Finance news

• BC Partners to acquire PetSmart for $8.7 billion

  14-12-2014 23:37 via news.yahoo.com
  
  By Greg Roumeliotis (Reuters) - Pet supply retailer PetSmart Inc succumbed to calls from some shareholders for a sale on Sunday with an agreement to be bought by a private equity consortium led by BC Partners Ltd for $8.7 billion, in the largest leveraged buyout of the year. At a time when a stock market rally has made private equity firms reluctant to take companies private for fear of overpaying, the deal illustrates how activist investors have the potential to drive corporate boards to explor
  
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• UPDATE 1-BC Partners to acquire PetSmart for $8.7 billion

  14-12-2014 23:33
  Dec 14 (Reuters) - Pet supply retailer PetSmart Inc succumbed to calls from some shareholders for a sale on Sunday with an agreement to be bought by a private equity consortium led by BC Partners Ltd...
  
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• Australia shares seen opening down for 5th session on oil, budget woes

  14-12-2014 23:17
  SYDNEY, Dec 15 (Reuters) - Australian shares are likely to fall for a fifth straight session on Monday as investors mull a plunging oil price, Chinese economic slowing, and what is expected to be a...
  
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• Paris, Berlin urge Poroshenko to press ahead with reforms

  14-12-2014 22:44 via news.yahoo.com
  
  BERLIN (Reuters) - German Chancellor Angela Merkel and French President Francois Hollande urged Ukrainian leader Petro Poroshenko on Sunday to press ahead with reforms to facilitate an economic recovery and access to foreign aid. Merkel's spokesman Steffen Seibert said in a statement the two leaders encouraged Poroshenko in a telephone call "to get the planned sweeping reforms under way." "Only that way can the economy recover and the necessary international financial help be
  
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• China financial firms seek control deals in outbound M&A

  14-12-2014 22:20
  
  HONG KONG (Reuters) - Chinese financial firms are targeting purchases of distressed banking assets coming on the market in Europe, having been urged by Beijing to expand their reach beyond emerging...
  
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• RPT-China brokers scout for talent as profits soar

  14-12-2014 22:00
  SHANGHAI, Dec 14 (Reuters) - China's brokerages are on a broad-based hiring spree to capitalise on booming local stock markets and a surge in new clients and trading activity that is giving their...
  
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• DEALTALK-China financial firms seek control deals in outbound M&A

  14-12-2014 22:00
  HONG KONG, Dec 15 (Reuters) - Chinese financial firms are targeting purchases of distressed banking assets coming on the market in Europe, having been urged by Beijing to expand their reach beyond...
  
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• Technip rules out CGG bid after talks fail

  14-12-2014 21:41
  
  PARIS (Reuters) - Technip has ruled out making an offer for seismic surveys specialist CGG after talks with the company failed to produce an agreement, the French oil services group said on Sunday.
  
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• Spain not sliding into deflation

  14-12-2014 20:09 via news.yahoo.com
  
  Spain is not at risk of sliding into deflation, its economy minister said Sunday, adding that five straight months of falling consumer prices have helped the country's economic recovery. A key feature of deflation is that households and businesses delay spending as they expect prices to drop further. "Falling prices have had a positive impact on competitiveness and spending power, which in turn helps Spain's economic recovery," he said. Official data showed Friday that consum
  
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• Annual changes to Nasdaq-100 index announced

  14-12-2014 19:41 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Nasdaq OMX Group announced late Friday the results of its annual re-ranking of the Nasdaq 100 index, which will cause a reshuffling of several constituents. Nasdaq said it will add American Airlines Group, Electronic Arts and Lam Research, with Expedia, F5 Networks and Maxim Integrated Products being removed from the index. The exchange also said some new shares will be included in the index following a recent revision to its methodology that allows for
  
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• Accor announces strategic partnership with China Lodging

  14-12-2014 18:57
  PARIS (Reuters) - French hotel operator Accor announced a strategic alliance with China Lodging Group on Sunday to create a major new player in the fast-growing Chinese domestic travel and...
  
