Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
It’s a simple enough concept. A financial adviser should be legally required to put their clients’ best interests ahead of their own. But it’s actually not the law.
The Department of Labour — which concerns itself with such matters because of its oversight of workers’ welfare and retirement — has decided to change that. Now, people are worried that president-elect Donald Trump will roll back the rule.
US wages in December rose at the fastest pace since mid-2009, according to the Bureau of Labour Statistics’ employment report released Friday. Here are the headlines:
- Wage growth hits a new post-recession high
- Labour force participation ticks up
- The US has added more jobs than the other major advanced economies combined over the past 7 years
- THE VERDICT: A comprehensive look back at Obama’s jobs record
In other news, Canada’s jobs report crushed expectations.
In markets news, a Citigroup debt strategist created a scary-looking clock, and it looks like time is running out. Wall Street’s least bullish strategist says to buy ‘CRAP’ in 2017. And we talked to a $11.4 billion fund manager about Trump, Russia, and China.
There has also been a good bit of deal news over the past 24 hours. Here are the headlines:
- Neiman Marcus is pulling its IPO
- Verizon’s still not sure if its $4.8 billion Yahoo deal will close, five months after announcing it
- Pandora is falling after its most likely buyer dismissed acquisition rumours — and criticised its new direction
- A startup that wants to create a simple blood test for every form of cancer is trying to raise at least $1 billion
- Trump still doesn’t think the $85 billion AT&T-Time Warner merger should be approved
In auto news, Mercedes-Benz just dethroned BMW as the king of luxury cars in America. And someone needs to explain to Trump how Toyota actually makes money, according to Matt DeBord.
Here are the top Wall Street headlines from the past 24 hours
A day-and-a-half in the life of a top Wall Street tech analyst – Mark Mahaney is one of the top tech research analysts on Wall Street.
A 29-year-old hedge fund manager reveals why he loves hiring liberal arts majors – Most people will tell you that you need to major in accounting, economics, or finance to land a job on Wall Street.
Bentley just unleashed the fastest and most powerful car it’s ever built – In the world of super GT cars, the Bentley Continental is the elder statesman. It may be hard to believe, but the Bentley Continental has been around for nearly 15 years.
Volkswagen could pay over $3 billion to the government to resolve its emissions cheating scandal – Volkswagen and the US Justice Department are nearing an agreement to resolve the government’s civil and criminal investigations that would require the German automaker to pay more than $3 billion.
JPMorgan’s complete guide to everything happening in the markets – 2017 promises to be an exciting year for markets, with Donald Trump set to move into the White House in a couple of weeks.
We bought and sold bitcoin — here’s how it works – A year and a half ago, the idea of buying the virtual currency bitcoin was laughable. After a rapid rise in value in 2013, the cryptocurrency’s value more than halved by mid-2015.