Finance news

• Quicksilver Resources files for Chapter 11 protection

  17-03-2015 23:40
  March 17 (Reuters) - Quicksilver Resources Inc and
  its U.S. units filed for Chapter 11 bankruptcy protection on
  Tuesday, adding to a list of oil and gas producers who have
  folded amid low oil prices.
  
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• Goldman Sachs BDC IPO priced at $20 per share: market source

  17-03-2015 23:39
  (Reuters) - The initial public offering of Goldman Sachs BDC Inc has been priced at $20 per share, a market source said on Tuesday, valuing the business development company backed by Goldman Sachs...
  
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• U.S. Republican budget cuts social spending, boosts military

  17-03-2015 23:08 via news.yahoo.com
  U.S. House Republicans on Tuesday proposed higher defense spending and deep cuts to social services including healthcare for the poor in an aggressive new budget plan that seeks to eliminate deficits by 2024. The blueprint from House Budget Committee Chairman Tom Price, which has almost no chance of becoming law, prescribes $5.468 trillion in spending cuts and interest savings over 10 years compared to current policies. Like the budgets of Price's predecessor, Representative Paul Ryan, the
  
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• Guinea Ebola cases rise, three doctors infected

  17-03-2015 22:49 via news.yahoo.com
  
  By Saliou Samb and Emma Farge CONAKRY/DAKAR (Reuters) - Guinea has suffered a setback in its fight against Ebola with a rash of new cases, including three doctors infected by the virus, with officials blaming weak surveillance and a failure to follow safety procedures. The outbreak, which began in eastern Guinea more than a year ago and has killed over 10,000 people in the three West African countries worst hit, had appeared to be on the wane, but Guinea has seen cases rise for three consecutive
  
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• Citigroup to stop Argentina bond payments amid turmoil

  17-03-2015 22:28
  
  NEW YORK (Reuters) - Citigroup Inc said on Tuesday it plans to exit its custody business in Argentina as soon as possible, after a U.S. judge refused to lift an injunction that blocked the bank from...
  
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• Oracle sales flat, lifts dividend; shares rise

  17-03-2015 22:18 via news.yahoo.com
  
  By Bill Rigby SEATTLE (Reuters) - Oracle Corp posted flat third-quarter revenue and slightly lower profit as the U.S. dollar strengthened, but the business software maker on Tuesday raised its quarterly dividend 25 percent to 15 cents a share. Wall Street had expected $9.46 billion, on average, according to Thomson Reuters I/B/E/S. "Although currency headwinds are massive for Oracle and its tech brethren, the company showed progress on the cloud front, which is key for tech investors moving
  
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• Freeport taps Goldman, Barclays to help find partners: sources

  17-03-2015 21:50
  (Reuters) - Natural resources conglomerate Freeport-McMoRan Inc has hired Goldman Sachs Group Inc and Barclays Plc to help find private equity firms that will finance some of its projects, according...
  
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• US stocks mostly fall as Fed meets on interest rates

  17-03-2015 21:50 via news.yahoo.com
  
  NEW YORK (AP) — The guessing game over higher interest rates is making for a jerky stock market.
  
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• Obama to promote U.S. jobs, investment to international executives

  17-03-2015 21:35 via news.yahoo.com
  
  By Julia Edwards WASHINGTON (Reuters) - President Barack Obama will promote U.S. business investment programs to executives from Google, BMW and other international companies on Monday at an administration-led summit to boost job creation in the United States. The Obama administration has been convening foreign delegates, investors and executives at its annual SelectUSA Investment Summit since 2011. This year's summit is designed to connect investors with local, state and regional economic
  
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• Macerich rejects Simon Property offer, adopts poison pill

  17-03-2015 21:32
  
  (Reuters) - Macerich Co, the third-largest U.S. shopping mall owner, rejected a $14.39 billion unsolicited offer from larger rival Simon Property Group Inc, saying the proposal "substantially...
  
