Finance news

• TSX steady as energy shares drop, other sectors gain

  19-01-2015 23:09 via news.yahoo.com
  
  By John Tilak and Solarina Ho TORONTO (Reuters) - Canada's main stock index was little changed on Monday as a decline in oil and gas stocks, fueled by lower crude prices, offset gains in other sectors. The plunge in oil prices over the past six months, triggered by worries about excess supply, has been the biggest drag on both energy shares and Canada's benchmark equities index. Oil prices dropped below the $50 mark on Monday on concerns about China’s economic growth, and they have l
  
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• More quantitative easing won't help world economy, says ex-BoE governor King

  19-01-2015 22:53 via news.yahoo.com
  
  More monetary stimulus will not help the world economy return to strong growth, former Bank of England governor Mervyn King said on Monday, days before the European Central Bank is expected to decide whether to embark on a massive bond-buying programme. In his first public speech in England since his term at the BoE ended in June 2013, King said he was concerned about a persistent weakness in global economic demand, six years on from the depths of the financial crisis. "We should worry abou
  
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• Nestle plans to invest $138 million in Egypt in next few years

  19-01-2015 22:34 via news.yahoo.com
  
  Swiss food giant Nestle plans to invest about 1 billion Egyptian pounds ($137.93 million) in Egypt in the next few years and believes economic reforms could deliver results, its regional CEO said on Monday. Political and economic instability triggered by the uprising that toppled autocrat Hosni Mubarak in 2011 have not discouraged Nestle from investing about the same amount in the years since then. "Certainly the kind of investments we have made over the last three to four years are the kin
  
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• China seen posting weakest annual growth in 24 years, will spur more stimulus

  19-01-2015 22:10 via news.yahoo.com
  
  China is likely to post its weakest growth since the global financial crisis in the fourth quarter as its property market cooled, reinforcing expectations the government will have to roll out more stimulus measures to avoid a sharper slowdown. Full-year economic growth in 2014 is almost certain to undershoot the government's target of 7.5 percent and mark the weakest expansion in 24 years, adding to concerns about shaky global demand. With the property market likely to remain under pressure
  
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• AerCap CEO says will act in shareholders' interest on AIG stake

  19-01-2015 21:13
  DUBLIN (Reuters) - The head of aircraft leasing firm AerCap declined on Monday to be drawn on whether it might buy back stock that could come on the market from its leading shareholder, but stressed...
  
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• Oil slips $1 on China economy worries, record Iraq output

  19-01-2015 21:06 via news.yahoo.com
  
  Brent crude oil prices fell below $49 a barrel and U.S. crude also fell more than $1 on Monday after the global economic outlook darkened and Iraq announced record oil production. The world's biggest energy consumer, China, faces significant downward pressure on its economy, its premier Li Keqiang was quoted by state radio as saying on Monday. China is expected this week to report growth slowing to 7.2 percent from a year ago, the weakest since the depths of the last global economic crisis.
  
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• Oi-Portugal Telecom merger seen set to hold

  19-01-2015 20:44
  
  LISBON (Reuters) - Opposition to Brazilian group Oi's plans to sell off Portugal's former national telecoms operator, PT Portugal, is not expected to result in the business being returned to its...
  
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• European stocks rise on expected ECB stimulus move

  19-01-2015 19:46 via news.yahoo.com
  
  Europe's main stock markets closed higher Monday, the start of a pivotal week for the region with the ECB forecast to announce fresh stimulus measures and Greece holding a snap election. In London the benchmark FTSE 100 index climbed 0.54 percent to end the day at 6,585.53 points compared with Friday's close. "European stock markets are starting the new trading week on a positive note seeing some early follow-through buying after last Friday’s steep gains," said Markus Hube
  
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• Oil price plunge drags down Russian economy

  19-01-2015 19:41 via news.yahoo.com
  
  Russia's battered economy will shrink by a far worse-than-expected 4.8 percent this year, as plunging oil prices add to fallout from the Ukraine crisis, the EBRD development bank forecast Monday. The London-based European Bank for Reconstruction and Development (EBRD) sharply revised its September prediction for a 0.2-percent contraction for the economy of the key oil producer in 2015. "A sharp fall in the price of oil has piled pressure on an already fragile Russia, and is hitting gro
  
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• EU won't ease Russia sanctions as Ukraine conflict rages

  19-01-2015 19:29 via news.yahoo.com
  
  BRUSSELS (AP) — The European Union's foreign ministers on Monday ruled out any easing of sanctions against Russia as long as fighting rages in eastern Ukraine, despite concerns about the economic consequences.
  
