Finance news

• Valeant to buy bankrupt vaccine maker Dendreon

  10-02-2015 23:52
  
  (Reuters) - Valeant Pharmaceuticals International Inc will scoop up bankrupt cancer vaccine maker Dendreon Corp , after no additional qualified bids came forward by Tuesday's deadline, Valeant said.
  
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• UPDATE 2-Valeant to buy bankrupt vaccine maker Dendreon

  10-02-2015 23:51
  Feb 10 (Reuters) - Valeant Pharmaceuticals International Inc
  will scoop up bankrupt cancer vaccine maker Dendreon
  Corp, after no additional qualified bids came forward
  by Tuesday's deadline, Valeant...
  
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• Oil drops sharply as IEA expects inventories to rise

  10-02-2015 23:31 via news.yahoo.com
  
  By Robert Gibbons NEW YORK (Reuters) - Crude oil prices fell for the first time in four sessions on Tuesday after the International Energy Agency (IEA) warned that ample supplies will raise global inventories before investment cuts begin to significantly dent production. Oil stockpiles in member countries of the Paris-based Organization for Economic Cooperation and Development (OECD) may approach a record 2.83 billion barrels by mid-2015, said the IEA, advisor on energy policy to a group of West
  
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• Coca-Cola and General Motors are big market movers

  10-02-2015 22:42 via news.yahoo.com
  
  Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE The Coca-Cola Co., up $1.17 to $42.40 The beverage company reported better-than-expected ...
  
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• Why Canada's snowbirds are under U.S. scrutiny

  10-02-2015 22:35
  
  NEW YORK (Reuters) - Canadians who normally head south of their border for warmer weather are keeping closer track of their time in the United States because if they stay too long, they could lose...
  
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• US stocks advance on earnings, possible Greece deal

  10-02-2015 22:35 via news.yahoo.com
  
  NEW YORK (AP) — A mix of positive earnings and corporate news boosted stocks on Tuesday. Signs that Greece might be willing to broker a deal with its creditors also gave the market a lift.
  
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• Pimco hires former Morgan Stanley chief economist Joachim Fels

  10-02-2015 22:19
  NEW YORK (Reuters) - Pimco said on Tuesday that it has hired Joachim Fels, formerly managing director and chief economist at Morgan Stanley, as the world's biggest bond manager continues to bolster...
  
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• Greek defence minister says Greece has Plan B if EU rigid on deal

  10-02-2015 22:15 via news.yahoo.com
  
  Greek Defence Minister Panos Kammenos said that if Greece failed to get a new debt agreement with the euro zone, it could always look elsewhere for help. "It could the United States at best, it could be Russia, it could be China or other countries," he said. Kammenos is the leader of Independent Greeks, a nationalist anti-bailout party that is the junior coalition partner of Prime Minister Alexis Tsipras' radical left Syriza party. Greece's Deputy Foreign Minister Nikos Choun
  
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• Greece told to scale back expectations ahead of EU talks

  10-02-2015 22:12 via news.yahoo.com
  
  The EU warned Greece's new leftist government Tuesday to scale back its plans to revise the country's unpopular bailout if it wants to secure a fund lifeline at critical talks this week. European Economic Affairs Commissioner Pierre Moscovici said the existing bailout deal was "the anchor" on which discussions should be held, while German Finance Minister Wolfgang Schaeuble ruled out any renegotiation of the agreement. Speaking during a G20 meeting in Istanbul, Moscovici said
  
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• Coke benefits from higher prices in North America

  10-02-2015 22:11 via news.yahoo.com
  
  Coca-Cola reported a profit that topped Wall Street expectations Tuesday as it stepped up marketing and fetched higher prices for sodas in North America. The better-than-expected results helped send up ...
  
