The Malta Independent 26 April 2018, Thursday

Markets on track for fresh records

Friday, 22 December 2017, 10:26 Last update: about 4 months ago

U.S. stocks rose on Thursday, with major indexes trading near record levels. The Dow Jones Industrial Average is on track to log its longest streak of monthly gains in nearly 59 years as it approaches the 25,000 point milestone and notches in its 70th record close of 2017. The Dow's run has it on track for a rise of more than 25% year-to-date, which would be its strongest since a 26.5% advance in 2013.

U.K. stocks also leapt to a record close, overcoming a sluggish start marked by gloomy updates about British consumer confidence and private consumption. Multinational commodity-related stocks rose the most. The utilities sector, however, eased. Oil producers Royal Dutch Shell PLC and BP PLC were the biggest winners, jumping 2.1% and 1.6%, respectively after oil futures rose amidst choppy trading.

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Facebook and Universal Music Group

Facebook has reached a licensing agreement with major music label, Universal Music Group that will allow users to post and share music on the social media network. The global, multi-year deal addresses copyright issues raised by unauthorised use of its artists' material. The particular terms were not disclosed however the deal covers Facebook, as well as Instagram and Oculus. The firms are also working on products for Facebook's messaging service.

Universal represents artists such as Taylor Swift and Jay-Z. The company has previously pushed Facebook to remove posts, including covers of its artists' songs. The firms also said they were working together on new music products, a sign Facebook has set its sights on challenging YouTube. Universal Music Group's executive vice president of digital strategy, Michael Nash said: "Together, Facebook and UMG are creating a dynamic new model for collaboration between music companies and social platforms to advance the interests of recording artists and songwriters while enhancing the social experience of music for their fans."

Ryanair pilot strike

Pilots working for budget airline, Ryanair in Germany have said they will go on strike for four hours on Friday, following "unsatisfactory negotiations" over union recognition after the pilots' union said initials talked with the airline had been cancelled. The strike by the Vereinigung Cockpit union will be the first industrial action by Ryanair pilots in Germany. It will take place from 05:00 to 09:00 CET on 22 December.

In a statement Ryanair said it "sincerely regrets receiving notice of a threatened four hour pilot strike in Germany". The airline said that at Wednesday's meeting, the union "confirmed that the Ryanair Pilots Council had not been elected by Ryanair's pilots, and contained one former contract pilot who had not flown for Ryanair for 15 months, who is currently in litigation with Ryanair in Germany, adding that it was happy to negotiate with its German pilots and the VC officials but it would not enter into negotiations with non-Ryanair pilots.

Disclaimer:

This article was issued by Peter Petrov, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.


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