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• UPDATE 1-Administrators say some interest in Alpari from potential buyers

  19-01-2015 19:21
  LONDON, Jan 19 (Reuters) - Administrators for currency
  trading firm Alpari (UK) Ltd said they had received a number of
  inquiries from potential buyers of the business hit by heavy
  losses from last...
  
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• Euro currency's missing pieces challenge policymakers

  19-01-2015 19:12 via news.yahoo.com
  
  FRANKFURT, Germany (AP) — FRANKFURT, Germany — Europe's struggle with economic stagnation is raising questions about whether its prized project — the shared euro currency — can bounce back or even just survive.
  
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• UPDATE 2-SocGen picks former ECB executive board member as chairman

  19-01-2015 18:15
  * Bini Smaghi first foreigner to chair a French bank (Adds details, share price, Breakingviews link)
  
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• Lead price outperforms after mine shuts, more closures possible

  19-01-2015 18:05
  LONDON, Jan 19 (Reuters) - Lead prices have bounced following a mine closure, which one analyst said could herald similar moves in other metals as sharp market falls threaten the profitability of...
  
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• Oil slips $1 on Chinese economy concerns, record Iraq output

  19-01-2015 18:01 via news.yahoo.com
  
  The world's biggest energy consumer, China, faces significant downward pressure on its economy, its premier Li Keqiang was quoted by state radio as saying on Monday. China is expected this week to report growth slowing to 7.2 percent from a year ago, the weakest since the depths of the last global economic crisis. Data from China's National Bureau of Statistics showed on Sunday house prices fell for a fourth straight month.
  
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• UPDATE 1-Amazon to make movies for theaters, Prime video service

  19-01-2015 18:01
  Jan 19 (Reuters) - Amazon.com Inc said it would produce movies for the big screen and offer them on its Prime video service within two months of their theatrical release.
  
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• Resurgent retailers help UK's FTSE to extend winning run

  19-01-2015 17:54
  * Commodity stock fall limits FTSE gains (Updates with closing prices)
  
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• UPDATE 2-Italy may abolish one-vote-per-investor rule for popolari banks -draft

  19-01-2015 17:45
  MILAN, Jan 19 (Reuters) - Shares in Italian cooperative banks soared on Monday as the government prepared to put forward a landmark reform of the sector that aims to abolish a rule granting one vote...
  
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• BAE Systems wins $120 mln U.S. Navy Aegis support contract

  19-01-2015 17:44
  LONDON, Jan 19 (Reuters) - British defence company BAE Systems said it had won a five-year contract worth an estimated $120 million to provide engineering and testing support for the U.S. Navy's...
  
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• EU's Moscovici: EU prepared for all scenarios after Greek vote

  19-01-2015 17:34
  BRUSSELS, Jan 19 (Reuters) - The European Commission is prepared for various scenarios for Greece after national elections on Jan 25 but it believes that an exit of Athens from the euro zone is...
  
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• Turquoise Hill says Mongolia mine concentrator output restored

  19-01-2015 17:28
  Jan 19 (Reuters) - Turquoise Hill Resources Ltd said on Monday the concentrator at the Oyu Tolgoi copper and gold mine in Mongolia has resumed full production following a fire in December.
  
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• UPDATE 2-Petrobras Brazil refinery blast injures three workers

  19-01-2015 17:23
  * Corruption probe may slow refinery maintenance -union (Adds union comment, accident details, background)
  
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• Mexico's Pemex says savings will total $1.45 bln by 2018

  19-01-2015 17:21
  MEXICO CITY, Jan 19 (Reuters) - Mexico's state-owned oil company Pemex, grappling to stem an output slide amid crashing prices, said on Monday it expects to save more than 21.3 billion pesos ($1.45...
  
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• Saudi Arabia's nuclear, renewable energy plans pushed back

  19-01-2015 17:17
  ABU DHABI, Jan 19 (Reuters) - Saudi Arabia's plans to build nuclear and solar energy projects will take about eight years longer to complete than originally intended, the head of the government body...
  
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• TSX declines as oil prices, energy shares weaken

  19-01-2015 17:10 via news.yahoo.com
  
  By John Tilak and Alastair Sharp TORONTO (Reuters) - Canada's main stock index eased on Monday as a decline in oil prices and concerns about the Chinese economy weighed on energy shares, which resumed their downward trend. Investors were also awaiting China's fourth-quarter gross domestic product report, due on Tuesday. The benchmark TSX is down about 2.5 percent this year. The plunge in oil prices over the past six months, triggered by worries about excess supply, has been the biggest
  
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• CANADA STOCKS-TSX declines as oil prices, energy shares weaken

  19-01-2015 17:06
  TORONTO, Jan 19 (Reuters) - Canada's main stock index eased on Monday as a decline in oil prices and concerns about the Chinese economy weighed on energy shares, which resumed their downward trend.
  
