Finance news

• Judge approves debt restructuring plan for Mexico homebuilder Geo

  15-06-2015 23:19
  MONTERREY, Mexico, June 15 (Reuters) - A Mexican judge said
  on Monday he had approved the debt restructing plan for Mexican
  homebuilder Geo, which entered into bankruptcy protection in
  April 2014.
  
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• China trying a policy twist to cut borrowing costs

  15-06-2015 23:10 via news.yahoo.com
  
  China is looking for new ways to lower stubbornly high long-term borrowing costs and stop the fruits of its looser monetary policy being pumped into speculative plays instead of supporting its slowing economy, policy insiders say. Beijing has attempted to cushion the slowdown by twice freeing banks to lend more this year and cutting interest rates three times since November, but banks have been reluctant to make long-term loans to businesses to avoid bad debts. There are concerns that money is f
  
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• Oil prices drop on Greece, US output worries

  15-06-2015 23:08 via news.yahoo.com
  
  US benchmark West Texas Intermediate for July delivery dropped 44 cents to $59.52 a barrel compared with Friday's close. Brent North Sea crude for July shed $1.28 to stand at $62.61 a barrel in London trade. The US reported industrial output fell another 0.2 percent in May after an 0.5 percent drop in April, not unexpected but still casting a cloud on the strength of the economy.
  
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• FCA plays down impact of possible Brexit - WSJ

  15-06-2015 22:58 via news.yahoo.com
  
  (Reuters) - The head of the Financial Conduct Authority (FCA) has played down the impact of a possible exit from the European Union, telling the Wall Street Journal that the move would have little eff...
  
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• Britain's financial regulator plays down impact of possible Brexit -WSJ

  15-06-2015 22:54 via news.yahoo.com
  
  The head of Britain's Financial Conduct Authority (FCA) has played down the impact of a possible exit from the European Union, telling the Wall Street Journal that the move would have little effect on the financial services sector. The regulator's chief executive, Martin Wheatley, said that in the event of so-called Brexit, some firms would move operations and some companies would restructure, but the financial sector would not face a general decline. In the short term, Britain was likely to abi
  
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• Cigna rebuffs takeover approach by Anthem: WSJ

  15-06-2015 22:51
  (Reuters) - Health insurer Cigna Corprebuffed a takeover offer from larger rival Anthem Inc , as the U.S. managed care sector gears up for a round of consolidation, the Wall Street Journal reported...
  
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• Greek angst weighs on Wall Street; health stocks rise

  15-06-2015 22:30 via news.yahoo.com
  
  After Sunday's breakdown of the cash-for-reform talks between Athens and its creditors, Greece has two weeks before facing a 1.6 billion euro repayment due to the International Monetary Fund that could leave it out of cash. UnitedHealth shares rose 1.1 percent to $118.98 and Aetna added 4.4 percent to $121.01.
  
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• Cox Automotive to buy Dealertrack in $4 billion deal

  15-06-2015 22:17
  (Reuters) - Cox Automotive Inc, owner of the Autotrader online automobile market and Kelley Blue Book car valuation service, said it would buy Dealertrack Technologies Incin a deal valued at $4...
  
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• US stock market ends lower as Greek bailout talks stall

  15-06-2015 22:08 via news.yahoo.com
  
  U.S. stocks are ending lower as uncertainty mounts over Greece's bailout talks with its creditors.
  
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• Wall Street down on Greek woes; healthcare stocks gain

  15-06-2015 22:05 via news.yahoo.com
  
  (Reuters) - Stocks fell on Wall Street on Monday as investors fretted over the consequences of a possible debt default by Greece, while talk of multi-billion dollar healthcare deals lifted shares in the sector, cutting into the market's loss.
  
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• How to prevent the financial pain of migraines

  15-06-2015 21:14
  
  NEW YORK (Reuters) - If you have never experienced a migraine, consider yourself blessed by a thousand angels.
  
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• Two investors urge career Website company DHI to go on the block

  15-06-2015 21:03
  BOSTON (Reuters) - Two activist investors on Monday urged DHI Group Inc, which offers specialized career websites, to sell itself and said they had already spoken with potential buyers.
  
