Finance news

• Detroit property tax bills set to dip

  28-01-2015 23:58
  Jan 28 (Reuters) - Detroit homeowners will see a slight dip in their property taxes due by Aug. 31, the mayor's office said on Wednesday, noting the city's plan to recover from bankruptcy already...
  
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• UPDATE 2-Puerto Rico aims to insure $500 mln of $2 bln bond deal -sources

  28-01-2015 23:57
  SAN JUAN, Jan 28 (Reuters) - Puerto Rico is negotiating with at least two bond insurers to insure around $500 million of a planned $2 billion bond issue, which would extend the appeal of the sale...
  
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• UPDATE 2-Big banks fail to dismiss U.S. currency rigging lawsuit

  28-01-2015 23:48
  NEW YORK, Jan 28 (Reuters) - A federal judge on Wednesday said U.S. investors may pursue a nationwide antitrust lawsuit accusing 12 major banks of rigging prices in the $5.3 trillion-a-day foreign...
  
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• Lawmakers submit bill to renew U.S. export credit agency charter

  28-01-2015 23:45
  WASHINGTON, Jan 28 (Reuters) - A group of U.S. Republican lawmakers introduced a bill on Wednesday to extend the term of the U.S. export credit agency for five years past its current June...
  
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• Obama to Greek leader: looks forward to returning Greece to prosperity

  28-01-2015 23:43 via news.yahoo.com
  
  U.S. President Barack Obama congratulated Greek Prime Minister Alexis Tsipras on his election this week in a call on Tuesday and said Washington looked forward to working with Athens in its efforts to boost the country's economy. "The president noted that the United States, as a longstanding friend and ally, looks forward to working closely with the new Greek government to help Greece return to a path of long-term prosperity," the White House said in a statement.
  
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• How the Dow Jones industrial average fared Wednesday

  28-01-2015 23:36 via news.yahoo.com
  
  The U.S. stock market ended lower on Wednesday as investors weighed the latest policy statement from the Federal Reserve and the implications of oil prices sinking to the lowest level in nearly six years. ...
  
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• UPDATE 1-Magnitude 5.7 quake hits off northern California coast

  28-01-2015 23:35
  LOS ANGELES, Jan 28 (Reuters) - A magnitude 5.7 earthquake struck just offshore of northern California on Wednesday, rattling a wide coastal area below the Oregon border, the U.S. Geological Survey...
  
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• U.S. government says Obamacare could affect up to 29 percent of taxpayers

  28-01-2015 23:32 via news.yahoo.com
  
  The Obama administration estimates that up to 29 percent of U.S. taxpayers could have to take the law known as Obamacare into account as they complete their 2014 income tax returns, officials said on Wednesday. Two to 4 percent are expected to pay a penalty for failing to obtain health coverage last year under President Barack Obama's Affordable Care Act, according to official estimates. Treasury and healthcare officials told reporters that 3 percent to 5 percent could have to reconcile the
  
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• UPDATE 2-U.S. provides more aid to Ukraine, threatens to step up sanctions on Russia

  28-01-2015 23:29
  * Three more Ukrainian soldiers killed in overnight fighting (Adds comments on proposal to offer more aid to Ukraine)
  
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• Facebook tops Wall Street revenue target in 4th quarter

  28-01-2015 23:20 via news.yahoo.com
  
  By Alexei Oreskovic SAN FRANCISCO (Reuters) - Facebook Inc's revenue grew 49 percent in the fourth quarter, as mobile advertising growth helped the world's largest Internet social network beat Wall Street's targets for earnings and sales. Facebook shares fell about 2.6 percent in after-hours trade after vacillating above and below the closing price. Facebook's business has boomed thanks to its mobile ads for smartphones and tablets. Its success contrasts with other establishe
  
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• SAFT ON WEALTH-Conflicts of interest make the markets go round

  28-01-2015 23:18
  Jan 28 (Reuters) - Money managers, because they do their job with an eye to their own bottom line, tend to drive over-valued assets higher and undervalued ones lower.
  
