Finance news

• Ghana can continue development in Ivory Coast oil dispute: tribunal

  25-04-2015 23:26 via news.yahoo.com
  
  An international maritime tribunal on Saturday ruled that Ghana can continue developing a $4.9 billion dollar offshore oil project in an area caught up in a border dispute with Ivory Coast but must not start new drilling. The decision is positive for the government of Ghana and for British firm Tullow, which leads a consortium developing the "TEN" field and has already drilled the wells it needs to begin production in mid-2016. A moratorium would have denied the West African state's government r
  
  Read more

• Kazakh leader seals power with stability before democratic reform

  25-04-2015 22:22 via news.yahoo.com
  
  By Dmitry Solovyov ALMATY (Reuters) - Kazakh President Nursultan Nazarbayev was set to renew his 26-year grip on power on Sunday, offering the multi-ethnic Central Asian state economic and social stability in return for what rights groups call systematic suppression of opposition. Nazarbayev, 74, officially titled "Leader of the Nation", called presidential elections more than a year early in a move that could quash any speculation about a successor. He faces no real challenge from the
  
  Read more

• Thousands of coal workers march in Berlin in protest against climate tax

  25-04-2015 18:46 via news.yahoo.com
  
  Thousands of coal miners and workers in coal-fired plants marched in Berlin on Saturday to protest a proposed levy on the oldest, most polluting power stations, saying it could lead to massive job losses and the decline of the industry in Germany. Germany is wrestling with how to safeguard its energy supply while sticking to tough goals to reduce carbon dioxide emissions by 40 percent by 2020 and exit nuclear power two years after that. The government has proposed imposing penalties on old and h
  
  Read more

• Deutsche faces tough task paring back retail, investment banking

  25-04-2015 17:41 via news.yahoo.com
  
  Deutsche Bank faces a long and costly battle, analysts say, to sell Postbank and pare investment banking, the new strategic goals it outlined late on Friday. Deutsche will face an especially difficult challenge in selling off Postbank without having to post losses. “We're worried about jobs at Postbank,” Carsten Schneider, finance expert and deputy SPD parliamentary floor leader, told Reuters. Deutsche Bank has a social-political responsibility here that extends beyond its economic inte
  
  Read more

• Advertisement

• Factbox - Deutsche Bank's puzzle pieces for restructuring

  25-04-2015 17:37 via news.yahoo.com
  
  Deutsche Bank faces a tough task as it aims to pare its investment banking, dump its Postbank retail chain and slash costs in a restructuring plan designed to restore profitability. POSTBANK RETAIL NETWORK The ubiquitous retail chain serves 14 million clients from 1,100 branches integrated into the postal system. Deutsche bought Postbank for around 6 billion euros ($6.5 billion) in steps starting in 2008 and now holds 94 percent of the firm. Deutsche wants to cut its stake to below 50 percent, a
  
  Read more

• UBI CEO says foreign banks 'not queuing up' to buy in Italy

  25-04-2015 16:19 via news.yahoo.com
  
  Foreign banks are not "queuing up" to buy lenders in Italy after a government reform that is expected to spur a wave of mergers and acquisitions targeting cooperative banks in the euro zone's third biggest economy, its chief executive said. "I have not seen queues (by foreign banks) to enter Italy," UBI CEO Victor Massiah told reporters on the sidelines of a shareholder meeting that approved the bank's 2014 accounts.
  
  Read more

• Germany hints at preparations of a Plan B on Greece

  25-04-2015 14:37
  * Slovenia has said perhaps ministers should prepare for default
  
  Read more

• Nigerian central bank orders lenders to get tough with bad debtors

  25-04-2015 14:29 via news.yahoo.com
  
  By Chijioke Ohuocha LAGOS (Reuters) - Nigeria's central bank ordered banks on Friday to crack down on borrowers with non-performing loans (NPLs) in a move aimed at avoiding a repeat of a 2009 industry bailout that cost the government $4 billion. A sharp drop in the global price of oil, Nigeria's main export, has triggered a currency crisis in Africa's largest economy and strained government's finances, while also harming the cash flow of some companies with foreign currency l
  
  Read more

• Advertisement

• Eurozone express hopes that Greek criticism will bear fruit

  25-04-2015 14:11 via news.yahoo.com
  
  RIGA, Latvia (AP) — Greece's European creditors sought to douse talk that they are making plans for a potential Greek exit from the euro and expressed hope Saturday that recent criticism may prompt the country to push ahead with an economic reform plan needed to unlock rescue loans.
  