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• BRIEF-German court names insolvency administrator for Asian Bamboo

  15-06-2015 20:12
  * Says local court of hamburg has appointed a so called
  strong preliminary insolvency administratorSource text for Eikon:Further company coverage:
  
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• SEC's Stein sees dangerous cracks in laws for mutual funds, ETFs

  15-06-2015 19:47
  
  WASHINGTON (Reuters) - The rise of complex mutual and exchange-traded funds has exposed weaknesses in the outdated regulatory regime for the sector and could be putting retail investors at risk, a...
  
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• U.S. deep discount retailer Ollie's files for IPO

  15-06-2015 19:45
  (Reuters) - The owner of U.S. deep discount retailer Ollie's Bargain Outlet – known for the signature catch phrase "good stuff cheap" – filed on Monday for an initial public offering, hoping to...
  
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• U.S. industrial output hurt by weakness in manufacturing, mining

  15-06-2015 19:37 via news.yahoo.com
  
  U.S. industrial production unexpectedly fell in May as manufacturing and mining activity remained weak, a sign that a strong dollar and spending cuts in the energy sector continued to constrain economic growth. "Signs of spring remain largely absent in the industrial sector. The challenges of the stronger dollar and drop in energy prices linger," said Tim Quinlan, an economist at Wells Fargo Securities in Charlotte, North Carolina.
  
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• Stocks, oil fall as Greek talks collapse

  15-06-2015 19:27 via news.yahoo.com
  
  Stock markets around the world fell on Monday as they felt the ripple effects of the Greek crisis after the collapse of 11th-hour talks between the near-bankrupt country and its creditors. European Union officials said Athens had offered no new concessions to secure the funding it needs, while Athens said it would not give in to demands for more pension and wage cuts. Greece must repay 1.6 billion euros ($1.8 billion) to the International Monetary Fund by mid-year.
  
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• Sleep Country Canada planning to go public again in IPO

  15-06-2015 19:24 via news.yahoo.com
  
  Canada's largest seller of mattresses is planning to go public on the stock market again by listing shares on the TSX. According to a regulatory filing, Sleep Country Canada Holdings Inc. is planning a public stock offering in the coming weeks and months. Sleep Country Canada, whose jingle "Why buy a mattress anywhere else" is likely familiar to most Canadians, was a public company once before, until private equity firms Birch Hill Equity Partners Management Inc. and Thomson family investmen
  
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• Enbridge shippers question regulator's delay of pipeline to Montreal

  15-06-2015 19:22 via news.yahoo.com
  
  By Scott Haggett CALGARY, Alberta (Reuters) - The two biggest customers on Enbridge Inc's newly reversed pipeline to carry Western Canadian oil from Sarnia, Ontario, to Montreal want to meet Canada's energy regulator to find out why the pipeline's opening has been delayed by months. Valero Energy Corp and Suncor Energy Inc , each of which owns of two refineries in the province of Quebec, said in separate letters posted on the National Energy Board's website that the delay in approving the startu
  
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• Indonesia's trade surplus increases in May

  15-06-2015 18:46 via news.yahoo.com
  Indonesia's trade surplus grew to $950 million in May, official data showed Monday, as imports slid sharply in Southeast Asia's largest economy. It was the sixth straight month that Indonesia has recorded a trade surplus and the figure was about double that forecast by economists. Despite the downbeat figures, policymakers were expected to welcome the growing surplus as they battle to narrow a stubborn current-account deficit.
  
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• BRIEF-Commercial Court in Paris prolongs observation period of CRM Company Group

  15-06-2015 18:46
  * Commercial Court in Paris prolongs rescue procedure
  observation period of company until Oct. 5
  Further company coverage:
  (Gdynia Newsroom:)
  
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• U.S. biotech company Evofem eyes London listing -sources

  15-06-2015 18:45 via news.yahoo.com
  
  Biotech company Evofem is working with U.S. bank JP Morgan and British broker Cenkos on a London stock market listing aimed at raising about $200 million, three sources familiar with the matter said on Monday. A spokeswoman for Evofem confirmed that a UK listing is one of various financing options the company is in the early stages of evaluating, adding that no firm decision has been made at this point and no financial advisers have been engaged. JP Morgan declined to comment, while a spokesman
  
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• Tesla Model 3 project to include sedan, crossover - WSJ

  15-06-2015 18:23 via news.yahoo.com
  
  (Reuters) - Tesla Motors Inc's upcoming Model 3 electric vehicle project will result in the creation of a sedan and a crossover vehicle, the Wall Street Journal reported on Monday. ...
  
