Wall Street up in volatile trade following federal chair Janet Yellen comments

Gains in bank shares helped to support the market, with the SP 500 financial index up 0.8 percent. (Reuters) U.S. stocks held modest gains in volatile Friday afternoon trading as investors assessed comments by Federal Reserve Chair Janet Yellen on the U.S. economy. Yellen, in a speech at a conference of policymakers and top academics, laid out the deepening concern at the Fed that U.S. economic potential is slipping – and may need aggressive steps to rebuild it. Traders have currently priced in a 67-percent chance of a rate hike in December, while the odds for November are minimal as the Fed’s meeting falls just days before the Nov. 8 U.S. presidential election. “Is Chair Yellen now adding yet another reason for holding off raising rates…

Statoil starts work at its largest asset in British North Sea ABERDEEN, Scotland, Dec. 2 (UPI) -- Norwegian energy company Statoil said it was making new strides in the North Sea by moving from planning to development of the region's Mariner oil field. "Mariner is one of the largest projects currently under development in the British continental shelf," the Norwegian company said in a statement. "Contracts worth over $1.3 billion have been awarded to date to the U.K. supply chain by the project." Statoil said production drilling is under way at the Mariner field, heralding the shift in development from the planning phase to active offshore operations. Up to five wells are planned before first oil production is slated in 2018. In September, the Norwegian energy company opened an office in Aberdeen with an eye on building a...

NZX-listed Turners buys Autosure insurance business from Suncorp Sharemarket-listed Turners is beefing up its car insurance business through the purchase of the Autosure from giant Australian insurer Suncorp. Turners is best known for car auctions, but it has been expanding its business into financial services, and already offers finance to vehicle buyers. Autosure sells car, mechanical breakdown and payment protection insurance, as well as more rarefied forms of cover. One of those is "gap cover" designed to repay finance on a car after a wreck, should the owners' standard car insurance not pay out enough to clear the debt. READ MORE:* Turners truck and machinery division benefits from local and overseas demand* Rare '58 Studebaker with just 74 miles on the clock goes back on auctioneer's block* Rare New Zealand Fords worth a fortune...

Demonetisation: How badly hit is the unorganised real estate and hospitality sectors The problem is that the move of demonetisation has sort of synonymised cash transactions with black money. Let us take few facts into consideration. “Between the CSSO and NCEUS data, anything between 80 to 90 percent of businesses in India lie in the unorganised sector, which also contributes to half of our country’s GDP. This isn’t ‘black’ per se to the extent that it avoids taxes, but is not supported by the extensive paperwork that one would find in the organised, formal sector. Construction industry, including real estate, is about 6 percent of the GDP – so there is no reason to believe that a part of this is not covered in the informal or unorganised sector,” states the Royal Institution of Chartered Surveyors (RICS), aprofessional body for qualifications ...

4 Tips for Millennials to Focus on To Build Their Careers and Happy Lives Before we start, let's talk about Millennials and why there's a need to dedicate an entire article to them. Millennials, also known as Generation Y, are the people of today. Typically born between 1980-2000s, they are everywhere and make up the largest portion of today's workforce. However, these are also the people with a huge number of problems, as they have to deal with relationship issues, financial issues and other such matters. So how can Millennials turn their lives around? Here are some tips: 1. Know that You Need to Change With Time Millennials are busy people, they have families to tend to, and jobs to save. And between all this, they often tend to neglect the fact that time is changing. If you look at Baby Boomers...

Gold Rises From 10-Month Lows But Set For Fourth Consecutive Weekly Drop Gold recovered from its lowest since early February on Friday as the dollar drifted lower ahead of U.S. jobs data, but the metal is still on track for a fourth consecutive weekly decline. Spot gold was up 0.2 percent at $1,173.76 an ounce by 0248 GMT. The metal fell to its lowest since Feb. 5 at $1,160.38 in the previous session. For the week, gold was trading down 0.7 percent. 

'Hard' Brexit most likely outcome for UK leaving EU, says S&P A "hard" Brexit in which Britain loses its free access to the European Union market now looks like the most likely outcome of the country's plan to leave the bloc, ratings agency Standard Poor's said on Friday.Britain will suffer the brunt of the economic impact of Brexit and the effects on the world economy will be more limited, SP said in its latest update on Britain's economy.SP cut Britain's top-notch AAA credit rating by two places to AA shortly after the June 23 vote to leave the EU, arguing that the country's capacity for effective and stable policymaking had diminished. On Friday, it said that it appeared that Britain's government had not yet accepted that the EU was unlikely to yield on the indivisibility of...

Steve Cohen invests $2M into micro-investing startup Steve Cohen may have found a way to reach cash-strapped millennial investors. The hedge-fund mogul, whose net worth is said to be $13 billion, has invested $2 million in micro-investing startup Acorns, Point72 Asset Management, his Conn. firm, said on Tuesday. The investment was made in April through Cohen’s Point72 Ventures, the firm’s venture capital arm, and was part of a $30 million funding round led by PayPal. Acorns allows customers to convert pocket change into compounding returns. Its 1.3 million customers — of which 75 percent are millennials — link their debit cards to Acorns’ platform and their daily purchases are rounded up to the nearest dollar. That difference is then invested into a portfolio of low-cost ETFs.