Finance news

• U.S.-based Treasury-heavy funds post $2.2 billion outflows in week: Lipper

  28-05-2015 23:57
  NEW YORK (Reuters) - Investors in U.S.-based funds pulled $2.2 billion out of funds that mainly hold U.S. Treasuries in the week ended May 27, data from Thomson Reuters' Lipper service showed on...
  
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• UPDATE 1-U.S.-based Treasury-heavy funds post $2.2 bln outflows in week - Lipper

  28-05-2015 23:50
  (Adds views from head of Americas research at Lipper, table) By Sam Forgione NEW YORK, May 28 (Reuters) - Investors in U.S.-based funds pulled $2.2 billion out of funds that mainly hold U.S....
  
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• Schahin says Petrobras cancels offshore ship leases

  28-05-2015 23:40
  RIO DE JANEIRO, May 28 (Reuters) - Brazil's state-run oil
  company Petrobras canceled leases with Schahin Petroleo e Gas SA
  for five offshore oil drilling and production vessels after a
  cash crunch...
  
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• UPDATE 5-Avago to buy Broadcom for $37 bln in biggest-ever chip deal

  28-05-2015 23:38
  * To pay Broadcom shareholders $17 bln in cash, $20 bln in shares
  
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• UPDATE 2-Greek crisis overshadows G7 growth talks

  28-05-2015 23:36
  DRESDEN, Germany, May 28 (Reuters) - The head of the International Monetary Fund warned that Greece could fall out of the euro zone as it struggled to sort out its debt stand-off, which is adding to...
  
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• Debt-laden Fosun's new thirst for equity funding set to intensify

  28-05-2015 23:22
  
  HONG KONG (Reuters) - A $1.2 billion share sale by Fosun International Ltdthis month was likely only the start of a love affair with equity deals, bankers say, as the Chinese conglomerate seeks to...
  
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• GLOBAL MARKETS-Greek drama weighs on sentiment; yen off, euro up

  28-05-2015 23:22
  * Yen hits lowest since 2002 versus U.S. dollar (Updates to U.S. market close, changes comment)
  
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• Consortium has proposed $3.5 bln deal to capitalize Puerto Rico's PREPA -report

  28-05-2015 23:20
  NEW YORK, May 28 (Reuters) - A consortium of York Capital Management, NRG Energy and ITC Holdings have proposed a $3.5 billion deal to bail out Puerto Rico's PREPA, the electric power authority,...
  
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• Arkansas plans to sell muni bonds to build Lockheed Martin plant

  28-05-2015 23:14
  May 28 (Reuters) - Lockheed Martin received a deal this week to expand a plant in Arkansas using $87 million of state general obligation bonds, an unusual method of funding a private project with...
  
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• TSX lower as uncertainty reigns, industrials weigh

  28-05-2015 23:11 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index pulled back on Thursday as investor caution about economic growth, geopolitical uncertainty and interest rate trajectories overpowered stronger-than-expected earnings from three of the country's biggest lenders. The most influential falls came from Canadian Pacific Railway Ltd , which fell 4.1 percent to C$208.80, and Toronto-Dominion Bank , which declined 1.1 percent to C$55.37 despite posting a surprisingly strong quarte
  
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• Atlantic City prices second bond deal in two weeks

  28-05-2015 23:05
  May 28 (Reuters) - New Jersey's struggling gambling hub, Atlantic City was able to access capital markets for the second time in two weeks, albeit at high interest rates and only with state backing.
  
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• Lipper fund flows IG US$127.1m outflow; HY US$111.1m outflow

  28-05-2015 23:01
  NEW YORK, May 28 (IFR) - For the week ended May 27, Lipper US Fund Flows reported an outflow of US$127.1m from corporate investment grade funds (YTD net inflow of US$28.916bn) and an outflow of...
  
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• Ex-Madoff auditor, employee avoid prison after cooperating

  28-05-2015 22:39
  NEW YORK (Reuters) - A former outside auditor and a former human resources employee of Bernard Madoff's firm avoided prison on Thursday, after cooperating with authorities investigating the...
  
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• RBC profit tops expectations on domestic banking, capital markets

  28-05-2015 22:19 via news.yahoo.com
  
  By John Tilak TORONTO (Reuters) - Royal Bank of Canada , the country's top lender, posted a stronger-than-expected quarterly profit on Thursday, helped by growth in its domestic banking and capital markets divisions. The capital markets division recorded a 23 percent earnings increase. The shares of Canadian banks have struggled in recent months because of investor concerns that the banks might face the brunt of the oil price slump, a sluggish domestic economy and a potential housing market
  
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• Unrepentant Lehman ex-CEO Fuld says firm 'was not bankrupt'

