Finance news

• Canada ready to restrain spending to balance budget - minister

  18-01-2015 23:28 via news.yahoo.com
  
  Canada's Conservative government is prepared to curb spending to eliminate the deficit in 2015, a senior minister said on Sunday, just days after the government said it would delay unveiling its next budget so it can weigh the impact of tumbling oil prices. Employment Minister Jason Kenney also said eliminating the budget deficit for the first time since the financial crisis would have symbolic value. The Conservatives, who will be fighting to retain their majority government in an election
  
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• Australia shares set for a strong start, tracking Wall Street

  18-01-2015 22:08 via news.yahoo.com
  
  Australian shares are likely to have a strong start on Monday, tracking gains on Wall Street spurred by encouraging U.S. economic data and a bounce in energy stocks. Mining companies are expected to lead ...
  
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• Bolland's strategy in focus as M&S clothes lose universal appeal

  18-01-2015 20:47
  LONDON, Jan 18 (Reuters) - For generations, British children went to school in Marks & Spencer's clothes, teenagers turned to it for first interview suits and shoppers of all ages bought its...
  
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• Israeli, Japanese premiers call for closer cooperation

  18-01-2015 20:32 via news.yahoo.com
  
  JERUSALEM (AP) — The leaders of Israel and Japan have called for greater bilateral economic cooperation during a meeting in Jerusalem.
  
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• Poland may help Swiss franc mortgage holders - deputy PM

  18-01-2015 18:25
  WARSAW, Jan 18 (Reuters) - The Polish government may support borrowers with mortgages in Swiss francs if that currency stays above the 4 zloty level in the longer term, Deputy Prime Minister Janusz...
  
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• Zimbabwe bus collision kills at least 25 people

  18-01-2015 17:52 via news.yahoo.com
  
  At least 25 people were killed on Sunday when two buses collided along a highway outside Zimbabwe's capital, police said. A police spokeswoman said one bus encroached into the opposite lane and ripped off the side of the other on-coming bus. The driver of the first bus was among 46 people who were injured and taken to hospital for treatment, the spokeswoman said. Traffic accidents have increased on Zimbabwe's roads, many of which have deteriorated due to lack of maintenance as the southern Afric
  
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• Swiss brace for 'dramatic' impact of strong franc

  18-01-2015 16:29 via news.yahoo.com
  
  An overheated Swiss franc could have "dramatic" consequences for the country's economy, a top official said Sunday, as the country's business and tourism sectors braced for tumbling sales. The franc is still up around 15 percent against the euro since the Swiss central bank stunned markets Thursday with its bombshell decision to abandon the minimum rate of 1.20 francs against the European common currency. The Swiss National Bank had since September 2011 been defending the exc
  
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• Swiss finance minister says economy will withstand loss of cap

  18-01-2015 15:32 via news.yahoo.com
  
  By Caroline Copley ZURICH (Reuters) - Swiss officials sought to reassure the country on Sunday that a shock decision by the central bank to scrap its cap on the franc would not destabilize the economy ahead of a crucial week in which the European Central Bank could announce a massive bond-buying program. Finance Minister Eveline Widmer-Schlumpf said she expects the exchange rate to settle down at around 1.10 per euro, a level she believes firms in the export-orientated country should be able to
  
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• INSIGHT-German eurosceptic party at crossroads before key election

  18-01-2015 14:56
  HAMBURG, Germany, Jan 18 (Reuters) - Sounding more like the economics professor he once was than the dangerous far-right firebrand some say he has become, Bernd Lucke spoke at length about the perils...
  
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• Chadian soldiers arrive in Cameroon to battle Boko Haram

  18-01-2015 14:16 via news.yahoo.com
  
  A contingent of soldiers from Chad has arrived in northern Cameroon where it will deploy to the Nigerian border as part of efforts to contain the Boko Haram insurgency, a spokesman for Cameroon's defense ministry said on Sunday. Boko Haram, which aims to carve out an Islamist state in northern Nigeria, has stepped up attacks in the region as Africa's biggest economy prepares for a Feb. 14 presidential election. The group has expanded its operational zone into northern Cameroon over the
  
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• UPDATE 1-Dubai's Mashreq Q4 profit jumps, talking with Citi for Egypt unit

  18-01-2015 14:11
  * Q4 net profit 644.3 mln dhs, up 28 pct y-o-y (Recasts, updates with CEO comments, detail, context)
  
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• Middle class decline looms over final years of Obama presidency

