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Snapchat to offer camera-equipped sunglasses in first hardware push

A man walks past Snapchat's headquarters in Venice, Los AngelesNEW YORK (Reuters) - Snap Inc, the newly renamed parent company of messaging app Snapchat, plans to start selling camera-equipped sunglasses starting this fall, Chief Executive Evan Spiegel told the Wall Street Journal in an interview. The sunglasses, dubbed Spectacles, will be sold via limited distribution for about $130, said Spiegel, who described the device as a toy. The first hardware to be sold by Snap, the sunglasses will record video from the user's perspective in 10-second increments that can be synched with his or her smart-phone. ...


U.S. presidential contest takes center stage for investors

A Wall Street sign outside the New York Stock ExchangeWho becomes the next U.S. president will be a primary focus for Wall Street next week and beyond, starting on Monday with the first debate between candidates Hillary Clinton and Donald Trump. While the White House race has so far had little discernible effect on the market, that may soon change as polls show a tightening race. Clinton's once-comfortable lead in opinion polls has evaporated, and with just over six weeks until Election Day, some investors see a toss-up contest creating volatility in certain sectors, including health insurers, drugmakers and industrials.


Wall Street falls as energy lags; shares post gains on week

Traders work on the floor of the New York Stock Exchange (NYSE) in New York CityWall Street retreated on Friday as lower oil prices weighed on energy shares and Facebook and Apple declined, but major indexes still posted gains for the week. Energy was the worst-performing major S&P sector, dropping 1.3 percent. Oil prices tumbled 4 percent on signs Saudi Arabia and Iran were making little progress on a bilateral agreement ahead of talks by crude exporters aimed at freezing production.


Wells Fargo hires law firm to advise on executive pay: WSJ

Wells Fargo CEO Stumpf testifies before Senate Banking Committee hearing on firm's sales practices on Capitol Hill in Washington(Reuters) - Wells Fargo & Co's board hired law firm Shearman & Sterling LLP to advise on executive compensation and potential clawbacks, the Wall Street Journal reported, citing people familiar with the matter. Robert Mundheim, a lawyer at the firm, is advising the bank's board on whether it should claw back pay of Chief Executive John Stumpf, Chief Operating Officer Timothy Sloan and former retail banking head Carrie Tolstedt, according to the WSJ report. The bank had said its board will assess whether to cancel or claw back any incentive compensation paid to Tolstedt, a now-retired executive at the center of the scandal.


Federal Reserve proposes new limits on Wall Street energy bets

The United States Federal Reserve Board building is shown in WashingtonWASHINGTON/NEW YORK (Reuters) - The Federal Reserve on Friday outlined a plan to limit Wall Street bets on the energy sector by forcing companies like Goldman Sachs and Morgan Stanley to hold more capital against such investments. Under current law, Goldman Sachs Group Inc and Morgan Stanley may invest in energy storage and transportation in ways that other banks cannot, but the U.S. central bank's new plan would make such bets more costly.


Will the Nasdaq Surge End in Another Tech Wreck?

Will the Nasdaq Surge End in Another Tech Wreck?After the Fed delivered its "no hike" policy decision on Wednesday just as Wall Street wanted, we're back to the races. The tech-heavy Nasdaq Composite has surged to new highs for two straight days. At the same time, investors are shunning boring areas of the market like consumer staples.


Wall Street set to open lower after three-day rally

Traders work on the floor of the NYSE in New York CityWall Street looked set to open slightly lower on Friday as oil prices came off a two-week high, a day after the Nasdaq closed at a record high for the second straight day. Investors have been in risk-on mode again, encouraged by the Federal Reserve's decision to stand pat on interest rates at a meeting this week. "There is some consolidation after the very active and positive week for stocks based on news flow from the central banks, said David Donabedian, chief investment officer of Atlantic Trust Private Wealth Management.


S.Africa's Eskom to use $11 bln future earnings for nuclear expansion

An Eskom logo is seen at the entrance of their head offices in Sunninghill, SandtonBy Mfuneko Toyana JOHANNESBURG (Reuters) - South Africa's power utility Eskom estimates it would have 150 billion rand ($11 billion) within the next decade to help fund a nuclear expansion programme planned by the government, a senior executive said. Africa's most industrialised country, which has the continent's only nuclear power station, has earmarked atomic expansion as the centrepiece of a plan to raise power generation to ease its reliance on an ageing fleet of coal-fired plants. In a column in the BusinessDay newspaper, Eskom's group executive for generation, Matshela Koko, said under the utility's 2016/17 business plan, the firm would raise significant funds to help build the proposed nuclear plants.


 

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