Finance news

• Global energy subsidies to hit $5.3 tn this year: IMF

  18-05-2015 23:18 via news.yahoo.com
  
  The International Monetary Fund voiced alarm Monday about energy subsidies across the world, saying they were expected to reach $5.3 trillion in 2015, more than government health spending. The report estimated that this year's energy subsidies represent 6.5 percent of the global economy, likely exceeding government health spending across the world. Long an opponent of energy subsidies, the IMF defines them as the difference between the amount of money consumers pay for energy and its "
  
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• Wall Street and dollar gain, Greek yields shoot up

  18-05-2015 22:56 via news.yahoo.com
  
  By Michael Connor NEW YORK (Reuters) - Wall Street stocks rose to record highs on views the Federal Reserve will hold off on raising interest rates, although the dollar rebounded from four-month lows on Monday and Greek bond yields jumped on worries the country would not be able to make its debt payments. Oil prices retreated, as supply worries triggered by advances by Islamic State militants in Iraq eased. Gains in U.S. stocks took the Dow Jones and S&P 500 indices of top U.S. companies to
  
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• Wall Street ends at new highs, dollar rallies

  18-05-2015 22:56 via news.yahoo.com
  
  By Michael Connor NEW YORK (Reuters) - Wall Street stocks rose on Monday to record highs on hopes the Federal Reserve will hold off raising interest rates, while the dollar rallied and Greek bond yields jumped on worries the nation will not be able to make its debt payments. Gains in U.S. stocks were helped by weak economic data and a rise in Apple Inc shares and took the Dow Jones and S&P 500 indices of top U.S. companies to new closing highs. "It's becoming more of the collective
  
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• Wall St. ends at new highs, dollar rallies

  18-05-2015 22:56 via news.yahoo.com
  
  By Michael Connor NEW YORK (Reuters) - Wall Street stocks rose on Monday to record highs on hopes the Federal Reserve will hold off raising interest rates, while the dollar rallied and Greek bond yields jumped on worries the nation will not be able to make its debt payments. Oil prices retreated, as supply worries triggered by advances by Islamic State militants in Iraq eased. Gains in U.S. stocks were helped by weak economic data and a rise in Apple Inc shares and took the Dow Jones and S&P
  
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• Dow, S&P close at record highs as rate-hike angst abates

  18-05-2015 22:24 via news.yahoo.com
  
  The Dow Jones industrial average and S&P 500 ended at record highs on Monday, helped by a rally in Apple as well as tepid economic data suggesting the Federal Reserve may wait to raise interest rates. The S&P 500 racked up its third straight all-time high close, gaining 6.47 points, or 0.3 percent, to end at 2,129.2 points. The Dow rose 26.32 points, or 0.14 percent, to end at 18,298.88, beating its previous record close of 18,288.63 from March 2. U.S. homebuilder sentiment fell in May a
  
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• US stocks close higher for a third day; Dow, S&P at records

  18-05-2015 22:18 via news.yahoo.com
  
  NEW YORK (AP) — The stock market crept to a record high in a quiet session on Monday.
  
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• Dow, S&P 500 end at record highs; Apple gains

  18-05-2015 22:03 via news.yahoo.com
  
  NEW YORK (Reuters) - The Dow and S&P 500 ended at record highs on Monday, helped by a rally in Apple as well as weak economic data suggesting the Federal Reserve may wait to raise interest rates.
  
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• U.S. money funds cut Fed reverse repos holdings in April: JPMorgan

  18-05-2015 21:57
  NEW YORK (Reuters) - U.S. prime money market funds slashed their usage of the Federal Reserve's reverse repurchase agreements in April from March on increased short-term debt supply issued by banks...
  
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• Caesars' creditors appeal bankruptcy start date, cite $468 mln lawsuit

  18-05-2015 21:43
  May 18 (Reuters) - Timing is everything for creditors
  appealing the start date of the bankruptcy filing for Caesars
  Entertainment Corp'soperating company in hopes of
  unlocking $468 million in value.
  
