Wall Street is no longer New York City's biggest job engine

• Akin Oyedele
 

• 24h
• 9,172
 
• 1
 

Richard Drew/AP

Wall Street is no longer New York City's biggest job engine.

The city counted on the finance sector to fuel economic growth during recoveries and expansions in the past, New York Federal Reserve President William Dudley said in a speech on Thursday.

But it has lost that throne to Silicon Alley.

"One that is especially noteworthy is the City’s burgeoning technology sector, which has been creating jobs in industries such as internet publishing, online shopping, and scientific research and development," Dudley said.

"Growth in these high-paying jobs is picking up much of the slack created by the softness of the securities industry."

Since peaking in the 1990s, finance jobs in New York City have steadily declined, according to the Bureau of Labor Statistics.

And more recently, financial volatility in the first quarter of 2016 — the worst period for investment banking since the recession — triggered layoffs at firms from Goldman Sachs to Deutsche Bank.

Dudley told reporters that the financial sector may have "overexpanded and overheated" leading up to the financial crisis, according to Bloomberg. Tighter regulation of the industry to prevent another crash is hurting Wall Street's profits, he said.

Dudley noted that overall job growth in New York City has helped surrounding areas like Long Island and New Jersey. But some parts of New York state, particularly the manufacturing-heavy city of Binghamton, have not meaningfully recovered since the Great Recession.

FRED

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More: Wall Street Employment New York Fed New York Federal Reserve

A 'major long-term trend change' in the dollar

• Elena Holodny
 

• 9h
• 5,064
 
• 2
 

One of the biggest stories over the past few years has been the strong dollar.

But that may be about to change, according to the latest technical analysis from Nautilus Investment Research's Tom Leveroni and Shourui Tian.

"The US Dollar Index is poised to signal a major long-term trend change this week," they wrote in a note to clients.

Leveroni and Tian note that in 12 of the 14 times the US Dollar Index crossed below its two-year (100-week) moving average, the index fell three months later.

Notably, the index crossed below its 100-week moving average on Tuesday, according to data from Investing.com.

In the chart below, shared by the duo, the red circles show where the index dipped below the 100-week moving average.

According to data cited by Nautilus, after crossing the 100-week moving average, the index fell by an average of 3.29% over the next three months compared to the typical performance of -0.02% over all three-month periods. A drop of that magnitude would push the index down to 91.91 from its current 94.38.

Nautilus Investment Research

Still, we must emphasize that the past does not predict the future. So the fact that this has happened 12 out of the past 14 times does not necessarily mean that it will happen this time, nor does it mean that it won't happen.

Either way, it's impossible to predict.

Rather, it's merely interesting to take a look at what happened when such a major threshold was crossed in the past.

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More: US Dollar Technical Analysis FX Nautilus Investment Research

Crude oil is back in a bull market

• Akin Oyedele
 

• 20h
• 2,028
 
• 1

Spencer Platt/Getty Images

Crude oil is back in a bull market. 

Futures have rallied 22% since the recent bottom on August 2, when they fell below $40. On Thursday, West Texas Intermediate crude futures in New York rose 2.8% to $48.11 per barrel, a six-week high. 

Oil has gained in every session since August 11 as reports of talks towards a production-freeze agreement among OPEC producers were revived. 

Saudi Arabia's Energy Minister Khalid al-Falih said last Thursday that the country was ready to take "any possible action" to rebalance the oil market, which is currently oversupplied. 

Additionally, data from the Energy Information Administration on Wednesday showed that US crude inventories unexpectedly fell by 2.5 million barrels last week, more than forecasters had estimated, and following three straight weeks of builds. 

But the rally is still under threat. Last week, the International Energy Agency cut its forecast for global oil demand next year. 

And, Reuters reported that Saudi Arabia could in August raise its output to new records of between 10.8 and 10.9 million barrels per day. 

Here's a chart showing the rally in WTI:Investing.com

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More: Crude Oil

The 9 best cities to live in the world

• Lianna Brinded
 
• 20h
• 357,458
 
• 8

Craig Sillitoe / Getty Images

The Economist Intelligence Unit just released a report that ranks the best and worst cities to live in the world.

In its "A Summary of the Liveability Ranking and Overview" of 140 cities surveyed, it looks at which cities have the best living and worst living conditions. This includes healthcare, education, infrastructure, safety, and the threat of terrorism.

Interestingly, the rankings also take into account the generosity of expatriate relocation packages — funding a company gives to an individual when they decide to take up a role abroad.

The 140 surveyed were given a mark out of 100 across various sectors and then given an overall score out of 100.

Business Insider looked at the top nine cities to live in the world.

View As: One Page Slides

9. Helsinki, Finland — It is only one of two European cities to make the top nine list. It scored full marks for stability and healthcare and highly across culture and environment, infrastructure and education.