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• GM plaintiffs add racketeering claim to recall lawsuits

  15-06-2015 18:21 via news.yahoo.com
  
  By Jessica Dye NEW YORK (Reuters) - Plaintiffs suing General Motors Co over a series of safety-related recalls last year have accused it of working with a law firm and claims-management company to conceal an ignition-switch defect linked to 114 deaths. The allegations came in an amended complaint filed late Friday in Manhattan federal court, where more than 200 lawsuits have been consolidated against GM over injuries, deaths and economic losses attributed to the ignition switch and other safety
  
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• Manufacturing, mining drag down U.S. industrial production

  15-06-2015 18:02 via news.yahoo.com
  
  U.S. industrial production unexpectedly fell in May as manufacturing and mining activity remained weak, a sign that a strong dollar and spending cuts in the energy sector continued to constrain economic growth. "Production is under pressure from low oil prices, affecting mining, and the strong dollar, affecting manufacturing. Industrial output slipped 0.2 percent last month after declining 0.5 percent in April, the Federal Reserve said on Monday.
  
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• France and Italy argue over who should take in migrants

  15-06-2015 17:59 via news.yahoo.com
  
  With a hundred Africans sleeping on rocks overlooking the Italian coast after being turned back at the French border, Rome and Paris argued on Monday over who should handle the waves of migrants landing on Italy's shores. Italy has long argued that it and Greece cannot be expected to cope alone with the influx, just because they are the closest landing points for political and economic migrants from all over Africa and the Middle East streaming toward the European Union in rickety boats. It
  
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• ECB's Draghi says major Greek banks currently solvent

  15-06-2015 17:49 via news.yahoo.com
  
  Greece's major banks are currently solvent and the European Central Bank will continue to provide liquidity to them to help finance the economy, ECB president Mario Draghi said on Monday. "At this stage, major Greek banks are solvent and the collaterals that they provide are adequate," Draghi told the European Parliament's Committee on Economic and Monetary Affairs. "Of course, the situation is in evolution and we'll have to monitor the situation very closely and to
  
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• US STOCKS-U.S. stocks sell off as Greek worries mount

  15-06-2015 17:35 via news.yahoo.com
  
  Wall Street was lower in late morning trading on Monday, with the Dow Jones Industrial Average in negative territory for the year, as Greece came closer to a debt default after talks with its international creditors fell apart.
  
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• Fed on track for September rate hike as economy picks up: Reuters poll

  15-06-2015 17:34 via news.yahoo.com
  
  The U.S. Federal Reserve is on track to raise interest rates for the first time in nearly a decade in September, according to a Reuters poll that suggests economists now are mostly confident about that timing. "Even though the rate of inflation is likely to be well below target, the Fed can justify raising interest rates in September," said Hugh Johnson, an independent economic adviser. The Fed cut its federal funds target rate to a range of zero percent to 0.25 percent in December of
  
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• South African stocks fall for 3rd straight day, Amplats skids

  15-06-2015 17:26 via news.yahoo.com
  
  South Africa's stock indices fell for a third straight session on Monday, in line with a broad sell-off in major overseas markets as Greece moved closer to a debt default after talks with creditors failed. The benchmark JSE Top-40 index lost 1.13 percent to 45,608 and the All-share index, the broadest measure of the South African stock market performance, was off 1.02 percent at 51,297. South African shares have been under pressure in recent weeks on worries about the ramifications of a Gre
  
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• Russia cuts interest rate as economy shrinks

  15-06-2015 17:19 via news.yahoo.com
  
  Russia's central bank on Monday cut its key interest by one percentage point to 11.5 percent as it tried to ease the pain for an economy battered by Western sanctions and lower oil prices. The rate cut is the fourth this year after authorities hiked interest rates dramatically in December to 17 percent as the ruble nosedived. The Bank of Russia cited the "persistent risks of considerable economic cooling" in a statement explaining the move, forecasting that gross domestic product
  
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• Pimco launches six new equity funds with Research Affiliates

  15-06-2015 16:47
  NEW YORK (Reuters) - Pimco has introduced six new equity funds in collaboration with long-time subadvisor Research Affiliates LLC, the company said on Monday.
  
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• US STOCKS-Wall St opens lower as Greek crisis deepens

  15-06-2015 16:02 via news.yahoo.com
  
  Wall Street opened sharply lower on Monday as Greece came closer to a debt default after talks with its international creditors fell apart. The Dow Industrial Average extended its losses from last week ...
  
