Finance news

• New Zealand economic growth 'solid': Finance Minister

  18-03-2015 23:59 via news.yahoo.com
  New Zealand's economy grew 0.8 percent in the final three months of 2014, expanding across the board in a "solid" and sustainable performance, Finance Minister Bill English said Thursday. The quarterly data, which came in slightly higher than market expectations of a 0.75 percent expansion, took growth for calendar 2014 to 3.3 percent, Statistics New Zealand (SNZ) said. "New Zealand household spending also increased 0.6 percent." English said New Zealand's farm-reli
  
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• Salus Capital complaint urges cap on credit bid for RadioShack

  18-03-2015 23:57
  SAN FRANCISCO, March 18 (Reuters) - Salus Capital LLC filed
  an adversary complaint on Wednesday in RadioShack Corp's Chapter
  11 bankruptcy that seeks to hold credit bidding in the
  electronic...
  
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• Tunis museum attack set to hit already battered tourism sector

  18-03-2015 23:33 via news.yahoo.com
  
  Tunisia's tourism sector, already badly damaged by the 2011 revolution, is set for another massive setback following Wednesday's brazen attack on the national museum in Tunis which left 19 people dead, including 17 foreign tourists. "This is bad for tourism but also for Tunisia, its economy, the spirit of freedom which seemed to be emerging," Jean-Pierre Mas, head of the French National Union of Travel Agencies (SNAV) told AFP.
  
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• Obama slams Republicans for 'stale and outmoded' budget debate

  18-03-2015 23:30 via news.yahoo.com
  
  By Roberta Rampton CLEVELAND (Reuters) - President Barack Obama slammed Republicans' latest budget proposals on Wednesday, saying funding for research, education and infrastructure would be better for economic growth than tax cuts. In a speech at the City Club of Cleveland, Obama mocked Republicans for turning to tax cuts in a budget that "doubles down on trickle-down" economics.. "Republicans in Congress have put forward the same proposals year after year after year regardless of the realities
  
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• U.S. Fed may not raise rates in 2015: Morgan Stanley

  18-03-2015 23:05 via news.yahoo.com
  
  Morgan Stanley's chief U.S. economist said on Wednesday the U.S. Federal Reserve may not increase interest rates in 2015 due to weak inflation and risks to the economy due to a surging dollar after the central bank downgraded its economic forecasts. "With our expectation that core inflation falls further from goal, and the lingering threats to growth and inflation from the rapid appreciation of the U.S. dollar, we look for the Fed to forego rate hikes this year," Morgan Stanley chief U.S. econom
  
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• UPDATE 2-Goldman Sachs BDC shares fall in market debut

  18-03-2015 22:56
  March 18 (Reuters) - Shares of Goldman Sachs BDC Inc , the first business development company backed by an investment bank to go public in the United States, fell 2.5 percent in their market...
  
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• Fed opens door for rate rise but frets over slower growth

  18-03-2015 22:46 via news.yahoo.com
  
  The Federal Reserve dropped its pledge to remain "patient" on raising interest rates Wednesday, signaling a possible midyear federal funds rate hike after over six years at the zero level. Both the International Monetary Fund and the Organisation for Economic Co-operation and Development had warned this week about the turmoil that could result in the weak global economy from Fed tightening.
  
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• UPDATE 3-LightSquared plans to repay Dish Network chairman in full

  18-03-2015 22:35
  NEW YORK, March 18 (Reuters) - Bankrupt U.S. wireless
  venture LightSquared filed a new restructuring plan on Wednesday
  that would pay the full $1.5 billion claim to its largest
  creditor, Dish Network...
  
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• Key measures from Britain's pre-election budget

  18-03-2015 22:34 via news.yahoo.com
  
  British finance minister George Osborne delivered his annual budget statement on Wednesday, his final chance to persuade voters his economic plans were working before a national election on May 7. Here are the main details from his speech: GROWTH The Office for Budget Responsibility revises up Britain’s economic growth forecast for 2015 to 2.5 percent from an earlier prediction of 2.4 percent.
  
