Finance news

• U.S.-based international, global debt funds pull out $257 million

  04-06-2015 23:57
  NEW YORK (Reuters) - Investors in U.S.-based funds pulled $257 million from international and global debt funds in the week ended June 3, their second-biggest outflow this year, data from Thomson...
  
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• Worldpay to hire banks for its 6 billion pound London float - Sky News

  04-06-2015 23:48
  
  (Reuters) - Payment processing company Worldpay is set to hire six banks to lead the company's London stock market listing, valued at 6 billion pounds ($9.22 billion), Sky News reported on Thursday. Advent International and Bain Capital, which bought Worldpay from Royal Bank of Scotland in 2010, are close to hiring Goldman Sachs , Morgan Stanley and Bank of America Merrill Lynch as global coordinators for the share sale, the multimedia news site said, citing sources. The company also chose Barcl
  
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• Fed doves' ranks may be growing, possibly pushing hike into 2016

  04-06-2015 23:42 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen insisted only two weeks ago that the U.S. economy remained on a path that would allow the central bank to raise rates in 2015 for the first time in nine years. Lael Brainard, a voting member of the Federal Open Markets Committee, signalled this week that it may be prudent to delay a rate rise. While Brainard, who has been on the Fed board for a year, did not rule out a move this year, she warned of the possibility of a "more significant drag on the economy
  
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• Dish, T-Mobile US talk merger, wireless spectrum a key factor

  04-06-2015 23:35
  
  NEW YORK/WASHINGTON (Reuters) - Just four months ago, T-Mobile US Inc Chief Executive John Legere warned consumers that results of a U.S. airwaves auction "should scare the hell out of you" because...
  
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• US stocks head lower as Greece talks remain stuck

  04-06-2015 22:44
  
  NEW YORK (AP) — Uncertainty surrounding Greece's debts helped knock the U.S. stock market lower Thursday as an impasse between Greece and its creditors dragged on. The drop put major indexes on track for a weekly loss. Oil and gas stocks had some of the biggest losses as the price of crude sank 3 percent.
  
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• Investors shun TSX amid oil, bond market tumult

  04-06-2015 22:40 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index fell on Thursday as a tumble in oil prices stung energy producers and bucking bond markets had investors backing away from utilities and pipelines. Investors are jittery about a slew of unresolved issues in global financial markets, including uncertainty around when the U.S. economy will be judged strong enough to merit Federal Reserve rate hikes. "The bond markets are forcing investors' hands, they are making a move
  
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• US stocks fall as IMF cuts forecast

  04-06-2015 22:18 via news.yahoo.com
  
  New York (AFP) - Wall Street stocks tumbled Thursday due to unease over Greece, volatility in the bond market and worries about growth after the IMF cut its US economic forecast.
  
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• Ex-UBS executives lose appeal of U.S. municipal bond-rigging convictions

  04-06-2015 22:14
  NEW YORK (Reuters) - Three former UBS AG executives on Thursday lost a bid to reverse their 2012 convictions for conspiring to deceive U.S. cities and towns by rigging bids to invest municipal bond...
  
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• France moves to salvage key nuclear reactor sector

  04-06-2015 21:53 via news.yahoo.com
  
  France faces a unique challenge as it moves to save nuclear reactor manufacturer Areva and salvage one of its world-class industries and jobs, while at same time reducing its own reliance on atomic power. The French presidency on Wednesday endorsed merging Areva's reactor-building unit with state-owned electricity company EDF, adding that the government would spend "as much as necessary" to recapitalise the troubled nuclear group, which is also controlled by the state. France has
  
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• Pimco outflows, leadership changes critical to firm's future: Morningstar

  04-06-2015 21:02
  
  NEW YORK (Reuters) - Morningstar analysts said on Thursday that they have a "cautiously optimistic outlook" for Pimco's future but that money exiting the firm's flagship fund and its new leadership...
  