Oleksiy Mark/Shutterstock

8. Auckland, New Zealand — The city scored full marks for education but narrowly missed being seventh in the charts due to a score of 92.9 for infrastructure.

FLICKR/Loïc Lagarde

7. Perth, Australia — This is one of three Australian cities to feature in the top nine, thanks to perfect 100 scores across healthcare, education, and infrastructure.

Getty

T=5. Adelaide, Australia — This city slinks into the top nine most liveable cities in the world due to its high scores across the board, and because Sydney dropped out of the top rankings. This is due to "owing to a heightened perceived threat of terrorism."

Getty

T=5. Calgary, Canada — This is one out of three Canadian cities that ranked near the top of EIU's survey and tied with Adelaide in Australia. It scored 100 for stability, healthcare, and education.

General view of the Pengrowth Saddledome and the Calgary skyline.Getty

4. Toronto, Canada — The most populated city in Canada got an overall score of 97.2 but missed out on ranking higher due to its infrastructure score dragging it down.

Inga Locmele/Shutterstock

3. Vancouver, Canada — The major Canadian city received 100 for culture and environment, healthcare, and education and nearly perfect scores for stability.

mffoto / Shutterstock

2. Vienna, Austria — The city is one of only two European cities to make the top nine list with a score of 97.4.

Sergey Novikov/Shutterstock

1. Melbourne, Australia — The country's coastal city is testament to EIU's assessment that "those that score best tend to be mid-sized cities in wealthier countries with a relatively low population density. These can foster a range of recreational activities without leading to high crime levels or overburdened infrastructure."

Craig Sillitoe / Getty Images

More: Features Liveability Ranking EIU EIU Report 

American Apparel hires investment bank to explore sale: sources

An American Apparel store logo is pictured on a building along the Lincoln Road Mall in Miami Beach, Florida March 17, 2016. REUTERS/Carlo Allegri

By Lauren Hirsch and Jessica DiNapoli

American Apparel LLC, the U.S. teen clothing retailer known for its sexually suggestive advertising, has hired investment bank Houlihan Lokey Inc to explore a sale, people familiar with the matter said on Wednesday.

The sale process comes just six months after American Apparel emerged from Chapter 11 bankruptcy, following the public ouster of its controversial founder and chief executive officer, Dov Charney, and a string of losses that the company has struggled to reverse.

The sources asked not to be identified because the sale process is confidential.

"As we have regularly communicated to employees, vendors and customers, we continuously evaluate strategic alternatives," American Apparel, which is now owned by its former creditors, said in a statement.

When contacted for comment, Charney said he would have to see what the asking price for his old company is before considering making a bid. He added that he is working on setting up a new apparel company.

Charney, with support from investors that included Hagan Capital Group and Silver Creek Capital Partners, had mounted an unsuccessful $300 million bid for American Apparel in January.

Houlihan Lokey declined to comment.

Charney was fired as CEO of American Apparel in 2014. The company cited inappropriate behavior and misuse of company funds.

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In March, American Apparel named the former head of handbag retailer Liz Claiborne Inc, Paul Charron, as chairman of its new board of directors.

Teen clothing retail has been hit by the growing popularity of online shopping. At least eight teen apparel retailers have filed for bankruptcy this year amid fierce competition and stagnating sales, including Aeropostale Inc, Pacific Sunwear of California Inc, The Wet Seal Inc..

News and data provider Reorg Research first reported on American Apparel working with Houlihan Lokey on a sale.

(Reporting by Lauren Hirsch and Jessica DiNapoli in New York)

Cisco beats earnings but plans to cut 5,500 jobs

• Eugene Kim
 

• Aug. 17, 2016, 4:15 PM
• 3,136
 
• 1

Cisco CEO Chuck RobbinsCisco Live/Business Insider

Cisco announced its fourth quarter earnings after the bell Wednesday afternoon.

It's a beat across the board, but the stock is down about 1% in after-hours after the company announced its plan to cut 5,500 jobs starting next quarter.

Here are the most important numbers:

EPS (non-GAAP): $0.63 per share vs. $0.60 per share expected

Revenue: $12.64 billion vs. $12.57 billion expected (up 2% year-over-year)

The 5,500 job cuts would present 7% of its total workforce. That's a much lower number than the 20% layoff some reports suggested Tuesday afternoon, but still one of the largest job cuts in Cisco's history.

Cisco expects the next quarter to show -1% to 1% year-over-year revenue growth and EPS of $0.58-$0.60. Analysts are expecting actual revenue to decline 1.6% and EPS of $0.60.

Cisco typically makes big layoffs after the end of its fiscal year in July. From 2011 to 2014, it announced thousands of job cuts after its fourth quarter earnings, including the 6,000 workforce reduction in 2014. It didn't have any layoffs in 2015, which was CEO Chuck Robbins' first year in his position.

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More: Cisco Earnings Chuck Robbins