Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Ford, the 113-year-old automaker, may be headquartered in the suburbs of Detroit, but CEO Mark Fields has his eyes set on Silicon Valley. We talked to Fields about dealmaking, and why he loves Silicon Valley.
We’re about to learn everything we’ve wanted to know about Snap, tech’s most secretive company. And Wall Street analysts are incredibly bullish on Facebook post-earnings.
In Wall Street news, here’s the memo Larry Fink, the head of Blackrock, the world’s largest investor, just sent to staff on these “uneasy” times.
Citadel is shutting down one of its four stock picking units a little over a year after launching. Hedge fund manager Dan Loeb is betting President Donald Trump will be good for investments.
And a $40 billion hedge fund identifies its rising stars using three simple factors everyone should know.
In geopolitical news, the US Treasury just amended Obama’s sanctions order to “authorise certain transactions” with Russia’s FSB. And Trump said on Thursday that he wants to speed up talks regarding the North American Free Trade Agreement, or NAFTA.
The biggest health insurers are freaking out about the uncertainty surrounding Obamacare’s repeal. And Donald Trump is sending mixed messages to the drug industry.
The Federal Open Market Committee on Wednesday kept policy on hold. On Thursday, the Bank of England did the same. Central banks’ “15 minutes of fame” are coming to an end, according to Business Insider’s Pedro da Costa, but it’s happening for all the wrong reasons.
In corporate news:
- Deutsche Bank made a €1.4 billion loss in 2016 with “negative news flow” partly to blame
- The UK company behind Dettol and Durex is in talks to buy a US baby milk maker for $16.7 billion
- Ralph Lauren is tanking after its CEO abruptly resigned
- Apple soared after its huge earnings beat
- GUNMAKER CEO: Fewer people are buying ammunition after the election because Hillary Clinton didn’t win
- The CEO of Deutsche Boerse is being investigated for insider trading
- Ferrari beat
- Merck’s quarter was plagued by disappointing sales of a key drug
- ConocoPhillips reported a smaller than expected loss
- CME: Trading volume exploded following Trump’s election
Here are the top Wall Street headlines from the past 24 hour
“What the f— kind of bank is this?”: The moment the biggest financial conspiracy ever seen started to fall apart – The inside story of the Libor scandal is detailed in The Fix:
How Bankers Lied, Cheated and Colluded to Rig the World’s Most Important Number, by Bloomberg reporters Liam Vaughan and Gavin Finch. The following is an extract from the book.
ALBERT EDWARDS: Trump is “a neo-liberal nightmare,” but part of his economic policy “makes perfect sense” – Albert Edwards, the über-bearish strategist at Societe Generale, thinks President Donald Trump may be on to something with his economic policies.
If Trump wants his jobs plan to work he’ll have to force more elderly people to work or increase immigration – On the White House website, the Trump administration announced a new goal of adding 25 million new jobs over the next ten years, an extraordinarily audacious, or simply innumerate, target.
Companies’ travel ban condemnation is a sign of things to come – The Executive Order signed last Friday evening by President Trump suspending or barring immigrants and refugees from seven countries from entering the United States has not only sparked protests and outcry around the country; it has provoked widespread condemnation from the business community that reflects their customers’ — and employees’ — outrage.
Apple, IBM, and United Airlines are teaming up to improve your flying experience – Apple, IBM, and United Airlines are teaming up to develop a new generation of mobile apps for the carrier’s employees.
A 29-year-old fintech founder named to the Forbes ’30 Under 30′ list shares his best entrepreneurship advice – Eugene Marinelli has a resume that many Silicon Valley hopefuls would envy.
Vancouver’s real estate market could crash thanks to China – Global real estate markets are breaking a sweat, and Vancouver should be no exception. Those same foreign buyers that sent property values soaring around the world are now a little short on foreign currency.
One of America’s hottest new chefs had his office transformed to be more productive — take a look inside – Kris Yenbamroong is the chef and owner of Night + Market, a restaurant with two locations in the West Hollywood and Silver Lake neighbourhoods of Los Angeles. He was named one of Food & Wine’s Best New Chefs in 2016.