Banking, Financial industry and Stock quotes :: World finance

BCBS, Cigna among insurer groups to meet with Trump on Monday


NEW YORK The Blue Cross Blue Shield Association, which represents insurers in every state, said on Friday that it would attend a meeting between the health insurance industry and President Donald Trump on Monday. Cigna Corp's chief executive officer, David Cordani, will also attend, a Cigna spokesman said. A BCBS spokeswoman and Cigna confirmed the meeting after Bloomberg reported that top executives from U.S. health insurers would attend a meeting, based on unnamed sources. The White House has not confirmed the Bloomberg report.

Trump has pledged to repeal and replace Obamacare, former President Barack Obama's national healthcare law that redesigned the U.S. insurance market for individuals. It is not clear yet what Republicans will agree upon to replace the current insurance. Insurers say any new plans are not likely to hit the market before 2019. Insurers have also asked for changes to the individual insurance market that would go into effect for 2018 to make the market more attractive to the industry, where some plans have lost hundreds of millions of dollars because member costs were higher than they expected.

Since taking office on Jan. 20, Trump has held a series of White House meetings with executives from different sectors including those from manufacturing companies, pharmaceutical makers, technology businesses and car makers.

Best Buy posts unexpected drop in same store sales, shares slide


Best Buy Co Inc (BBY. N), the No. 1 U.S. electronics retailer, reported an unexpected decline in holiday-quarter same-store sales on Wednesday, hurt by weak demand for tablets, gaming consoles, wearable devices and mobile phones. Shares of the retailer, which also forecast a 1-2 percent decline in current-quarter same-store sales, slumped more than 9 percent in premarket trading. Best Buy's sales at stores open for more than a year fell 0.7 percent in the fourth quarter, widely missing analysts' average estimate of an increase of 0.5 percent, according to research firm Consensus Metrix. Brick-and-mortar retailers are currently under pressure from slow U.S. economic growth and fierce competition from online rivals such as Amazon.com Inc (AMZN. O). Total sales at U.S. electronics & appliance stores were down about 4 percent in December, according to data from the U.S. Department of Commerce. (bit.ly/Y4FaTF)

Best Buy's net revenue fell 1 percent to $13.48 billion in the three months ended Jan. 28, missing the average analyst estimate of $13.62 billion, according to Thomson Reuters I/B/E/S. However, cost cutting efforts boosted the company's net income, which rose to $607 million, or $1.91 per share, from $479 million, or $1.40 per share.

Excluding items, Best Buy earned $1.95 per share, beating the average estimate of $1.67. Best Buy also increased its quarterly dividend to 34 cents per share from 28 cents and announced a share repurchase plan that accelerates from $1 billion over two years to $3 billion over two years.

Lowe's forecasts 2017 sales ahead of estimates; shares up Lowe's Cos Inc forecast 2017 sales ahead of analysts' estimates and reported better-than-expected quarterly comparable-store sales as consumers continued to spruce up their homes or buy new ones.

Toshiba asks law firm to advise on potential Westinghouse bankruptcy cost: sources TOKYO Toshiba Corp has asked a Japanese law firm to help estimate the potential financial impact if it decides its U.S. nuclear unit Westinghouse should file for Chapter 11 protection from creditors, sources with knowledge of the matter said.

Taiwan's Foxconn 'definitely bidding' for Toshiba chip business HONG KONG Taiwan's Foxconn , the world's largest contract electronics maker, is "definitely bidding" for the chip business of Japan's Toshiba Corp and is "very confident" it can buy into it, company founder Terry Gou said on Wednesday.