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• Russia, China have offered Greece economic support: minister

  10-02-2015 21:35 via news.yahoo.com
  
  Russia and China have offered Greece economic support even though Athens has not asked for it, Greece's Deputy Foreign Minister Nikos Chountis said on Tuesday, without giving details. "There have been proposals, offers I would say, from Russia, recently after the election, for economic support as well as from China, regarding help, investment possibilities," Chountis, who holds the European Affairs portfolio, told Greek radio. Athens has so far ruled out resorting to aid from Russia as it seeks
  
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• Universal Consensus CEO joins EY human capital team

  10-02-2015 21:21
  (Reuters) - Audit firm Ernst & Young LLP [ERNY.UL] said Denise Hummel joined as a principal in its human capital practice.
  
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• Jeb Bush talks immigration, education, releases emails as he eyes 2016 bid

  10-02-2015 21:20 via news.yahoo.com
  
  By Bill Cotterell TALLAHASSEE, Fla. (Reuters) - Republican Jeb Bush focused on the politically explosive topics of immigration and education reform in a visit to Florida's state capital on Tuesday, releasing emails from his time as governor there in an effort to burnish his credentials as he eyes a 2016 presidential bid. Bush told a friendly audience of 300 longtime supporters at a $1,000-per-plate luncheon that his party should approach immigration as an opportunity to spur economic growth
  
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• Exclusive: Private equity firms target Telecity in possible $3.4 billion deal: sources

  10-02-2015 21:16
  LONDON (Reuters) - British data center provider Telecity is being circled by private equity funds, sources familiar with the matter said, amid an increase in takeover interest in the FTSE 250...
  
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• Venezuela to partially liberalize exchange rate

  10-02-2015 21:09 via news.yahoo.com
  
  Venezuela announced Tuesday it was easing strict currency controls by allowing dollars to be bought and sold through banks and brokerage houses, seeking to shore up its shrinking, import-dependent economy. The changes are aimed at easing a fiscal deficit aggravated by plunging oil prices amid a severe recession, inflation and shortages of basic goods. Venezuela's sinking economy has become a threat to the political future of President Nicolas Maduro in a legislative election year that could
  
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• Oil falls sharply as IEA expects inventories to rise

  10-02-2015 21:02 via news.yahoo.com
  
  By Robert Gibbons NEW YORK (Reuters) - Crude oil prices fell for the first time in four sessions on Tuesday after the International Energy Agency (IEA) warned that ample supplies will raise global inventories before investment cuts begin to significantly dent production. Oil stockpiles in member countries of the Paris-based Organization for Economic Cooperation and Development (OECD) may approach a record 2.83 billion barrels by mid-2015, said the IEA, advisor on energy policy to a group of West
  
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• Former ConvergEx unit CEO admits wrongdoing in SEC case

  10-02-2015 20:44
  (Reuters) - A former ConvergEx Group LLC [BNYCG.UL] brokerage unit chief executive admitted wrongdoing to resolve U.S. Securities and Exchange Commission charges that employees he supervised...
  
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• UBS Wealth Management Americas client assets, and costs, rise

  10-02-2015 20:43
  NEW YORK (Reuters) - Revenue at UBS AG's U.S. brokerage unit inched up at the end of 2014 as clients of newly hired brokers transferred fee-generating assets to the firm, brokers made more...
  
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• Goldman is jack-of-all-trades, not master of one: CEO

  10-02-2015 20:39
  
  NEW YORK (Reuters) - Goldman Sachs Group Inc is trying to convince investors that its business model does not need to change.
  
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• Milwaukee council approves $124 million streetcar system

  10-02-2015 20:33 via news.yahoo.com
  
  By Brendan O'Brien MILWAUKEE (Reuters) - Milwaukee lawmakers on Tuesday approved a $124 million plan to build a downtown streetcar system, which supporters say will spur economic growth and opponents call a waste of money. City council members voted 9-6 not to reconsider its January approval of the streetcar project, which will be funded through federal grants and tax incremental districts. Milwaukee will join several other U.S. cities that have streetcars including Portland and Seattle. A simil
  
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• Finance chiefs vow action to bolster growth at G20 meet, Greece weighs