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• Egypt to issue $1.5 billion Eurobond in April: Finance Ministry

  19-01-2015 17:04 via news.yahoo.com
  
  By Karin Strohecker LONDON (Reuters) - Egypt plans to issue a $1.5 billion Eurobond in April and hopes to return regularly to international capital markets in years to come as it tries to rebuild the country's battered finances, a finance ministry official said on Monday. The dollar-denominated issue is likely to be split, said Hanan Salem, first deputy minister for economic and financial policies at Egypt's Ministry of Finance. "This will be Egypt's re-entry to the internati
  
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• Exclusive: Commodities trader Noble to exit cocoa business - sources

  19-01-2015 16:49
  ABIDJAN/LONDON (Reuters) - Commodities trading house Noble Group is winding down its cocoa operations, three industry sources said on Monday, allowing its joint venture with China's COFCO to focus on...
  
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• UPDATE 4-Allied Irish Banks CEO leaving to run NAB's UK business

  19-01-2015 16:45
  * Clydesdale has been hit by conduct charges, bad loans (Adds salary of former Clydesdale CEO in paragraph 15)
  
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• Ukraine industrial output falls 10.7 pct in 2014 - stats committee

  19-01-2015 16:40
  KIEV, Jan 19 (Reuters) - Ukraine's industrial output fell 10.7 percent in 2014 compared with the previous year, the Ukrainian state statistics office said on Monday, reflecting the impact of the...
  
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• U.S. worker freed from Cuba to be guest at Obama annual speech

  19-01-2015 16:39
  WASHINGTON, Jan 19 (Reuters) - The U.S. aid worker whose release from a Cuban prison helped pave the way toward restoring diplomatic ties with the communist nation will be among First Lady Michelle...
  
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• UPDATE 1-Irish central bank does not expect big changes to tougher mortgage proposals

  19-01-2015 16:38
  * Senior govt official says proposals not "socially acceptable" (Adds central bank governor comments)
  
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• Amazon to produce movies for theaters, Prime video service

  19-01-2015 16:38
  Jan 19 (Reuters) - Amazon.com Inc said Amazon Studios would produce and buy original movies to be released in theaters and for early-window distribution on Prime Instant Video.
  
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• Davos forum founder urges unity against 'dangerous' risks

  19-01-2015 16:35 via news.yahoo.com
  
  DAVOS, Switzerland (AP) — The founder of the World Economic Forum says leaders must better coordinate their actions if they want to effectively confront risks from terrorism, global conflicts and economic volatility.
  
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• RPT-Denmark cuts certificate of deposit rate by 0.15 pct points

  19-01-2015 16:34
  COPENHAGEN, Jan 19 (Reuters) - Denmark's central bank cut its certificate of deposit rate by 0.15 percentage points to minus 0.20 percent on Monday, days after the Swiss National Bank scrapped the...
  
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• Mexico bourse sees 9 share offerings in 2015-official

  19-01-2015 16:26
  MEXICO CITY, Jan 19 (Reuters) - Mexico's stock market expects to see at least nine share offerings this year, a senior stock exchange official said on Monday.
  
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• Danish crown slips after Danish central bank cuts rates

  19-01-2015 16:22
  LONDON, Jan 19 (Reuters) - The Danish crown retreated from 2 1/2-year highs against the euro on Monday after Denmark's central bank cut interest rates deeper into negative territory in a bid to limit...
  
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• GLOBAL MARKETS-Europe holds on to ECB hope, shrugs off China slump

  19-01-2015 16:19
  LONDON, Jan 19 (Reuters) - European stocks and bonds rose on Monday as investors bet the ECB will unveil a bond-buying package this week to fight deflation and revive growth, shrugging off the...
  
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• New Issue- Goldman Sachs prices dual tranche deal

  19-01-2015 16:17
  Underlying govt bond Over Mid-swaps, equivalent to 135.5bp
  
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• UK's Serious Fraud Office ends investigation into HP-Autonomy deal

  19-01-2015 16:07
  LONDON (Reuters) - Britain's Serious Fraud Office (SFO) has closed its investigation into the ill-fated sale of Autonomy to Hewlett-Packard Co in 2011, saying there was not enough evidence to secure...
  
