Finance news

• Pimco said flagship Total Return fund had $2.7 bln net outflows in May

  02-06-2015 23:55
  June 2 (Reuters) - The Pimco Total Return Fund, the Newport Beach, California firm's flagship fund, had $2.7 billion of net outflows in May, compared with $5.6 billion of withdrawals the previous...
  
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• Bush and Rubio favored in Florida but other Republicans want a look

  02-06-2015 23:42 via news.yahoo.com
  
  By Steve Holland LAKE BUENA VISTA, Fla. (Reuters) - Differences emerged on Tuesday among Republican rivals for the 2016 presidential nomination at a forum where it was clear that Jeb Bush and Marco Rubio will face some competition in Florida despite their home-state edge. The fact that seven Republican candidates or potential candidates spoke at Florida Governor Rick Scott's "Economic Growth Summit" was proof of the wide-open nature of the search by Florida Republicans for a candi
  
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• Illinois Senate Democrats unveil bill package to counter governor

  02-06-2015 22:58 via news.yahoo.com
  
  Illinois Senate Democrats said on Tuesday they will push a package of bills to counter Republican Governor Bruce Rauner's reform agenda as the state's key legislative session goes into overtime. The legislation would boost the state minimum wage, give tax credits for college costs, guarantee up to seven paid sick days for full and part-time workers, cover two years of tuition and fees for eligible community college students, and end business tax breaks to save Illinois $334 million. �
  
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• US auto sales hit best pace since 2005

  02-06-2015 22:52 via news.yahoo.com
  
  Total industry sales rose 1.6 percent compared with May 2014 while the sales pace came in at an adjusted, annualized rate of 17.9 million vehicles, according to Autodata. While the sales pace was slightly inflated by a quirk of the calendar -- there were five weekends this May along with the Memorial Day holiday -- analysts said it remains good news for automakers and the economy as a whole.
  
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• Stocks drop as energy gains are offset by utilities slump

  02-06-2015 22:51 via news.yahoo.com
  
  NEW YORK (AP) — The stock market remains stuck in a rut.
  
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• At JPMorgan, voicemail deemed obsolescent

  02-06-2015 22:35 via news.yahoo.com
  
  Voicemail is going the way of the typewriter, at least at JPMorgan Chase & Co . The Wall Street bank is eliminating voicemail for thousands of employees who do not take calls from customers, at a savings of $10 a month per person, Gordon Smith, chief executive of the company's consumer banking operations, said at an investor conference on Tuesday. "We started to cut those off." The service is being cut only for employees who do not deal directly with customers, spokeswoman Pat
  
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• Wall Street ends down; utilities fall as bond yields jump

  02-06-2015 22:31 via news.yahoo.com
  
  (Reuters) - U.S. stocks eased on Tuesday as a jump in bond yields hit utilities and other top dividend payers, but energy gains and optimism Greece is near a deal with creditors limited losses.
  
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• U.S. factory orders weak; robust auto sales a bright spot

  02-06-2015 22:25 via news.yahoo.com
  
  New orders for U.S. factory goods fell in April on weak demand for transportation equipment and other goods, suggesting that manufacturing remained constrained by a strong dollar and spending cuts in the energy sector. The outlook for manufacturing and the broader economy, however, got a lift from another report on Tuesday showing automobile sales in May rising at their briskest pace in a decade. "The outlook for manufacturing is modestly positive.
  
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• U.S. May auto sales race to strongest pace in nearly a decade

  02-06-2015 22:11 via news.yahoo.com
  
  Consumers emboldened by easy-to-get loans and cheap gas pushed U.S. auto sales in May to their strongest pace in a decade, countering weakness in other economic indicators. U.S. May auto sales hit 17.79 million last month on a seasonally adjusted annualized basis, according to Autodata Corp, the highest since summer 2005. On Tuesday as automakers reported robust sales, data showed new orders for U.S. factory goods in April fell 0.4 percent, a day after a Federal Reserve official said second-quar
  
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• BlackRock CEO Fink expects Fed to raise rates in September

  02-06-2015 22:09
  
  (Reuters) - BlackRock Inc's chairman and chief executive, Laurence Fink, said on Tuesday he believes the U.S. Federal Reserve will raise interest rates in September, but said the Fed should think...
  