  18-01-2015 14:02 via news.yahoo.com
  
  By Howard Schneider DALTON, Georgia (Reuters) - Barack Obama enters the final two years of his presidency with a blemish on his legacy that looks impossible to erase: the decline of the middle class he has promised to rescue. The revival of middle-class jobs has been one of Obama's mantras since he took office in 2009 fighting the worst economic crisis in generations. Obama's administration can take credit for stabilizing the U.S. economy, which is growing again and last year added job
  
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• Hutchison in talks over deal for Britain's O2: Sunday Times

  18-01-2015 13:08
  
  LONDON (Reuters) - Hutchison Whampoa , owner of Britain's fourth-largest mobile operator Three, is in talks with Telefonica about buying its O2 network, the Sunday Times reported, citing unnamed...
  
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• Tunisia seen as strong prospect if foreign investment can be unlocked

  18-01-2015 13:06 via news.yahoo.com
  
  By Tarek Amara and Karin Strohecker TUNIS/LONDON (Reuters) - Four years after Tunisia sparked off the Arab spring uprisings the country is seen as a rare regional success story, but its prospects hinge on it deepening reforms and attracting foreign investment. The North African country of 10 million people suffered its share of political and economic woes after the 2011 revolutions that swept much of the Maghreb and the Middle East, toppling several long-standing leaders including its own Zine e
  
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• After harsh commodity fund shakeout, even the winners see tough times ahead

  18-01-2015 12:59
  LONDON, Jan 18 (Reuters) - After one of the worst years in memory for commodity funds, even the few managers who found a way to make money last year say they expect a difficult start to 2015.
  
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• Swiss finance minister says economy will withstand SNB move - paper

  18-01-2015 11:54
  ZURICH, Jan 18 (Reuters) - Switzerland should be able to withstand the abolition of the cap on the franc, the finance minister said in interviews published on Sunday, referring to the central bank's...
  
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• Dubai's Mashreq interested in Citigroup's Egypt retail business -CEO

  18-01-2015 11:44
  DUBAI, Jan 18 (Reuters) - Mashreq, Dubai's third-biggest lender by assets, is interested in acquiring Citigroup's Egyptian retail business, Mashreq's chief executive said on Sunday.
  
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• ECB faces crucial test of 'whatever it takes'

  18-01-2015 11:28 via news.yahoo.com
  
  By Paul Taylor LONDON (Reuters) - The European Central Bank faces a crucial test of its resolve to do "whatever it takes" to preserve the euro when it decides this week on buying government bonds to combat deflation and revive the economy. The EU top court's adviser and the Swiss National Bank have smoothed the way for quantitative easing (QE), or printing money, but fierce opposition from Germany's central bank, politicians and public may yet shackle the ECB. At issue is no
  
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• Madagascar's economy shows signs of recovery, needs reforms-IMF

  18-01-2015 10:45 via news.yahoo.com
  
  Madagascar's economy showed early signs of recovery in 2014 with growth estimated at 3 percent, which could rise to 5 percent in 2015, but political instability, weak institutions and weak governance are hurting prospects, the IMF said. The Indian Ocean island's economy was battered after a 2009 coup that drove away donors and investors. A peaceful 2013 election has brought back some aid, but the nation is still struggling to impose stable government and economic reforms. The cabinet r
  
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• Loosening Beijing embrace, Sri Lanka reviews China projects

  18-01-2015 10:39 via news.yahoo.com
  
  By Shihar Aneez COLOMBO (Reuters) - Sri Lanka's new government will review Chinese infrastructure projects awarded under the previous administration, a junior minister said, a move bound to please Indian and Western powers concerned about Beijing's access in the island state. On Friday, the government said it would review a $1.5 billion port deal with China Communication Construction Co Ltd over concerns about the Chinese company getting land on a freehold basis in a high-security zone
  
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• Catalonia takes election gamble to keep independence drive alive

  18-01-2015 10:19 via news.yahoo.com
  
  By Sarah White and Julien Toyer MADRID (Reuters) - Catalonian leaders are hoping that a regional election in September will keep alive a fading independence drive and force the hand of Spain's central government - but the move could also backfire. The long push for independence from Spain, which gathered strength during the economic crisis of recent years, is a big headache for Prime Minister Mariano Rajoy, who has taken a hard line on such ambitions. Catalonia defied Madrid and went ahead
  
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• REFILE-WRAPUP 1-China Dec new home prices slip, sombre omen for 2014 GDP

  18-01-2015 10:03
  BEIJING, Jan 18 (Reuters) - China's new home prices fell significantly in December for a fourth straight month even as year-end sales volumes surged, a sombre omen for fourth-quarter 2014 economic...
  