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• Stocks fade late as oil dips, Fed gives investors pause

  28-01-2015 23:13 via news.yahoo.com
  
  The Federal Reserve's latest take on the U.S. economy got investors in a selling mood Wednesday, as stocks fell sharply for the second straight day.
  
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• California county declares fiscal emergency due to oil price plunge

  28-01-2015 23:05 via news.yahoo.com
  
  By Tim Reid LOS ANGELES (Reuters) - Plunging oil prices led California's Kern County to declare a fiscal emergency on Tuesday, a move that allows officials to tap into a reserve fund as tax revenue faces a big decline due to the lower oil prices. Kern County, in central California, is at the heart of the state's oil production. Officials in Kern County, with a population of about 900,000, say the plunge in oil prices has cut projected property tax revenue for the 2015/16 fiscal year budget by $6
  
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• TSX drops over 1.5 pct as Fed statement stokes rate hike fears

  28-01-2015 23:04 via news.yahoo.com
  
  By John Tilak TORONTO (Reuters) - Canada's main stock index dropped over 1.5 percent on Wednesday after the Federal Reserve's comments about the U.S. economic recovery signaled to investors that the central bank was likely to raise interest rates as planned later this year. The Fed said it will remain "patient" in deciding when to raise interest rates, and added U.S. economic growth was on track. A further decline in oil prices amid concerns about a buildup in U.S. crude inve
  
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• Fed nods to global troubles, while keeping faith in U.S.

  28-01-2015 22:58 via news.yahoo.com
  
  For months now Federal Reserve policymakers have watched the economic turmoil overseas, from Ebola to Russia to the ongoing travails of the euro, and largely held their tongue. On Wednesday the weight of those overseas concerns broke into the Fed's policy statement, when it included "international developments" in the list of things it would monitor in assessing when to raise interest rates. Bond yields fell even though the Fed vouched its faith in the "solid pace" of U.S. economic growth. "Some
  
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• Exclusive: Two executives leave Fortress after losses in macro fund - sources

  28-01-2015 22:49
  BOSTON (Reuters) - Two executives at hedge fund Fortress Investment Group are leaving the firm after its macro fund suffered heavy losses in the wake of recent currency market upheaval, three sources...
  
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• Fed upbeat on U.S. economy, cites strong job gains

  28-01-2015 22:43 via news.yahoo.com
  
  By Michael Flaherty and Howard Schneider WASHINGTON (Reuters) - The Federal Reserve on Wednesday said the U.S. economy was expanding "at a solid pace" with strong job gains in a signal that the central bank remains on track with its plans to raise interest rates this year. The Fed repeated it would be "patient" in deciding when to raise benchmark borrowing costs from zero, though it also acknowledged a decline in certain inflation measures. After a two-day meeting of the Fede
  
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• Wall Street ends lower after Fed statement, oil drop

  28-01-2015 22:41 via news.yahoo.com
  
  U.S. stocks closed down on Wednesday, driven by a sharp decline in the S&P 500 energy sector, after the Federal Reserve said the domestic economy was growing at a solid pace, signaling it remains on track to raise interest rates later this year. While many market participants said they were unsurprised by the Fed comments, Stephen Massocca, Chief Investment Officer of Wedbush Equity Management LLC in San Francisco said the Fed's language looked slightly stronger in support of a rate hik
  
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• Magnitude 5.7 quake hits off northern California coast -USGS

  28-01-2015 22:30
  WASHINGTON, Jan 28 (Reuters) - A magnitude 5.7 earthquake struck off the coast of northern California on Wednesday, the U.S. Geological Survey (USGS) said.
  
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• Advent Software options unusually active ahead of deal news

  28-01-2015 22:29
  NEW YORK, Jan 28 (Reuters) - Bullish activity in Advent Software Inc's options surged weeks ahead of a report on Wednesday that U.S. financial software company SS&C Technologies Holdings Inc plans to...
  