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• Wall St slips as US productivity falls, bond rout eases

  04-06-2015 19:43
  
  U.S. stocks added to their losses in early afternoon trading on Thursday after data showed U.S. nonfarm productivity fell sharply and investors digested the International Monetary Fund's comment urging the Federal Reserve to delay a rate hike. Wall Street was pressured earlier in the day due to a selloff in the global bond market after the ECB said that investors should get used to volatility in the market. The IMF said the Fed should not raise rates until there are clear signs of a pickup
  
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• US regulator sues companies over Avon bogus buyout offer

  04-06-2015 19:30 via news.yahoo.com
  
  NEW YORK (AP) — A U.S. regulator that oversees stock markets has sued several financial companies, saying they tried to manipulate the stock of Avon Products Inc. and two other companies through bogus takeover offers.
  
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• Wall Street slips as U.S. productivity falls, bond rout eases

  04-06-2015 19:24
  
  Wall Street was pressured earlier in the day due to a selloff in the global bond market after the ECB said that investors should get used to volatility in the market. The selloff, however, eased by mid-morning with U.S. long-term Treasury debt yields falling from eight-month peaks. The IMF said the Fed should not raise rates until there are clear signs of a pickup in wages and inflation.
  
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• US STOCKS-Wall St slips as US productivity falls, bond rout eases

  04-06-2015 19:22
  
  U.S. stocks added to their losses in early afternoon trading on Thursday after data showed U.S. nonfarm productivity fell sharply and investors digested the International Monetary Fund's comment urging the Federal Reserve to delay a rate hike. Wall Street was pressured earlier in the day due to a selloff in the global bond market after the ECB said that investors should get used to volatility in the market. The IMF said the Fed should not raise rates until there are clear signs of a pickup in wa
  
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• UPDATE 2-Saipem shares dive on cash call talk

  04-06-2015 19:05
  * Shares end down 13.5 pct, hit lowest in over 2 months (Rewrites first paragraph, adds Saipem statement, banker comment, updates shares)
  
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• UK to sell Royal Mail stake, targets 1.5 billion pounds

  04-06-2015 19:03 via news.yahoo.com
  
  By William James LONDON (Reuters) - Britain will sell its 30 percent stake in postal operator Royal Mail, currently worth about 1.5 billion pounds, as it renews its drive to wipe out the budget deficit, Chancellor George Osborne said on Thursday. The sale was announced alongside a further 3 billion pounds of debt-reduction measures as Osborne said he was redoubling his efforts to fix the public finances after his Conservative party's surprise election win in May. "It is the right thing
  
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• European stocks slump on Greek uncertainty

  04-06-2015 19:01 via news.yahoo.com
  
  European stock markets slumped Thursday over a lack of progress in negotiations between Greece and its creditors, with talks set to continue as a loan repayment looms for Athens. In the eurozone, the CAC 40 in Paris lost 0.93 percent to 4,987.13 points, and Frankfurt's DAX 30 dropped 0.69 percent to 11,340.60 points. Greece's main index ended the day with a loss of 1.32 percent, after having opened with a three percent drop after Greece and its creditors failed to reach a breakthrough
  
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• IMF cuts US growth outlook, urges Fed to delay rate hike

  04-06-2015 18:56 via news.yahoo.com
  
  The International Monetary Fund on Thursday cut its 2015 growth forecast for the United States and called on the Federal Reserve to put off a rate hike until conditions are stronger. In an annual report of the world's largest economy, the Fund said growth would reach only 2.5 percent this year due to the unexpected first quarter contraction, compared to the previous forecast of 3.1 percent in April.
  
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• Six questions to ask when switching to Medicare

  04-06-2015 18:46
  
  CHICAGO (Reuters) - The hand-off from employer health insurance to Medicare can be one of the trickiest challenges you will face in managing your retirement.
  