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• Oracle revenue flat, hurt by strong dollar

  17-03-2015 21:10 via news.yahoo.com
  
  (Reuters) - Oracle Corp reported flat revenue for its fiscal third-quarter on Tuesday, held back by the recent rise in the U.S. dollar. The business software and database company reported sales of $9.3 billion, the same as the quarter a year ago. Wall Street had expected $9.46 billion, on average, according to Thomson Reuters I/B/E/S. Oracle shares fell 0.5 percent in after-hours trading to $42.68. (Reporting by Bill Rigby; Editing by Diane Craft)
  
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• Dow, S&P end lower on Fed nerves; Nasdaq ends up

  17-03-2015 21:05 via news.yahoo.com
  
  NEW YORK (Reuters) - The Dow and S&P 500 fell on Tuesday as commodity-related shares declined and nervousness increased ahead of a Federal Reserve statement, while the Nasdaq edged higher.
  
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• UPDATE 2-New LightSquared bankruptcy exit plan has Ergen's support

  17-03-2015 21:01
  NEW YORK, March 17 (Reuters) - Cerberus Capital Management
  and Solus Alternative Asset Management on Tuesday
  proposed a new plan to restructure bankrupt wireless venture
  LightSquared, with the...
  
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• Russian oligarch close to bowing to UK pressure to sell North Sea fields: FT

  17-03-2015 20:42
  LONDON (Reuters) - Russian billionaire Mikhail Fridman is preparing to sell North Sea gasfields at the heart of its fierce battle in Britain, bowing to government pressure and choosing to avoid a...
  
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• UPDATE 3-Miner Molycorp slumps as worries mount over its survival

  17-03-2015 20:30
  March 17 (Reuters) - Molycorp Inc lost about a third of its market value on Tuesday after its auditor raised "substantial doubt" about the rare earths miner's ability to stay in business, putting the...
  
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• Dow, S&P 500 fall on Fed nervousness; Nasdaq inches up

  17-03-2015 19:59 via news.yahoo.com
  
  The Nasdaq was up slightly, boosted by shares of Apple, up 1.7 percent at $127.03, and Facebook, up 1.7 percent at $79.36. Investors were anxious as the Federal Open Market Committee kicked off its meeting, to be followed by a statement from Chair Janet Yellen Wednesday afternoon. "People are waiting for the Fed to provide some degree of clarity going forward," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. At 2:37 p.m., the Dow Jones ind
  
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• US STOCKS-Dow, S&P 500 fall on Fed nervousness; Nasdaq inches up

  17-03-2015 19:57 via news.yahoo.com
  
  The Dow and S&P 500 fell on Tuesday following a rally in the previous session, hit by declines in commodity-related shares and nervousness ahead of a Federal Reserve meeting. The Nasdaq was up slightly, boosted by shares of Apple (Swiss: AAPL.SW - news) , up 1.7 percent at $127.03, and Facebook (NasdaqGS: FB - news) , up 1.7 percent at $79.36. Among S&P 500 sectors, materials were the weakest with a 1.2 percent decline, led by Dupont, down 3.1 percent at $74.68. "People are waiting for the Fed t
  
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• Citi, Barclays close to settling forex lawsuit for $800 million - WSJ

  17-03-2015 19:44 via news.yahoo.com
  
  (Reuters) - Citigroup Inc and Barclays Plc are close to settling as early as this week a lawsuit with private investors who say the banks manipulated foreign-exchange rates, the Wall Street Journal said. Barclays declined to comment. Citigroup could not be immediately reached. JPMorgan Chase & Co agreed to pay about $100 million to settle the same lawsuit in January and UBS AG agreed to pay $135 million last week.
  
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• Citi, Barclays close to settling forex lawsuit for $800 mln - WSJ

  17-03-2015 19:33 via news.yahoo.com
  
  Citigroup Inc and Barclays Plc are close to settling as early as this week a lawsuit with private investors who say the banks manipulated foreign-exchange rates, the Wall Street Journal said. The two banks ...
  
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• U.S. urges allies to think twice before joining China-led bank

  17-03-2015 19:32 via news.yahoo.com
  BERLIN/WASHINGTON (Reuters) - The United States urged countries on Tuesday to think twice about signing up to a new China-led Asian development bank that Washington sees as a rival to the World Bank after Germany, France and Italy followed Britain in saying they would join. The concerted move by U.S. allies to participate in Beijing's flagship economic outreach project is a diplomatic blow to the United States and its efforts to counter the fast-growing economic and diplomatic influence of
  
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• Norway seeks to curb household debt, slow housing boom

  17-03-2015 19:27 via news.yahoo.com
  
  Norway's financial supervisory authority proposed Tuesday to tighten mortgage lending rules in a bid to curb record-high household debt and housing prices, which it said threatened the oil-rich economy. Riding a wave of strong economic growth fuelled by the country's sizeable oil revenues and low interest rates, Norwegian household debt has soared to a new record at 2.3 times annual disposable income. House prices have more than doubled in the country since 2003 and rose by 8.7 percent
  
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• BHP hopes South32 spinoff will help it to shine in low-price markets

  17-03-2015 18:28
  
  MELBOURNE/LONDON (Reuters) - BHP Billiton said a proposed $13 billion spinoff of South32 would give the world's biggest miner a strong chance to ride out tough conditions in commodity markets and was...
  
