Finance news

• Permit delays blamed for dismal California oil rig count

  02-04-2015 23:55
  SAN FRANCISCO, April 2 (Reuters) - A backlog of wastewater injection permits in California caused by a review of the state's program has contributed to the low number of oil rigs, an oil industry...
  
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• Investors pulled $7.3 billion from Pimco Total Return Fund in March

  02-04-2015 23:35
  NEW YORK (Reuters) - Investors yanked $7.3 billion from the Pimco Total Return Fund in March as Pimco's flagship fund continued to reel six months after the exit of co-founder Bill Gross.
  
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• The deflation monster under the bed: James Saft

  02-04-2015 23:01
  (Reuters) - As with so many illnesses, focus only on deflation as a state and you will end up more likely to get it and to mis-treat it when it happens.
  
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• China's thriving brokerage minnows set to come under M&A spotlight

  02-04-2015 23:00 via news.yahoo.com
  
  * Stock market boom saw brokers doubling profits in 2014 * Beijing plans to open up sector to more financial firms * Stiff industry competition ahead to lead to more deals By Elzio Barreto HONG KONG, April 3 (Reuters) - In the shoals of China's little-known stockbrokers, fast-growing firms like Southwest Securities Co may soon find themselves in the glare of a consolidation spree triggered by Beijing's drive to modernise the country's financial industry. Nearly doubling profits last year on a st
  
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• US stocks end higher ahead of jobs data

  02-04-2015 22:46 via news.yahoo.com
  
  Wall Street shares ended modestly higher Thursday ahead of the long holiday weekend, with traders confident that the next day's March jobs data will not change the overall economic picture. On the final session of the week before a three-day Easter weekend, the Dow Jones Industrial Average finished up 65.06 points (0.37 percent) at 17,763.24. This is this time of year when people go on spring break, and tomorrow will be Good Friday," said Hinsdale Associates's Bill Lynch. The jobs
  
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• U.S. muni bond funds post $300.6 million in outflowsL: Lipper

  02-04-2015 22:26
  Reuters - U.S. municipal bond funds reported $300.6 million of net outflows in the week ended April 1, compared with $581.7 million in inflows in the previous week, according to data released by...
  
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• Justice Department pressing for guilty plea from Citibank unit in currency probe: Bloomberg

  02-04-2015 22:14
  
  (Reuters) - The U.S. Department of Justice is pressing for Citigroup Inc's main banking subsidiary to plead guilty to criminal charges that it manipulated the prices of foreign currencies, Bloomberg...
  
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• Oil price falls as Iran nuclear framework reached

  02-04-2015 22:13 via news.yahoo.com
  
  Crude-oil prices fell Thursday after six world powers and Iran announced they had agreed on a framework to curb Iran's nuclear drive. With the tentative deal, if confirmed, likely to allow Iran crude exports back on the markets, Brent North Sea crude for delivery in May, the global benchmark contract, slumped $2.15, settling at $54.95 a barrel in London trade. The US benchmark, West Texas Intermediate (WTI) for May delivery, shed 95 cents to close at $49.14 a barrel on the New York Mercanti
  
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• Exclusive: IBM hired advisers to deal with restless investors - sources

  02-04-2015 21:43 via news.yahoo.com
  
  NEW YORK/BOSTON (Reuters) - Some top shareholders of IBM, disappointed by 11 straight quarters of falling revenues, are seeking help from activist investors to shake up the company, but have been turned down by both Bill Ackman's Pershing Square and Jeffrey Ubben's ValueAct, according to people with knowledge of the matter. International Business Machines Corp is concerned about a possible attack by prominent activist hedge funds, and is working with two investment banks to formulate a
  
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• Exchange-traded products drew $36.1 billion globally in March: BlackRock

  02-04-2015 21:20
  NEW YORK (Reuters) - Investors poured $36.1 billion into exchange-traded products in March, largely driven by money going into non-U.S. developed markets funds as appetite for European and Japanese...
  
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• AIG appoints Martha Gallo as head of internal audit

  02-04-2015 20:58
  (Reuters) - Insurer American International Group Inc (AIG) said it appointed Martha Gallo as executive vice president and head of internal audit.
  
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• Activist investor nominates directors to Macerich board - source

  02-04-2015 20:56
  April 2 (Reuters) - Activist investor Jonathan Litt has nominated four directors to Macerich Co's board after the U.S. mall owner rejected a takeover bid from larger rival Simon Property Group Inc, a...
  