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• Fed's Tarullo says worried about second-quarter recovery

  04-06-2015 18:31 via news.yahoo.com
  
  Economic data so far in the second quarter fail to show the kind of U.S. recovery that was evident in the data last year in the same period, a top Federal Reserve official said on Thursday. Fed Governor Daniel Tarullo said that transitory factors contributed to the negative U.S. gross domestic product reading for the first quarter, but that he is not convinced the economy has shaken out its struggles just yet. Tarullo, speaking on a panel at the Institute of International Finance event here, sai
  
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• Pakistan misses growth target for fiscal 2014-15

  04-06-2015 18:19 via news.yahoo.com
  
  Pakistan has missed its economic growth target for the current fiscal year but per capita income rose significantly, giving hopes for ambitious GDP growth in the coming year. Finance Minister Ishaq Dar on Thursday launched the country's "Economic Survey" for the outgoing year 2014-15, that reviews all the aspects of the country's economy for the fiscal year ending June 30. Pakistan had set its growth target at 5.1 percent on the assumption of higher agricultural production, i
  
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• SEC sues over alleged hoax Avon, Rocky Mountain bids

  04-06-2015 18:10
  NEW YORK, June 4 (Reuters) - The U.S. Securities and Exchange Commission on Thursday accused a Bulgarian man and several corporate defendants of submitting bogus takeover bids for Avon Products Inc...
  
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• UPDATE 1-Royal Mail, Johnson Matthey lead Britain's FTSE lower

  04-06-2015 17:54
  * Airline easyJet bucks trend after traffic update (Updates price moves)
  
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• U.S. stocks edge lower as nonfarm productivity slips

  04-06-2015 17:50
  
  Wall Street was pressured earlier in the day due to a persistent selloff in the global bond market after the ECB said that investors should get used to volatility in the market. The IMF said the Fed should not raise rates until there are clear signs of a pickup in wages and inflation. "Based on the mission's macroeconomic forecast, and barring upside surprises to growth and inflation, this would put lift-off into the first half of 2016," the fund said.
  
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• US STOCKS-U.S. stocks edge lower as nonfarm productivity slips

  04-06-2015 17:49
  
  U.S. stocks slipped in choppy trading on Thursday after data showed U.S. nonfarm productivity fell sharply and investors digested the International Monetary Fund's comment urging the Federal Reserve to delay a rate hike. Wall Street was pressured earlier in the day due to a persistent selloff in the global bond market after the ECB said that investors should get used to volatility in the market. The IMF said the Fed should not raise rates until there are clear signs of a pickup in wages and infl
  
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• HSBC to pay $43 million Geneva money laundering settlement

  04-06-2015 17:29
  
  ZURICH/GENEVA (Reuters) - HSBC agreed on Thursday to pay Geneva authorities 40 million Swiss francs ($43 million) to settle a money laundering investigation at its Swiss private bank, one of a number...
  
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• Worldpay reportedly lines up banks for £6bn IPO

  04-06-2015 17:25
  
  The owners of electronic payments company Worldpay have reportedly picked six banks to lead a £6bn stock market listing that will propel the company straight into the FTSE 100.
  
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• Ex-UBS execs lose appeal of U.S. municipal bond-rigging convictions

  04-06-2015 17:05
  NEW YORK (Reuters) - Three former UBS AG executives on Thursday lost a bid to reverse their 2012 convictions for conspiring to deceive U.S. cities and towns by rigging bids to invest municipal bond...
  
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• OPKO Health to buy Bio-Reference in $1.47 bln deal

  04-06-2015 17:00
  June 4 (Reuters) - OPKO Health Inc agreed to buy clinical laboratory operator Bio-Reference Laboratories Inc in a stock deal valued at $1.47 billion to bolster its diagnostics business.
  
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• Average US rate on 30-year mortgage stays at 3.87 percent

  04-06-2015 16:57 via news.yahoo.com
  
  WASHINGTON (AP) — Average long-term U.S. mortgage rates were flat to slightly lower this week, remaining near their highest levels so far this year.
  