  28-05-2015 21:34 via news.yahoo.com
  
  By Lauren Tara LaCapra NEW YORK (Reuters) - Six years, seven months and 13 days after Lehman Brothers Holdings Inc filed for bankruptcy, its former chief executive, Richard Fuld Jr., is still insisting it did not go broke. "Lehman Brothers in 2008 was not a bankrupt company," Fuld said at a conference in Manhattan on Thursday, his first such public appearance since the financial crisis for which Lehman's massive Chapter 11 filing marked a tipping point. During a speech that lasted
  
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• General Electric hires Deutsche Bank to sell Italian lender Interbanca: sources

  28-05-2015 21:30
  LONDON (Reuters) - General Electric Cohas picked Deutsche Bankto sell Italian lender GE Capital Interbanca as part of a strategic review to refocus the U.S. conglomerate around its industrial...
  
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• Energy Secretary Moniz to join in Saturday Iran nuclear talks

  28-05-2015 21:19 via news.yahoo.com
  
  U.S. Energy Secretary Ernest Moniz will join U.S. Secretary of State John Kerry for nuclear negotiations with Iranian officials in Geneva on Saturday, the U.S. Energy Department said in a statement on Thursday. Moniz, who will return to Washington on Sunday, has taken part in earlier rounds of the negotiations, which are seeking to curb Iran's nuclear program in exchange for relief from economic sanctions that have crippled the Iranian economy. The United States and five other powers aim to conc
  
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• Opel chief rules out deal with Fiat

  28-05-2015 21:07
  
  RUESSELSHEIM, Germany (Reuters) - Opel chief Karl-Thomas Neumann ruled out a deal with Fiatbut said on Thursday he sees the need to improve volume, scale and utilization in the auto industry and at...
  
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• Fed rate hike in 2015 not consistent with mandate: Kocherlakota

  28-05-2015 20:45 via news.yahoo.com
  
  A U.S. interest rate hike this year would be a mistake, a top Federal Reserve official said on Thursday, and would represent a missed opportunity to boost employment and too-low inflation in an economy that has plenty of room to grow. "The (Fed policy-setting) committee needs to make policy choices that will lead to more great years like 2014," Minneapolis Fed President Narayana Kocherlakota said in remarks prepared for delivery in Helena, Montana, citing the dramatic improvement in th
  
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• US stocks fall after drop in China, Greece deadline looms

  28-05-2015 20:41 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks were modestly lower in afternoon trading Thursday, following a steep sell-off in the Chinese stock market and the approaching deadline for cash-starved Greece to make a debt payment.
  
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• Vodafone investors open to Liberty deal

  28-05-2015 20:03
  
  LONDON (Reuters) - Some of the biggest investors in Vodafone say they are open to a European tie-up with Liberty Global, as the British company is now in a stronger position to negotiate a deal with...
  
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• Wall Street falls amid worries about China and Greece

  28-05-2015 19:48 via news.yahoo.com
  
  At 13:45 p.m. ET (1745 GMT) the Dow Jones industrial average was down 64.33 points, or 0.35 percent, at 18,098.66, the S&P 500 was down 6.21 points, or 0.29 percent, at 2,117.27 and the Nasdaq Composite was down 15.03 points, or 0.29 percent, at 5,091.56. Wednesday was the strongest day for the S&P 500 since May 14 and the Nasdaq Composite's strongest since late January, lifting it to its first record close since April 24.
  
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• How to use Social Security to fix retirement inequality

  28-05-2015 19:46
  
  CHICAGO (Reuters) - Americans need bigger retirement nest eggs, there is no doubt about that. More than half of us have saved less than $25,000, according to the Employee Benefit Research...
  
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• Market overview: Shares higher despite mixed start on Wall Street

  28-05-2015 19:46 via news.yahoo.com
  
  1630:Close Shares edged higher on the back of residual gains in Greek sovereign debt and despite mixed economic data Stateside. Sports Direct led gains after bumping up its guidance for full-year profits. ...
  
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• FBI launches probe into theft of U.S. taxpayer information

  28-05-2015 19:44 via news.yahoo.com
  
  The FBI said on Thursday it had begun looking into the illegal access of the tax-return information of about 100,000 people disclosed by the Internal Revenue Service earlier this week. "The FBI has opened an investigation into the recently reported incident at the Internal Revenue Service and is working with our interagency partners to determine the nature and scope of this matter," a spokesman said. IRS Commissioner John Koskinen said Tuesday cyber criminals had sought to gain access
  
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• Goldman's Buddy Donohue to return to U.S. SEC as chief of staff

  28-05-2015 19:35
  WASHINGTON (Reuters) - Andrew J. "Buddy" Donohue has agreed to return to the U.S. Securities and Exchange Commission to serve as the chief of staff for SEC Chair Mary Jo White, the agency said on...
  