  Read more

• UBS chairman says Greek default increasingly seen by IMF as controllable

  25-04-2015 14:00 via news.yahoo.com
  
  UBS's chairman said a default by Greece is seen by the International Monetary Fund as "systemically controllable" and he believed it would have a negligible impact on the Swiss bank itself, according to a newspaper interview published on Saturday. Euro zone finance ministers told Greece on Friday that its leftist government would get no more aid until it agreed a complete economic reform plan. In an interview with Neue Zuercher Zeitung, the chairman of Zurich-based UBS, Axel Weber
  
  Read more

• Isolated in debt talks, Greek finance rebel gets the cold shoulder

  25-04-2015 13:52
  RIGA, April 25 (Reuters) - As the buses carrying European finance ministers left for a gala dinner in the Latvian capital on Friday night, one of the party hung back at the hotel and then wandered...
  
  Read more

• Spain to bid for euro zone chair in challenge to Dijsselbloem

  25-04-2015 13:50
  RIGA, April 25 (Reuters) - Spain will make a bid to EU leaders in the coming weeks to take over as chair of euro zone finance ministers' meetings, Spanish Economy Minister Luis de Guindos said on...
  
  Read more

• IMF sees Mali economic growth at 5 percent in 2015

  25-04-2015 13:17 via news.yahoo.com
  
  Mali's economy is expected to grow 5 percent in 2015, slowing from a 7 percent expansion in 2014, the International Monetary Fund said on Friday, following a meeting with leaders of the West African country. Inflation in Mali, one of the world's poorest countries whose economy is largely dependent on agriculture and gold-producing, was expected to remain below the region's 3 percent target, the fund said.
  
  Read more

• Vietnam c.bank says taking over small lender

  25-04-2015 12:36
  HANOI, April 25 (Reuters) - Vietnam's central bank will
  acquire all shares in a small, loss-making bank in Hanoi, a unit
  of Ocean Group Co, to ensure the banking system's
  safety, the second move in...
  
  Read more

• Bundesbank chief concerned about emergency funding for Greek banks

  25-04-2015 12:31
  BERLIN, April 25 (Reuters) - The head of Germany's Bundesbank said on Saturday he had misgivings about granting emergency funding to Greece as the liquidity situation at the country's banks has not...
  
  Read more

• Eurozone hopes Greek criticism will bear fruit

  25-04-2015 10:34 via news.yahoo.com
  
  RIGA, Latvia (AP) — Greece's European creditors expressed the hope Saturday that the criticism the country's finance minister faced over his failure to present an economic reform plan on time will prompt a positive response soon.
  
  Read more

• Top eurozone official hopes Greek criticism will bear fruit

  25-04-2015 10:06 via news.yahoo.com
  
  RIGA, Latvia (AP) — The eurozone's top official hopes the criticism Greece's finance minister has faced over the country's failure to present an economic reform plan on time will prompt a positive response soon.
  
  Read more

• UPDATE 2-Starbucks payment system outage in U.S., Canada resolved

  25-04-2015 07:55
  April 24 (Reuters) - Starbucks Corp said on Friday night that an outage affecting payment systems at a number of its stores in the United States and Canada had been resolved.
  
  Read more

• Starbucks payment system outage in U.S., Canada resolved

  25-04-2015 07:43
  April 24 (Reuters) - Starbucks Corp said on Friday night that an outage affecting payment systems at a number of its stores in the United States and Canada had been resolved.
  
  Read more

• Alibaba, China Telecom tie up to sell phones

  25-04-2015 06:10
  SHANGHAI, April 25 (Reuters) - Chinese e-commerce leader Alibaba Group Holding Ltd and state-owned China Telecom Corp Ltd have tied up to sell inexpensive smartphones aimed at boosting mobile...
  
