News Stocks 

Gains in consumer stocks prop up S&P, Nasdaq

“The S&P 500 and the Nasdaq were prodded higher by gains in consumer stocks, while investors played down fears of a looming U.S. government shutdown” reports foxbusiness.com. Philip Morris, Nike and Home Depot were the main drivers of the S&P, following positive brokerage recommendations on their stocks.Seven of the 11 major S&P sectors were higher, led by a 0.74 percent gain in the consumer staples index .SPLRCS and a 0.4 percent rise in discretionary stocks. Source: foxbusiness.com Share This:

Read More
News 

Investigations into Apple’s iPhone Battery Slowdowns Spread to Italy and South Korea

“Italy and South Korea on Thursday joined a growing list of countries in which class-action lawsuits and government investigations into Apple’s iPhone battery slowdowns are underway.Italy’s antitrust body revealed it had opened a probe into allegations that Apple used iOS updates to slow older smartphones and push clients into buying new models (via Reuters )” writes Day Ago On for macrumors.com. The Italian watchdog said Apple had failed to inform customers that the updates might have a negative impact on the performance of their phones, suggesting the company might have…

Read More
News 

UK retail sales fall by more than expected in December

“Retail sales fell by more than expected in December, confirming a weak Christmas trading period for shops and showing that UK consumers are still reining in their spending in the face of higher inflation” writes Ben Chu for independent.co.uk. The ONS said that sales volumes at non-food stores were down 0.6 per cent in the month while food store sales and non-store retailing both fell 0.4 per cent.The annual growth rate of sales volumes fell to 1.4 per cent in December, well below the 3 per cent City analysts had expected. Source: independent.co.uk Share…

Read More
News 

South Korean group files complaint against Apple CEO over iPhone slowdown

“A South Korean consumer group has filed a criminal complaint against Apple CEO Tim Cook over slower iPhone devices, after probes in Europe into allegations the firm had deliberately shortened the life of its handsets” writes unknown author for cnbc.com. The Seoul Central District Prosecutors’ Office declined to comment when asked if it would launch an investigation into Apple following the complaint from the consumer group. Source: cnbc.com Share This:

Read More
News 

Funding request for the Consumer Financial Protection Bureau: $0…

“The bureau was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act to oversee credit cards, mortgages and other financial products” writes Jim Puzzanghera for latimes.com. The lawsuit accuses them of violating federal consumer protection laws by making and collecting on loans with annual interest rates starting at 440% in at least 17 states.But Republicans and many financial firms have said the bureau has been too aggressive in enforcing consumer protection laws and drafting new regulations to avoid future abuses. Source: latimes.com Share This:

Read More
News 

First step taken toward overhaul of consumer watchdog

“The bureau was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act to oversee credit cards, mortgages and other financial products” writes Los Angeles Times for seattletimes.com. But Republicans and many financial firms have said the bureau has been too aggressive in enforcing consumer protection laws and drafting new regulations to avoid future abuses. Source: seattletimes.com Share This:

Read More
Markets News 

Global app downloads topped 175 billion in 2017, revenue surpassed $86 billion

“Global app downloads topped 175 billion and consumer spending exceeded $86 billion in 2017, thanks to growth in emerging markets including China, India, Brazil and Russia, according to a new report from App Annie out this morning” writes Hours Ago Frederic for techcrunch.com. The app market will continue to grow next year, as well.India becoming the second largest country in terms of downloads is a significant change in the worldwide app market over this past year. Source: techcrunch.com Share This:

Read More
News 

Exclusive: Cyprus Consumer Protection Agency Condemns IronFX Over Bonuses

“The Cyprus Consumer Protection Bureau has issued a statement outlining that it has taken an administrative action against IronFX. The news comes amid years of scrutiny over the practices of the Cypriot brokerage company” reports financemagnates.com. According to a decision made by the authority, IronFX has an unfair contractual clause in its client agreement. Source: financemagnates.com Share This:

Read More
News 

Consumer businesses help Citigroup top Wall Street estimates

“Citigroup on Tuesday reported quarterly profit that topped Wall Street expectations as consumer businesses made up for lower revenue from bond and currency trading” reports nypost.com. While the new tax law is expected to bring long-term gains for banks doing business around the world, several Wall Street banks have said they will be taking a one-time charge in the fourth quarter resulting from the new federal tax law.JPMorgan Chase, the biggest US bank, said on Friday it had taken $2.4 billion in one-time tax expenses, primarily for income earned overseas…

Read More
News Stocks 

U.S. holiday spending surges to 12-year high, helped by tax cuts

“Kleinhenz also said retailers had the right mix of inventory, pricing and staffing to help connect with shoppers” reports foxbusiness.com. The Dow Jones Retailers Index was up 1.5 percent on Friday afternoon, led by jumps in the stock prices of Amazon.com Inc, Target Corp and Wal-Mart Stores Inc, among others.U.S. holiday spending jumped 5.5 percent – its biggest gain since 2005 – spurred by stronger employment, rising consumer confidence and expectations of higher wages and bonuses after the recent tax bill, the National Retail Federation said on Friday. Source: foxbusiness.com Share…

Read More