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• Kuwait says working to improve stock exchange conditions

  14-12-2014 18:41 via news.yahoo.com
  
  DUBAI, Dec 14 (Reuters) - Kuwaiti authorities are working to improve conditions in the stock market, Finance Minister Anas al-Saleh said on Sunday as the market's main index fell steeply, bringing its year-to-date losses to 17 percent. There is "unprecedented coordination" among authorities to find "comprehensive solutions to conditions of the Kuwait Stock Exchange", Saleh was quoted as saying by state news agency KUNA in a television interview. Saleh said amendements to the law covering the Cap
  
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• Commercial aviation's tragic centenary year highlights new threats

  14-12-2014 18:14 via news.yahoo.com
  
  By Tim Hepher and Victoria Bryan GENEVA (Reuters) - Airlines need co-operation from governments to address security threats raised by aviation disasters this year, but would like to see a quicker relaxation of economic controls, Tony Tyler, head of the International Air Transport Association, said. The former Cathay Pacific boss, who represents a majority of the world's airlines, reflected on a turbulent centenary year for commercial aviation, darkened by the disappearance of a Malaysian ai
  
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• Italian PM Renzi calls on factious party to unite for reforms

  14-12-2014 18:01 via news.yahoo.com
  
  ROME (Reuters) - Italian prime minister Matteo Renzi called on his ruling party on Sunday to unite behind measures he has pledged to breathe life into the euro zone's third-biggest economy after years in or near recession. Renzi has staked much of his political credibility on a swathe of reforms to tackle Italy's record-high unemployment, snail-paced justice system and unwieldy institutions, but faces opposition from within his own Democratic Party (PD). ...
  
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• Abe's coalition secures big Japan election win with record low turnout

  14-12-2014 17:59 via news.yahoo.com
  
  By Linda Sieg and Kiyoshi Takenaka TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe's coalition cruised to a big election win on Sunday, ensuring he will stick to reflationary economic policies and a muscular security stance, but record low turnout pointed to broad dissatisfaction with his performance. NHK public TV said Abe's Liberal Democratic Party and junior partner the Komeito party were assured more than the 317 seats in the 475-member lower house required to maintain a two-t
  
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• Kuwait may cut planned spending next fiscal year -parliament

  14-12-2014 17:57
  KUWAIT, Dec 14 (Reuters) - Kuwait may cut its planned state spending next fiscal year as lower oil prices pressure its finances, a parliamentary official quoted preliminary estimates as saying on...
  
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• UPDATE 1-Abe coalition secures big Japan election win with record low turnout

  14-12-2014 17:54
  * Abe says will pursue constitutional changes (Adds reporting credits)
  
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• Abe coalition secures big Japan election win with record low turnout

  14-12-2014 17:50 via news.yahoo.com
  
  By Linda Sieg and Kiyoshi Takenaka TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe's coalition cruised to a big election win on Sunday, ensuring he will stick to reflationary economic policies and a muscular security stance, but record low turnout pointed to broad dissatisfaction with his performance. NHK public TV said Abe's Liberal Democratic Party and junior partner the Komeito party were assured more than the 317 seats in the 475-member lower house required to maintain a two-t
  
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• Venezuela's Maduro says 'no rush' to hike world's cheapest gasoline

  14-12-2014 16:44 via news.yahoo.com
  
  By Alexandra Ulmer and Diego Ore CARACAS (Reuters) - Venezuela's Nicolas Maduro said there was "no rush" to hike the world's cheapest gasoline prices, suggesting the increasingly unpopular president has shied away from implementing the risky domestic reform in the near future amid an economic crisis. "I've considered, as head of state, that the moment has not arrived," he said in a pre-recorded interview broadcast on the Televen channel on Sunday. ...
  
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• Romania's finance minister loses post in government reshuffle - sources

  14-12-2014 16:13
  BUCHAREST, Dec 14 (Reuters) - Romania's Finance Minister Ioana Petrescu lost her post in a government reshuffle on Sunday, two senior sources in the ruling Social Democrats party's National Executive...
  