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• US stocks down as Shanghai sinks, Greece deadline looms

  28-05-2015 19:23 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks were modestly lower in afternoon trading Thursday, following a steep sell-off in the Chinese stock market and the approaching deadline for cash-starved Greece to make a debt payment.
  
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• Fed's Bullard: low rate vow is 'not helpful,' GDP targeting is

  28-05-2015 19:05 via news.yahoo.com
  
  Instead, the best way to spur growth amid a severe economic downturn is to engineer temporarily higher inflation, according to the paper by St. Louis Fed President James Bullard. "In the framework presented here the forward guidance policy - promising to remain at the zero lower bound beyond the time that the zero lower bound is actually constraining - is not helpful," Bullard wrote with his co-authors, Washington University's Costas Azariadis, University of Sydney's Aarti Si
  
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• Libya on verge of economic collapse, U.N. envoy warns

  28-05-2015 18:46 via news.yahoo.com
  
  By Adrian Croft BRUSSELS (Reuters) - Libya is on the verge of economic collapse as rival factions haggle over a political settlement, the United Nations special envoy said on Thursday. Bernardino Leon, who has been trying for months to broker an agreement on a national unity government for Libya, said the United Nations was preparing a new draft of a possible political agreement which it hoped to give to the feuding parties in the first week of June.
  
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• Balkan nations say EU economic aid key for stability

  28-05-2015 18:45 via news.yahoo.com
  
  The prime ministers of six Balkans nations called Thursday on the European Union to help finance their economic development, stressing it is key for the volatile region's stability. "We need money to develop infrastructure and we are addressing Europe to get it," Serbian Prime Minister Aleksandar Vucic told a regional economic forum. By financially supporting development projects and the integration of Balkan states into the EU "Europe finances its future," Albanian Prim
  
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• Avago to buy Broadcom for $37 billion in biggest-ever chip deal

  28-05-2015 18:43 via news.yahoo.com
  
  Avago Technologies Ltd agreed to buy Broadcom Corp for $37 billion in the biggest chip industry deal ever, creating a company that will be able to supply chips used in everything from iPhones to servers used in data centers. Avago, a maker of chips for the wireless and industrial markets, is offering Broadcom shareholders $17 billion in cash and Avago shares valued at $20 billion. The deal represents a premium of about 28 percent, according to Reuters calculations based on Broadcom's market
  
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• Economic growth halves hunger in Asia over 25 years: U.N.

  28-05-2015 18:42 via news.yahoo.com
  
  By Alisa Tang BANGKOK (Thomson Reuters Foundation) - Economic growth helped the Asia-Pacific region to halve the proportion of those who have too little to eat to 12 percent of its population over the past 25 years, meeting one of the U.N. Millennium Development Goals, U.N. officials said on Thursday. The target, one of eight international development goals set by the United Nations in 2000, was to halve the proportion of hungry people around the world by 2015 from 1990 levels. "This is an histo
  
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• Why a shrinking US economy last quarter isn't cause for fear

  28-05-2015 18:35 via news.yahoo.com
  
  WASHINGTON (AP) — Another first quarter of the year. Another reversal for the U.S. economy. Another expectation of a rebound to come.
  
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• Fractious handover clouds Buhari's Nigeria succession

  28-05-2015 18:19 via news.yahoo.com
  
  By Julia Payne ABUJA, Nigeria - As he entered his final week in office, Nigerian President Goodluck Jonathan offered up a prayer for the success of Muhammadu Buhari, the former military ruler who takes the helm of Africa's biggest economy on Friday. Citing weeks of strike action by fuel distributors that crippled the economy, the APC accused outgoing officials of creating an "atmosphere of contrived chaos" to sully 72-year-old Buhari's moment of political triumph. Although th
  
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• Stocks fall on Greek concern, yen falls further

  28-05-2015 18:12 via news.yahoo.com
  
  "Things have moved, but there is still a lot of work to do," Lagarde said, adding she believed Greece would fulfil its commitments. Stocks were broadly lower on Wall Street, tracking declines in Europe on worries over Greece and also China, where indexes plummeted 6 percent after more brokerages tightened margin trading requirements to curb risks in a red-hot equity market.
  
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• UPDATE 2-Abercrombie signals better year as Hollister sales improve

  28-05-2015 18:09
  * Shares rise nearly 12 pct to $21.90 (Adds exec and analyst comments and background, update shares)
  
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• U.S. housing data, sturdy jobs market buoy growth outlook

  28-05-2015 18:07 via news.yahoo.com
  
  Contracts to buy previously owned U.S. homes rose for a fourth straight month in April to a nine-year high, buoying the outlook for the housing market and the overall economy. While other data on Thursday showed an unexpected increase in new applications for unemployment benefits, filings remained at levels consistent with a tightening labor market. The National Association of Realtors said its Pending Home Sales Index, based on contracts signed last month, increased 3.4 percent to 112.4, the hi
  
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• US stocks ease in midday trade, day after Nasdaq record

  28-05-2015 18:03 via news.yahoo.com
  
  NEW YORK (AP) — Stocks are moderately lower in midday trading, a day after the Nasdaq composite closed at a record high.
  