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• Facebook tops Wall Street revenue target in fourth quarter

  28-01-2015 22:27 via news.yahoo.com
  
  By Alexei Oreskovic SAN FRANCISCO (Reuters) - Facebook Inc's revenue grew 49 percent in the fourth quarter, as strength in mobile advertising helped the world's largest Internet social network beat Wall Street's target. Shares of Facebook edged up less than 1 percent to $76.80 in after hours trading. Facebook's fourth-quarter overall revenue grew at the slowest rate since the beginning of 2013, to $3.85 billion, compared to $2.59 billion in the year-ago period. Facebook said
  
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• Facebook tops Wall Street revenue target in Q4

  28-01-2015 22:26 via news.yahoo.com
  
  By Alexei Oreskovic SAN FRANCISCO (Reuters) - Facebook Inc's revenue grew 49 percent in the fourth quarter, as strength in mobile advertising helped the world's largest Internet social network beat Wall Street's target. Shares of Facebook edged up less than 1 percent to $76.80 in after hours trading. Facebook's fourth-quarter overall revenue grew at the slowest rate since the beginning of 2013, to $3.85 billion, compared to $2.59 billion in the year-ago period. Facebook said
  
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• TSX ends lower after Fed policy statement

  28-01-2015 22:16 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock index dropped on Wednesday after the Federal Reserve’s positive comments about the U.S. economic recovery signaled to investors that the central bank was likely to raise interest rates as planned later this year. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed down 231 points or 1.56 percent, at 14,602.88. Nine of the 10 main sectors on the index were in the red. (Reporting by John Tilak; Editing by Meredith Mazzill
  
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• US stocks slump as another dip in oil drags down the market

  28-01-2015 22:13 via news.yahoo.com
  
  The U.S. stock market is slumping at the close as oil falls to its lowest level in nearly six years. The Dow Jones industrial average fell 195 points, or 1.1 percent, to close at 17,191 Wednesday, near ...
  
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• Iraq, Shell initial $11-billion petrochemical deal

  28-01-2015 22:10 via news.yahoo.com
  
  The Iraqi government and Royal Dutch Shell signed Wednesday an agreement in principle potentially worth $11 billion (9.6 billion euros) to build a large petrochemicals plant in the country's south. "The deal is huge and the plant should be operational in five years," oil ministry spokesman Assem Jihad told AFP. "A heads of agreement for a potential petrochemicals project in southern Iraq was signed by representatives of Shell and the Iraqi government," said a company spo
  
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• UPDATE 5-Petrobras reports earnings without graft writedowns despite delays

  28-01-2015 22:09
  RIO DE JANEIRO, Jan 28 (Reuters) - Brazil's Petrobras released delayed unaudited third-quarter results on Wednesday, but the state-run oil company's shares slumped as it left investors in the dark...
  
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• Wall St. ends sharply lower after Fed comments

  28-01-2015 22:02 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks fell sharply on Wednesday after the Federal Reserve said the domestic economy was growing at a solid pace, signaling it remains on track to raise interest rates later this year.
  
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• Fed stays 'patient' on rates while noting improving economy

  28-01-2015 21:53 via news.yahoo.com
  
  WASHINGTON (AP) — The Federal Reserve reiterated Wednesday that it will be "patient" in raising interest rates from record lows even as the U.S. economy moves steadily closer to full health.
  
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• UPDATE 2-Plug Power tempers sales forecast to manage investor expectations

  28-01-2015 21:53
  * Shares fall as much as 10 pct (Adds analyst comment, background, updates shares)
  
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• Despite strong Boeing 4th-qtr, questions arise about forecast

  28-01-2015 21:46
  NEW YORK, Jan 28 (Reuters) - Boeing Co on Wednesday said the tide of commercial aircraft demand will keep rising despite cheap oil and a strong dollar, and that it was getting more adept at...
  
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• Stocks fall after Fed statement, oil drop

  28-01-2015 21:27 via news.yahoo.com
  
  U.S. stocks fell on Wednesday, driven by extended losses in the S&P 500 energy sector, after the Federal Reserve said it will remain "patient" in deciding when to raise interest rates. While many market participants said they were unsurprised by the statement, Stephen Massocca, Chief Investment Officer of Wedbush Equity Management LLC in San Francisco said the Fed's language looked slightly stronger in support of a rate hike. The Fed's mention of international development
  
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• S&P close to $1.37B deal over risky mortgage bond ratings

  28-01-2015 21:22 via news.yahoo.com
  
  WASHINGTON (AP) — Standard & Poor's is close to a $1.37 billion settlement with the Obama administration and U.S. states over allegations it knowingly inflated its ratings of risky mortgage investments that helped trigger the financial crisis.
  
