On Tuesday Intuit Inc. reported its fiscal third quarter results which turned out to be better than expected. The company has also benefited from the sale of its businesses like Demandforce, QuickBase and Quicken for cash of $463 million.
The maker of TurboTax software raised its revenue guidance for the year along with the adjusted earnings per share. Intuit now expects its revenue for the fiscal year in range of $4.66 billion to $4.68 billion and the adjusted earnings to be in the range of $3 to $3.65 per share.
A new Expo Line train started service between Santa Monica and downtown Los Angeles today for the first time in 60 years.
The service officially running on Friday afternoon but thousands of commuters took the train for the first time to go to work on Monday morning. However, the service did not have a smooth start as expected by officials as a drunk driver crashed onto the tracks when the train was expected to travel.
The authorities in the United Arab Emirates have changed methodology to calculate a key interest rate in order to better reflect funding costs for banks in the economy. The calculation of the Emirates Interbank Offered Rate, which is a benchmark used by the banking industry to price loans, has been changed to better reflect the true cost of funds.
Reserve Bank of New Zealand Eases Proposed Policy Alterations for Outsourcing Services used by Banks
The Reserve Bank of New Zealand is looking at relaxing the policy changes which it plans to impose on banks which outsource their services. The change in attitude came after the lenders warned the Reserve Bank of the associated higher costs.
Now the Reserve Bank is asking for submissions or feedback on the changes that have been proposed for rules regarding outsourcing of services by registered banks. The new rules will help the central bank to firmly define the functions that should be covered by the outsourcing policy along with the time when the policy will start.
Names are Expected to be Announces as Replacements for Ousted Members from Sumner Red stone’s Family Trust
In an unexpected move on Friday, two of Sumner Redstone's longtime lieutenants were removed from their specific positions which they held in the trust that is slated to control Mr. Redstone's entertainment companies after he dies or is incapacitated. In the move, the two were also ousted from the board of National Amusements which is the private company of theater chains in which Mr. Redstone has almost eighty percent voting stock of Viacom and CBS.
On Friday, an agreement was announced where Santa Cruz Biotechnology agreed to pay $3.5 million as fine for violating the 1966 Animal Welfare Act. Allegedly, the scientific antibody business mistreated its research goats and rabbits for years keeping them under poor conditions in a farm close to San Luis Obispo, California. The company will also go out of business. Last year the U.S. Department of Agriculture held hearing on the license of Santa Cruz to sell antibodies which are immune system proteins that are harvested from animal blood which scientists commonly use in laboratories.
On Friday, the Securities and Exchange Commission, chairwoman Mary Jo White said, the agency is considering to enhance regulation related to EFTs or exchange-traded funds. It would include examining ways in which they are sold to investors and also making an effort to make mutual funds more transparent related to fees and expenses.
On Friday, a fire broke out at the largest solar power plant of the world in California-Nevada border on 4,000 acres of public land in the Mojave Desert. The reason of the fire is said to be misaligned mirrors. To control the fire, the firefighters and the workers of the plant had to go through quite an ordeal.