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• Stocks, bonds rally as Fed says it may move slowly on rates

  18-03-2015 22:31 via news.yahoo.com
  
  NEW YORK (AP) — The Federal Reserve surprised financial markets on Wednesday with a cautious outlook on the economy, pushing stocks and bonds sharply higher.
  
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• TSX up after U.S. Fed comments ease market concerns

  18-03-2015 22:14 via news.yahoo.com
  
  By John Tilak TORONTO (Reuters) - Canada's main stock index hit its highest level in more than a week on Wednesday after the U.S. Federal Reserve opened the door further to the possibility of an interest rate increase. The bank provided more clarity about plans to raise interest rates, but stopped short of saying when that could happen. This could mean that they are not going to be quick in raising rates,” said Philip Petursson, managing director of capital markets & strategy at Manul
  
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• Thailand's outdated tech sector casts cloud over economy

  18-03-2015 22:12 via news.yahoo.com
  
  By Orathai Sriring and Pairat Temphairojana BANGKOK (Reuters) - Next month the last batch of televisions will roll off the production line at LG Electronics' plant in Thailand's Rayong province, just east of Bangkok. The move is part of a downward trend for Thailand's once-booming electronics industry, that is struggling to find a foothold in the global supply chain for modern technology like smartphones and tablet computers. The decline is raising concerns that Thailand's ec
  
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• Alibaba investors face lock-up battered but largely unbowed

  18-03-2015 22:02
  
  NEW YORK (Reuters) - As Alibaba was preparing to sell shares to U.S. investors for the first time, Jerry Verseput tried to persuade his clients not to throw money at the giant China-based e-commerce...
  
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• Thai fund managers cry foul over rallying Bank of Ayudhya shares

  18-03-2015 22:00
  BANGKOK, March 19 (Reuters) - Big-money funds in Thailand are blaming a failure to beat the country's benchmark share index on a jump in the stock of one bank they can't buy - Bank of Ayudhya Pcl...
  
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• Who needs a dog when you've got the Fed?: James Saft

  18-03-2015 21:57
  
  (Reuters) - The Federal Reserve has proved once again that investors can ditch the dog: they have a friend in the U.S. central bank.
  
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• Fed cuts US economic forecasts for 2015

  18-03-2015 21:54 via news.yahoo.com
  
  The Federal Reserve on Wednesday broadly lowered its outlook on the US economy this year, saying growth and inflation were slowing but the jobs market was expected to keep improving. The FOMC said that the labor market had made gains but inflation had declined further below its longer-run 2.0 percent target, largely due to falling energy prices. In an update of December projections released along with the FOMC statement, the Fed cut its estimate of 2015 gross domestic product growth by 0.3 perce
  
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• Brazil fines tycoon Batista for not informing market on CCX action

  18-03-2015 21:51
  RIO DE JANEIRO, March 18 (Reuters) - Brazil's securities
  regulator CVM fined Brazilian tycoon Eike Batista 300,000 reais
  ($93,000) on Wednesday for failing to keep investors informed
  about a possible...
  
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• Fed opens door wider for rate hike but downgrades economic outlook

  18-03-2015 21:34 via news.yahoo.com
  
  The Federal Reserve on Wednesday moved a step closer to hiking rates for the first time since 2006, but downgraded its economic growth and inflation projections, signaling it is in no rush to push borrowing costs to more normal levels. The U.S. central bank removed a reference to being "patient" on rates from its policy statement, opening the door wider for a hike in the next couple of months while sounding a cautious note on the health of the economic recovery. Fed officials also slas
  
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• Wall St. surges as Fed statement relieves rate worries

  18-03-2015 21:32 via news.yahoo.com
  
  U.S. stocks rallied on Wednesday after the Federal Reserve suggested a less aggressive timeline for raising interest rates even as it opened the door for the first hike in almost a decade. The Fed dropped its pledge to be "patient" in deciding when to begin raising rates, but it cut its interest-rate projections over the next few years and downgraded its outlook for the U.S. economy.
  