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• Dijsselbloem says Greek cash running out; Athens rejects 'blackmail'

  17-03-2015 18:26 via news.yahoo.com
  
  Eurogroup head Jeroen Dijsselbloem repeated on Tuesday that Greece is running out of cash and must work on economic reforms if it hopes to receive further assistance, prompting Athens to respond that it would not let itself be blackmailed. Asked whether he thought Greece was stalling for time, Dijsselbloem, the Dutchman who chairs the group of euro zone finance ministers, said no. "The pressure on Greece is growing," he said in an interview with Dutch television broadcaster RTL Nieuws. "And agai
  
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• Britain's FTSE edges higher as battered oil stocks rebound

  17-03-2015 18:11
  * BHP rises after South32 spin-off details (Updates with closing prices)
  
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• Eurozone stock markets retreat; London advances

  17-03-2015 18:07 via news.yahoo.com
  
  The German and French stock markets fell on Tuesday, reversing strong gains won a day earlier, while the London index rose on the eve of Britain's budget announcement. London's benchmark FTSE 100 index of top companies added 0.49 percent to 6,837.61 points, with oil stocks gushing thanks to prospects for a tax break on oil exploration in the North Sea. The euro climbed to $1.0593 from $1.0565 late in New York on Monday as disappointing US data has raised speculation that the US Federal
  
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• Dragon Oil says approached by largest shareholder

  17-03-2015 17:55
  March 17 (Reuters) - Dragon Oil Plc said it had been approached by Dubai's Emirates National Oil Co Ltd LLC (ENOC), its largest shareholder, about a possible offer for its shares ENOC did not already...
  
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• Holcim-Lafarge cement deal hangs in the balance

  17-03-2015 17:49
  
  PARIS/ZURICH (Reuters) - The boards of Lafarge and Holcim met separately on Tuesday to try and salvage their merger to create the world's biggest cement firm, two sources said.
  
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• Europe stocks close mostly down

  17-03-2015 17:48 via news.yahoo.com
  
  Paris (AFP) - Europe's main stock markets finished mostly lower on Tuesday, with London's benchmark FTSE 100 index bucking that trend with a 0.49 percent gain to 6,837.61 points.
  
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• Wall Street declines with energy, materials, caution before Fed

  17-03-2015 17:45 via news.yahoo.com
  
  Investors were also anxious as the Federal Open Market Committee kicked off its meeting, which will be followed by a statement from Chair Janet Yellen Wednesday afternoon. "People are waiting for the Fed to provide some degree of clarity going forward," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. At 12:32 p.m., the Dow Jones industrial average fell 158.98 points, or 0.88 percent, to 17,818.44, the S&P 500 lost 11.95 points, or 0.57
  
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• Citigroup to exit Argentina custody business amid bond turmoil

  17-03-2015 17:17 via news.yahoo.com
  
  Citigroup Inc said on Tuesday it plans to exit its custodial business in Argentina as soon as possible, after a U.S. judge refused to lift an injunction that blocked the bank from processing interest payments on $2.3 billion of Argentina bonds. In a defeat for the bank, clients and Argentina itself, Citigroup said it made its decision in light of U.S. District Judge Thomas Griesa's March 12 order letting the injunction stand, and Argentina's renewed threats to strip its banking license
  
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• Canadian Conservative MP apologizes over anti-niqab comments

  17-03-2015 17:12 via news.yahoo.com
  
  By Randall Palmer OTTAWA (Reuters) - A legislator with Canada's governing Conservatives apologized on Tuesday for saying Muslim women who do not want to remove their face-coverings when taking the citizenship oath should "stay the hell where (they) came from."It was the second embarrassing backtrack this month by the ruling Conservatives as they gear up for an October election that they have signaled they will center around the economy and the fight against what they call "jihadist terrorism." T
  