  10-02-2015 19:43 via news.yahoo.com
  
  By David Dolan and Nick Tattersall ISTANBUL (Reuters) - Finance officials from the Group of 20 leading economies sketched an uncertain outlook for global growth on Tuesday and vowed to use monetary and fiscal policy if needed to stem any risk of stagnation. The United States urged nations at the G20 meeting not to resort to currency devaluations to boost exports, an indication Washington is starting to feel wary of its allies manipulating their exchange rates to support growth. U.S. Treasury Sec
  
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• Greece talks should be within existing program: EU's Moscovici

  10-02-2015 19:29 via news.yahoo.com
  
  Talks with Greece over its debt crisis should take place within the framework of its existing economic bailout programme, the EU's economic and financial affairs commissioner Pierre Moscovici said Tuesday. "We should discuss within the context of a common framework which exists already, which is that of the existing programme," he told AFP on the sidelines of the G20 finance ministers meeting in Istanbul. His comments echoed earlier remarks by German Finance Minister Wolfgang Scha
  
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• U.S. wholesale stocks weak; job openings highest since 2001

  10-02-2015 19:24 via news.yahoo.com
  
  U.S. wholesale inventories barely rose in December, the latest suggestion that economic growth in the fourth quarter was even slower than initially thought. "The labor market is shifting into overdrive with jobs out there for nearly everyone. Wholesale inventories gained 0.1 percent as lower crude oil prices depressed the value of petroleum stocks in December, the Commerce Department said. The U.S. government estimated last month that inventories added 0.8 percentage point to the economy�
  
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• Bank of Canada's Wilkins: economy still below potential

  10-02-2015 19:21 via news.yahoo.com
  
  By Leah Schnurr and David Ljunggren OTTAWA (Reuters) - The Canadian economy is still operating below its potential and one sign of this is labor market slack, a senior Bank of Canada official said on Tuesday, calling the recent sharp drop in oil prices a "setback". In some of the first remarks by a Bank of Canada policymaker since the central bank cut interest rates last month, Senior Deputy Governor Carolyn Wilkins laid out the reasons for the surprise move, reiterating that the bank
  
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• Cameron urges UK firms to give employees a pay rise

  10-02-2015 19:19 via news.yahoo.com
  
  British Prime Minister David Cameron urged business leaders on Tuesday to pass on profits from the economic recovery and lower energy prices to their employees by giving them a pay rise. The opposition Labour party has attacked the government for creating a "cost of living crisis" and has called for increased taxes on the wealthy. Len McCluskey, leader of the Unite union, said: "If Cameron was serious about giving Britain a pay rise then he'd put his money where his mouth is
  
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• Greece talks should be within framework of existing program: EU

  10-02-2015 19:16 via news.yahoo.com
  
  Istanbul (AFP) - Talks with Greece over its debt crisis should take place within the framework of its existing economic bailout programme, the EU's economic and financial affairs commissioner Pierre Moscovici said Tuesday.
  
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• Germany attracts record number of foreign visitors in 2014

  10-02-2015 18:55 via news.yahoo.com
  
  Germany attracted a record number of foreign visitors last year, the federal statistics office Destatis said on Tuesday. The number of foreign tourists who stayed in Europe's biggest economy last year rose by 5.0 percent to 75.5 million, Destatis said in a statement.
  
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• S&P, Fitch warn on long-term ratings of four Greek banks

  10-02-2015 18:51 via news.yahoo.com
  
  (Reuters) - Ratings agencies Fitch and Standard & Poor's warned on the long-term ratings of four Greek banks as uncertainty surrounds Greece getting financial support from the European Central Bank. The European Union aims to clinch an interim debt deal with Greece although there are "low expectations" for a breakthrough at meetings of ministers and EU leaders this week, a European Commission spokeswoman said on Tuesday. Fitch placed the long-term ratings of Alpha Bank AE , Eurobank Ergasias SA
  
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• G20 'determined' to lift growth but rifts remain

