Finance news

• Canada's RBC targets U.S. wealthy with $5.4 billion City National deal

  22-01-2015 23:58
  
  TORONTO (Reuters) - Royal Bank of Canada is pushing deeper into the U.S. wealth management business, saying on Thursday it will buy Los Angeles-based City National Corp for $5.4 billion in a deal...
  
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• Fed's solo act gets tougher with ECB, others in stimulus mode

  22-01-2015 23:55 via news.yahoo.com
  
  By Howard Schneider and Michael Flaherty WASHINGTON (Reuters) - Federal Reserve policymakers, already struggling to assure investors that they remain on track for a mid-year interest rate rise, will find the task has just become harder with their peers in Europe and elsewhere headed in the opposite direction. The swelling ranks of central banks cutting rates and ramping up stimulus make it more difficult and riskier for the Fed to proceed with plans to end crisis-era policies, according to Fed a
  
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• UPDATE 1-U.S.-based stock funds post $5.9 bln outflows in week-Lipper

  22-01-2015 23:55
  (Adds analyst comment, context, byline, table) By Luciana Lopez NEW YORK, Jan 22 (Reuters) - Investors in U.S.-based funds pulled $5.9 billion out of stock funds in the week ended Jan. 21, shying...
  
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• Euro dives to 11-year low after aggressive ECB stimulus

  22-01-2015 23:53 via news.yahoo.com
  
  The euro dived to an 11-year low Thursday after the European Central Bank launched a massive bond-buying program aimed at pulling the eurozone out of near-stagnation and ultra-low inflation. The ECB said it would inject more than 1.0 trillion euros ($1.13 trillion) of stimulus into the eurozone economy beginning in March. ECB chief Mario Draghi said the bank would buy 60 billion euros of mostly sovereign bonds per month through at least September 2016. The euro dived to $1.1316 after the ECB new
  
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• Exclusive: Senator says preparing new push against currency cheats in trade

  22-01-2015 23:52 via news.yahoo.com
  
  Michigan Senator Debbie Stabenow said she was working with colleagues from both parties on a possible standalone bill to stop currency cheats and also aimed at ensuring that an ambitious Pacific trade pact includes strict currency rules. "Our message is that we should not agree to any trade agreement that does not have strong currency enforcement." The planned push is a further complication for U.S. officials already fighting opposition to fast-tracking trade deals through Congress and
  
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• UPDATE 4-Canada's RBC targets U.S. wealthy with $5.4 bln City Nat'l deal

  22-01-2015 23:52
  TORONTO, Jan 22 (Reuters) - Royal Bank of Canada is pushing deeper into the U.S. wealth management business, saying on Thursday it will buy Los Angeles-based City National Corp for $5.4 billion in a...
  
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• UPDATE 8-N.Y. state Assembly speaker charged with fraud in corruption probe

  22-01-2015 23:47
  NEW YORK, Jan 22 (Reuters) - New York Assembly Speaker Sheldon Silver, one of the state's most powerful politicians for more than two decades, was charged on Thursday with pocketing $4 million from...
  
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• Dollar General could look to smaller acquisitions for growth

  22-01-2015 23:41
  
  (Reuters) - Dollar General Corp could make smaller acquisitions and build its store footprint to better compete with Dollar Tree Inc , which is poised to become the largest discount retailer after...
  
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• UPDATE 1-JPMorgan's Dimon got no hike in 2014, was paid cash bonus

  22-01-2015 23:33
  Jan 22 (Reuters) - JPMorgan Chase & Co's Jamie Dimon's compensation in 2014 stayed unchanged at $20 million, but the chief executive officer got a cash bonus, something he was not awarded in 2013.
  
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• ECB's Nowotny wonders if it was wise to "shoot last wad"

  22-01-2015 23:29 via news.yahoo.com
  
  The European Central Bank might have been better off waiting to start an expanded asset-buying program, ECB Governing Council member Ewald Nowotny said after the ECB launched a bold program to reflate a sagging euro zone economy. While the quantitative easing (QE) scheme will help revive the euro zone economy and ward off deflation, it would make sense to wait and see the impact of the ECB's existing stimulus measures, Nowotny told Austrian broadcaster ORF on Thursday.
  