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• Vietnam lawmakers urge green light for huge hub airport

  04-06-2015 16:40 via news.yahoo.com
  
  Vietnamese lawmakers called for speedy approval of a $15.8 billion airport on Thursday to get construction started and address chronic capacity shortages in one of the world's fastest-growing aviation markets. The Long Thanh International Airport outside the economic hub Ho Chi Minh City would be Vietnam's most ambitious infrastructure project yet and aims to eventually handle 100 million passengers and five billion tonnes of goods a year. Vietnam wants Long Thanh to be a regional transit hub to
  
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• UPDATE 2-J.M. Smucker's profit misses estimates on higher coffee costs

  04-06-2015 16:33
  * Shares fall as much as 4 pct (Adds details, executive and analyst comments; updates shares)
  
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• UPDATE 2-Tesco hires HSBC to explore sale of $6 bln S.Korea arm-sources

  04-06-2015 16:28
  * Dunnhumby sale progressing with possible 1 bln stg price (Adds details, reaction)
  
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• Wall Street pares losses after IMF urges delay in rate hike

  04-06-2015 16:27
  
  Wall Street was pressured earlier in the day due to a persistent selloff in the global bond market and a sharp fall in U.S. nonfarm productivity in the first quarter. Economists say muted productivity growth, if sustained, raises the risk of a faster pick-up in inflation, and calls for more aggressive interest rate increases than the Federal Reserve and financial markets currently anticipate.
  
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• Wall St pares losses after IMF urges delay in rate hike

  04-06-2015 16:26
  
  U.S. stocks rebounded after the International Monetary Fund warned that the U.S. Federal Reserve should delay a rate hike until the first half of 2016. Wall Street was pressured earlier in the day due to a persistent selloff in the global bond market and a sharp fall in U.S. nonfarm productivity in the first quarter. Economists say muted productivity growth, if sustained, raises the risk of a faster pick-up in inflation, and calls for more aggressive interest rate increases than the Federal Rese
  
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• Israeli Arabs seeking greater share in country's tech start-up success

  04-06-2015 16:13 via news.yahoo.com
  
  By Tova Cohen TEL AVIV (Reuters) - Israel's Arab minority is seeking its share of high-tech success in a "start-up nation", a quest that has already turned Jesus's boyhood town of Nazareth into an incubator for innovation. Over the past decade about 7,000 tech companies have been founded in Israel, where high-tech goods and services account for 12.5 percent of gross domestic product. Only 30 Arab-led tech firms, however, the majority of them in software, are generating revenu
  
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• Britain's FTSE falls, led lower by Johnson Matthey

  04-06-2015 16:11
  * Airline easyJet bucks trend after traffic update (Updates stock moves, adds comments)
  
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• How three leaders worked their way up from the (very) bottom

  04-06-2015 16:07
  
  There is plenty of debate on the issue, but one thing is certain: Most leaders do not start out at the pinnacle. They begin their careers on the bottom rung of the ladder just like everyone...
  
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• IMF: Fed should delay interest rate hike to 2016

  04-06-2015 15:55 via news.yahoo.com
  
  WASHINGTON (AP) — The International Monetary Fund urged the Federal Reserve to wait until the first half of 2016 to start raising short-term interest rates because the U.S. economy remains subpar.
  
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• IMF says Federal Reserve should delay rate hike to 2016

  04-06-2015 15:50 via news.yahoo.com
  
  The International Monetary Fund on Thursday called on the US Federal Reserve to put off its planned interest rate increase until 2016. The Fed "should remain data-dependent and defer its first increase in policy rates until there are greater signs of wage or price inflation than are currently evident," the IMF said in a new report on the US economy. The Fed has been edging toward a rate hike as early as June or July, but the Fund said the US economy would not be ready for it until earl
  
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• South Africa to review new travel rules to protect tourism: minister

  04-06-2015 15:49 via news.yahoo.com
  
  By Peroshni Govender CAPE TOWN (Reuters) - South Africa's government is reviewing its new travel rules for minors after signs that they are already hurting the key tourist sector, Tourism Minister Derek Hanekom said on Thursday. Tourism has become the fastest-growing industry for Africa's most advanced but ailing economy, with arrivals soaring after South Africa successfully hosted the 2010 soccer World Cup. "Negative effects are being reported by tour operators and airlines which
  
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• Jindal says to build $400 mln Mozambique power plant