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• PM Abe's coalition sweeps to big Japan election win, but turnout feeble

  14-12-2014 16:10 via news.yahoo.com
  
  By Linda Sieg and Elaine Lies TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe's ruling coalition cruised to a big election win on Sunday, but record low turnout could weaken his claim of a mandate for reflationary policies to revive the economy. Media projections showed Abe's Liberal Democratic Party and its junior partner, the Komeito party, on track to win more than 317 seats in the 475-member lower house, enough to maintain its "super-majority" that smoothes parliamen
  
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• UPDATE 5-PM Abe's coalition sweeps to big Japan election win, but turnout feeble

  14-12-2014 16:09
  * Snap election seen as referendum on Abe's economic policies
  
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• MIDEAST STOCKS-Gulf markets tumble as oil's plunge feeds panic

  14-12-2014 15:55
  DUBAI, Dec 14 (Reuters) - Gulf stock markets extended their plunge on Sunday as oil's drop to a new five-year low sparked a fresh wave of panic selling. The bourses' losses left Qatar and Bahrain as...
  
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• Egypt stock market loses $3B amid oil plunge

  14-12-2014 15:47 via news.yahoo.com
  
  CAIRO (AP) — Egypt's stock market has plunged by 22 billion Egyptian pounds (just over $3 billion) in a single day of trading as low oil prices have dragged down regional economies.
  
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• Abu Dhabi bourse approves temporary halts on stocks that fall 5 percent

  14-12-2014 14:33 via news.yahoo.com
  
  ABU DHABI, Dec 14 (Reuters) - The Abu Dhabi Securities Exchange (ADX) approved rules effective from Sunday to introduce temporary suspensions for stocks if they fall by 5 percent, it said in a statement. Suspensions would last for five minutes and would allow investors to review their trades and study information that was causing the stock to fall, it said. The move comes after days of stock market falls across the Gulf region in response to slumping oil prices. The ADX closed down 3.6 percent o
  
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• Egypt targets 4.3 pct growth in 2015/16 draft budget

  14-12-2014 13:49 via news.yahoo.com
  
  CAIRO (Reuters) - Egypt's finance ministry said on Sunday it aimed to boost economic growth to 4.3 percent and have a budget gap of 9.5 to 10 percent of gross domestic product in the 2015/16 fiscal year, as it pursues a structural reform programme. The government would reach those targets by extending new taxes and politically-sensitive cuts to energy subsidies introduced earlier this year, the ministry added in a statement. Nearly four years of turmoil since the uprising that toppled Hosni Muba
  
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• PM Abe's coalition cruises to big win in Japan election

  14-12-2014 12:57 via news.yahoo.com
  
  By Linda Sieg and Antoni Slodkowski TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe's ruling coalition cruised to a big election win on Sunday, but feeble turnout could weaken his claim of a mandate for policies including reflationary steps to revive the economy. Most media exit polls showed Abe's Liberal Democratic Party and its junior partner, the Komeito party, winning more than 317 seats in the 475-member lower house, enough to maintain its "super-majority" that smoo
  
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• Chinese developer Agile says chairman will resume job on Monday

  14-12-2014 12:45
  HONG KONG, Dec 14 (Reuters) - Chinese developer Agile Property Holdings Ltd said on Sunday its Chairman Chen Zhou Lin would resume work on Dec. 15, some two months after being detained by authorities...
  
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• PM Abe's coalition cruises to big win in Japan election, turnout feeble

  14-12-2014 12:44 via news.yahoo.com
  
  By Linda Sieg and Antoni Slodkowski TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe's ruling coalition cruised to a big election win on Sunday, but feeble turnout could weaken his claim of a mandate for policies including reflationary steps to revive the economy. Most media exit polls showed Abe's Liberal Democratic Party and its junior partner, the Komeito party, winning more than 317 seats in the 475-member lower house, enough to maintain its "super-majority" that smoo
  
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• EU investment plan may be a day late and a euro short

  14-12-2014 12:25 via news.yahoo.com
  
  By Paul Taylor PARIS (Reuters) - The European Union's vaunted investment plan, due to be formally blessed by the bloc's 28 leaders at a summit this week, may be a day late and several euros short to revitalize a stagnant economy. Because of Europe's mountain of public debt, the initiative outlined by European Commission President Jean-Claude Juncker contains no new public money and relies on financial engineering to turn 21 billion euros in existing EU and European Investment Bank
  