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• BlackRock's Fink predicts Fed to raise rates in September

  02-06-2015 21:53
  (Reuters) - BlackRock Inc's Chairman and Chief Executive Officer Laurence Fink believes that the U.S. Federal Reserve will raise interest rates in September, he told attendees of Deutsche Bank's...
  
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• Gundlach's DoubleLine Funds posts 16th consecutive month of inflows

  02-06-2015 20:49
  NEW YORK (Reuters) - DoubleLine Funds, whose co-founder Jeffrey Gundlach is widely followed for his investment calls, on Tuesday reported $661 million in net additional investments in May, the 16th...
  
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• IMF to Rich Countries: Don’t Sweat the Debt

  02-06-2015 20:44 via news.yahoo.com
  
  With European officials huddling this week in an effort to find a way out of the debt crisis threatening to push Greece out of the European currency union, a new working paper from the International Monetary Fund that challenges much of the conventional thinking about how countries that have accumulated substantial sovereign debt ought to prioritize their spending. First mentioned in a Wall Street Journal piece this morning by David Wessel, who directs the Hutchins Center on Fiscal and Monetary
  
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• Brazil expects fresh rate rise

  02-06-2015 20:22 via news.yahoo.com
  
  Brasília (AFP) - Brazil was bracing Tuesday for a sixth straight interest rate hike as the central bank prepared to step up efforts to tackle rising inflation amid an economic downturn. Analysts expect the bank's monetary policy committee (Copom) will Wednesday raise the key rate from 13.25 percent, already the highest level since January 2009, by 0.5 percentage points as Latin America's largest economy fights to keep a lid on rising prices. "The central bank wants to bring infla
  
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• 'Radical transition' of economy needed to curb climate change: study

  02-06-2015 19:50 via news.yahoo.com
  
  By Alister Doyle BONN, Germany (Reuters) - Harmful impacts of global warming such as heat waves and sea level rise are mounting and show a need for a "radical transition" to a greener economy, a study presented at U.N. climate talks said on Tuesday. "Negative impacts are not only something in the future – they are something now," said Zou Ji, a co-leader of the U.N. review of consultations about science policy for governments working on a U.N. climate deal in Paris in December. All sides at th
  
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• Wall St. up on Greece optimism, fading rate hike fears

  02-06-2015 19:48 via news.yahoo.com
  
  New orders for U.S. factory goods unexpectedly fell in April as demand for transportation equipment and other goods weakened – the latest data that suggest the economy might not be bouncing back strongly enough after a first-quarter slump, to permit a rate hike earlier rather than later in the year. The economy's recent poor performance may be more than transitory, as the full impact of weak consumer spending, low investment and the high value of the dollar become apparent, Fed board memb
  
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• Fed's Brainard: global troubles weighing on U.S., may delay rate hike

  02-06-2015 19:42 via news.yahoo.com
  
  By Howard Schneider WASHINGTON (Reuters) - It may be impossible for the Federal Reserve to raise interest rates until the rest of the world economy improves, Fed board member Lael Brainard said on Tuesday, in the most direct acknowledgement yet of how weak global markets could handcuff the U.S. central bank. Brainard, who is hyper-attentive to the impacts of globalization given her prior role as head of international affairs at the U.S. Treasury, sketched out a world in which a strong dollar, we
  
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• Gabon hires banks ahead of potential US dollar bond

  02-06-2015 19:39
  NEW YORK, June 2 (IFR) - The Gabonese Republic has hired Deutsche Bank, JP Morgan and Standard Chartered to arrange meetings with fixed-income investors ahead of a potential international bond issue,...
  
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• Obama still has confidence in TSA following poor report

  02-06-2015 19:32
  WASHINGTON, June 2 (Reuters) - President Barack Obama still has confidence in the U.S. Transportation Security Administration after a scathing report that faulted the agency for not detecting obvious...
  