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• Wall Street up 1.5 percent, euro at 11-year low on debut of ECB plan

  22-01-2015 23:28 via news.yahoo.com
  
  By Michael Connor NEW YORK (Reuters) - Wall Street jumped 1.5 percent and European shares climbed to a seven-year high on Thursday as world markets cheered the European Central Bank's new stimulus programme, worth more than 1 trillion euros, while the euro slipped to an 11-year low. Investors readying for a rise in global liquidity initially lifted U.S. Treasuries, whose relatively rich yields grew more attractive with prospects of lower euro zone bond yields, before prices turned lower. &q
  
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• Wall St. gains after ECB stimulus move; banks lead

  22-01-2015 23:21 via news.yahoo.com
  
  U.S. stocks rose to session highs ahead of the close on Thursday after the European Central Bank announced larger than expected measures to stimulate the region's sagging economy. The ECB will buy 60 billion euros worth of assets per month, more than markets had been hoping for, in a program that will last through September 2016. Analysts said that, while traders applauded the ECB's decision, many questions remain about the strength of euro zone activity. "Many have said this prog
  
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• REFILE-US STOCKS-Wall St gains after ECB stimulus move; banks lead

  22-01-2015 23:16
  NEW YORK, Jan 22 (Reuters) - U.S. stocks rose to session highs ahead of the close on Thursday after the European Central Bank announced larger than expected measures to stimulate the region's sagging...
  
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• Cache Inc may file for bankruptcy as soon as next week: Bloomberg

  22-01-2015 23:14
  (Reuters) - Cache Inc is poised to become the latest U.S. apparel retailer to file for bankruptcy, Bloomberg reported, citing people familiar with the matter.
  
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• UPDATE 1-Capital One profit misses estimates due to higher loan reserves

  22-01-2015 22:59
  Jan 22 (Reuters) - Capital One Financial Corp, one of the largest credit card issuers in the United States, reported a quarterly profit that narrowly missed Wall Street's estimates as the company set...
  
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• COLUMN-ECB QE, small but imperfectly formed: James Saft

  22-01-2015 22:58
  Jan 22 (Reuters) - QE, European Central Bank style, passed the markets test but will have a harder time doing as well for the euro zone economy or the currency union project.
  
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• UPDATE 1-Abortion debate roils U.S. House on Roe v. Wade anniversary

  22-01-2015 22:53
  WASHINGTON, Jan 22 (Reuters) - The U.S. House of Representatives passed a bill permanently barring federal funding of abortions on Thursday after Republican leaders dropped harsher anti-abortion...
  
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• Stocks rally, euro falls after Europe unveils stimulus plan

  22-01-2015 22:53 via news.yahoo.com
  
  NEW YORK (AP) — A plan to revive Europe's sagging economy rippled through the financial world on Thursday, setting off a rally in the stock market that wiped out its losses for the new year.
  
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• ECB's Nowotny says would have waited with quantitative easing

  22-01-2015 22:45 via news.yahoo.com
  
  The European Central Bank might have been better off waiting to start an expanded asset-buying program, ECB Governing Council member Ewald Nowotny said after the ECB launched a bold program to reflate a sagging euro zone economy. While the quantitative easing (QE) scheme will help revive the euro zone economy and ward off deflation, it would make sense to wait and see the impact of the ECB's existing stimulus measures, Nowotny told Austrian broadcaster ORF on Thursday.
  
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• JPMorgan's Dimon got no compensation hike in 2014

  22-01-2015 22:41
  Jan 22 (Reuters) - JPMorgan Chase & Co's Chief Executive Officer Jamie Dimon's compensation in 2014 was unchanged at $20 million, according to a regulatory filing.
  