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• PM Abe's ruling party eyes big win in Japan election

  14-12-2014 12:07 via news.yahoo.com
  
  By Linda Sieg and Antoni Slodkowski TOKYO (Reuters) - Prime Minister Shinzo Abe's party looks set for a huge win in an election on Sunday that will allow him to claim a fresh mandate for his reflationary policies to revive Japan's economy, although voter turnout appeared headed for a postwar record low. Abe has cast the snap election as a referendum on his "Abenomics" strategy to end deflation and generate growth. Media exit polls, which have proved reliable in the past, will
  
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• After seven dormant years, Spain tiptoes back into house-building

  14-12-2014 11:00
  * New activity not enough to fill gap for Spanish economy
  
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• Nigeria's economic pain may not decide election

  14-12-2014 10:48 via news.yahoo.com
  
  By Tim Cocks and Julia Payne LAGOS/ABUJA (Reuters) - Nigeria is suffering from a plummeting currency, steep budget cuts, corruption scandals and diving oil prices; yet all this is unlikely to decide a tight race for the presidency. In many other democracies, such turmoil would probably propel the incumbent from office. A likely rise in inflation in Africa's biggest economy is unwelcome for President Goodluck Jonathan, who is seeking re-election on Feb. 14 next year. ...
  
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• IMF deputy 'impressed' by Ukraine's move toward reform

  14-12-2014 09:57 via news.yahoo.com
  
  The International Monetary Fund's number two said he was "impressed" by war-torn Ukraine's plans for economic changes aimed staving off bankruptcy and a foreign debt defailt. The IMF, which this year granted Kiev $17 billion (13.6 billion euros) in financial aid over two years as part of a broader $27 billion global rescue package, has expressed fears that the former Soviet country may need an additional $15 billion in immediate aid. David Lipton, the IMF's first deputy
  
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• PM Abe's ruling party eyes big win in Japan election, but turnout low

  14-12-2014 08:54 via news.yahoo.com
  
  By Linda Sieg and Antoni Slodkowski TOKYO (Reuters) - Prime Minister Shinzo Abe's party looks set for a huge win in an election on Sunday that will allow him to claim a fresh mandate for his reflationary policies to revive Japan's economy, although voter turnout appeared headed for a postwar record low. Abe has cast the snap election as a referendum on his "Abenomics" strategy to end deflation and generate growth. Media exit polls, which have proved reliable in the past, will
  
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• Fed considers time to end free money pledge

  14-12-2014 08:05 via news.yahoo.com
  
  By Philip Blenkinsop BRUSSELS (Reuters) - The U.S. Federal Reserve would give the clearest signal next week that its easy money stance is ending if, as some expect, it drops its two-year long pledge to keep interest rates close to zero for a "considerable time". The Fed, which meets on Tuesday and Wednesday, first inserted that wording in its post-meeting statements in December 2012, promising then to maintain its highly accommodative monetary stance for a considerable time after its a
  
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• The Millenaire mall: coping in low-growth France

  14-12-2014 08:00
  AUBERVILLIERS, France, Dec 14 (Reuters) - In the middle of 2008, construction began on France's biggest mall project in a decade. Weeks later the U.S. credit and housing crisis slammed into Europe,...
  
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• GLOBAL ECONOMY WEEKAHEAD-Fed considers time to end free money pledge

  14-12-2014 08:00
  * Fed seen dropping "considerable time" phrase after meeting
  
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• Commodity slump erodes Australia's revenue: treasurer

  14-12-2014 06:41 via news.yahoo.com
  
  Plunging commodity prices are weighing heavily on Australia's government revenue, Treasurer Joe Hockey warned Sunday, but said a mid-year budget update next week would serve as a "shock absorber" for the resources-driven economy. Australia is struggling to transition away from mining-led growth amid an expected fall-off in resources investment after an unprecedented boom. Meanwhile, sharp declines in commodity prices have had a huge impact on government revenue in a country where
  
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• Desperate in crisis, Spaniards turn to fortune-tellers