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• UPDATE 1-Pimco Total Return ETF posts $53.9 mln net outflows in May -Morningstar

  02-06-2015 19:21
  NEW YORK, June 2 (Reuters) - The Pimco Total Return Active Exchange-Traded Fund posted net outflows of $53.9 million in May, ending the month with $2.6 billion in assets under management, according...
  
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• UPDATE 1-Peru's economy likely grew by about 4 pct in April-finmin

  02-06-2015 19:19
  LIMA, June 2 (Reuters) - Peru's finance minister said on Tuesday that the economy is recovering from a sharp slowdown over the past year and likely grew by around 4 percent in April from the same...
  
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• U.S. stocks turn positive amid Greece optimism, fading rate hike fears

  02-06-2015 19:14 via news.yahoo.com
  
  New orders for U.S. factory goods unexpectedly fell in April as demand for transportation equipment and other goods weakened – the latest data that suggest the economy might not be bouncing back strongly enough after a first-quarter slump, to permit a rate hike earlier rather than later in the year. The economy's recent poor performance may be more than transitory, as the full impact of weak consumer spending, low investment and the high value of the dollar become apparent, Fed board memb
  
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• ECB raises emergency funding for Greek banks by $559 million: source

  02-06-2015 19:13 via news.yahoo.com
  
  The European Central Bank raised the cap on emergency liquidity assistance Greek banks can draw from the country's central bank by 500 million euros ($559 million), taking the ceiling to 80.7 billion euros, a banking source told Reuters on Tuesday. The ECB has raised the cap in increments, keeping pressure on Athens to strike a deal with its creditors over economic reforms required to unlock remaining bailout aid. Hawks on the Governing Council have pushed for raising the haircut which would eff
  
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• UPDATE 3-Buenos Aires province plans new 6-year US dollar bond

  02-06-2015 19:07
  NEW YORK, June 2 (IFR) - The Province of Buenos Aires tightened pricing on its first international bond sale since 2011 after demand for the US$500m deal topped US$2bn on Tuesday.
  
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• ECB raises emergency funding for Greek banks by 500 mln euros- source

  02-06-2015 19:06
  ATHENS, June 2 (Reuters) - The European Central Bank raised the cap on emergency liquidity assistance Greek banks can draw from the country's central bank by 500 million euros, taking the ceiling to...
  
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• Goldman replaces Barclays in oil offtake for Par's Hawaii refinery

  02-06-2015 18:47 via news.yahoo.com
  
  Goldman Sachs Group Inc has agreed to a multi-year supply and offtake deal for Par Petroleum Corp's oil refinery in Hawaii, the latest sign of the Wall Street bank's continuing clout in the competitive business of physical commodities trading. The bank's storied commodities trading arm, J Aron, has replaced Barclays Plc (LSE: BARC.L - news) to supply crude to the refinery and buy its refined products following the UK bank's exit from most commodity markets last year.
  
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• MOVES- Bank of America, Ernst & Young, JP Morgan

  02-06-2015 18:43
  June 2 (Reuters) - The following financial services industry appointments were announced on Tuesday. To inform us of other job changes, email [email protected].
  
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• Mexico cenbank sells $52 mln at 15.4089 pesos at daily auction

  02-06-2015 18:42
  MEXICO CITY, June 2 (Reuters) - The central bank of Mexico sold $52 million on Tuesday at an average price of 15.4089 pesos per dollar, the bank said, part of an auction program to boost foreign...
  
