Finance news

• Cypress Semiconductor offers to buy Integrated Silicon Solution

  13-05-2015 23:53
  (Reuters) - Chip maker Cypress Semiconductor Corpsaid it offered to buy Integrated Silicon Solution Incfor $19.75 per share, trumping an offer by a Chinese consortium of investors led by...
  
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• U.S. SEC examiner cites more problems in private equity sector

  13-05-2015 23:47
  WASHINGTON, May 13 (Reuters) - The new top examiner at the U.S. Securities and Exchange Commission said Wednesday that the agency is still finding some deficiencies in how private equity firms are...
  
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• UPDATE 3-Investors play 'cat and mouse' with Chicago bonds after downgrade

  13-05-2015 23:47
  NEW YORK, May 13 (Reuters) - A downgrade of Chicago's debt rating to junk created confusion in the $3.7 trillion U.S. municipal bond market on Wednesday, with prices sliding in a volatile session and...
  
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• Smart beta, wholesale may beat retail

  13-05-2015 23:45
  (Reuters) - U.S. equity investors might be better off getting their smart beta wholesale, or rather via a simple do-it-yourself strategy.
  
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• Standard General makes top offer for RadioShack name, customer data

  13-05-2015 23:31
  SAN FRANCISCO, May 13 (Reuters) - The auction for bankrupt
  electronic retailer RadioShack's brand and customer data has
  closed with the Standard General hedge fund posting a winning
  bid of $26.2...
  
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• Dish, Cogent specify demands for concessions in AT&T-DirecTV merger

  13-05-2015 23:25
  
  WASHINGTON (Reuters) - Dish Network Corp , Cogent Communications Holdings Incand advocacy groups are asking U.S. regulators to restrict AT&T Inc'spower over online video and other content as part...
  
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• Trican shares drop as oil drilling dries up

  13-05-2015 23:24 via news.yahoo.com
  
  Canadian oil drilling firm Trican Well Services' share price fell nearly 15 percent Wednesday after announcing it had recently cut 2,000 staff or 35 percent of its North American workforce. The company cited low oil prices for a sharp drop in revenues in its first quarter, which lead to a suspension of dividends to shareholders in order to preserve cash while the economic outlook remains weak. "Although demand (for drilling) was stable in January and early February, activity levels dec
  
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• Senate reaches deal on trade vote after Democratic revolt against Obama

  13-05-2015 23:22 via news.yahoo.com
  
  By Krista Hughes and Richard Cowan WASHINGTON (Reuters) - Senators reached a deal on Wednesday to move forward this week with legislation key to a pan-Pacific trade pact, a day after a Democratic rebellion dealt a blow to the White House's trade agenda. A compromise between Republicans and Democrats would set up another procedural vote on "fast-track" trade authority crucial to the Trans-Pacific Partnership (TPP) pact, including aid for workers who lose their jobs due to trade. Tw
  
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• Rubio vows to use U.S. power to guard economic interests

  13-05-2015 23:09 via news.yahoo.com
  
  By Alistair Bell WASHINGTON (Reuters) - Republican presidential candidate Marco Rubio on Wednesday urged the United States to respond aggressively when rivals such as China and Iran flex their muscles to threaten U.S. economic interests. Rubio, a U.S. senator from Florida, outlined a robust approach to world affairs at a time when China is attempting to assert greater control over the South China Sea, a vital shipping route, and Iran has threatened commercial shipping in the Strait of Hormuz. In
  
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• CANADA FX DEBT-C$ boosted by soft U.S. data, firms to 4-month high

  13-05-2015 23:01
  (Updates with strategist comment, closing figures, details) * Canadian dollar at C$1.1967 or 83.56 U.S. cents * Bond prices mixed across the maturity curve By Solarina Ho TORONTO, May 13 (Reuters) -...
  