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• Mexican retailer Walmex to slow expansion plans in 2015

  18-03-2015 21:27 via news.yahoo.com
  
  Wal-Mart de Mexico , the country's biggest retailer, will expand more slowly this year, and instead focus on making sure new stores generate more money, Chief financial Officer Rafael Matute said on Wednesday. Walmex has suffered in the past two years from an economic slump in the Mexican economy, forcing the company to sell assets and focus on its supermarket business. "This year, 2015, will be a year of pause," Walmex Chief Executive Officer Enrique Ostale said at an analysts�
  
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• Doctors’ unconscious bias may not influence their decisions

  18-03-2015 21:21 via news.yahoo.com
  
  The study’s lead author told Reuters Health by email that past research has suggested a connection between unconscious biases and how patients are treated, so the new results are not definitive. “We need to do formal observational trials to see what’s happening in real life and also look at other provider associated mechanisms such as empathy and mindfulness,” said Dr. Adil Haider of the Center for Surgery and Public Health at Brigham and Women’s Hospital in Boston. He and his colleagu
  
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• US stocks surge as Fed signals caution on rates

  18-03-2015 21:12 via news.yahoo.com
  
  Wall Street stocks surged Wednesday after the Federal Reserve trimmed its US economic forecast and signaled a cautious approach to raising interest rates. At the closing bell, the Dow Jones Industrial Average was at 18,072.50, up 223.42 points (1.25 percent). The broad-based S&P 500 gained 24.94 (1.20 percent) at 2,099.22, while the tech-rich Nasdaq Composite Index jumped 45.17 (0.91 percent) to 4,982.61. The Fed dropped a pledge to remain "patient" on raising interest rates, signa
  
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• Wall Street ends sharply higher after Fed comments

  18-03-2015 21:04 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks rallied on Wednesday after the Federal Reserve suggested a less aggressive timeline for raising interest rates even as it opened the door for the first hike in almost a decade. The Dow Jones industrial average rose 222.14 points, or 1.24 percent, to 18,071.22, the S&P 500 gained 24.96 points, or 1.2 percent, to 2,099.24 and the Nasdaq Composite added 45.39 points, or 0.92 percent, to 4,982.83. (Reporting by Ryan Vlastelica; Editing by Nick Zieminski)
  
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• Oil prices surge as Fed stays cautious on rates

  18-03-2015 20:51 via news.yahoo.com
  
  World oil prices jumped Wednesday as a cautious Federal Reserve statement offset data showing a big increase in US crude inventories. Crude prices surged after the Fed's 1800 GMT statement, which noted that US economic growth had "moderated somewhat" since January. The Fed dropped a pledge to remain "patient" on raising interest rates, signaling a midyear federal funds rate hike remained possible after keeping it at the zero level for more than six years.
  
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• U.S. shares, oil jump after Fed statement

  18-03-2015 20:46 via news.yahoo.com
  
  Stocks on Wall Street surged and oil prices jumped as much as 5 percent on Wednesday after the Federal Reserve indicated it preferred a more gradual path to normalizing U.S. interest rates even as it moved toward its first rate hike in almost a decade. The dollar tumbled against other major currencies and the U.S. 10-year Treasury yield dipped below 2 percent for the first time since March 2 after the Fed appeared to argue against a June rate hike as many in the market had expected. The Fed in i
  
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• Argentina will not let Citigroup quit custody business: government source

  18-03-2015 20:35 via news.yahoo.com
  
  Argentina will not allow Citigroup Inc. to exit its local custody business, a senior source in the government said on Wednesday, setting up a possible showdown between the leftist government and the banking giant over sovereign debt payments. President Cristina Fernandez' has threatened to cancel Citibank Argentina's operating license if it refuses to process a March 31 interest payment, putting at risk the group's retail banking business in Latin America's No. 3 economy. &qu
  
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• UPDATE 1-Starbucks to debut delivery in Manhattan, Seattle this year

  18-03-2015 20:03
  March 18 (Reuters) - Starbucks Corp will begin offering delivery in New York City and Seattle later this year, when it also plans to expand mobile order and pay services across the United...
  