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• Wall St. and dollar gain, Greek yields shoot up

  18-05-2015 20:35 via news.yahoo.com
  
  By Michael Connor NEW YORK (Reuters) - Wall Street stocks rose to record highs on views the Federal Reserve will hold off on raising interest rates, although the dollar rebounded from four-month lows on Monday and Greek bond yields jumped on worries the country would not be able to make its debt payments. Oil prices retreated, as supply worries triggered by advances by Islamic State militants in Iraq eased. Gains in U.S. stocks took the Dow Jones and S&P 500 indices of top U.S. companies to
  
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• Russia, Ukraine, EU say trade deal talks were 'constructive'

  18-05-2015 20:31 via news.yahoo.com
  
  By Alastair Macdonald BRUSSELS (Reuters) - Russia avoided further diplomatic confrontation with Ukraine and the European Union at three-way trade talks on Monday and did not renew previous demands for Kiev's duty-free deal with the bloc to be put on hold. Echoing comments from EU and Ukrainian officials, Russian Economy Minister Alexei Ulyukayev told reporters in Brussels that he had not raised the issue of postponing implementation of the EU-Ukraine free trade pact from its Jan. 1, 2016 start d
  
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• UPDATE 4-Ascena looks to LOFT sales with $2.15 bln Ann Inc buy

  18-05-2015 20:29
  * Ann's shares up 19 pct, Ascena's down 2 pct (Adds Breakingviews link; updates shares)
  
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• Dow, S&P hit record highs as rate-hike worries fade

  18-05-2015 20:16 via news.yahoo.com
  
  The Dow touched an intraday high of 18,311.09, surpassing its previous record set in early March, while the S&P 500 touched 2,129.51, climbing past the high it hit last week. U.S. homebuilder sentiment fell in May although most builders view market conditions as favorable, the National Association of Home Builders said on Monday. The U.S. economy is not rebounding strongly enough for the Federal Reserve to raise interest rates before September, many investors believe. Seven of the 10 major S
  
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• UPDATE 3-Endo pushes further into generics with $8 bln Par Pharma buy

  18-05-2015 19:40
  * Generics market expected to grow 6.3 pct annually-EvaluatePharma
  
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• Mexico also to seek retaliation against U.S. goods: joint statement

  18-05-2015 19:25 via news.yahoo.com
  
  WASHINGTON (Reuters) - Mexico will also seek permission to retaliate against U.S. goods after a World Trade Organization ruling against U.S. meat labeling, the country said in a joint statement with Canada. "Our governments will be seeking authorization from the WTO to take retaliatory measures against U.S. exports," Mexican Economy Minister Ildefonso Guajardo and Agriculture Minister Enrique Martinez said in a joint statement with their Canadian counterparts. (Reporting by Krista Hughes; Editin
  
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• UPDATE 2-Icahn says "dramatically undervalued" Apple should trade at $240

  18-05-2015 19:19
  May 18 (Reuters) - Billionaire investor Carl Icahn said on Monday Apple Inc's stock was "still dramatically undervalued" and that it should be trading at $240, nearly double its current price.
  
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• Dow, S&P touch record highs

  18-05-2015 19:05 via news.yahoo.com
  
  The Dow touched an intraday high of 18,297.28, surpassing its previous record set in early March, while the S&P 500 touched 2127.82, climbing past the high it hit last week. The U.S. economy is struggling to rebound strongly enough for the Federal Reserve to raise interest rates before September, analysts have said. Seven of the 10 major S&P 500 sectors were higher, with the teleservices index's 0.58 percent rise leading the way. At 12:45 p.m. ET (1645 GMT) the Dow Jones industrial
  
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• U.S. economy isn't as weak as estimates suggest, Fed paper says

  18-05-2015 19:04 via news.yahoo.com
  
  The U.S. economy is probably not as weak as current estimates suggest, a paper published Monday by the Federal Reserve Bank of San Francisco said, potentially adding to arguments for raising interest rates sooner rather than later. The paper's conclusions are at odds with the findings published last week by economists at the Washington-based Federal Reserve Board.
  