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• UPDATE 1-Britain's FTSE outperforms despite growth, trade worries

  28-05-2015 18:00
  * Miners weaker as Goldman sees cartel as unlikely (Updates closing prices)
  
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• Wall Street lower as Greece, China weighs

  28-05-2015 17:53 via news.yahoo.com
  
  "We still think September is the best time for a rate hike, but the pace is going to be slow and methodical," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis. Wednesday was the strongest day for the S&P 500 since May 14 and the Nasdaq Composite's strongest since late January, lifting it to its first record close since April 24. At 11:47 a.m. EDT (1547 GMT) the Dow Jones industrial average was down 63.83 points, or 0.35 percent, at 18,0
  
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• BlackRock has no interest in buying a retail brokerage: CEO

  28-05-2015 17:44
  NEW YORK (Reuters) - BlackRock Inc, the world's largest asset manager, has no intention of buying a retail brokerage firm, Larry Fink, the chief executive officer, told shareholders Thursday...
  
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• South Africa's rand at 5-week low, tracks EM peers

  28-05-2015 17:43 via news.yahoo.com
  
  South Africa's rand fell to a five-week low against the dollar on Thursday, tracking emerging market peers after an influential report said capital flows were projected to fall, partly due to a potential U.S. interest rate hike. The Institute of International Finance said capital flows to emerging economies would fall to $981 billion this year, their lowest since 2009, due to disappointing economic growth, a potential U.S. interest rate rise and a drop in investment in Russia. "This ba
  
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• Top finance officials debate what's needed for global growth

  28-05-2015 17:39 via news.yahoo.com
  
  DRESDEN, Germany (AP) — Top finance officials from the Group of Seven wealthy democracies are debating ways to broaden and strengthen economic recoveries that aren't as robust as everyone would like.
  
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• Star managers battered by rocky ride in yields, currencies

  28-05-2015 17:31
  
  NEW YORK (Reuters) - Some of the biggest names in the investment world have been whipsawed by the recent rise in global yields and the strength in the euro against the dollar, with investors bracing...
  
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• Britain's FTSE outperforms despite growth, trade worries

  28-05-2015 17:23
  LONDON, May 28 (Reuters) - Britain's top share index outperformed pan-European equities on Thursday, despite disappointment over first-quarter UK growth data, thanks to some positive trading updates...
  
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• Average US rate on 30-year mortgage rises to 3.87 pct.

  28-05-2015 17:19 via news.yahoo.com
  
  WASHINGTON (AP) — Average long-term U.S. mortgage rates rose this week to their highest level so far this year as new data showed strength in the housing market.
  
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• Citigroup CEO defends credit card deal with Costco

  28-05-2015 17:17
  
  NEW YORK (Reuters) - Citigroup IncCEO Mike Corbat said the deal the bank made with Costco Wholesale Corpto replace American Express Coas the issuer of credit cards for the retailer will be...
  
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• TSX drops as strong earnings fail to banish doubts about banks

  28-05-2015 17:14 via news.yahoo.com
  
  Canada's main stock index pulled back on Thursday as stronger-than-expected earnings from three of the country's biggest lenders early in the day failed to dispel market doubts about bank performance in the future. Among the three banks that reported on Thursday, Canadian Imperial Bank of Commerce also raised its dividend, joining two of Canada's Big Six banks that hiked their payouts earlier this week. While increased dividends will help them win favor, the question for Canada�
  
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• EU denies Greece nearing new loan deal

  28-05-2015 17:14 via news.yahoo.com
  
  Greece and its creditors are not close to reaching a fresh debt deal despite Athens' claims, EU Commissioner for Economic and Monetary Affairs Pierre Moscovici said Thursday. "It is wrong to say, like the Greeks have, that we've gone three-quarters of the way to reaching a deal," Moscovici told French public radio, France Culture, on the sidelines of a meeting of Group of Seven finance ministers and central bank governors in Germany. "We are beginning to see reform proje
  
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• Greece, facing euro zone exit fears, designs new two-euro coin

  28-05-2015 16:42 via news.yahoo.com
  
  Greece, beset by fears its economic troubles could force it out of the 19-member euro zone, has won a competition to design the logo of a commemorative two-euro coin. The design by George Stamatopoulos, an engraver at the Greek central bank, depicts 12 people forming a human chain around the European Union flag - 12 gold stars on a blue background - marking its 30th anniversary. More than 100,000 people across the euro zone voted in the online competition, where Stamatopoulos's design was among
  
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