  10-02-2015 18:49 via news.yahoo.com
  
  The world's top 20 economies on Tuesday expressed determination to raise global growth but struggled to overcome divisions over the most suitable methods and how best to overcome the Greek debt crisis. G20 finance ministers and central bank chiefs meeting in Istanbul acknowledged that global economic growth remained "uneven" and the recovery "slow", especially in the eurozone and Japan as well as some emerging market economies. They also warned of the risk of "persi
  
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• US stocks move higher; Coke gains as earnings beat estimates

  10-02-2015 17:59 via news.yahoo.com
  
  NEW YORK (AP) — The U.S. stock market is edging higher as investors welcome some positive earnings surprises from big companies.
  
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• Leading nations see economic uncertainty but promise to help

  10-02-2015 17:59 via news.yahoo.com
  
  ISTANBUL (AP) — Finance officials from the Group of 20 most powerful economies say the global economy faces an uncertain outlook, but have promised to take steps to stimulate growth.
  
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• Bundesbank's Weidmann urges Greece to make 'credible' reform effort

  10-02-2015 17:42 via news.yahoo.com
  
  The chief of Germany's Bundesbank pressed Greece on Tuesday to make a credible effort to get back on its feet with tighter public finances and economic reforms, showing no willingness to bend in a standoff with Athens. In an interview with Reuters, Jens Weidmann gave no quarter in the confrontation between Greece and its euro zone partners, in which Athens is seeking an end to its international bailout program and the tough austerity terms attached. "I am firmly convinced that Greece can only so
  
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• Wall Street up on Greek deal hopes but energy drops

  10-02-2015 17:34 via news.yahoo.com
  
  U.S. stocks rose modestly on Tuesday on hopes a deal in Greek debt negotiations was drawing closer and on Coca-Cola earnings, but a drop in energy shares served to cap the advance. A report by MNSI, citing sources, said the European Commission will introduce a compromise proposal in which Greece should ask for a six-month period to discuss with lenders any pending issues and post-bailout plan. The Commission said there was no formal proposal for resolving Greece's debt problems, although ta
  
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• German finmin: If Greece doesn't want new programme, that's it

  10-02-2015 17:10
  ISTANBUL, Feb 10 (Reuters) - German Finance Minister Wolfgang Schaeuble said on Tuesday that if Greece did not want a new aid programme, "then that's it", adding that he expected to hear something...
  
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• TREASURIES-Prices off as 10-year yields hover near 2 pct

  10-02-2015 17:09
  NEW YORK, Feb 10 (Reuters) - U.S. Treasury debt prices fell on Tuesday, bumping benchmark 10-year yields above 2 percent for the first time in a month as investors positioned for a probable rate hike...
  
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• EU's Juncker, Greek PM Tsipras phone call held in "positive spirit"

  10-02-2015 17:08
  Feb 10 (Reuters) - European Commission President Jean-Claude Juncker held a phone conversation with Greek Prime Minister Alexis Tsipras in a "positive spirit of cooperation", the Commission said in a...
  
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• IEA sees only partial rebound in oil prices

  10-02-2015 17:04 via news.yahoo.com
  
  Global oil prices will recover only partially from spectacular lows, which are unlikely to spur economic growth or kill off US shale gas production, the International Energy Agency said Tuesday. The IEA said in its five-year forecast that crude prices will recover from around their current range of $50-60 per barrel, but remain well below the level of more than $100 per barrel seen before the slump began last June. "While there have been drops and price corrections roughly every 10 years si
  
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• Risk of low growth means urgent to implement G20 growth commitments -IMF's Lagarde

  10-02-2015 16:54
  ISTANBUL, Feb 10 (Reuters) - Chief of the International Monetary Fund (IMF) Christine Lagarde said on Tuesday that the risk of persistent low growth and high unemployment mean that G20 policy...
  
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• Russian finmin says budget needs further 600 bln roubles in cuts

  10-02-2015 16:37
  ISTANBUL, Feb 10 (Reuters) - Russia needs to cut its budget by an additional 600 billion roubles ($9.04 billion) in 2015, Finance Minister Anton Siluanov told reporters at a G20 finance ministers'...
  
