A Chinese consortium that includes game developer Shanghai Giant Network Technology Co Ltd and e-commerce company Alibaba Group Holding Ltd founder Jack Ma has agreed to acquire Caesars Interactive Entertainment Inc's online games unit for $4.4 billion in cash, the companies said. Caesars Interactive Entertainment is currently owned by Caesars Acquisition Co (CAC) and Caesars Entertainment Corp .
Wall Street, seeking direction as the S&P 500 has been stuck in a narrow trading range for 12 days, will next week shift its attention from second-quarter corporate earnings reports to economic data. Investors will be looking for signs of economic strength to reinforce the positive direction hit Friday, when the S&P 500 hit an intraday record high. The overall tone will be of an economy that is getting better at a reasonable pace," said John Manley, chief equity strategist at Wells Fargo Funds Management in New York.
Jeffrey Gundlach, the chief executive of DoubleLine Capital, said on Friday that many asset classes look frothy and his firm continues to hold gold, a traditional safe-haven, along with gold miner stocks. ?The artist Christopher Wool has a word painting, 'Sell the house, sell the car, sell the kids.' That?s exactly how I feel ? sell everything. Nothing here looks good,? Gundlach said in a telephone interview.
Chevron Corp posted its worst quarterly loss since 2001 on Friday and Exxon Mobil Corp reported a 59 percent slide in profit, as the long crude price rout and tumbling refining income inflicted pain across the energy sector. Exxon, the world's largest publicly traded oil producer, shocked Wall Street as its quarterly profit missed expectations, sending its shares down as much as 4.5 percent on Friday. In the United States, where Exxon is the largest natural gas producer and a major oil producer, the company lost money.
Two University of California, Berkeley professors have taken a deep dive into new data and found that claims in Michael Lewis' bestseller "Flash Boys" that retail investors are being gouged, or "front-run," by high-speed traders not to be true - at least not now. Professors Robert Bartlett and Justin McCrary said their findings contradict the common belief that fast traders systematically exploit others who rely on public data feeds, which in the past were notoriously slow. "Flash Boys: A Wall Street Revolt" touted two theories of market abuse that the study, "How Rigged Are Stock Markets?
Judge Andre Bouchard proposed Oct. 17 for the beginning of the trial. In June, 93-year old Redstone, through his National Amusements Inc holding company, removed five of Viacom's directors, including Chief Executive Philippe Dauman, from the company's board. National Amusements owns 80 percent of voting shares of Viacom and CBS Corp .
British and Chinese securities watchdogs are discussing an agreement that will pave the way for landmark financial services projects between the countries, sources said, easing fears that Britain could be a less attractive partner for such deals after last month's vote to leave the European Union. Britain's Financial Conduct Authority (FCA) and the China Securities Regulatory Commission (CSRC) are cooperating on a regulatory framework for a scheme for distributing fund products in each other's jurisdiction and a proposed London-Shanghai link for trading shares, two people with direct knowledge of the matter said. Britain, home to the EU's biggest finance sector, has been pushing in recent years to deepen its financial services ties with China, which has agreed to these and other cross-border financial services schemes as part of the UK-China Economic and Financial Dialogue (EFD) program.
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