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• Fed chief Yellen's news conference after FOMC meeting

  18-03-2015 19:52 via news.yahoo.com
  
  The following are highlights of Federal Reserve Chair Janet Yellen's remarks at a press conference following the conclusion of the U.S. central bank's two-day policy meeting on Wednesday. "With continued improvement in economic conditions ... we do not want to rule out the possibility that an increase in the target range could be warranted at subsequent meetings (to the April FOMC meeting).
  
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• Citigroup sues ex-Goldman partners' firm over Swiss franc losses

  18-03-2015 19:50
  
  NEW YORK (Reuters) - Citigroup Inc has sued a Connecticut firm founded by two former Goldman Sachs partners for $25 million over losses incurred during the unexpected surge in the Swiss franc in...
  
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• Italian minister resists pressure to quit over corruption inquiry

  18-03-2015 19:44 via news.yahoo.com
  
  By Isla Binnie ROME (Reuters) - Italy's transport and infrastructure minister on Wednesday resisted calls to resign over a corruption inquiry into public works contracts supervised by his ministry that is creating a growing embarrassment for Prime Minister Matteo Renzi. Police arrested four suspects this week in an investigation involving 51 people on charges of the sort of graft that Italy has long failed to prevent afflicting its stagnant economy. Minister Maurizio Lupi himself is not under in
  
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• Fed dumps 'patient' from statement, but hikes seem far off

  18-03-2015 19:39 via news.yahoo.com
  
  * But the U.S. central bank signaled a more cautious outlook for U.S. economic growth and slashed its projected interest rate path, in a sign that it remains concerned about the health of the recovery. * In its statement following a two-day meeting, the Fed's policy-setting committee repeated its view that job market conditions had improved and gave its strongest signal to date that it was nearing its first rate hike since 2006. * The Fed said a rate increase remained "unlikely" at its April mee
  
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• Bill Gross says strong dollar played role in Fed's dovish stance: CNBC

  18-03-2015 19:36
  
  NEW YORK (Reuters) - Bill Gross, who runs the Janus Global Unconstrained Bond Fund, said on CNBC on Wednesday that he thinks the strong dollar played a role in the Federal Reserve's dovish stance.
  
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• What plastic is right for your teen?

  18-03-2015 19:33
  NEW YORK (Reuters) - When your children's concept of pocket change involves actual change, helping them keep track of their money is pretty easy. But when they start needing serious coin to gas up a...
  
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• U.S. Senate Republicans seek smaller budget cuts than House plan

  18-03-2015 19:30
  WASHINGTON, March 18 (Reuters) - U.S. Senate Republicans on Wednesday proposed less aggressive budget cuts than their House of Representative counterparts, forgoing a massive revamp of the Medicare...
  
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• UPDATE 1-Mexican retailer Walmex to invest 12.4 bln pesos in 2015

  18-03-2015 19:29
  March 18 (Reuters) - Wal-Mart de Mexico, the country's biggest retailer, will invest 12.4 billion pesos ($809.45 million) this year in maintenance and expansion of its sales floor, its chief finance...
  
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• WRAPUP 4-Fed opens door for rate hike even as it downgrades economic outlook

  18-03-2015 19:28
  WASHINGTON, March 18 (Reuters) - The Federal Reserve on Wednesday moved a step closer to a much anticipated first rate hike since 2006 by removing "patient" from its language, although markets bet on...
  
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• CANADA FX-C$ strengthens sharply from six-year lows after Fed news

  18-03-2015 19:22
  TORONTO, March 18 (Reuters) - The Canadian dollar strengthened sharply from six-year lows against the U.S. dollar on Wednesday, after the Federal Reserve signaled a more cautious outlook for U.S....
  
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• Russian energy minister, Exxon CEO discuss Sakhalin-1 project

  18-03-2015 19:21
  MOSCOW, March 18 (Reuters) - Russian Energy Minister Alexander Novak and the CEO of U.S. oil and gas major ExxonMobil Rex Tillerson have discussed the Exxon-led Sakhalin-1 project, the ministry's...
  