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• G20 vow to promote growth but rifts remain

  10-02-2015 16:36 via news.yahoo.com
  
  The world's top 20 economies on Tuesday agreed to take steps to promote global growth but struggled to overcome rifts over the the most suitable tools to use and how best to overcome the Greek debt crisis. G20 finance ministers and central bank chiefs meeting in Istanbul said that growth in the global economy remains "uneven" and the recovery "slow", especially in the eurozone and Japan as well as some emerging market economies. "We are determined to overcome these
  
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• EMERGING MARKETS-Brazil's real crosses 2.80 mark, weakest in 10 years

  10-02-2015 16:35
  SAO PAULO, Feb 10 (Reuters) - The Brazilian real dropped to its weakest level since late 2004 on Tuesday on disappointing economic data from top trade partner China and concerns over the health of...
  
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• UPDATE 1-IMF chief economist says 2015 growth forecasts a bit too gloomy

  10-02-2015 16:30
  NEW YORK, Feb 10 (Reuters) - The International Monetary Fund was perhaps too pessimistic when it downgraded its forecast for 2015 global economic growth, in part because of the benefits of low oil...
  
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• Greek markets rebound on prospect for EU debt deal progress

  10-02-2015 16:27
  * Greek bonds, shares advance but recovery seen fragile (Updates with latest price moves, adds quote)
  
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• UPDATE 2-William Hill approach lifts shares in online gambling company 888

  10-02-2015 16:24
  LONDON, Feb 10 (Reuters) - Online gambling company 888 Holdings has received a takeover approach from Britain's biggest bookmaker William Hill, it said on Tuesday,, lifting its share price by more...
  
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• Top price of Kenya's best grade tea rises at latest sale

  10-02-2015 16:22 via news.yahoo.com
  
  NAIROBI (Reuters) - The maximum price of the top grade Kenyan tea, Best Broken Pekoe Ones (BP1s), rose at this week's sale, Africa Tea Brokers said on Tuesday. Kenya is the world's top exporter of black tea and the commodity is a major foreign exchange earner for the economy. Below are tea prices from the Mombasa auction, in which tea from other producers in the region is also sold: TEA (BEST PRICES THIS WEEK PRICES LAST AUCTION GRADES) IN DOLLARS/KG IN DOLLARS/KG BP1 2.18-3.92 2.12–
  
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• UPDATE 2-Starwood profit jumps; says to spin off timeshare business

  10-02-2015 16:13
  Feb 10 (Reuters) - Starwood Hotels & Resorts Worldwide Inc reported a better-than-expected rise in quarterly profit and said it would spin off its timeshare business as it looks to focus on operating...
  
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• Britain's FTSE underperforms euro zone as commodity shares drop

  10-02-2015 16:09
  * FTSE 100 down 0.3 pct * New signs of Chinese economic weakness impact miners * HSBC leads banks lower as pressure builds over Swiss unit * Tesco up as grocers see sales improvements (Adds detail,...
  
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• UPDATE 1-KKR profit misses expectations due to energy exposure

  10-02-2015 16:08
  Feb 10 (Reuters) - KKR & Co LP on Tuesday reported an 89 percent drop in fourth-quarter profit, much steeper than expected, becoming the latest alternative asset manager to report lower earnings...
  
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• HeidelbergCement plans big operational push in 2015

  10-02-2015 16:07
  FRANKFURT, Feb 10 (Reuters) - Germany's HeidelbergCement aims for a major operational improvement this year, after what it called its "most successful year" in 2014, its chief executive said.
  
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• US stocks open higher as investors assess earnings

  10-02-2015 16:02 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks opened higher Tuesday as investors assessed the latest company earnings. Coca-Cola rose after the company reported a better-than-expected quarterly profit. Martin Marietta Materials, a seller of granite, limestone, sand and gravel, also surged after reporting good earnings.
  
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