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• US stocks edge mostly lower after Fed statement

  28-01-2015 21:19 via news.yahoo.com
  
  U.S. stocks drifted between small gains and losses in late-afternoon trading Wednesday as investors digested the Federal Reserve's latest policy announcement. The central bank reiterated that it will be patient in raising rates from record lows, noting that inflation remains ultra-low. But it also strengthened its assessment of the U.S. economy.
  
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• Exclusive: Fixed income manager Sage Advisory for sale - sources

  28-01-2015 21:13
  (Reuters) - Fixed income manager Sage Advisory Services is up for sale, according to three sources familiar with the situation.
  
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• Cuba's Castro warns U.S. against meddling in internal affairs

  28-01-2015 21:11 via news.yahoo.com
  
  By Enrique Pretel SAN JOSE (Reuters) - Cuba will not accept any interference in its internal affairs in talks with the United States, President Raul Castro said on Wednesday, warning that meddling would make a diplomatic thawing between the two countries meaningless. Castro urged U.S. President Barack Obama to use executive powers to ease a decades-long embargo, saying the U.S. leader could extend measures to soften the embargo, like those announced for telecoms, to the rest of the Cuban economy
  
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• Fed to extend reverse repo tests through end of Q1

  28-01-2015 20:58 via news.yahoo.com
  
  The U.S. Federal Reserve will extend its testing of the term reverse repurchase program, a new tool it hopes will help control short-term interest rates when the time comes to tighten monetary policy. The New York Fed said it would conduct a series of so-called term RRP operations from mid-February to early March, and an additional series of tests that span the period at the end of the first quarter, which is a critical time for short-term borrowing on Wall Street. It begins with a Feb. 12 opera
  
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• Fed stays 'patient' on rate hike; notes ultra-low inflation

  28-01-2015 20:52 via news.yahoo.com
  
  WASHINGTON (AP) — The Federal Reserve reiterated Wednesday that it will be "patient" in raising rates from record lows but noted that inflation remains below its target even as the U.S. economy improved.
  
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• U.S. stocks dip, dollar higher after Fed statement

  28-01-2015 20:49 via news.yahoo.com
  
  Wall Street stocks edged lower on Wednesday while the dollar rose as the Federal Reserve said growth in the U.S. economy was on track despite turmoil in other markets around the world, keeping it on pace to raise interest rates later this year. U.S. 30-year Treasuries were up more than two points in price, with the yield at a record low of 2.291 percent, following the statement from the Fed, which repeated it will remain "patient" in beginning to normalize monetary policy.
  
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• SS&C Tech in talks to buy Advent Software for $2.3 billion: Bloomberg

  28-01-2015 20:44
  (Reuters) - Financial software company SS&C Technologies Holdings Inc is in talks to buy accounting software maker Advent Software Inc for about $2.3 billion, Bloomberg reported, citing a person with...
  
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• Cuba's Castro urges Obama to use executive powers to ease embargo

  28-01-2015 20:41 via news.yahoo.com
  
  Cuban President Raul Castro on Wednesday urged U.S. President Barack Obama to use executive powers to ease a decades-long embargo, and said he would not accept any pressures on Cuba's internal affairs in talks with the United States. Castro said Obama could extend measures to soften the embargo like those announced for telecoms to the rest of the Cuban economy, telling a summit in Costa Rica he was aware that ending the embargo "will be a long and hard road".
  