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• Fed removes 'patient' from statement, but hikes seem far off

  18-03-2015 19:20 via news.yahoo.com
  
  * But the U.S. central bank signaled a more cautious outlook for U.S. economic growth and slashed its projected interest rate path, in a sign that it remains concerned about the health of the recovery. * In its statement following a two-day meeting, the Fed's policy-setting committee repeated its view that job market conditions had improved and gave its strongest signal to date that it was nearing its first rate hike since 2006. * The Fed said a rate increase remained "unlikely" at its April mee
  
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• Tombini says Brazil currency swap program has significant size

  18-03-2015 19:19
  SAO PAULO, March 18 (Reuters) - Brazil's central bank will decide the next steps of a currency swap program in coming weeks, central bank president Alexandre Tombini said at an event on Wednesday,...
  
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• Mexican retailer Walmex to invest 12.4 bln pesos in 2015

  18-03-2015 19:17
  March 18 (Reuters) - Wal-Mart de Mexico, the country's biggest retailer, said on Wednesday it would invest 12.4 billion pesos ($809.45 million) this year in maintenance and expansion of its sales...
  
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• GM to shut Russian plant as sales slide

  18-03-2015 19:17 via news.yahoo.com
  
  General Motors Co will shut its Russian factory and wind down its Opel brand in the country, taking a $600 million charge as it restructures its business to cope with a deepening downturn, the U.S. carmaker said on Wednesday. After several years of growth in excess of 10 percent, car sales in Russia shrank in 2014 as the economy weakened because of Western sanctions over the Ukraine crisis and a slide in oil prices. The U.S. carmaker said it would stop production at its St. Petersburg plant whic
  
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• Chancellor Osborne woos voters with earlier end to austerity

  18-03-2015 19:15 via news.yahoo.com
  
  By William Schomberg and David Milliken LONDON (Reuters) - British Chancellor George Osborne sought to court voters ahead of a tight May 7 election by pitching an earlier end to his austerity drive and cautious tax cuts against a backdrop of faster economic growth. Osborne said Prime Minister David Cameron's government had saved Britain's economy and would bring down national debt earlier than forecast with a 22 billion-pound sale of state-owned bank assets. Osborne aimed to blunt one
  
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• CANADA STOCKS-TSX turns positive after Fed statement

  18-03-2015 19:13
  TORONTO, March 18 (Reuters) - Canada's main stock index reversed course to trade higher on Wednesday after the Federal Reserve opened the door further to the possibility of a U.S. interest rate hike...
  
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• UPDATE 3-UK's Osborne woos voters with earlier end to austerity

  18-03-2015 19:10
  * Labour says cuts still extreme (adds details, comment from economist, background)
  
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• UPDATE 3-GM to shut Russian plant as sales slide

  18-03-2015 19:09
  * Car sales slide in Russia (Adds Russian Economy Ministry comment)
  
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• Wall Street turns higher after Fed statement

  18-03-2015 19:07 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stock turned higher on Wednesday after the Federal Reserve opened the door further to an interest rate hike as early as June.
  
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• US STOCKS SNAPSHOT-Wall St turns higher after Fed statement

  18-03-2015 19:06
  NEW YORK, March 18 (Reuters) - U.S. stock turned higher on Wednesday after the Federal Reserve opened the door further to an interest rate hike as early as June.
  
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• France's Total presses Cyprus oil, gas search: officials

  18-03-2015 19:04 via news.yahoo.com
  
  French energy giant Total will press ahead with its search for oil and gas off the coast of Cyprus, officials announced Wednesday, weeks after the company indicated it might withdraw. The announcement came following the signing of a deal by Energy Minister George Lakkotrypis and Total's Cyprus operations chief, Jean-Luc Porcheron, Cypriot officials said. The deal envisions further exploration in Bloc 11, which lies within Cyprus's exclusive economic zone off the island's southern
  
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• Markets on edge for Fed plans on rate hike

  18-03-2015 19:01 via news.yahoo.com
  
  Currency and bond markets were on edge Wednesday ahead of the outcome of the Federal Reserve's policy meeting, expected to make clearer plans for a possibly midyear interest rate increase. Most analysts believe the Federal Open Market Committee's policy statement, to be released at 1800 GMT, will drop its insistence that it "can be patient" before increasing the federal funds rate, the benchmark that has sat at zero for more than six years to pull the economy back from crisis
  
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