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• Russia drops opposition to EU-Ukraine trade deal starting 2016: EU

  18-05-2015 18:50 via news.yahoo.com
  
  Russia has dropped its demands for a further delay in a landmark EU-Ukraine trade deal at the heart of the Ukraine crisis and accepts that it will now begin next year, the EU said Monday. "The reference that the (trade agreement) enter into force on 1 January 2016 was not contested by the Russian delegation," Trade Commissioner Cecilia Malmstroem said after talks with Russian and Ukrainian officials. Russia had claimed that the so-called EU-Ukraine Deep and Comprehensive Free Trade Agr
  
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• U.S. court should protect privacy of RadioShack customers -FTC

  18-05-2015 18:28
  WILMINGTON, Del, May 18 (Reuters) - The U.S. Federal Trade
  Commission on Monday urged a bankruptcy court to protect
  information that RadioShack Corp collected from tens of millions
  of customers...
  
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• UPDATE 3-Turkish labour protest spreads, hitting two top automakers

  18-05-2015 18:16
  ISTANBUL, May 18 (Reuters) - Turkish automaker Tofas halted production at its main factory on Monday, as a protest against working conditions intensified and threatened to embarrass President Tayyip...
  
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• UPDATE 1-Anadarko selects Saipem JV to develop LNG park in Mozambique

  18-05-2015 18:14
  MILAN, May 18 (Reuters) - Anadarko Petroleum Corp on Monday said it selected Saipem SpA's joint venture with Chiyoda Corp and CB&I as a contractor for the initial development of an onshore liquefied...
  
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• UPDATE 1-Ukraine creditor group reveals members, repeats objection to 'haircut'

  18-05-2015 18:11
  KIEV, May 18 (Reuters) - A group of major holders of Ukrainian sovereign debt gave up their anonymity on Monday, appearing to respond to accusations the they lacked transparency in restructuring...
  
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• Cuba debt holder hangs on as demand builds for defaulted loans

  18-05-2015 18:10 via news.yahoo.com
  
  By Karin Strohecker LONDON (Reuters) - A historic breakthrough in U.S.-Cuba relations has set investors clamouring to buy the Caribbean island's long-defaulted debt but one of the biggest private holders of the distressed loans is refusing to cash in yet. Following five decades of Cold War confrontation between the United States and Cuba's communist government, President Barack Obama surprised the world in December, announcing Washington would restore diplomatic ties with Havana and li
  
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• UPDATE 2-U.S. top court rules against Maryland in double taxation case

  18-05-2015 18:09
  WASHINGTON, May 18 (Reuters) - Maryland cannot impose a form of double taxation on residents by not giving them credit for some taxes paid on income earned in other states, the U.S. Supreme Court...
  
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• EMERGING MARKETS-Brazil's Bovespa drops with banking shares, Vale

  18-05-2015 18:09
  RIO DE JANEIRO, May 18 (Reuters) - Brazil's benchmark Bovespa index dropped more than 1 percent on Monday as shares of banks and miners weighed, while Latin American currencies weakened as higher...
  
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• UPDATE 2-CME, with JPM nod, to launch zinc contract, upping LME battle

  18-05-2015 18:09
  NEW YORK, May 18 (Reuters) - CME Group Inc said on Monday it would launch a zinc futures contract next month, stepping up a global battle for metals market share with the London Metal Exchange amid...
  
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• UPDATE 1-NHTSA evaluates complaints of coil spring fracture in Nissan cars

  18-05-2015 18:08
  May 18 (Reuters) - U.S. vehicle safety regulators have launched a preliminary evaluation of about 130,000 Nissan Versa cars after receiving complaints about fractures in the front suspension coil...
  