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• House Republicans take aim at Dodd-Frank in budget plan

  17-03-2015 17:08 via news.yahoo.com
  
  By Sarah N. Lynch WASHINGTON (Reuters) - Republican lawmakers took aim at the Dodd-Frank Wall Street reform law Tuesday, unveiling a plan that would gut regulators' authority to manage the collapse of big banks and give Congress direct control of the U.S. consumer finance bureau's budget. The effort to repeal parts of Dodd-Frank is part of a broader fiscal 2016 budget plan released by the House of Representatives budget committee that calls for eliminating deficits and also repealing the preside
  
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• Fed meets with rate "patience" on the line

  17-03-2015 16:57 via news.yahoo.com
  
  The Federal Reserve's capacity for patience is on the line Tuesday when US monetary policymakers meet to discuss how soon to begin raising interest rates. Having signalled for months that an increase in the federal funds rate could come as early as mid-year, the Federal Open Market Committee has to decide whether a recent soft spot in the economy and the soaring dollar dictate putting that trajectory on hold. The two-day meeting ends Wednesday afternoon with a policy statement and new econo
  
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• Obama: Republican budget does not meet nation's future needs

  17-03-2015 16:54 via news.yahoo.com
  
  WASHINGTON (AP) — President Barack Obama says the House Republican budget will not help boost the middle class and he promises a "robust debate" over its priorities.
  
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• Rwanda's economy grows 7 pct in 2014 as agriculture expands

  17-03-2015 16:52 via news.yahoo.com
  
  Rwanda's economy grew by 7 percent in 2014 from 4.6 percent in the previous year, thanks to robust expansion in farming, services and industrial sectors, Finance Minister Claver Gatete said on Tuesday. The east African nation's 2013 growth suffered from cuts in budgetary support by donors, after United Nations monitors accused it of backing rebels in the neighbouring Democratic Republic of Congo. Rwanda's central bank said last March it expected its economy to grow by 6 percent in
  
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• New LightSquared bankruptcy exit plan has Ergen's support

  17-03-2015 16:51
  March 17 (Reuters) - Cerberus Capital Management
  and Solus Alternative Asset Management on Tuesday proposed a new
  plan to restructure bankrupt wireless venture LightSquared, with
  the support of...
  
  Read more

• MGM Resorts' shareholder pushes for REIT conversion

  17-03-2015 16:31
  March 17 (Reuters) - MGM Resorts International shareholder Land and Buildings urged the casino operator to convert its real estate assets into a real estate investment trust (REIT) and spin off its...
  
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• Wall Street falls as investors wait for Fed statement

  17-03-2015 16:24 via news.yahoo.com
  
  U.S. stocks pulled back on Tuesday from a rally in the previous session ahead of a Federal Reserve meeting that investors hope will bring insight on the timing of an interest rate hike. Investors held off on making big bets after the Federal Open Market Committee kicked off its meeting, which will be followed by a statement from Chair Janet Yellen Wednesday afternoon. Most economists expect the Fed to remove a pledge to be "patient" about raising interest rates from its statement, givi
  
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• Dow, oil head lower on eve of Fed meeting

  17-03-2015 16:16 via news.yahoo.com
  
  New York stocks were dropping on Tuesday, a day before the U.S. Federal Reserve releases its latest take on the U.S. economy which could signal when it may have to hike interest rates. The West Texas Intermediate crude contract, traded in New York, was down 67 cents to $43.21 US a barrel and Western Canada Select, a common Canadian contract, had slipped below $30 US in the morning but bounced upward later in the day to $30.42. The Toronto stock market moved into the positive column midafternoo
  
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• South Africa's current account deficit narrows, capital outflows still a risk

  17-03-2015 16:15 via news.yahoo.com
  
  By Mfuneko Toyana PRETORIA (Reuters) - South Africa's current account deficit narrowed in the final quarter of 2014, although the economy and the rand remain vulnerable to shocks caused by capital outflows, the central bank said. The South African Reserve Bank, in its quarterly bulletin released on Tuesday, said rising exports helped shrink the current account deficit to 5.1 percent of gross domestic product in the fourth quarter of last year, from a revised 5.8 percent in the third quarter
  
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• Tunisia to start economic rescue plan, sees 7 pct growth in 5 years