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• BUZZ-Saudi Basic Industries shares fall after earnings miss

  18-01-2015 09:06 via news.yahoo.com
  
  ** Shares in Saudi Basic Industries (SABIC) drop 1.1 percent to 77.50 riyals ** SABIC, one of the world's largest petrochemicals groups, reported 29 percent drop in fourth-quarter net income on Sunday, widely missing analysts' forecasts ** Earned 4.36 billion riyals ($1.16 billion) in quarter; analysts polled by Reuters had expected 5.50 billion riyals ** Chief executive Mohamed al-Mady said outlook for 2015 is contingent on oil prices and remains unpredictable ** Saudi Arabia's main stock index
  
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• Japan opposition Democrats turn to familiar face to try to fix flagging fortunes

  18-01-2015 08:47 via news.yahoo.com
  
  By Linda Sieg TOKYO (Reuters) - Japan's opposition Democratic Party elected former foreign minister Katsuya Okada as its leader on Sunday, turning to a familiar face to try to persuade voters it can again become a viable alternative to Prime Minister Shinzo Abe's ruling party. Okada, 61, must try to repair the Democratic Party of Japan's (DPJ) battered image two years after Abe led his conservative Liberal Democratic Party (LDP) to power pledging to revive the economy and strength
  
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• UAE's RAK Ceramics says to sell stake in Laticrete venture

  18-01-2015 06:34
  DUBAI (Reuters) - United Arab Emirates-based RAK Ceramics , one of the world's biggest makers of floor and wall tiles, said on Sunday that it would sell its stake in a joint venture with U.S. firm...
  
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• UPDATE 2-China Dec home prices slip, slowdown seen continuing

  18-01-2015 06:19
  BEIJING, Jan 18 (Reuters) - China's new home prices fell significantly in December for a fourth straight month with persistent oversupply expected to keep pressure on real estate prices and...
  
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• MIDEAST WEEKAHEAD-Sliding oil beats Gulf stock values down to reasonable levels

  18-01-2015 05:55 via news.yahoo.com
  
  * Sky-high valuations deterred fund managers last year * GCC markets now looking cheap vs major indexes * Transport, logistics among beneficiaries of cheap oil * Petrochemical outlook still cloudy * But retailing, food firms to keep growing strongly By Olzhas Auyezov DUBAI, Jan 18 (Reuters) - When Saudi Arabia announced last July that it would open its stock market to direct foreign investment, a common worry among fund managers was that when the reform finally took place, the market would simpl
  
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• China growth hit 24-year low in 2014: AFP survey

  18-01-2015 05:15 via news.yahoo.com
  
  The National Bureau of Statistics (NBS) releases the official GDP figures for the fourth quarter and the whole of 2014 on Tuesday. "China may introduce many restructuring and reform measures this year and this may have some negative impact on economic growth," ANZ economist Liu Li-Gang told AFP. China, a main driver of global growth, was beset last year by problems ranging from weakness in manufacturing and trade to financial worries over rising debt levels and falling real estate pric
  
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• China Dec home prices fall 4.3 pct yr/yr

  18-01-2015 02:36
  BEIJING, Jan 18 (Reuters) - Average new home prices in China's 70 major cities fell 4.3 percent in December from a year earlier, the fourth consecutive month showing an annual fall, Reuters...
  
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• Obama proposes closing tax loopholes on the wealthiest

  18-01-2015 02:06 via news.yahoo.com
  
  US President Barack Obama proposed closing tax loopholes for the wealthiest Americans as part of the new economic strategy he plans to unveil in this year's State of the Union address. Obama and the Democrats prefer a plan that would increase tax revenues to fund extra social spending.
  
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• Obama speech to call for closing tax loopholes

  18-01-2015 02:00
  WASHINGTON, Jan 17 (Reuters) - President Barack Obama's State of the Union address will propose closing multibillion-dollar tax loopholes used by the wealthiest Americans, imposing a fee on big...
  
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• UPDATE 1-New York Governor Cuomo to lead trade mission to Cuba

  18-01-2015 00:20
  Jan 17 (Reuters) - New York Governor Andrew Cuomo will lead one of the first trade missions to Cuba from the United States since the Obama administration loosened travel and trade restrictions on the...
  
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