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• Department store chain Belk seeks sale: sources

  02-04-2015 20:52
  (Reuters) - Belk Inc is exploring a sale that could value the largest family-owned and operated department store chain in the United States at as much as $4 billion, including debt, people familiar...
  
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• Argentina suspends Citibank exec in 'vulture funds' row

  02-04-2015 20:50 via news.yahoo.com
  
  Argentina has suspended the head of Citibank's local subsidiary after the bank said it would stop processing payments on Argentine bonds caught up in a messy US court battle. Gabriel Ribisich is no longer authorized to act as the bank's legal representative in Argentina, the central bank said in a statement late Wednesday, accusing him of "misconduct" and giving Citibank 24 hours to designate a new director general. Citibank has found itself embroiled in a dispute between Arg
  
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• Ameriprise hires adviser from Edward Jones

  02-04-2015 20:35
  (Reuters) - Asset management firm Ameriprise Financial Inc said Robert Shanks from brokerage firm Edward Jones joined its independent channel as adviser.
  
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• Falling oil imports shrink US trade gap in February

  02-04-2015 19:49 via news.yahoo.com
  
  The US trade deficit plunged in February to a five-year low as the country's oil import bill continued to drop and West Coast port strikes slowed traffic. The second straight fall in the trade gap could suggest slightly stronger growth in the US economy in the first months of the year than previously estimated as the Federal Reserve weighs an increase in ultra-low interest rates. The trade gap fell to $35.4 billion in February, diving almost 17 percent from January's upwardly revised $
  
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• Investment banking fees fall 8 percent in weakest first quarter since 2012

  02-04-2015 19:33
  
  (Reuters) - Global investment banking fees fell 8 percent to $20 billion in the first quarter, the poorest start to the year since 2012, hurt by weak deal activity in Europe, Asia Pacific and Japan.
  
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• Trian's Peltz says 'not pushing' Mondelez for a big deal

  02-04-2015 19:32
  (Reuters) - Billionaire activist investor Nelson Peltz said on Thursday he is not pushing Mondelez International Inc to do a big deal.
  
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• Exclusive: Cerberus seeks over $3 billion for private equity fund

  02-04-2015 19:23
  (Reuters) - Cerberus Capital Management LP is seeking more than $3 billion for its latest flagship private equity fund to invest in distressed assets such as non-performing loans and ailing companies...
  
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• Britain's FTSE advances as M&S surges

  02-04-2015 18:14
  LONDON, April 2 (Reuters) - Britain's top share index pushed higher on Thursday, helped by a surge in the shares of retailer Marks & Spencer, which reported its best non-food sales performance for...
  
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• US stocks edge higher after 2 days of losses

  02-04-2015 18:02 via news.yahoo.com
  
  Major U.S. stock indexes moved higher in morning trading Thursday as investors welcomed economic news on jobs and factory orders. The market is coming off a two-day losing streak as traders look ahead to the start of the next round of corporate earnings beginning next week. Oil prices eased after climbing the day before.
  
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• Brazil court accepts OAS request for creditor protection

  02-04-2015 17:38
  SAO PAULO, April 2 (Reuters) - A Brazilian state court
  accepted a bankruptcy protection request filed by engineering
  conglomerate Grupo OAS for nine of its units, in the largest
  corporate failure yet...
  
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• The battle of the robo-advisers heats up

  02-04-2015 17:37
  
  CHICAGO (Reuters) - Here's something you don't see every day: two investment companies in a very public fight about values, greed and putting the interests of customers first.
  
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• ECB says contested QE programme already boosting recovery

  02-04-2015 16:55 via news.yahoo.com
  
  The European Central Bank said Thursday it is increasingly confident that its controversial bond purchase programme is helping boost the eurozone's economic recovery, even as a top official expressed doubts about its effectiveness. In the minutes of the governing council's meeting on March 4 and 5 released on Thursday, the ECB said that "members generally shared the assessment that significant positive effects ... could already be seen" from the new bond purchase programme kn
  
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• US trade gap narrows as exports fall but imports drop more

  02-04-2015 16:35 via news.yahoo.com
  
  WASHINGTON (AP) — The U.S. trade deficit plunged in February as exports fell but imports dropped even more. The narrower gap could give a slight if temporary boost to U.S. economic growth, which has flagged in recent months.
  