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• TSX down for third day as energy and rails weigh

  13-05-2015 23:01 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index fell for a third straight session on Wednesday, with heavyweight energy and railway companies among the biggest losers as crude prices slipped and investors worried about economic growth. The Toronto Stock Exchange's S&P/TSX composite index ended down 62.43 points, or 0.42 percent, at 14,980.72. "Valuations have been somewhat stretched and we wouldn't be surprised to see a correction somewhere along the way h
  
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• BlackRock says regulators misunderstand securities lending risks

  13-05-2015 23:00
  WASHINGTON, May 13 (Reuters) - BlackRock Inc on Wednesday pushed back against arguments by the New York Federal Reserve and other regulators that asset managers' securities lending operations may...
  
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• California city takes away welcome mat from Airbnb, other rental services

  13-05-2015 22:56 via news.yahoo.com
  
  By Alex Dobuzinskis LOS ANGELES (Reuters) - Santa Monica, a prime Southern California tourist destination, has approved restrictions on short-term home rentals that will limit companies such as Airbnb, in what the city's mayor touted as model regulation for other communities to adopt. The Santa Monica City Council voted 7-0 on Tuesday to prohibit housing unit rentals of less than a month, unless the primary resident is also staying there and will pony up the same 14 percent occupancy tax ho
  
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• Dollar declines, gold up after soft U.S. data

  13-05-2015 22:54 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - The dollar index hit its lowest in more than three months while gold prices jumped on Wednesday as weaker-than-expected U.S. retail sales bolstered confidence the Federal Reserve will hold off raising rates soon. Wall Street's major indexes ended little changed after gaining early in the session on the data, which showed U.S. retail sales were flat in April as households cut back on purchases of automobiles and other big-ticket items, indicating
  
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• GLOBAL MARKETS-Dollar declines, gold up after soft U.S. data

  13-05-2015 22:52
  * German bond auction helps bond market but worries remain (Updates with U.S. market closing levels)
  
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• Moody's cuts Chicago Park District rating to junk

  13-05-2015 22:52
  CHICAGO, May 13 (Reuters) - Moody's Investors Service on Wednesday downgraded $616 million of Chicago Park District general obligation bonds three notches to Ba1, the top of the junk scale.
  
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• UBS must pay $200,000 to Puerto Rico fund investor

  13-05-2015 22:51 via news.yahoo.com
  
  A Financial Industry Regulatory Authority (FINRA) arbitration panel in Washington found two UBS units liable in the case, which alleged securities fraud, misrepresentation and other misdeeds, according to the ruling. Many of the Puerto Rico funds sold by UBS were highly concentrated in the debt of Caribbean island's government and related entities. Some of the funds lost half to nearly two-thirds of their value between March 2011 and October 2013, amid fears about the size of Puerto Rico�
  
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• US stock indexes end mostly lower after a listless day

  13-05-2015 22:51 via news.yahoo.com
  
  Weak U.S. retail sales data helped set the stage Wednesday for a listless day of trading on Wall Street.
  
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• Moody's drops Chicago schools' rating to junk

  13-05-2015 22:44
  CHICAGO, May 13 (Reuters) - Moody's Investors Service dropped the credit rating for the Chicago Board of Education into the junk level on Wednesday, a day after taking similar action on the city of...
  
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• LatAm credits give back some gains on rate woes

  13-05-2015 22:36
  NEW YORK, May 13 (IFR) - Latin American credit markets were giving back some earlier gains on Wednesday as investor concerns about US Treasury volatility began to take their toll on sentiment.
  
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• Wall Street ends flat in earnings, data lull

  13-05-2015 22:05 via news.yahoo.com
  
  (Reuters) - Wall Street's major indexes ended Wednesday's trading session little changed as some investors stood on the sidelines waiting for the next round of economic data at the tail end of earnings season.
  