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• Bankers say big is beautiful, safe and economic

  22-01-2015 22:40 via news.yahoo.com
  
  Europe's bankers defended the big bank model this week in Davos as the mounting cost of regulation puts a question mark over its future. JPMorgan , the biggest U.S. bank by assets, has faced growing pressure to consider a break-up, and similar questions are being put to less profitable European rivals such as Deutsche Bank , Barclays and Credit Suisse . JPMorgan Chief Executive Jamie Dimon last week said splitting his bank would be bad for the financial prestige of the United States, and he
  
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• Wall Street gains as ECB prepares to flood markets

  22-01-2015 22:38 via news.yahoo.com
  
  The S&P 500 and Nasdaq turned positive for the year as U.S. stocks rallied on Thursday on the back of a larger than anticipated stimulus from the European Central Bank. The ECB will buy 60 billion euros worth of assets per month, more than markets had been hoping for, in a program that will last through September 2016. The choppiness seen early during the Wall Street session was due to some lingering questions about the effect of the announced measures on U.S. markets, said David Lebovitz, G
  
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• TSX nears two-month high as central bank actions boost

  22-01-2015 22:35 via news.yahoo.com
  
  The Bank of Canada cut interest rates on Wednesday in an effort to ease the impact of weaker oil prices on the Canadian economy. The ECB on Thursday launched a government bond-buying program to inject hundreds of billions of euros into the euro zone's flagging economy. The central bank moves helped the Canadian benchmark index turn positive on the year, recovering from a slump in the energy sector that was triggered by lower oil prices. The Toronto Stock Exchange's S&P/TSX composit
  
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• E*Trade Financial 4th-qtr profit falls nearly 30 pct

  22-01-2015 22:32
  Jan 22 (Reuters) - Discount brokerage E*Trade Financial Corp's fourth-quarter profit fell 29.3 percent as the company booked a pre-tax loss of $59 million on early extinguishment of corporate...
  
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• EU court annuls sanctions on Iranian bank, shipping firms

  22-01-2015 22:31
  BRUSSELS, Jan 22 (Reuters) - The European Union's second highest court on Thursday annulled EU sanctions on an Iranian bank and 40 shipping companies hit with asset freezes as part of pressure on...
  
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• Southwest Airlines and eBay are big market movers

  22-01-2015 22:28 via news.yahoo.com
  
  Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Southwest Airlines Co., up $3.52 to $45.35 The airline reported better-than-expected ...
  
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• Here’s What You Can Earn Working At Google

  22-01-2015 22:27 via news.yahoo.com
  
  Adam Berry / Getty Google: the job you’ve been searching for. Everybody wants to work for Google.  Just ask the college kids. Grads from the nation’s top business, computer science, humanities, engineering, and even natural science programs all want to work for Larry and Sergey’s company.  It’s easy to see why. Google plays a bigger part in our lives than maybe any other tech company, with over 10 billion Google searches made and a billion active Android users active every month.  Of
  
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• Australian shares seen opening higher, cheered by ECB

  22-01-2015 22:24
  SYDNEY, Jan 23 (Reuters) - Australian shares looked set to open higher on Friday, tracking a global rally after the European Central Bank launched a 1 trillion euro rescue plan to revive the euro...
  
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• Capital One quarterly profit rises 16.6 pct

  22-01-2015 22:23
  Jan 22 (Reuters) - Credit card issuer Capital One Financial Corp reported a 16.6 percent rise in quarterly profit as the company's net interest income rose.
  
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• UBS defeats lawsuit over late Indonesian statesman's accounts

  22-01-2015 22:21
  NEW YORK, Jan 22 (Reuters) - UBS AG has won dismissal of a lawsuit accusing it of seizing billions of dollars from inactive accounts over the past 30 years, including assets of the late Indonesian...
  
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• Wall Street rallies as ECB prepares to flood markets

  22-01-2015 22:13 via news.yahoo.com
  
  NEW YORK (Reuters) - The S&P 500 and Nasdaq turned positive for the year as U.S. stocks rallied on Thursday on the back of a larger than anticipated stimulus program announcement from the European Central Bank.
  
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• Harper backs Bank of Canada rate cut; no fiscal stimulus planned

  22-01-2015 22:13 via news.yahoo.com
  
  By Andrea Hopkins ST. CATHARINES, Ontario (Reuters) - Canadian Prime Minister Stephen Harper voiced complete confidence in the Bank of Canada on Thursday, a day after it stunned markets by cutting interest rates amid a plunge in oil prices. Canada is one of the world's major oil producers and the slump in prices, by around 60 percent since June, will knock billions from government revenues. Harper said the economy did not need stimulus measures and noted the Bank of Canada was still predicting s
  
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• US stocks erase year's losses after Europe unveils stimulus

  22-01-2015 22:11 via news.yahoo.com
  
  The stock market is closing with a big gain after Europe's central bank offered an aggressive plan to revive that region's weak economy. The Standard & Poor's 500 index jumped 31 points, or 1.5 percent, ...
  