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• As political worries weigh, Turkish unemployment rises

  15-06-2015 15:44 via news.yahoo.com
  
  By David Dolan ISTANBUL (Reuters) - Turkish unemployment topped 10 percent in February-April, data showed on Monday, ticking higher from a year earlier and highlighting the weak state of an economy now hamstrung by political uncertainty. President Tayyip Erdogan and the ruling AK Party he founded had been counting on a surge in domestic and overseas investment after the June 7 parliamentary election. Prime Minister Ahmet Davutoglu has said the AKP will exhaust all options to form a government be
  
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• Wall Street set to open lower as Greek crisis deepens

  15-06-2015 15:22 via news.yahoo.com
  
  Wall Street was set to open weaker on Monday, for the second straight session as late-minute talks between Greece and its creditors collapsed. U.S. stocks closed lower on Friday as Greek debt talks stalled and as concern over how soon the U.S. Federal Reserve might raise interest rates kept investors cautious. Talks between Greece and its creditors broke up after less than an hour, raising prospects of Athens being unable to repay $1.8 billion dollars owed to the International Monetary Fund by t
  
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• Greek non-payment of ECB bonds would not mean default rating - S&P

  15-06-2015 15:21 via news.yahoo.com
  
  Failure by Greece to repay 6.7 billion euros worth of bonds held by the European Central Bank and maturing at the end of July would not constitute default under Standard and Poor's criteria, the ratings agency said on Monday. It said its sovereign ratings criteria related to a government's ability and willingness to service obligations to commercial creditors and it considered the ECB as an official creditor.
  
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• Manufacturing, mining drag U.S. industrial production

  15-06-2015 15:18 via news.yahoo.com
  
  U.S. industrial production unexpectedly fell in May, likely as a strong dollar and energy spending cuts continued to weigh on manufacturing and mining output, bucking signs of an acceleration in the broader economy. Industrial output fell 0.2 percent after a revised 0.5 percent drop in April, the Federal Reserve said on Monday. The production side of the economy continues to struggle against the lingering effects of dollar strength and deep spending cuts in the energy sector in response to a sha
  
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• US STOCKS-Wall St set to open lower as Greek crisis deepens

  15-06-2015 15:05 via news.yahoo.com
  
  Wall Street was set to open weaker on Monday, for the second straight session as late-minute talks between Greece and its creditors collapsed. Talks between Greece and its creditors broke up after less than an hour, raising prospects of Athens being unable to repay $1.8 billion dollars owed to the International Monetary Fund by the end of this month. "Between Greece and the Fed meeting, we are headed into a volatile week," said Peter Cardillo, chief market economist at Rockwell Global Capital in
  
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• Lebanon's Bank Audi aims to double Egypt earnings by 2017

  15-06-2015 15:03 via news.yahoo.com
  
  Lebanon's Bank Audi aims to double its assets and earnings in Egypt by 2017 as it bets on a continued revival in the Arab world's most populous economy, its group strategy director told Reuters. Egypt was the bank's most profitable overseas operation in the first quarter with earnings of $22 million, up 52 percent from a year earlier, its financial statement showed. The bank is rebalancing in Egypt, diversifying away from a reliance on corporate banking to tap more profits from its commercial, r
  
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• Turkey seeks progress on more focused, inclusive G20 growth plan

  15-06-2015 14:26 via news.yahoo.com
  
  By Nick Tattersall BODRUM, Turkey (Reuters) - The world's leading economies have narrowed down their commitments to boost global growth under a G20 plan and should be able to demonstrate progress by the end of Turkey's G20 presidency this year, a senior Turkish official said on Monday. "If we can achieve this goal in five years ... we will be adding 2 trillion dollars to world economic output, which is almost equal to the size of the Indian economy," Turkey's G20 'sherpa' Ayse Sinirlioglu told R
  
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• Russia cuts interest rate further in bid to stir economy

  15-06-2015 13:44 via news.yahoo.com
  
  Russia's Central Bank on Monday cut its key interest by one point to 11.5 percent as it tried to bolster an economy battered by Western sanctions and lower oil prices. The rate cut is the fourth this year after authorities hiked interest rates dramatically in December to 17 percent as the ruble nosedived. The Central Bank cited the "persistent risks of considerable economy cooling" in a statement explaining the move, forecasting that GDP will fall by 3.2 percent in 2015.
  