  Read more

• UPDATE 1-U.S. regulator says 'flash crash' manipulation hard to detect

  25-04-2015 05:25
  CHICAGO, April 24 (Reuters) - The type of alleged market manipulation by the British trader accused of helping provoke the "flash crash" in 2010 is hard to detect, the chief of the Financial Industry...
  
  Read more

• Greece not playing a game of chicken on debt - Kotzias

  25-04-2015 04:56 via news.yahoo.com
  
  By Daniel Bases NEW YORK (Reuters) - Greek Foreign Minister Nikos Kotzias said on Friday he respects Germany just not German politics, nor the way Berlin views Greece's economy, which faces the prospect of running out of money if it cannot agree to new bailout terms with creditors. Kotzias is part of the leftist government that took over in January after an anti-austerity campaign promising to roll back reforms and cutbacks agreed by the prior government to improve Greece's finances. K
  
  Read more

• Sony raises FY 2015 profit forecast to 300 bln yen-Nikkei

  25-04-2015 04:48
  TOKYO, April 25 (Reuters) - Japanese consumer electronics firm Sony Corp has raised its operating profit estimate for fiscal 2015 to 300 billion yen ($2.52 billion), or four times its previous...
  
  Read more

• S&P downgrades Puerto Rico debt to 'CCC+' from 'B'

  25-04-2015 03:25
  April 24 (Reuters) - Standard & Poor's said on Friday it had downgraded Puerto Rico's general obligation debt even further into junk territory, from a B rating down to a CCC plus grade.
  
  Read more

• El Salvador sells 80 pct of gold reserves to hedge risk -central bank

  25-04-2015 03:20
  SAN SALVADOR, April 24 (Reuters) - El Salvador's central bank sold about 80 percent of its gold reserves last month to diversify risk and take advantage of the metal's appreciation, a central bank...
  
  Read more

• Software developers try on Apple watch, see more apps coming

  25-04-2015 03:17
  SAN FRANCISCO, April 24 (Reuters) - Software developers who tried on an Apple Watch for the first time on Friday predicted a rush of new apps over the next few months, particularly in areas including...
  
  Read more

• Starbucks stores in U.S. and Canada hit by systems outage -CNBC

  25-04-2015 02:43
  April 24 (Reuters) - Starbucks Corp experienced a widespread systems outage in its stores in United States and Canada on Friday night, causing a number of them to give away free drinks, CNBC...
  
  Read more

• DIARY- Emerging Markets Economic Events to May 7

  25-04-2015 02:02
  ** This Diary is filed daily *** -------------------------------------------------------------
  
  Read more

• DIARY- Top Economic Events to May 6

  25-04-2015 02:01
  ** This Diary is filed daily ** ----------------------------------------------------------- TOP ECONOMIC EVENTS
  
  Read more

• Brazil's Rousseff says Petrobras can 'turn page' on scandal

  25-04-2015 01:53 via news.yahoo.com
  
  President Dilma Rousseff said Friday that the release of financial results which showed Petrobras lost $2.1 billion to corruption would allow the state oil giant to "turn a page" on the largest graft scheme in Brazilian history. Petrobras on Wednesday released its long-delayed audited accounts of a growing scandal that has enveloped the company, triggered the resignations of its chief executive and entire board and badly wounded Rousseff's government. Stock markets have reacted po
  
  Read more

• Insight - Flash crash charges garner increasing skepticism in high-speed world

  25-04-2015 01:31 via news.yahoo.com
  
  By Douwe Miedema WASHINGTON (Reuters) - The notion that one man trading from his parents' house in a working class London suburb had a material role in the 2010 Wall Street flash crash has aroused increasing skepticism from investors and traders since charges were brought on Tuesday.     The U.S. has asked UK authorities to hand over Navinder Singh Sarao, 36, after his arrest this week on charges that he manipulated markets over several years in a fraudulent scheme that helped cause the
  
  Read more

• UPDATE 1-Barclays must face U.S. fraud lawsuit tied to 'dark pool' probe

  25-04-2015 01:30
  NEW YORK, April 24 (Reuters) - Barclays Plc failed to persuade a U.S. judge to dismiss a lawsuit accusing the British bank of defrauding shareholders about a private "dark pool" trading platform even...
  