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• U.S. stocks give up gains after Fed statement

  28-01-2015 20:37 via news.yahoo.com
  
  U.S. stocks fell slightly in volatile trading on Wednesday after the Federal Reserve said the U.S. economy is on track and it will remain "patient" in deciding when to raise interest rates. "Being 'patient' means the Fed is in no hurry with respect to inflation or any other factor in the economy that it is watching. The Fed was always more patient than other observers," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland. At 2:31p.m., the
  
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• Federal Reserve to remain 'patient,' expects inflation to rise in 'medium term'

  28-01-2015 20:33 via news.yahoo.com
  
  (Reuters) - The Federal Reserve on Wednesday repeated that it will remain "patient" in deciding when to raise interest rates, and said the U.S. economy is on track despite turmoil in other markets around the world. * The Fed acknowledged that inflation had declined further below its longer-run objective and that market-based inflation measures had fallen substantially - a more negative assessment of inflation pressures than in December. They view the decline in energy prices as a net positive.
  
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• Fed upbeat on U.S. economy despite global turmoil

  28-01-2015 20:32 via news.yahoo.com
  
  By Michael Flaherty and Howard Schneider WASHINGTON (Reuters) - The Federal Reserve on Wednesday said the U.S. economy was expanding "at a solid pace" as it largely looked through weakness overseas in a signal that it remains on track to raise interest rates later this year. "Economic activity has been expanding at a solid pace," the Fed's policy-setting panel said in a statement that marked an upgrade to its prior assessment of a "moderate pace" of growth. &qu
  
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• Bill Gross on CNBC says Fed will raise rates by 0.25 percent in symbolic move

  28-01-2015 20:31 via news.yahoo.com
  
  (Reuters) - Bill Gross of Janus Capital said on CNBC on Wednesday that he thinks the Federal Reserve will raise interest rates by 25 basis points around June in what he characterizes as a symbolic move. The Fed on Wednesday repeated that it will remain "patient" in deciding when to raise interest rates, and said the U.S. economy is on track despite turmoil in other markets around the world.
  
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• One in five U.S. children now rely on food stamps: Census data

  28-01-2015 20:29 via news.yahoo.com
  
  By Elvina Nawaguna WASHINGTON (Reuters) - The number of children in the United States relying on food stamps for a meal spiked to 16 million last year, according federal data, signaling a lopsided economic recovery in which lower income families are still lagging behind. The roughly one in five children who received food stamps in 2014 surpassed pre-recession levels, when one in eight or 9 million children were on food stamps, according to the U.S. Census survey of American families released on
  
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• Fed stays 'patient' on rate hike, sees 'solid' US growth

  28-01-2015 20:14 via news.yahoo.com
  
  Washington (AFP) - The Federal Reserve on Wednesday said it would remain "patient" on raising ultra-low interest rates for the first time since 2006, saying the economy was growing at a "solid pace."
  
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• Fed keeps patient approach to hiking rates despite global turmoil

  28-01-2015 20:03 via news.yahoo.com
  
  By Michael Flaherty and Howard Schneider WASHINGTON,(Reuters) - The Federal Reserve on Wednesday repeated that it will remain "patient" in deciding when to raise interest rates, and said the U.S. economy is on track despite turmoil in other markets around the world. "The committee judges that it can be patient in beginning to normalize the stance of monetary policy," the Fed's policy statement said. The Fed acknowledged that inflation had declined further below its longe
  
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• LSE to put Russell Investments up for sale for $1.4 billion

  28-01-2015 19:50
  
  (Reuters) - The London Stock Exchange Group Plc plans to put Russell Investments up for sale in mid-February and hopes to fetch around $1.4 billion for the unit, two sources told Reuters Wednesday.
  
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• Court ruling on loan fees to hit Deutsche Bank earnings - Handelsblatt

  28-01-2015 19:47 via news.yahoo.com
  
  BERLIN (Reuters) - Deutsche Bank is facing a triple-digit million euro hit to fourth-quarter earnings after failing to set aside enough provisions to cover claims resulting from a rec...
  
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• UPDATE 2-Caesars' gets its Chicago bankruptcy in win for Apollo

  28-01-2015 19:46
  Jan 28 (Reuters) - The bankruptcy of the operating unit of
  Caesars Entertainment Corp's will proceed in Chicago, a
  victory for the casino company's private equity backers over its
  hedge fund...
  
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