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• Icahn says 'dramatically undervalued' Apple should trade at $240

  18-05-2015 18:07 via news.yahoo.com
  
  (Reuters) - Billionaire investor Carl Icahn said Apple Inc's stock was "still dramatically undervalued" and that it should be trading at $240, up from his earlier estimate of $216. Apple shares rose as much as 1.4 percent to $130.32 by midday on Monday. Apple boosted its share repurchase program in April to $140 billion from $90 billion announced last year and raised quarterly dividend by 11 percent to 52 cents per share. "It is our belief that large institutional investors,
  
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• South Africa's rand weaker against globally firmer dollar

  18-05-2015 18:00 via news.yahoo.com
  
  South Africa's rand weakened against the dollar on Monday as the greenback made broad-based gains, recovering from almost four-month lows reached last week on another bad round of U.S. economic data. It has been relatively cheap compared to what we saw last week," said Ion de Vleeschauwer, a chief dealer at Bidvest Bank. "There's no real data out today but from Wednesday onwards we're going to see more data out and probably that will give the rand a bit more direction.&q
  
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• British FTSE's advance hindered by drops in Hikma, Lloyds

  18-05-2015 18:00
  * Citigroup upgrade lifts Weir (Updates with closing prices)
  
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• Tiger Global partner Feroz Dewan to leave, plans own firm

  18-05-2015 17:58 via news.yahoo.com
  
  By Svea Herbst-Bayliss BOSTON (Reuters) - Tiger Global Management on Monday announced key personnel changes including the departure of Feroz Dewan, who has run the closely watched Wall Street firm's hedge fund operations and is leaving to start his own business. Dewan, a partner who has been with Tiger Global for 12 years, will leave at the end of June, the firm's founder, Chase Coleman, wrote to clients in a letter seen by Reuters. Tiger Global oversees roughly $20 billion in assets, with rough
  
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• New Issue- McDonald's prices a multi tranche deal

  18-05-2015 17:58
  where assigned, and hit the newskey (F9 on Reuters terminals)
  
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• Dollar rebounds off lows, Greek bond yields jump

  18-05-2015 17:57 via news.yahoo.com
  
  By Michael Connor NEW YORK (Reuters) - The dollar bounced back from four-month lows on Monday, while Greek bond yields jumped on worries the country would not be able to make its debt payments. Wall Street added slightly to gains, pushing the benchmark S&P 500 to a fresh all-time high. Oil prices retreated, as supply worries, triggered by advances by Islamic State militants in Iraqi, eased. Greek two-year sovereign bond yields rose nearly 300 bps to just shy of 24 percent as investors frette
  
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• UPDATE 1-Peru strike spares output at top copper, zinc and gold mines

  18-05-2015 17:57
  LIMA, May 18 (Reuters) - Some mining unions in Peru took part in a national strike on Monday but plans for a wider stoppage were upended at several large mines because workers feared losing their...
  
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• GLOBAL MARKETS-Dollar rebounds off lows, Greek bond yields jump

  18-05-2015 17:57
  NEW YORK, May 18 (Reuters) - The dollar bounced back from four-month lows on Monday, while Greek bond yields jumped on worries the country would not be able to make its debt payments.
  
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• Brazil hogs limelight as Itau brings dollar trade

  18-05-2015 17:53
  NEW YORK, May 18 (IFR) - Brazil was leading LatAm credit markets higher Monday following a rally in state-controlled Petrobras and a new issue from Itau-Unibanco - the country's first dollar bond of...
  
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• Oil down as firmer dollar, bearish outlook offset Mideast turmoil

  18-05-2015 17:51 via news.yahoo.com
  
  Oil slipped on Monday as a rallying dollar weighed on the commodities complex amid a bearish price outlook by influential Wall Street firm Goldman Sachs and risks of growing oversupply. Crude oil prices erased early gains of more than $1 a barrel on worries of turmoil in the Middle East after a major advance by Islamic State militants in Iraq and renewed air strikes by a Saudi-led coalition against Houthi militia in Yemen.
  