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• Wall St. little changed in earnings, data lull

  13-05-2015 21:35 via news.yahoo.com
  
  Wall Street was little changed in afternoon trading on Wednesday as investors stood on the sidelines waiting for the next round of economic data at the tail end of earnings season. The data suggested to some investors that the U.S. economy was struggling to rebound strongly enough for the Federal Reserve to raise interest rates before September. "You're now heading from an earnings-centric market to a macro focussed market," said Andrew Frankel, co-president of Stuart Frankel &
  
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• Brazil looking to China for investment, trade

  13-05-2015 21:03 via news.yahoo.com
  
  Brasília (AFP) - Brazil signalled Wednesday it will look to China for major investments in its infrastructure as it prepares to host next year's Olympics amid an economic slump. Investments and trade will be at the top of the agenda next week when Chinese Prime Minister Li Keqiang meets here with President Dilma Rousseff. In an interview with China Business News, Rousseff said she is hoping for Chinese investments to upgrade Brazil's dilapidated railroads, highways, ports and airports
  
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• TREASURIES-Yields rise on supply; demand strong for 10-yr auction

  13-05-2015 20:58
  (Recasts with auction, adds quotes, updates prices) * Treasury sells $24 bln 10-year notes to strong demand * Yields rise as corporate supply weighs * Treasury to sell $24 bln 30-yr bonds Thursday By...
  
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• Maine governor urges Congress to cut red tape on power projects

  13-05-2015 20:42 via news.yahoo.com
  
  By Ian Simpson WASHINGTON (Reuters) - Maine Governor Paul LePage urged Congress on Wednesday to speed up hydropower and natural gas projects by streamlining rules, saying his state and the U.S. economy needed quicker approval of energy proposals. LePage told a House energy subcommittee that the soaring price of electricity had cost Maine hundreds of jobs. Maine needs to develop small dams for power without federal interference and get tied quickly into pipelines feeding natural gas from newly de
  
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• UPDATE 1-U.S. appeals court appears receptive to bond trader's fraud appeal

  13-05-2015 20:41
  NEW YORK, May 13 (Reuters) - A federal appeals court on Wednesday signaled a willingness to overturn part or all of the conviction of a former Jefferies Group Inc trader accused of defrauding...
  
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• New climate deal seen aiding GDP, lacking sanctions: U.N. chief

  13-05-2015 20:35 via news.yahoo.com
  
  By Alister Doyle OSLO (Reuters) - A U.N. deal to combat global warming due in December will seek to lift world economic growth and be based more on encouragement than threats of punishment for non-compliance, the U.N.'s climate chief said on Wednesday. Christiana Figueres, laying out her recipe for a deal meant to be agreed by almost 200 nations at a summit in Paris, said it would be part of a long haul to limit climate change and not an "overnight miraculous silver bullet". The l
  
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• RPT-Brazil infrastructure concessions don't need sweeteners-minister

  13-05-2015 20:27
  LONDON, May 13 (Reuters) - The infrastructure projects that Brazil is inviting investors to participate in do not require extra sweeteners but the government could consider offering some...
  
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• Dollar slips, stocks up slightly after soft U.S. data

  13-05-2015 20:27 via news.yahoo.com
  
  The dollar index hit its lowest in more than three months while global stock indexes inched up on Wednesday as weaker-than-expected U.S. retail sales bolstered confidence the Federal Reserve will hold off raising rates soon. "The data puts into question the Fed's notion that the weak first-quarter data was transitory," said Adam Sarhan, chief executive of Sarhan Capital in New York. The Fed has said it will raise rates only when data points to a strengthening economy.
  
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• GLOBAL MARKETS-Dollar slips, stocks up slightly after soft U.S. data

  13-05-2015 20:25
  * German bond auction helps bond market but worries remain (Updates prices)
  
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• UPDATE 1-Investors snap up U.S. 10-year Treasury notes at auction

  13-05-2015 20:24
  NEW YORK, May 13 (Reuters) - Investors scooped up a new supply of U.S. government debt for a second day on Wednesday, raising hopes they could put behind them the recent global bond market rout that...
  