  04-06-2015 15:41 via news.yahoo.com
  
  Jindal Steel and Power's Africa unit said on Thursday it plans to build a $400 million power station in Mozambique and sign an agreement to sell electricity to the southern African country by year-end. "We can start building immediately after commercial agreement, it’s a 30-month project for the 150 megawatt plant," Ashish Kumar, Jindal Africa CEO told Reuters on the sidelines of the World Economic Forum African conference. Kumar said the company's Chirodzi coal mine in Mozambique, producing a
  
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• Wall Street opens lower as global bond rout weighs

  04-06-2015 15:38
  
  (Reuters) - U.S. stocks dipped at the open on Thursday after a persistent selloff in the global bond markets overshadowed slightly better-than-expected U.S. jobless claims data.
  
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• IMF warns Fed should delay rate hike until 2016

  04-06-2015 15:37 via news.yahoo.com
  
  The U.S. Federal Reserve should delay a rate hike until the first half of 2016 until there are signs of a pickup in wages and inflation, the International Monetary Fund said in its annual assessment of the economy on Thursday. The fund's report comes amid signs that some rate setters at the U.S. central bank are also pushing for rate hikes to be delayed until there are clearer signs of a sustained recovery. "Based on the mission’s macroeconomic forecast, and barring upside surprises
  
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• IMF cuts US growth forecast, urges Fed to delay rate hike

  04-06-2015 15:33 via news.yahoo.com
  
  WASHINGTON (AP) — The International Monetary Fund is downgrading its outlook for the U.S. economy this year and says the Federal Reserve should wait until the first half of 2016 to start raising short-term interest rates.
  
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• UPDATE 1-ABB shares jump on activist investor Cevian's stake

  04-06-2015 15:30
  ZURICH/STOCKHOLM, June 4 (Reuters) - Activist investor Cevian has a stake of more than 3 percent in ABB, the Swiss engineering group said on Thursday, sending its shares to their highest in more than...
  
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• New South Africa travel rules for children hurt tourism: minister

  04-06-2015 15:16 via news.yahoo.com
  
  CAPE TOWN (Reuters) - South Africa's government is reviewing its controversial new travel rules for minors, amid signs that they are already hurting the key tourism sector, Tourism Minister Derek Hanekom said on Thursday. "Negative effects are being reported by tour operators and airlines which have taken the form of cancellations," Hanekom told Reuters on the sidelines of the World Economic Forum Africa in Cape Town. "Air China is reconsidering flights to South Africa (and)
  
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• Worldpay Lines Up Banks for £6bn London Float

  04-06-2015 15:07
  
  The owners of Worldpay have picked six banks to lead a £6bn stock market listing that will propel the payments processing giant straight into London's blue-chip share index. Sky News has learnt that Advent International and Bain Capital are close to appointing Bank of America Merrill Lynch, Goldman Sachs (NYSE: GS-PB - news)  and Morgan Stanley (Xetra: 885836 - news) as global co-ordinators for the share sale, which could take place as soon as this year.
  
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• Petrol suppliers in Congo mining hub strike over tax increase

  04-06-2015 15:05 via news.yahoo.com
  
  Petrol suppliers in the Democratic Republic of Congo's mining hub of Katanga province went on strike on Thursday morning to protest a recent fuel tax hike, local residents said. The indefinite strike, called by the Congolese Business Federation (FEC), could affect some mining companies, businesses and millions of residents in the southeastern province. An economy ministry decree last week raised fuel taxes in the southern regions of the country by 12 percent while reducing them in the west by 33
  
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• Economy weighs on Russia World Cup plans amid FIFA scandal

  04-06-2015 14:49 via news.yahoo.com
  
  By Jack Stubbs MOSCOW (Reuters) - President Vladimir Putin is still likely to host the World Cup in 2018 despite an FBI investigation into Russia's winning bid but his hopes of staging a tournament that impresses his critics are fading. Not only is the event mired in scandal because of corruption allegations hanging over FIFA, soccer's governing body, but the Russian government is being forced by an economic crisis to trim spending on its preparations. Putin will do all he can to ensure the fina
  
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