  Read more

• Historic week for US stocks as Nasdaq breaks 15-year record

  25-04-2015 01:21 via news.yahoo.com
  
  Fifteen years after its bubble exploded dramatically costing tens of thousands of hopeful tech millionaires their savings, the Nasdaq finally made its way back this week. The Nasdaq led Wall Street higher for the week through April 24, putting on 3.25 percent. Then, with a flourish from both the old and new leaders of the New Economy (as it was heralded before the 2000 crash) -- Amazon, Microsoft and Google all surged on strong quarterly earnings reports -- the Nasdaq Composite added to that Fri
  
  Read more

• Canadian media company Stingray unveils IPO plans

  25-04-2015 00:55
  TORONTO/MONTREAL, April 24 (Reuters) - Stingray Digital Group, a business-to-business music provider and media company, said on Friday it plans to go public through a listing on the Toronto Stock...
  
  Read more

• Flash crash charges garner increasing skepticism in high-speed world

  25-04-2015 00:54 via news.yahoo.com
  
  The U.S. has asked UK authorities to hand over Navinder Singh Sarao, 36, after his arrest this week on charges that he manipulated markets over several years in a fraudulent scheme that helped cause the stock market rout. The U.S. Department of Justice alleges that Sarao used souped-up, off-the-shelf software to trick other market participants into thinking massive sell orders were about to hit, causing the so-called E-mini S&P futures prices to drop so he could buy at cheaper levels. Linki
  
  Read more

• Insight - Flash crash charges garner increasing scepticism in high-speed world

  25-04-2015 00:51 via news.yahoo.com
  
  U.S. has asked UK authorities to hand over Navinder Singh Sarao, 36, after his arrest this week on charges that he manipulated markets over several years in a fraudulent scheme that helped cause the stock market rout. The U.S. Department of Justice alleges that Sarao used souped-up, off-the-shelf software to trick other market participants into thinking massive sell orders were about to hit, causing the so-called E-mini S&P futures prices to drop so he could buy at cheaper levels. Linking S
  
  Read more

• Flash crash charges garner increasing scepticism in high-speed world

  25-04-2015 00:50 via news.yahoo.com
  
  U.S. has asked UK authorities to hand over Navinder Singh Sarao, 36, after his arrest this week on charges that he manipulated markets over several years in a fraudulent scheme that helped cause the stock market rout. The U.S. Department of Justice alleges that Sarao used souped-up, off-the-shelf software to trick other market participants into thinking massive sell orders were about to hit, causing the so-called E-mini S&P futures prices to drop so he could buy at cheaper levels. Linking S
  
  Read more

• Comcast drops Time Warner Cable bid after antitrust pressure

  25-04-2015 00:25
  
  (Reuters) - Comcast Corp abandoned its $45 billion offer for Time Warner Cable Inc on Friday after U.S. regulators raised concerns that the deal would give Comcast an unfair advantage in the cable TV...
  
  Read more

• UPDATE 2-Deutsche to pare investment bank, hive off Postbank in revamp

  25-04-2015 00:22
  * First quarter results to be published on Sunday (Adds details from trade union statement, background)
  
  Read more

• Barclays must face U.S. fraud lawsuit tied to 'dark pool' probe

  25-04-2015 00:20
  NEW YORK, April 24 (Reuters) - Barclays Plc failed to persuade a U.S. judge to dismiss a lawsuit accusing the British bank of defrauding shareholders about a private "dark pool" trading platform even...
  
  Read more

• Collapse of Comcast cable deal may chasten Wall Street, for a while

  25-04-2015 00:19 via news.yahoo.com
  
  By Diane Bartz WASHINGTON (Reuters) - Comcast Corp's failed bid to buy Time Warner Cable Inc is the latest muscle flex by U.S. antitrust enforcers and will likely deter chief executives from pursuing aggressive transactions as a way to spend excess cash. Comcast, which had barely convinced regulators to allow it to buy NBC Universal four years ago, folded under pressure from the Federal Communications Commission and the Department of Justice and scrapped its deal to buy its No. 2 rival on F
  
  Read more

Follow @FinanceUSA_News on Twitter!