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• Brazil infrastructure concessions don't need sweeteners-minister

  13-05-2015 20:19
  LONDON, May 13 (Reuters) - The infrastructure projects that Brazil is inviting investors to participate in do not require extra sweeteners but the government could consider offering some...
  
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• Vimpelcom, Hutchison in talks on Italian mobile deal

  13-05-2015 20:14
  
  AMSTERDAM/MILAN (Reuters) - Russian telecoms group Vimpelcomis in talks with Asia's Hutchison Whampoaabout merging their mobile phone businesses in Italy as a joint venture, Vimpelcom Chief...
  
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• CORRECTED-GLOBAL MARKETS-Dollar slips, stocks inch up after soft U.S. data

  13-05-2015 20:11
  NEW YORK, May 13 (Reuters) - The dollar index hit its lowest in more than three months while global stock indexes edged up on Wednesday as weaker-than-expected U.S. retail sales bolstered confidence...
  
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• UPDATE 3-Vimpelcom, Hutchison in talks on Italian mobile deal

  13-05-2015 20:10
  * Vimpelcom Q1 sales hit by weak rouble (Adds comments from sources, details on Wind's debt)
  
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• U.S. appeals court appears receptive to bond trader's fraud appeal

  13-05-2015 20:10 via news.yahoo.com
  
  A federal appeals court on Wednesday signaled a willingness to overturn part or all of the conviction of a former Jefferies Group Inc trader accused of defrauding investors after the financial crisis by lying about mortgage bond prices. In weighing Jesse Litvak's appeal in the closely watched case, the 2nd U.S. Circuit Court of Appeals in New York expressed discomfort at adopting a standard for fraud that could broadly limit how people transact on Wall Street, yet also not encourage investors an
  
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• Court fight revs up over legality of Chicago pension reforms

  13-05-2015 20:06
  CHICAGO, May 13 (Reuters) - Chicago began an uphill battle in court on Wednesday to keep its cost-saving pension reform law from meeting the same fate as an Illinois law that was declared...
  
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• Colombia central bank member sees 2015 growth at or above 3.5 pct

  13-05-2015 20:06
  BOGOTA, May 13 (Reuters) - Colombia's economy will expand by 3.5 percent or more in 2015, a board member of the Andean country's central bank said on Wednesday, a figure higher than the official 3.2...
  
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• DoubleLine's first actively managed ETF hits $500 million

  13-05-2015 20:04
  NEW YORK (Reuters) - DoubleLine Capital's first actively managed exchange-traded fund, the SPDR DoubleLine Total Return Tactical ETF, surpassed $500 million in assets in less than three months,...
  
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• Wall St. little changed on weak data, bond market swings

  13-05-2015 19:55 via news.yahoo.com
  
  The data suggested that the U.S. economy was struggling to rebound strongly enough for the Federal Reserve to raise interest rates before September. "We are seeing some evidence that the weakness in the first-quarter has spilled over to this quarter, but I'm not concerned that U.S. consumer spending for the year is at risk," said Jeremy Zirin, head of investment strategy at UBS Wealth Management in New York. The stock was the biggest drag on the Dow Jones industrial average. At 13
  
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• Pipeline giant Williams Cos scraps MLP unit in $13.8 billion deal

  13-05-2015 19:30
  
  (Reuters) - Pipeline giant Williams Cos is scrapping its master limited partnership unit by buying Williams Partners LP for about $13.8 billion, the latest in a series of deals in the pipeline...
  