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• S.Africa's power utility Eskom parts ways with suspended CEO

  18-05-2015 17:51
  JOHANNESBURG, May 18 (Reuters) - South Africa's power firm Eskom said on Monday it had agreed to "amicably" part ways with its Chief Executive Tshediso Matona who was suspended pending an inquiry...
  
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• MOVES-Nomura Holdings, Deutsche Bank, Arma Partners, City Noble

  18-05-2015 17:49
  May 18 (Reuters) - The following financial services industry appointments were announced on Monday. To inform us of other job changes, email [email protected].
  
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• WRAPUP 1-Greece says must strike debt deal in May as money runs low

  18-05-2015 17:49
  ATHENS, May 18 (Reuters) - Greece needs to strike a deal with its creditors by the end of the month to stay afloat, the government said on Monday, as investors ditched Greek bonds in a sign of...
  
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• UPDATE 1-IMF nudges up Italy growth forecasts, calls for reforms

  18-05-2015 17:49
  * Says privatisation progress disappointing, needs accelerating
  
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• China PM on Brazil visit, promising big investment

  18-05-2015 17:42 via news.yahoo.com
  Chinese Prime Minister Li Keqiang headed to Brazil on Monday on a three-day visit with a promise of $50 billion in investment for creaking infrastructure as his hosts finalize preparations for next year's Rio Olympics. Li, who was due to land late afternoon in the capital Brasilia, will hold talks Tuesday with President Dilma Rousseff, for whom the investment will be a major boon. Brazil's economy is battling a fifth straight year of poor growth and spiraling inflation. Li will head fo
  
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• UPDATE 2-Saudi Arabia's March oil exports highest in over 9 years - data

  18-05-2015 17:37
  DUBAI, May 18 (Reuters) - Saudi Arabia's crude exports rose in March to their highest in almost a decade, official data showed on Monday, a sign of unexpectedly strong global demand as the top oil...
  
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• BRIEF-Italy's Exor holds 9.9 percent of PartnerRe - filing

  18-05-2015 17:29
  * Holds 9.9 Pct of PartnerRe as Of May 12, according to a Sec filing Further company coverage: (Reporting By Milan Newsroom)
  
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• Greece in final stretch of troubled loan talks

  18-05-2015 17:27 via news.yahoo.com
  
  Greece on Monday entered the final stretch of tortuous talks with its international creditors on a bankruptcy-saving loan deal, with the government calling for a breakthrough by the end of the month. "A deal is required immediately, this is why we are talking about the end of May, to resolve these critical liquidity issues," government spokesman Gabriel Sakellaridis told reporters. Greece's new radical Syriza-led government and its EU-IMF creditors have been stuck in a deadlock fo
  
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• UPDATE 2-U.S. appeals court reverses part of Apple's $930 mln verdict vs Samsung

  18-05-2015 17:22
  NEW YORK, May 18 (Reuters) - A U.S. appeals court on Monday reversed part of a $930 million verdict that Apple Inc won in 2012 against Samsung Electronics Co Ltd, saying the iPhone maker's...
  
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• UPDATE 1-Open-ended strike to bring German trains to a halt again this week

  18-05-2015 17:22
  BERLIN, May 18 (Reuters) - German train drivers announced on Monday their ninth strike in an ongoing dispute with rail operator Deutsche Bahn, which will bring freight trains to a standstill from...
  
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• UPDATE 2-Eleven Bio shares plummet after eye drug fails late-stage study

  18-05-2015 17:16
  * Shares fall as much as 75 pct (Adds analysts comments; updates shares)
  
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• Wall Street down as homebuilder confidence slips

  18-05-2015 17:04 via news.yahoo.com
  
  The National Association of Home Builders/Wells Fargo Housing Market index fell to 54 from 56 the month before. The U.S. economy is struggling to rebound strongly enough for the Federal Reserve to raise interest rates before September, analysts have said. The Federal Reserve could look at a rate hike in June if the economy is strong enough, Chicago Fed President Charles Evans said on Monday, although he argued for rates to start rising in early 2016. At 10:50 a.m. ET (1450 GMT) the Dow Jones ind
  
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