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• US shares higher; trade cautious ahead of holiday

  02-04-2015 16:19 via news.yahoo.com
  
  US stocks pushed up in early action Thursday as traders took a cautious stance with markets to be closed on Friday for the Easter weekend. About 30 minutes into trade, the Dow Jones Industrial Average was up 111.87 points (0.63 percent) at 17,810.05. The broad-based S&P 500 gained 12.26 (0.60 percent) at 2,071.95, while the tech-rich Nasdaq Composite rose 20.33 (0.42 percent) to 4,900.56. The US trade deficit meanwhile shrank to a more than five-year low, which analysts said should give a bo
  
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• Average US rate on 30-year mortgage barely moves at 3.7 pct.

  02-04-2015 16:12 via news.yahoo.com
  
  WASHINGTON (AP) — Average long-term U.S. mortgage rates barely moved this week, remaining close to historically low levels as the spring home-buying season gets underway.
  
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• Hit by price dive, Canada's Labrador Iron Mines seeks court protection

  02-04-2015 16:04
  TORONTO, April 2 (Reuters) - Canada's Labrador Iron Mines
  Holdings sought court protection from creditors on Thursday,
  making it the latest victim of a high-stakes battle for market
  share among major...
  
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• BRIEF-Labrador Iron Mines announces restructuring under CCAA

  02-04-2015 16:00
  * Labrador iron mines says needs to complete a financial
  restructuring in order to continue as a going concern
  
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• REFILE-Fallout from oil price drop stirs mortgage concerns

  02-04-2015 16:00
  NEW YORK, April 2 (IFR) - After financing an oil-related
  hotel and apartment boom in parts of the country, CMBS lenders
  and investors are now worried low oil prices will leave them
  facing...
  
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• European equities mixed ahead of Easter break

  02-04-2015 16:00 via news.yahoo.com
  
  European equity markets were mixed on Thursday ahead of the long Easter holiday weekend and on the eve of critical US jobs data, dealers said. In afternoon deals, London's benchmark FTSE 100 index of top companies added 0.15 percent to 6,816.06 points and the CAC 40 in Paris was up 0.10 percent to 5,067.33 points. All three main European stock markets will remain closed on Friday and Monday for public holidays, before reopening for business on Tuesday. "The quarter has hardly got off t
  
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• COMMENT-Time for investors to stop hiding behind the small print

  02-04-2015 15:56
  LONDON, April 2 (IFR) - The hysterical anger from investors
  after Lloyds announced this week it had won permission to redeem
  early high-coupon capital issued during the darkest days of the
  financial...
  
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• JPMorgan Chase on track to pay $4 billion to homeowners as part of settlement

  02-04-2015 15:31
  
  WASHINGTON (Reuters) - JPMorgan Chase & Co is on track to meet its mandate to provide billions of dollars in consumer relief to struggling homeowners as part of a settlement it reached over bad...
  
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• US trade deficit plunges 16.9 percent in February

  02-04-2015 14:52 via news.yahoo.com
  
  WASHINGTON (AP) — The U.S. trade deficit plunged in February as both imports and exports sank, driven by a since-settled trade dispute and a global economic slowdown that has cut into oil prices and caused the dollar to rise in value.
  
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• GRAPHIC-European stocks getting as expensive as U.S. shares

  02-04-2015 14:36 via news.yahoo.com
  
  European stocks' valuation ratios are set to reach those of Wall Street shares for the first time since 2002 following a stellar first-quarter rally, raising concerns about overheating in European markets. Following a strong outperformance of European stocks in the past three months, the gap has fallen to 0.4 percentage point, the lowest discount since 2002. This is why the rally is starting to lose steam, apart from the banking stocks which are late comers in the rally," said Francois Chevallie
  
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• Applications for US jobless aid plunge

  02-04-2015 14:35 via news.yahoo.com
  
  WASHINGTON (AP) — The number of people seeking U.S. unemployment benefits dropped significantly last week, a sign of a strong job market despite evidence of tepid economic growth in the opening months of 2015.
  