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• Medtronic profit tops views, but strong dollar a hurdle

  02-06-2015 18:41 via news.yahoo.com
  
  Medical device maker Medtronic Plc reported better-than-expected adjusted quarterly profit on higher sales across its business lines in its first quarter, including revenue from the acquisition of surgical products provider Covidien Plc. The company, which had announced preliminary fourth-quarter revenue in May, on Tuesday also gave a fiscal 2016 profit outlook that was below analysts' expectations, citing a greater impact from the strong U.S. dollar than the company previously estimated. Wall S
  
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• OECD, 'rich nations' club' turns into 'do-tank'

  02-06-2015 18:27 via news.yahoo.com
  
  The Organisation for Economic Cooperation and Development, derided as a "rich nations' club" that vegetated in its Parisian chateau for decades, has redefined itself as the go-to resource for economic analysis. "When I started my career (at the French finance ministry) in 1996, they sent me to visit the OECD. Today he heads one of the body's biggest units, the crime-busting Centre for Tax Policy and Administration.
  
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• REFILE-GLOBAL MARKETS-Greek uncertainty weighs on equities; inflation lifts euro

  02-06-2015 18:25
  NEW YORK, June 2 (Reuters) - U.S. stocks dipped on Tuesday while German bond yields rose as investors searched for clarity over whether a high-level meeting on Greece's debt crisis might yield a...
  
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• Zach Pandl to return to Goldman as senior economist: source

  02-06-2015 18:24 via news.yahoo.com
  
  NEW YORK (Reuters) - Goldman Sachs has hired Zach Pandl as senior economist, marking a return to the Wall Street investment bank after spending less three years at Columbia Threadneedle, a source familiar with the matter said on Tuesday.
  
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• Buenos Aires province seeks $500 mln from bond sale, demand heavy: sources

  02-06-2015 18:01
  BUENOS AIRES, June 2 (Reuters) - Argentina's Province of Buenos Aires is seeking to raise $500 million from the issuance of a new six-year U.S.-dollar bond, a source in the province's local...
  
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• Books hit US$1.8bn on Province of Buenos Aires's new 6-yr bond

  02-06-2015 17:42
  NEW YORK, June 2 (IFR) - Order books on Buenos Aire's new six-year US dollar bond have swelled to US$1.8bn ahead of pricing today, according to a source.
  
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• UPDATE 3-Higher inflation sets German yields for biggest jump in 3 years

  02-06-2015 17:32
  * France, German, IMF, ECB, EU leaders meet on Greece (Updates prices, adds Spanish debt sale)
  
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• Wall Street pares losses as data, Fed comments allay rate hike fears

  02-06-2015 17:28 via news.yahoo.com
  
  The data is the latest that shows the economy might not be rebounding strongly enough in the second quarter, after a first-quarter slump, to permit a rate hike earlier rather than later in the year. The economy's recent poor performance may be more than transitory, as the full impact of weak consumer spending, low investment and the high value of the dollar become apparent, Fed board member Lael Brainard said. "Interest rates are not going to matter if they're rising because of th
  
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• Fitch on Revised Support Assumptions for German Landesbanken

  02-06-2015 17:28
  (The following statement was released by the rating agency) Link to Fitch Ratings' Report: Revised Support Assumptions for German Landesbanken...
  
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• Too big to succeed? Investors want "radical surgery" at HSBC

  02-06-2015 17:26
  LONDON, June 2 (Reuters) - No longer feared as "too big to fail", shareholders are weighing whether HSBC is now "too big to succeed", and want to know next week how the bank's bosses propose to...
  
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• WRAPUP 4-Greece, creditors line up rival reform proposals to unlock aid

  02-06-2015 17:25
  * Tsipras: Athens sent creditors "realistic plan" to exit crisis
  
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• US stocks little changed as investors weigh economy, Greece

  02-06-2015 17:21 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks were little changed on Tuesday as investors weighed the latest economic news and followed negotiations between Greece and its creditors. PVH Corp., the company behind Calvin Klein and Tommy Hilfiger, was among the day's winners. The stock jumped after it reported earnings that beat the expectations of Wall Street analysts.
  
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• South Africa's Eskom says nuclear power station unit resumes supply

  02-06-2015 17:19 via news.yahoo.com
  
  CAPE TOWN (Reuters) - South Africa's power utility Eskom said on Tuesday it had restarted a 900-megawatt unit at its Koeberg nuclear station after routine refuelling and maintenance. Africa's most advanced economy is suffering its most severe power shortage since 2008 as state-owned Eskom struggles to keep the lights on. Eskom has suffered from years of underfunding and investment in new plants and is struggling to meet demand.
  