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• Global shares rally, euro at 11-year low on Europe's QE plan

  22-01-2015 22:03 via news.yahoo.com
  
  By Michael Connor NEW YORK (Reuters) - Wall Street jumped and European shares climbed to a seven-year high on Thursday as world markets cheered a European Central Bank stimulus program worth more than one trillion euros, while the euro slipped to an 11-year low. Investors readying for a rise in global liquidity initially lifted U.S. Treasuries, whose relatively rich yields grew more attractive with prospects of lower euro zone bond yields, before they turned lower at midsession. "When you p
  
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• UPDATE 2-Harper backs Bank of Canada rate cut; no fiscal stimulus planned

  22-01-2015 22:02
  ST. CATHARINES, Ontario, Jan 22 (Reuters) - Canadian Prime Minister Stephen Harper voiced complete confidence in the Bank of Canada on Thursday, a day after it stunned markets by cutting interest...
  
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• Analyst-turned-fund manager basks in Xiaomi glow

  22-01-2015 22:01 via news.yahoo.com
  
  By Denny Thomas HONG KONG (Reuters) - Richard Ji, whose little-known fund was the biggest investor in leading Chinese smartphone maker Xiaomi Inc's [XTC.UL] $1.1 billion fundraising last month, is a numbers man looking to spot 'category killers' - start-ups with the power to disrupt. Ji, a former Morgan Stanley technology industry analyst, co-founded All-Stars Investment Ltd in Hong Kong last April with half a dozen colleagues from the Wall Street bank. The fund swiftly raised about $750 million
  
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• Shares rally, euro at 11-year low on Europe's quantitative easing plan

  22-01-2015 21:56 via news.yahoo.com
  
  By Michael Connor NEW YORK (Reuters) - Wall Street jumped and European shares climbed to a seven-year high on Thursday as world markets cheered a European Central Bank stimulus program worth more than one trillion euros, while the euro slipped to an 11-year low. Investors readying for a rise in global liquidity initially lifted U.S. Treasuries, whose relatively rich yields grew more attractive with prospects of lower euro zone bond yields, before they turned lower at midsession. "When you p
  
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• Shares rally, euro at 11-year low on Europe's QE plan

  22-01-2015 21:55 via news.yahoo.com
  
  By Michael Connor NEW YORK (Reuters) - Wall Street jumped and European shares climbed to a seven-year high on Thursday as world markets cheered a European Central Bank stimulus programme worth more than one trillion euros, while the euro slipped to an 11-year low. Investors readying for a rise in global liquidity initially lifted U.S. Treasuries, whose relatively rich yields grew more attractive with prospects of lower euro zone bond yields, before they turned lower at midsession. "When you
  
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• Eurozone's divisions laid bare over dinner in Florence

  22-01-2015 21:51 via news.yahoo.com
  
  The eurozone's deep divisions were set to be given an airing here on Thursday as Italian Prime Minister hosted German Chancellor Angela Merkel days before crucial elections in Greece. Hours after the European Central Bank launched a huge bond buying scheme aimed at staving off the spectre of deflation haunting continental Europe, Renzi and Merkel sat down to dinner in Florence's Palazzo Vecchio ahead of a formal summit meeting on Friday morning. The 40-year-old Italian leader believes
  
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• Are 529 plans really just a tax break for the rich?

  22-01-2015 21:44
  LOS ANGELES (Reuters) - President Barack Obama's proposal this week to roll back tax benefits for so-called 529 plans exposes a fundamental disagreement about who is benefiting from these...
  