  17-03-2015 16:12 via news.yahoo.com
  
  By Tarek Amara TUNIS (Reuters) - Tunisia's new government will launch an emergency economic plan that includes reforms in subsidies and social funds to revive growth to a projected 7 per cent in five years, Tunisian Prime Minister Habib Essid said. Tunisia has been praised as an example of compromise politics and democratic transition since overthrowing autocrat Zine El-Abidine Ben Ali in a 2011 uprising, holding free elections and drafting a new constitution. Newly elected premier Habib E
  
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• Cash-strapped Palestinian gov't adopts emergency budget

  17-03-2015 16:11 via news.yahoo.com
  
  Gripped by financial crisis, the Palestinian government said on Tuesday it was putting an emergency budget in place for 2015 due to the absence of pledged international aid and Israel withholding its tax revenues. "The general budget law for 2015 comes amid complicated and tough conditions, as the treasury is suffering a choking financial crisis," a Palestinian cabinet statement said. Israel said in January it was freezing $127 million of monthly Palestinian tax revenue that it collects on behal
  
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• Budget fight: Obama claims the upper hand over Congress

  17-03-2015 16:00 via news.yahoo.com
  
  WASHINGTON (AP) — Bolstered by a spate of upbeat economic news, President Barack Obama is claiming the upper hand in the budget fight unfolding in Congress, aiming to exploit recent Republican stumbles to give Democrats an advantage despite their status as a weakened minority. But while Obama retains full use of the bully pulpit, his leverage over matters of government spending may prove limited.
  
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• Indian opposition unites to oppose Modi land reform push

  17-03-2015 15:51 via news.yahoo.com
  
  India's usually fractious opposition parties joined forces on Tuesday for a march against a bill to ease land acquisition rules, a rare show of unity that bodes badly for a key part of Prime Minister Narendra Modi's economic overhaul plans. Opposition parties from across the political spectrum, including Congress President Sonia Gandhi, walked from parliament to the president's home demanding the government drop its plans. "We have come together to oppose the Modi government�
  
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• BRIEF-Cencorp postpones long-term financing negotiations

  17-03-2015 15:24
  * Postpones targeted schedule for signing of first
  manufacturing partnership agreement and long-term financing
  negotiations from end of Q1 of 2015 to Q2
  
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• Hong Kong for work? A travel playlist from the CEO of Apple's Beats

  17-03-2015 15:14
  
  NEW YORK (Reuters) - Before headphones and speaker company Beats Electronics was sold to Apple for more than $3 billion, the company faced a crossroads: It had parted ways with partner Monster...
  
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• U.S. influence challenged in global financial institutions -Lew

  17-03-2015 15:13 via news.yahoo.com
  
  The Obama administration warned on Tuesday that rising powers were challenging U.S. leadership in global financial institutions, and urged Congress to approve a deal it says would help preserve U.S. influence. "New players are challenging U.S. leadership in the multilateral system," Treasury Secretary Jack Lew said in prepared remarks. Lew urged lawmakers to sign off on a reform of the International Monetary Fund that would give emerging markets a bigger say in global economic policy w
  
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• Wall Street opens lower ahead of Fed meeting

  17-03-2015 15:07 via news.yahoo.com
  
  The Federal Open Market Committee is due to start a two-day meeting on Tuesday and is expected to put out its statement and projections on Wednesday afternoon. Most economists expect the Fed to remove a pledge to be "patient" about raising interest rates from its statement, giving it flexibility on when to kick off its first rate hike since 2006.
  
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• No push to make Deutsche Bank exclusively German -Co-CEO

  17-03-2015 14:58 via news.yahoo.com
  
  FRANKFURT (Reuters) - Deutsche Bank is not under pressure to focus its business on its domestic market and abjure international investment banking activity, its Co-Chief Executive Anshu Jain said on Tuesday. "As I talk to regulators and talk to politicians in Berlin, there is very little debate; I don't sense a great move to make Deutsche Bank an exclusively German institution," Jain told a financial conference. "Why would you want to have a domestic only banking sector, when
  
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• Eurozone stock markets slide; London steady

  17-03-2015 14:53 via news.yahoo.com
  
  The German and French stock markets slid on Tuesday, reversing strong gains won a day earlier, while the London index was steady on the eve of Britain's budget announcement. London's benchmark FTSE 100 index of top companies was up 0.30 percent at 6,824.51 points in early afternoon trade.
  
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