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• Obama must work with Congress to reform Cuba embargo: policy experts

  19-01-2015 16:07 via news.yahoo.com
  
  (Reuters) - On the eve of President Barack Obama's State of the Union address a group of 78 policy experts and former U.S. officials has written to the White House urging the administration to work with Congress to update Cuba legislation to reflect "21st century realities." While stopping short of calling for an end to the five-decades-old U.S. economic embargo against Cuba, the letter makes it clear that Congress needs to at the very least reform its Cuba sanctions, which were w
  
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• Oil prices slip on Chinese data, record Iraq output

  19-01-2015 15:59 via news.yahoo.com
  
  By Himanshu Ojha LONDON (Reuters) - Brent crude oil prices fell below $50 a barrel on Monday after the global economic outlook darkened and Iraq announced record oil production. The world's biggest energy consumer, China, faces significant downward pressure on its economy, its premier Li Keqiang was quoted by state radio as saying on Monday. China is expected this week to report growth slowing to 7.2 percent from a year ago, the weakest since the depths of the last global economic crisis. D
  
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• Goldcorp to buy Probe Mines for about $440 million

  19-01-2015 15:57
  TORONTO (Reuters) - Goldcorp Inc said on Monday it has agreed to buy Probe Mines Ltd in an all-stock deal that values the metals exploration company at C$526 million ($439 million), in a bid to win...
  
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• TSX little changed as energy decline offset by banks

  19-01-2015 15:45 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock index was little changed on Monday as a decline in oil prices and concerns about the Chinese economy weighed on energy shares, offsetting a gain in the financial sector. The Toronto Stock Exchange's S&P/TSX composite index was up 6.08 points, or 0.04 percent, at 14,315.49 shortly after the open. (Reporting by John Tilak; Editing by James Dalgleish)
  
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• TSX to fall at open as oil remains under pressure

  19-01-2015 14:41 via news.yahoo.com
  
  (Reuters) - Stock futures pointed to a lower opening for Canada's main stock index on Monday as oil prices fell below $50 after Iraq announced record oil production and the global economic outlook darkened. March futures on the S&P TSX index were down 0.65 percent at 7.15 a.m. ET. Securities Cdns data for November due at 8:30 a.m. ET Canada's main stock index rose nearly 2 percent on Friday as shares of oil and mining companies soared on the back of rebounding commodity prices. Dow
  
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• Allied Irish Banks CEO leaving to run NAB's UK business

  19-01-2015 14:14 via news.yahoo.com
  
  By Padraic Halpin and Matt Scuffham DUBLIN (Reuters) - Allied Irish Banks (AIB) Chief Executive David Duffy is stepping down to take over National Australia Bank's troubled British business which he will try to revive ahead of a planned sale or stock market listing. Duffy will take over as CEO at National Australia Bank's Clydesdale Bank within the next few months, NAB said, as it looks at ways to leave Britain after years of poor performance and high charges to compensate customers fo
  
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• Ex-Swiss banker found guilty in WikiLeaks trial, avoids jail

  19-01-2015 13:53 via news.yahoo.com
  
  By Joshua Franklin ZURICH (Reuters) - A former Julius Baer banker found guilty on Monday of breaching Swiss banking secrecy laws by handing over data about offshore clients to WikiLeaks will avoid jail time. The trial of Rudolf Elmer, 59, a self-described "Gandhi of Swiss tax law", comes as banking secrecy in Switzerland is crumbling under international pressure from countries trying to recoup lost tax revenue. The former senior executive at Zurich-based Baer's Cayman Islands offi
  
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• Europe holds on to ECB hope, shrugs off China slump

  19-01-2015 13:41 via news.yahoo.com
  
  European stocks and bonds rose on Monday as investors shrugged off the steepest fall in Chinese shares for over six years and bet the European Central Bank will unveil a bond-buying economic stimulus package later this week. Anticipation the ECB will announce such quantitative easing, or QE, at its Thursday policy meeting also eclipsed uncertainty surrounding Sunday's Greek election, which anti-bailout party Syriza looks set to win without a controlling majority. Some euro zone government b
  
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• Oil prices slip on gloomy Chinese prospects, record Iraq output

  19-01-2015 13:33 via news.yahoo.com
  
  LONDON (Reuters) - Brent crude oil prices fell below $50 a barrel on Monday after the global economic outlook darkened and Iraq announced record oil production.
  
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• Oxfam: Richest 1 percent sees share of global wealth jump

  19-01-2015 13:31 via news.yahoo.com
  
  LONDON (AP) — The richest 1 percent of the population will own more than half the world's wealth by 2016, Oxfam International said in a report released as the World Economic Forum begins in Davos, Switzerland.
  
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