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• U.S. investigators review data from fatal Philadelphia train wreck

  13-05-2015 19:30 via news.yahoo.com
  
  By Jarrett Renshaw PHILADELPHIA (Reuters) - Federal investigators have recovered the black box from the wreckage of an Amtrak train that derailed in Philadelphia and were reviewing data to determine what caused the crash that killed at least six people and injured more than 200, officials said on Wednesday. The train may have been traveling more than 100 miles an hour (161 kph) when it derailed on a sharp curve, the Wall Street Journal reported, citing two people familiar with the investigation
  
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• EBRD to help privatise state-owned bank in Belarus

  13-05-2015 19:16 via news.yahoo.com
  
  The European Bank for Reconstruction and Development (EBRD) announced on Wednesday an unprecedented deal with Belarus to participate in privatising a state-owned bank in the ex-Soviet republic whose economy remains largely state-controlled. A preliminary deal providing for the Belarus government to sell its controlling stake in the country's fourth-largest bank, Belinvestbank, by 2020 was struck during EBRD's annual meeting in the Georgian capital Tbilisi.
  
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• Weak retail sales dampen sharp Q2 growth rebound hopes

  13-05-2015 19:01 via news.yahoo.com
  
  U.S. retail sales were flat in April as households cut back on purchases of automobiles and other big-ticket items, the latest sign the economy was struggling to rebound strongly after barely growing in the first quarter. The weaker-than-expected retail sales report from the Commerce Department, and other data on Wednesday showing the 10th straight month of declining import prices in April, suggest little urgency for the Federal Reserve to start raising interest rates. While March's retail
  
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• Owens-Illinois to buy Mexico's Vitro's glass container business

  13-05-2015 18:56
  (Reuters) - Owens-Illinois Inc , which makes bottles for Corona and Pepsi, is to buy Mexico's Vitro SAB's glass container business for about $2.15 billion to strengthen its operations in a country...
  
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• Dollar slips, Treasury yields dip after soft U.S. data

  13-05-2015 18:55 via news.yahoo.com
  
  The dollar hit a more than three-month low against a basket of currencies while U.S. Treasury yields eased on Wednesday as weaker-than-expected U.S. retail sales supported the view the Federal Reserve may be raising rates later rather than sooner. U.S. retail sales were flat in April as households cut back on purchases of automobiles and other big-ticket items, indicating the economy was struggling to rebound. "The data puts into question the Fed's notion that the weak first-quarter da
  
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• Cancer conference data may prompt healthcare share volatility

  13-05-2015 18:51
  May 12 (Reuters) - Healthcare stocks may be unusually volatile after abstracts are released on Wednesday night by many companies scheduled to present at a cancer conference between May 29 and June...
  
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• Police confirm seventh death after Philadelphia train crash -NBC station

  13-05-2015 18:50 via news.yahoo.com
  
  WASHINGTON (Reuters) - A seventh person has died following an Amtrak train crash near Philadelphia late Tuesday, an NBC affiliate television station reported, citing a city police spokesman. No more details were available about the victim or their circumstances, NBC's Washington affiliate, WRC, said on Wednesday. The Wall Street Journal, citing two people familiar with the investigation of the crash, said the train appeared to be traveling at more than 100 miles (160 km) per hour at the time of
  
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• European stocks close mixed despite bright growth data

  13-05-2015 18:31 via news.yahoo.com
  
  Europe's main stock markets closed mixed on Wednesday, despite news of solid first quarter economic growth in the eurozone -- with France outpacing powerhouse Germany -- and encouraging company results. After spending most of the day in positive territory, Paris' benchmark CAC 40 index of leading French companies ended 0.26 percent lower at 4,961.86 points compared with Tuesday's close. London's FTSE 100 also lost much of its earlier momentum, but finished 0.23 percent up at
  
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• Wall Street pares early gains on weak data, bond market swings

  13-05-2015 18:21 via news.yahoo.com
  
  The data suggested that the U.S. economy was struggling to rebound strongly enough for the Federal Reserve to raise interest rates before September. "The market is still digesting some of the losses we've seen in the bond market and trying to get their arms around the causes and to see if this trend will continue," said Jeremy Zirin, head of investment strategy at UBS Wealth Management in New York. The bond market was gripped by a fresh bout of selling, sending yields on 10-year U
  
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