Welcome to HYEDirect.com, One of the Best and Only Online Armenian Directories For All Your Business & Personal Needs Available On The Internet's World Wide Web. Use Our Business Directory To Create Your Free Business Listing. We Also Have A Callendar Of Armenian Events, Check It Out! It's Also Your One Stop For News! We Direct You To Armenian Businesses, Possibly Clients To Your Business Too! Get Listed Today!
NEW YORK (Reuters) - Wall Street rose modestly at the open on Monday, supported by inflation data from China, but gains were likely to be capped with a number of top Federal Reserve officials speaking throughout the day. The Dow Jones industrial average rose 2.12 points or 0.01 percent, to 16,022.32, the S&P 500 gained 2.4 points or 0.13 percent, to 1,807.49 and the Nasdaq Composite added 9.715 points or 0.24 percent, to 4,072.236. (Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)
By Huw Jones LONDON (Reuters) - Failure to thrash out a common supervision of the $640 trillion global financial derivatives industry will split markets and bump up costs for end users, a top regulator said on Monday. Banks who trade interest rate swaps, credit default swaps and other derivatives are looking to the United States and the European Union to harmonize their approach to new rules aimed at making markets more transparent. David Wright, secretary general of the International Organization of Securities Commissions (IOSCO), an umbrella group for regulators from across the world, warned it was a "recipe for chaos" that could get messy and anti-competitive. "They are fed up being caught between two elephants." After the 2007-09 financial crisis, in which derivatives played a core role in exacerbating uncertainty due to their opacity, regulators called for trade repositories to be set up to record transactions for regulators to spot risks.
(Reuters) - McDonald's Corp reported weaker-than-expected global sales at established restaurants for November, hurt by a sharp drop in comparable-store sales in the United States. The world's biggest hamburger chain said worldwide sales at restaurants open at least 13 months rose 0.5 percent last month, missing analysts' average estimate of a rise of 0.6 percent, according to Consensus Metrix. Same-restaurant sales fell 0.8 percent in the United States, widely missing the 0.3 percent gain expected on average by the 14 analysts polled by Consensus Metrix. The company said high competition and relatively weak customer traffic hurt sales in the United States, its second biggest market after Europe.
(Reuters) - Struggling teen apparel retailer Abercrombie & Fitch Co said it will extend Chief Executive Mike Jeffries contract by a year, days after a shareholder urged the company to replace him. Abercrombie shares were down 2 percent at $34.15 in early trade on Monday. The company said the new agreement has a more simplified, performance-based compensation structure that is designed to align incentives closely with the success of the company. Abercrombie said Leslee Herro will retire from her position as executive vice president of merchandise planning and inventory management in the spring of 2014.
Three Gulf state-owned firms have teamed up to bid for a minority stake in Occidental Petroleum Corp's Middle East and North Africa (MENA) business in a deal likely to be worth about $8-10 billion, three banking sources said on Monday. Abu Dhabi's Mubadala Development Co , Qatar Petroleum and Oman Oil Co have formed a consortium and have picked Citigroup to advise them, the sources with knowledge of the matter said, speaking on condition of anonymity as the information isn't public. The fourth-largest U.S. oil company could sell a 40 percent stake in its MENA business to the trio, two of the sources said, which would likely cost in the region of $8-10 billion. Occidental said in October it planned to sell a minority stake in its MENA operations as part of a restructuring meant to lift its valuation.
Deutsche Bank created a new senior position to govern compliance and risk management throughout the group and named a top McKinsey consultant to fill it, less than a week after EU officials fined Deutsche and other banks for rigging interest rates. Deutsche Bank on Monday named 43-year-old Thomas Poppensieker as head of a new effort to tighten controls at Germany's flagship lender, reporting directly to co-Chief Executives Juergen Fitschen and Anshu Jain. The move comes as Deutsche Bank pursues an ambitious cultural transformation plan led by Fitschen and Jain, and as it works through a long list of scandals, investigations and fines that came in the wake of the financial crisis.
By Julia Fioretti LONDON (Reuters) - When the Afghan government used mobile phones instead of cash to pay some of its policemen, the officers thought they'd just had a 30 percent pay rise. This anecdote from the U.S. Agency for International Development shows how technological innovations such as mobile banking and biometrics have helped integrate more people in emerging markets into the formal financial system, opening up opportunities for banks willing to take a chance. Half the world's adults, over 2.5 billion people, do not have a formal bank account, according to the World Bank. Many developing countries also offer banks the allure of a growing working-age population and an emerging middle class.
China will soon rate the performance of local governments partly by how much debt they incur, as Beijing tries to wean the country off heavy government investment, state media said. The central organization department, which oversees the appointment of senior party, government, military and state firm officials, said debt will be key when evaluating performances, according to the state news agency Xinhua. Large-scale government investment has helped China's gross domestic product expand at double-digit rates for the past three decades. But analysts say China's economy has now hit a turning point, and domestic consumption must grow and investment fall to ensure a healthy expansion.