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• Scottish leader, unlike UK government, welcomes EU refugee plan

  02-06-2015 17:18 via news.yahoo.com
  
  By Joseph D'Urso LONDON (Thomson Reuters Foundation) - Scotland "recognises its obligations to refugees," nationalist leader Nicola Sturgeon said in Brussels on Tuesday, highlighting the contrast between her devolved administration and the British government on an EU proposal of quotas for resettling migrants. The European Commission has suggested that 40,000 Syrian and Eritrean asylum seekers be shared among EU member states based on each nation's population, economy, unempl
  
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• TREASURIES-Yields climb to two-week peaks on U.S. jobs optimism

  02-06-2015 17:16
  NEW YORK, June 2 (Reuters) - U.S. long-dated Treasury debt yields rose to two-week highs on Tuesday, drawing support from an inflation data-related rise in European yields and overall optimism about...
  
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• Brainard says overseas troubles also weighing on U.S. labor markets

  02-06-2015 17:13 via news.yahoo.com
  
  WASHINGTON (Reuters) - U.S. Federal Reserve board member Lael Brainard said on Tuesday that the country's labor markets remain slack, with elevated numbers of part-time workers and a labor force participation rate she expects could rise if the economy improves more.
  
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• Nigeria's graft watchdog sues central bank officials over $40 mln fraud

  02-06-2015 17:05 via news.yahoo.com
  
  LAGOS (Reuters) - Nigeria's anti-corruption body on Tuesday charged officials from the central bank and commercial banks in court over an 8 billion naira ($40 million) currency fraud, a lawyer to the agency said. The Economic and Financial Crime Commission (EFCC) charged six central bank officials and 6 commercial bank staff accused of currency theft and recirculating naira notes intended for destruction at a court in the southwestern city of Ibadan, Rotimi Jacobs, a lawyer for the EFCC, to
  
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• U.S. factory orders fall unexpectedly; weakness in demand broad-based

  02-06-2015 17:04 via news.yahoo.com
  
  New orders for U.S. factory goods unexpectedly fell in April as demand for transportation equipment and a range of other goods weakened, suggesting that manufacturing remained constrained by a strong dollar and spending cuts in the energy sector. New orders for manufactured goods slipped 0.4 percent after a slightly upwardly revised 2.2 percent increase in March, the Commerce Department said on Tuesday. Manufacturing, which accounts for about 12 percent of the U.S. economy, has been hit by the d
  
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• South African public workers threaten to withdraw from wage deal

  02-06-2015 17:00 via news.yahoo.com
  
  South Africa's public sector unions on Tuesday threatened to abandon a recent wage hike deal after the government said it would raise salaries by 6.4 percent for the first of a three-year deal and not 7 percent agreed last month. Should government press ahead with its new wage offer, it could open up the possibility of a protracted public sector strike in Africa's most advanced economy which is struggling with sluggish growth rates forecast at 2 percent this year. The government said in a letter
  
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• Fund managers boost bets on health care even amid high prices

  02-06-2015 16:49
  
  NEW YORK (Reuters) - Last July, when Federal Reserve Chair Janet Yellen spurred a sell-off in healthcare stocks by saying that valuations in shares of biotech companies looked "stretched," portfolio...
  
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• Saudi's Algosaibi outlines new debt proposal to creditors

  02-06-2015 16:44
  DUBAI, June 2 (Reuters) - Saudi Arabian family conglomerate
  Ahmad Hamad Algosaibi and Brothers (AHAB) is offering creditors
  a minimum return of 28 cents on every dollar owed under an
  enhanced...
  
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• MOVES-JP Morgan's Lewell goes East for syndicate job

  02-06-2015 16:38
  LONDON, June 2 (IFR) - JP Morgan's head of European syndicate for corporates and emerging markets is moving to Hong Kong to run the US bank's APAC syndicate franchise.
  
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