Global Infrastructure Partners currently owns 50% of Ruby Pipeline, with Kinder Morgan (KMI +0.8%) owning the other half, though KInder is slated to sell its stake to El Paso Pipeline Partners (EPB +0.9%).
The three big questions for the FOMC, says Janet Yellen are 1) Is there still significant slack in the labor market 2) Is inflation moving back toward 2% 3) What factors may push the recovery off track?
As for labor, the Fed's baseline projection is more than another two years until full employment (defined as headline UE of 5.2-5.6%) is reached. She notes wage pressures are a good signal of a tightening labor market and signs of acceleration are difficult to find.
Addressing the FOMC's dropping of guidance being steered by the headline UE rate, Yellen says it may have changed, but the goal of guidance - that the FOMC will maintain ZIRP for some time - hasn't. "Decisions about liftoff (in the Fed Funds rate) should not be based on any one indicator, but that it will take into account a wide range of information on the labor market, inflation, and financial developments."
3D Systems (DDD) is acquiring Robtec, a Sao Paulo-based firm declared to be the largest additive manufacturing service bureau and 3D printer/scanner distributor in Latin America.
3D will initially buy 70% of Robtec, and the remainder of its shares in 5 years. The deal's price tag is undisclosed; 3D says it will be accretive to EPS within 12 months of closing.
Robtec, which operates in Brazil, Mexico, Argentina, Chile, and Uruguay, will support 3D's Quickparts custom manufacturing/prototyping service. 3D has already acquired a string of service bureaus over the last couple of years. Services accounted for 28% of the company's Q4 revenue.
U.K. unemployment for the three months to February fell to 6.9% from 7.1% previously and came in under forecasts that were also 7.1%.
Average earnings including bonuses accelerated to +1.7% from +1.4% but missed expectations of +1.8%. Still, the figure brings wage growth in line with inflation of 1.7% after a long period in which salary rises remained well below CPI growth.
The pound spikes and is +0.2% at $1.6802, while the FTSE is +0.4%. (PR)