Morning Beat: Deutsche Bank AG (USA) (DB), Apple Inc. (AAPL), and Yahoo! Inc. (YHOO)
Deutsche Bank AG (USA) (NYSE:DB) has warned that the high levels of volatility in the financial market will not just affect banks only in the first quarter, but the entire sector. Even with the warning, the bank remains confident of posting solid results in the quarter.
Deutsche Bank AG (USA) (NYSE:DB) remarks are in contrast to those echoed by other investment banks that have warned investors not to expect impressive returns. Customers are increasingly taking less debt as concerns over the health of the global economy clocks fever pitch. Citigroup Inc (NYSE:C) has already warned that its investment banking revenue, is down 25%. JPMorgan Chase & Co. (NYSE:JPM) has also signaled a rough quarter.
US Department of Justice has hit back at Apple Inc. (NASDAQ:AAPL) over claims that creation of a backdoor to open a single iPhone 5c would lead to more government surveillance in future. In a brief filing, the agency has quoted the tech giant past dealings with the Chinese government on similar matters.
According to the Justice Department, if Apple can provide access to China and other countries it can also comply with the All Writs Act in America. Officials maintain that the iPhone maker maintains control over its devices once they are bought, thus in a position to unlock the iPhone at the center of the San Bernardino investigation.
Their argument stems from the fact that Apple has for years complied with court orders requiring it to extract data from passcode-locked phones.
Embattled Yahoo! Inc. (NASDAQ:YHOO) CEO, Marissa Mayer, remains confident of keeping her job even if the internet giant exchanges hands. The board is currently exploring options as large investors continue to push for a sell of the core business.
Even as Yahoo! Inc. (NASDAQ:YHOO)’s future remains uncertain, Mayer has pledged to do what’s best for shareholders. A possible split of the internet business is on the cards. The board is also exploring the best ways to offload the company’s stakes in e-commerce giant Alibaba.
During an interview on the Charlie Roe show, Mayer expressed confidence in the current turnaround plans even as they continue to explore various options.
International Energy Agency says the risk of a further drop in oil prices is dropping. The sentiments come on a decline in production levels from US shale production and other non-OPEC producers. There were concerns that Iran might disrupt efforts put in place to curtail a glut in supply, but its output has so far been less dramatic.
The agency now expects output from non-OPEC members to drop by 750,000 barrels this year from an initial target of 600,000barrels a day. Production in the US alone should drop by 530,000 barrel a day according to the agency.
Oil prices have since bounced from lows of below $30 a barrel registered in January to $40 a barrel as output continues to drop.
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