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• Wall Street gains after ECB stimulus move; banks lead

  22-01-2015 21:32 via news.yahoo.com
  
  U.S. stocks rose to session highs ahead of the close on Thursday after the European Central Bank announced larger than expected measures to stimulate the region's sagging economy. The ECB will buy 60 billion euros worth of assets per month, more than markets had been hoping for, in a program that will last through September 2016. Analysts said that, while traders applauded the ECB's decision, many questions remain about the strength of euro zone activity. "Many have said this prog
  
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• French regulators give green light to Fosun bid for Club Med

  22-01-2015 21:30 via news.yahoo.com
  
  French regulators on Thursday cleared the way for Chinese conglomerate Fosun to buy the holiday resorts group Club Med and set February 9 as the closing date for the offer. The Financial Markets Authority (AMF) said that stock market operator Euronext Paris "will make known, in an announcement, the conditions for completing (the deal) and a detailed calendar." Fosun is offering 24.60 euros per share, which values the famous French vacation villages group at around 939 million euros (ju
  
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• ECB unleashes its most aggressive effort to revive economy

  22-01-2015 21:23 via news.yahoo.com
  
  FRANKFURT, Germany (AP) — Europe's ailing economy will get a major dose of stimulus from the European Central Bank — a bond buying program designed to make loans and exports cheaper so companies can hire and expand.
  
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• Brazil risks recession as central bank bucks global trend, raises rate

  22-01-2015 21:17 via news.yahoo.com
  
  SAO PAULO/BRASILIA (Reuters) - Brazilian President Dilma Rousseff's crusade to win back investor confidence has entrusted policymakers with the tough mission of hiking interest rates while major central banks cut them, raising the prospect of another recession in Latin America's biggest economy. As it boosted the benchmark Selic rate to 12.25 percent on Wednesday, the third consecutive rate hike since Rousseff won re-election in October, Brazil's central bank sought to deliver on
  
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• T. Rowe says bond head Gitlin leaves for Capital Group

  22-01-2015 20:58
  BOSTON (Reuters) - T. Rowe Price Group of Baltimore said its head of fixed income Michael Gitlin is resigning to take the same job at Capital Group, a rival asset manager in Los Angeles that is the...
  
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• DAVOS WATCH: Merkel upstaged, more protests, currency wars

  22-01-2015 20:54 via news.yahoo.com
  
  DAVOS, Switzerland (AP) — The World Economic Forum held in the Swiss ski resort of Davos has the official goal of "improving the state of the world." In practice, it's a massive networking event that brings together 2,500 heads of state, business leaders, philanthropists and artists.
  
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• Amazon to buy Israeli start-up Annapurna Labs

  22-01-2015 20:48
  
  SAN FRANCISCO/JERUSALEM (Reuters) - U.S. tech giant Amazon confirmed on Thursday that it has agreed to buy Israeli chipmaker Annapurna Labs for its cloud computing unit, Amazon Web Services.
  
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• Harper backs Bank of Canada rate cut, doesn't plan fiscal stimulus

  22-01-2015 20:47 via news.yahoo.com
  
  ST. CATHARINES, Ontario (Reuters) - Prime Minister Stephen Harper voiced complete confidence in the Bank of Canada on Thursday and said its interest rate cut on Wednesday, which caught markets by surprise, was appropriate. However, he said Canadian economic growth prospects remain extremely strong and that he did not see the need for additional stimulus in the government's 2015-16 budget, which he said would be balanced. (Reporting by Andrea Hopkins; Writing by Randall Palmer; Editing by Peter G
  
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• IMF's Lagarde defends Europe in heated Davos debate

  22-01-2015 20:25 via news.yahoo.com
  
  It was supposed to be a serious debate about the merits of monetary stimulus, but instead a panel in Davos on Thursday featuring IMF chief Christine Lagarde, quickly degenerated into a skirmish over the European economy. "There is a general expectation to compare the US economy and the euro area and I don't think that's a reality," Lagarde said after an onslaught from her largely American co-panelists, including the CEO of megabank Goldman Sachs. Hand-wringing over the fate o
  
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• Wall Street gains after ECB stimulus move

  22-01-2015 20:14 via news.yahoo.com
  
  U.S. stocks rose on Thursday after the European Central Bank announced larger than expected measures to stimulate the region's sagging economy. The ECB will buy 60 billion euros worth of assets per month, more than markets had been hoping for, in a program that will last through September 2016. Analysts said that the ECB's decision had for the most part been priced into market activity in previous days' trading, and that many questions still remain about the strength of Eurozone a
  
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