  14-12-2014 06:02 via news.yahoo.com
  
  Maite Izquierdo and her family are doing their best to get by in Spain's economic crisis, but work and money don't come by magic. They are her latest purchases at Magic International, a spirituality fair in crisis-hit Barcelona where crowds browse over magic stones and spiritual tomes and countless fortune-tellers seek new clients. The government says Spain is recovering from recession, but many Spaniards are still struggling. At one stall, hung with red drapes and gold stars, a woman
  
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• UPDATE 5-U.S. Senate passes spending bill, ends govt shutdown threat

  14-12-2014 05:18
  WASHINGTON, Dec 13 (Reuters) - The U.S. Senate on Saturday passed a $1.1 trillion spending bill that lifts the threat of a government shutdown as Congress attempts to wrap up a two-year legislative...
  
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• China economic growth may slow to 7.1 percent in 2015: central bank report

  14-12-2014 04:39 via news.yahoo.com
  
  BEIJING (Reuters) - China's economic growth could slow to 7.1 percent in 2015 from an expected 7.4 percent this year, held back by a sagging property sector, the central bank said in research report seen by Reuters on Sunday. Stronger global demand could boost exports, but not by enough to counteract the impact from weakening property investment, according to the report published on the central bank's website, www.pbc.gov.cn. China's exports are likely to grow 6.9 percent in 2015,
  
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• REFILE-China economic growth may slow to 7.1 pct in 2015 - c.bank report

  14-12-2014 04:37
  BEIJING, Dec 14 (Reuters) - China's economic growth could slow to 7.1 percent in 2015 from an expected 7.4 percent this year, held back by a sagging property sector, the central bank said in research...
  
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• Boom and bump as China investors pile into shares

  14-12-2014 04:19 via news.yahoo.com
  
  Hundreds of thousands of investors are piling into China's stock market on the back of a spectacular rally, driving up prices in a borrowing-fuelled frenzy despite warnings of heightened risks. In the two weeks after the announcement, 495,819 new investor accounts were opened on the Shanghai bourse, according to China Securities Depository and Clearing, which clears and settles stock trades -- twice the rate before the move.
  
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• U.S. Congress approves spending bill, ending shutdown threat

  14-12-2014 04:08
  WASHINGTON, Dec 12 (Reuters) - The U.S. Senate passed a $1.1 trillion spending bill on Saturday, ending the threat of a government shutdown and funding most federal agencies through September...
  
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• New Jersey college buys Atlantic City casino for dorm, branch campus

  14-12-2014 04:01
  
  PHILADELPHIA (Reuters) - A New Jersey college said on Saturday it has completed its $18 million purchase of the shuttered Showboat Atlantic City casino resort from Caesars Entertainment Corp , a deal...
  
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• UPDATE 1-New Jersey college buys Atlantic City casino for dorm, branch campus

  14-12-2014 03:59
  PHILADELPHIA, Dec 13 (Reuters) - A New Jersey college said on Saturday it has completed its $18 million purchase of the shuttered Showboat Atlantic City casino resort from Caesars Entertainment Corp,...
  
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• New Jersey college buys Atlantic City Showboat casino for dormitory

  14-12-2014 03:47
  PHILADELPHIA, Dec 13 (Reuters) - A New Jersey college said on Saturday it has completed its $18 million purchase of the shuttered Showboat Atlantic City casino resort from Caesars Entertainment...
  
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• U.S. $1.1 trillion spending bill clears hurdle in Senate

  14-12-2014 03:26
  Dec 13 (Reuters) - The U.S. Senate voted to advance a $1.1 trillion government funding bill late on Saturday, clearing the way for a final vote on the massive spending package.
  
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• PM Abe's ruling party eyes big gains in snap Japan election

  14-12-2014 02:52 via news.yahoo.com
  
  By Linda Sieg and Antoni Slodkowski TOKYO (Reuters) - Prime Minister Shinzo Abe's party looks set for a huge win on Sunday in an election that will allow the conservative leader to claim a fresh mandate for his reflationary policies to revive Japan's long-stagnant economy. Voting began at 7 a.m. for an election that the premier has cast as a referendum on his "Abenomics" strategy to end deflation and generate growth. Media exit polls, which have proved reliable in the past, w
  
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