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• BRIEF-De Molen files a motion for bankruptcy with liquidation

  02-04-2015 14:18
  * Its management files a motion to court in Poznan for
  bankruptcy with liquidationSource text for Eikon:Further company coverage:
  (Gdynia Newsroom)
  
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• Sri Lankan shares close at more than 1-wk high on bargain hunting

  02-04-2015 14:04
  COLOMBO, April 2 (Reuters) - Sri Lankan shares rose for a third straight session on Thursday, marking their highest close in more than a week on bargain-hunting in beaten-down stocks, after the index...
  
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• How to bank your child's money

  02-04-2015 14:04
  NEW YORK (Reuters) - When I told my 7-year-old that her wallet was getting full and it was time to open a bank account, her eyes widened. She wanted to know if she would be allowed to carry her own...
  
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• European Central Bank determined to stick with stimulus plan

  02-04-2015 13:34 via news.yahoo.com
  
  FRANKFURT, Germany (AP) — Records of the March 5 European Central Bank meeting show top officials expressing determination to stick with the full 1 trillion euros ($1.1 trillion) of their planned stimulus — even though the 19-countrye eurozone economy shows signs of finally picking up.
  
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• Citi taps ex-UBS executive Herrmann as global head of prime finance: memo

  02-04-2015 12:59
  
  LONDON (Reuters) - Citigroup Inc has appointed former UBS Group executive Adam Herrmann as its global head of prime finance, a unit that services hedge funds.
  
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• Top ECB official sceptical about bond purchases: report

  02-04-2015 12:36 via news.yahoo.com
  
  One of the members of the European Central Bank's executive board, Sabine Lautenschlaeger, expressed doubt Thursday that the ECB's controversial bond purchase programme will have the desired effect. "Given the current low level of interest rates in the eurozone, I have doubts whether the economic effects of the purchase programme will reach the desired magnitude," Lautenschlaeger told the weekly magazine WirtschaftsWoche in an interview. The ECB launched a programme of so-cal
  
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• UPDATE 3-M&S returns to non-food sales growth after four-year wait

  02-04-2015 12:32
  * Food sales up 0.7 pct (Adds CEO, analyst comment, shares)
  
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• BRIEF-Geoinvent unit Neokard GIS files for bankruptcy with liquidation

  02-04-2015 12:22
  * Says its unit Neokard GIS Sp. z o.o. files motion to court
  in Warsaw for bankruptcy with liquidation of assetsSource text for Eikon:Further company coverage:
  (Gdynia Newsroom)
  
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• S&P sees no Argentina default 'cure' until after October elections

  02-04-2015 12:16 via news.yahoo.com
  
  Argentina is unlikely to resolve a legal dispute over paying restructured debt until after its presidential election which is due in October, ratings agency Standard & Poor's said on Thursday. A U.S. judge has barred Argentina from paying interest on bonds that were restructured after its 2002 default until it settles with a group of U.S. investors who rejected the bond swaps. Argentina tipped back into default in July. S&P said it is maintaining its CCC+ local currency rating with a negative ou
  
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• S&P sees no default 'cure' until after October elections

  02-04-2015 12:06 via news.yahoo.com
  
  Argentina is unlikely to resolve a legal dispute over paying restructured debt until after its presidential election which is due in October, ratings agency Standard & Poor's said on Thursday. A U.S. judge has barred Argentina from paying interest on bonds that were restructured after its 2002 default until it settles with a group of U.S. investors who rejected the bond swaps. Argentina tipped back into default in July. S&P said it is maintaining its CCC+ local currency rating with a negative ou
  
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• UK's FTSE propped up by gains in M&S

  02-04-2015 11:47
  LONDON, April 2 (Reuters) - Britain's top share index rose marginally on Thursday, helped by a surge in the shares of retailer Marks & Spencer after M&S posted its best non-food sales performance for...
  
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• Turkey's Dogan, Hurriyet shares drop on investigation reports

  02-04-2015 11:08
  ISTANBUL, April 2 (Reuters) - Shares in Turkish media group Dogan and its Hurriyet newspaper fell on Thursday after media reports that prosecutors had started an investigation after publication of a...
  
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• European stocks stable in opening deals

  02-04-2015 10:48 via news.yahoo.com
  
  London (AFP) - Europe's main stock markets held steady at the start of trading on Thursday ahead of the long Easter holiday weekend.
  
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• UPDATE 2-Sika investors to appeal ruling over Saint-Gobain bid

  02-04-2015 10:24
  * Saint-Gobain aims to buy Sika stake with majority voting rights
  
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