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• Saudi Arabia opens Arab world's biggest bourse to foreigners

  15-06-2015 13:34 via news.yahoo.com
  
  Saudi Arabia's stock exchange allowed foreign investors to trade shares for the first time Monday, boosting efforts by the world's top oil exporter to become a major global capital market. In a notice issued Sunday, the exchange confirmed that "as of Monday... Qualified Foreign Investors can commence dealing in listed shares". The measures "could be seen as the first step in a broader liberalisation" of the economy in a country traditionally cautious about foreign p
  
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• U.S. futures track global markets as Greek talks stall

  15-06-2015 13:30 via news.yahoo.com
  
  * U.S. stocks closed lower on Friday as Greek debt talks stalled and as concern over how soon the U.S. Federal Reserve might raise interest rates kept investors cautious. * Talks between Greece and its creditors broke up after less than an hour, raising prospects of Athens being unable to repay $1.8 billion dollars owed to the International Monetary Fund by the end of this month. * In the United States, upbeat consumer sentiment and other data added to views the economy may be regaining momentum
  
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• Facebook plans new data center in growing Irish cloud hub

  15-06-2015 13:12 via news.yahoo.com
  
  Facebook plans to open a new data center in Ireland, the social network said on Monday, becoming the latest technology giant to set up an energy efficient center in Ireland's recovering economy. Facebook said it had applied for planning permission to build the center, which, after Sweden, is its second in Europe for housing computers that run cloud computing services, where users store data on secure servers instead of their own network or computer. Ireland is fast becoming a cloud hub help
  
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• Europe 'fear index' hits five-month high as Greek woes spread

  15-06-2015 12:58 via news.yahoo.com
  
  LONDON (Reuters) - A top gauge of European stock-market volatility rose to its highest since mid-January on Monday, after talks on ending the deadlock between Greece and its creditors broke up in failure and spooked financial markets. The VSTOXX was up 2.06 points to 27.28 points at 1013 GMT, after hitting 27.75 points in early trade, its highest level since Jan. 21. The European VSTOXX has proven much jumpier than other so-called "fear gauges": while it is now trading at a five-month high, the
  
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• Concessions made to Greece already significant: EU Commission

  15-06-2015 12:50 via news.yahoo.com
  
  The European Commission said on Monday that international creditors had already made substantial concessions to Greece and that their demands were valid and made full economic sense. "We stand ready, if there is something is new, to engage.... If there is anything new we would be very happy to engage as mediators in taking these talks further," Commission spokesman Margaritis Schinas told a news conference. The Commission's economic policy spokeswoman Annika Breidthardt said the package proposed
  
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• Will the Fed Set Off a June Swoon?

  15-06-2015 12:15 via news.yahoo.com
  
  More than that, a better-than-expected headline reading on producer price inflation, along with a strong retail sales report earlier in the week and a solid May payroll report, increased the odds of a hawkish takeaway from the Federal Reserve this Wednesday. Wall Street analysts are also talking up the risk of a surprise interest rate hike, which would end the 0 percent interest rate policy in place since 2008 and mark the first policy tightening since 2006. The market has been surprised and dis
  
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• European stocks slide as Greek talks collapse

  15-06-2015 10:38 via news.yahoo.com
  
  Europe's main stock markets sank heavily Monday, with Athens plunging on fears of a Greek euro exit after talks with creditors collapsed over the weekend. The Athens stock exchange slumped 7.14 percent to 719.16 points in early deals, one day after last-ditch debt talks failed and raised fresh fears of a Greek default and subsequent exit from the eurozone. Elsewhere, London's benchmark FTSE 100 index slid 0.61 percent to 6,743.40 points, Frankfurt's DAX 30 lost 1.24 percent to 11,
  
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• South Korea considers supplementary budget as MERS risks grow

  15-06-2015 10:17 via news.yahoo.com
  
  By Christine Kim SEOUL (Reuters) - South Korea is considering issuing a supplementary budget to bolster a flagging economy, its finance minister said on Monday, as the spread of Middle East Respiratory Syndrome (MERS) has subdued domestic demand at a time when exports are struggling. The finance ministry releases its policy strategy at the end of this month for the second half of the year, as well as its biannual economic forecasts. "I agree with your comments that if a supplementary budget is t
  
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• Saudi Arabia opens $585B stock market to foreign investors

  15-06-2015 10:02 via news.yahoo.com
  
  DUBAI, United Arab Emirates (AP) — Saudi Arabia's stock exchange, valued at $585 billion, has opened up to direct foreign investment for the first time.
  
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