75 a barrel.
STOCKS IN THE NEWS
The energy sector was one of the best performers on Wall Street Wednesday. Major oilers including Exxon Mobil (XOM – Get Report) , Chevron (CVX – Get Report) , and Royal Dutch Shell (RDS.A – Get Report) were all higher, while the Energy Select Sector SPDR ETF (XLE) added 2.2%.
Pfizer (PFE – Get Report) and Allergan (AGN) were active after confirming they would terminate their $160 billion merger following the introduction of new rules by the U.S. Treasury Department that targeted inversion deals. The changes would make it more difficult for U.S. corporations to merge with foreign rivals to reduce their domestic tax rates. Pfizer agreed to pay a $150 million breakup fee to Allergan for for reimbursement of expenses associated with the transaction.
Wall Street Journal
New York Times
International Business Times
How Wealthy CEOs Save for Retirement
Tips from the Top
Max out your retirement accounts: Traditional saving advice tells people to set aside 10% for retirement. But a loftier goal for many would be to max out their IRA and 401(k) accounts.
Don’t drink the company Kool-Aid: It’s a bad idea to rely on one entity for both your current and future livelihood.
Find an objective expert: Your employer might have a 401(k) advisor on hand, but if you want practical and honest advice, you need to look outside.
Create an estate plan: The wealthy are known for planning ahead.
Keep a cool head: CEOs know that when people are panicking, it’s even more important for them to stay calm.
THE fUN SIDE
LinkedIn’s HR boss shares an inside look at the company’s innovative program designed to help introverts succeed at work
The senior vice president of LinkedIn’s global talent organization, Wadors is a self-proclaimed introvert.
Now, she’s spearheading an initiative designed to help other introverts at LinkedIn thrive. It’s called the “Quiet Ambassador Program,” and it launches officially on April 12.
The program is co-led by the Quiet Leadership Institute, a consultancy that grew out of the 2012 bestseller “Quiet” by Susan Cain. The goal is to educate LinkedIn employees about the way different personalities work best
He created Google Alerts. Now he’s an almond farmer
When Naga Kataru first pitched the idea of Google Alerts, it was immediately rejected.
Google (Tech30) launched Google Alerts in 2003. It’s become one of its most useful tools, with hundreds of millions of people using it to monitor the web for specific content.,
Kataru still isn’t resting on his laurels. He’s working on two degrees at Stanford — an MBA and an MS in Environment & Resources — to prepare him for his next challenge: making farming more tech-savvy.
The unglamorous first jobs of Donald Trump, Hillary Clinton, and 18 other highly successful people
Richard Branson was an amateur bird breeder and arborist.
Branson, the billionaire founder of the Virgin Group, has worked for himself from day one.
At the age of 11, Branson says in a LinkedIn post, he and his best friend, Nik Powell, started breeding parakeets to sell as pets to their classmates. The birds started multiplying faster than they could sell them, so they then tried their hand in a different market.
FEATURE: BIZ OF TRAVEL TOURS, AUCTIONS, AND HISTORIC HOTELS
The Private Collection of The Tour d’Argent auction at Artcurial
The Tour d’Argent auction will take place in Paris on Monday May 9 and 10 at Artcurial, the lots will be displayed between May 6-8
The Tour d’Argent in Paris is to auction off another chunk of its fabled cellar next month. The venerable restaurant, whose dining room looks out across Notre Dame, was founded in 1582 and became one of France’s most prestigious dining institutions.
In the 19th century, Tsar Alexander II of Russia discussed politics here with Otto von Bismarck and King Wilhelm I of Prussia. Its tables have played host to movie stars and US Presidents while Napoleon’s personal chef once ran its kitchen.
On the 9th May, a selection of 60 rare spirits as well as 2,700 glasses from the restaurant’s extensive Riedel collection (said to be the largest in the world) will go under the hammer at French auction house Artcurial.
The 10 best food and wine escorted tours for 2016
5. Adventures in Istria
This new seven-day itinerary, Istria: a Gastronomic Adventure, starts with a cruise on a traditional wooden ship along Lim fjord to visit an oyster farm for a tour and tasting. Based in Hotel Palazzo in the seaside town of Porec, it also includes a walk through the vineyards in Momjan en route to one of the region’s best wine cellars in Kabola; a visit to an olive mill in Faana; an excursion to the forests of Motovun with a truffle hunter; and a stop at Pula to meet a local cheesemaker with time to admire the city’s Roman ruins.April 22, from £1,399 half-board. Adagio (01707 386700; adagio.co.uk).
Founded in 1847, The William is known as the “residence of presidents”, due to the huge number who have spent the night or attended functions there. It was where Abraham Lincoln, fearing assassination, lived in the weeks running up to his inauguration, and is where Martin Luther King wrote his “I Have a Dream” speech. Ulysses S Grant was said to have spent many hours smoking cigars and downing whiskey in the lobby (the hotel dubiously claims this is the origin of the word “lobbying”), and Australian Foreign Minister Kevin Rudd resigned in the hotel’s Douglas Room.
4. The Goring, London
10. Hotel Ritz, Paris
It was here that Diana, Princess of Wales, and Dodi Fayed, spent the evening before embarking on the car journey that would end so tragically in the Pont de l’Alma road tunnel. The hotel was also the home of Coco Chanel for 30 years, while Pamela Harriman, the US ambassador to France, died in the pool. Ernest Hemingway claimed to have “liberated” the Ritz’s bar from the Nazis.
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