Finance news

• A year after the crash, oil markets risk more trouble ahead

  16-06-2015 23:23 via news.yahoo.com
  
  SINGAPORE/LONDON/NEW YORK/TOKYO (Reuters) - A year on from the start of one of the biggest oil price crashes in history, the driving force behind the slide remains intact: there is still too much crude. While output continues to grow, the economic outlook has darkened in top energy consumer China, where oil demand has been one of the few bright spots in the market. Add to the mix record output by the Organization of the Petroleum Exporting Countries (OPEC) and the possibility of a return of Iran
  
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• UPDATE 1-Caesars hit with $6 bln lawsuit tied to restructuring

  16-06-2015 23:20
  June 16 (Reuters) - Casino company Caesars Entertainment Corp was sued for more than $6 billion by a representative for noteholders who are the lone creditors backing its plan to overhaul $18 billion...
  
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• California governor, lawmakers, agree on $115.4 billion budget

  16-06-2015 23:10 via news.yahoo.com
  
  By Sharon Bernstein SACRAMENTO, Calif. (Reuters) - California Governor Jerry Brown and Democratic lawmakers who dominate the state legislature said on Tuesday they had reached a deal on a $115.4 billion budget for the fiscal year starting July 1. "But at the end of the day it's my job to keep this budget on an even keel. At the end of the day I've got to sign or not sign." The budget includes $1 billion to completely pay off money owed to the state's schools from years o
  
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• UPDATE 1-California governor, lawmakers, agree on $115.4 billion budget

  16-06-2015 23:09
  SACRAMENTO, Calif., June 16 (Reuters) - California Governor Jerry Brown and Democratic lawmakers who dominate the state legislature said on Tuesday they had reached a deal on a $115.4 billion budget...
  
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• Greece's power utility offers repayment scheme for overdue bills

  16-06-2015 23:00
  ATHENS, June 16 (Reuters) - Greece's dominant power utility PPC on Tuesday offered households and businesses a repayment scheme for 1.9 billion euros ($2.1 billion) of overdue bills accumulated over...
  
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• California governor, legislature reach budget deal

  16-06-2015 22:54
  SACRAMENTO, Calif., June 16 (Reuters) - California Governor Jerry Brown and Democratic lawmakers who dominate the state legislature said on Tuesday they had reached a deal on a $115.4 billion budget...
  
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• 'Soy King' of Brazil, Olacyr de Moraes, dies at 84

  16-06-2015 22:45
  SAO PAULO (Reuters) - Olacyr de Moraes, the one-time "Soy King" of Brazil who pushed the frontier of large-scale agriculture far into the country's interior to become the world's largest soybean...
  
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• CANADA FX DEBT-C$ steady as markets await Fed decision

  16-06-2015 22:44
  (Adds strategist comment, closing figures, details) * Canadian dollar at C$1.2312 or 81.22 U.S. cents * Bond prices higher across the maturity curve By Solarina Ho TORONTO, June 16 (Reuters) - The...
  
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• Wall Street up with eyes on Greece, Fed; M&A supports

  16-06-2015 22:33 via news.yahoo.com
  
  Traders also kept an eye on interest rates as a two-day policy-setting meeting at the Federal Reserve got under way. Despite the collapse of talks between Athens and its European and IMF lenders over the weekend, Greek Prime Minister Alexis Tsipras told U.S. Treasury Secretary Jack Lew that Athens aimed to reach a deal. Lew said failure to reach an agreement would create broad uncertainties for the global economy.
  
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• EMERGING MARKETS-Latam stocks track Wall Street higher; real rallies

  16-06-2015 22:31
  SAO PAULO, June 16 (Reuters) - Latin American stocks rose on Tuesday as Wall Street rebounded after two consecutive sessions of losses despite growing fears of a Greek debt default. The MSCI's...
  
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• Greek PM tears into lenders as euro zone prepares for 'Grexit'

  16-06-2015 22:28 via news.yahoo.com
  
  By Lefteris Papadimas and Erik Kirschbaum ATHENS/BERLIN (Reuters) - Prime Minister Alexis Tsipras accused Greece's creditors on Tuesday of trying to "humiliate" Greeks with more cuts as he defied a growing drumbeat of warnings that Europe was preparing for his country to leave the euro. The unrepentant address to lawmakers after the collapse of talks with European and IMF lenders at the weekend was the clearest sign yet that the leftist leader has no intention of making a last-min
  
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• WRAPUP 3-Greek PM tears into lenders as euro zone prepares for "Grexit"

  16-06-2015 22:26
  ATHENS/BERLIN, June 16 (Reuters) - Prime Minister Alexis Tsipras accused Greece's creditors on Tuesday of trying to "humiliate" Greeks with more cuts as he defied a growing drumbeat of warnings that...
  
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• GLOBAL MARKETS-Euro falls amid Greek standoff, but shares rebound

  16-06-2015 22:18
  NEW YORK, June 16 (Reuters) - The euro fell on Tuesday as it appeared more likely that debt-stricken Greece would default or have to leave the single currency, while the U.S. dollar rose at the start...
  
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• Wall Street rises on merger action despite Greek worries

  16-06-2015 22:03 via news.yahoo.com
  
  (Reuters) - U.S. stocks rose on Tuesday following back-to-back daily declines, with merger activity more than offsetting market concerns as Greece struggled to avoid a default.
  
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• Discover to close mortgage origination business, cut 460 jobs

  16-06-2015 22:02
  June 16 (Reuters) - Credit card issuer Discover Financial Services said it would close its mortgage origination business and cut about 460 related jobs to focus on its direct banking products.
  
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• Maine set to vote on budget, governor may veto

  16-06-2015 21:49
  June 16 (Reuters) - Lawmakers in Maine are set to vote on a budget on Tuesday, setting up a potential showdown with the state's Republican governor, who may veto the legislation, according to a House...
  
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• Fed likely to signal coming rate hike if economy strengthens

  16-06-2015 21:47 via news.yahoo.com
  
  WASHINGTON (AP) — With evidence that the U.S. economy is rebounding from a winter slump, the Federal Reserve will likely signal this week that an interest rate increase is coming — just not quite yet.
  
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• UPDATE 2-Juncker accuses Tsipras of twisting EU's words to Greeks

  16-06-2015 21:44
  BRUSSELS, June 16 (Reuters) - Jean-Claude Juncker rebuked Greek Prime Minister Alexis Tsipras on Tuesday, accusing him of giving his voters a deliberately distorted version of proposals the EU chief...
  
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• MOVES-Caliber Home Loans names Kelly Allison regional builder VP of southeast division

  16-06-2015 21:33
  June 16 (Reuters) - U.S. mortgage lender Caliber Home Loans Inc said Kelly Allison had joined its builder division as the regional builder vice president of the southeast division.
  
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• CORRECTED-UPDATE 1-ECB's Knot: Greek banks okay with stress but not default

  16-06-2015 21:21
  AMSTERDAM, June 16 (Reuters) - Greek banks are solvent and could withstand some stress but would run into trouble if the Greek government were to default, European Central Bank Governing Council...
  
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• U.S. Treasury's Lew tells Greek PM debt compromise urgently needed

  16-06-2015 21:03 via news.yahoo.com
  
  The Obama administration urged Greece on Tuesday to make a "serious" move toward reaching a compromise with its international creditors, warning that failure to strike a deal would create hardship for the Greek people. U.S. Treasury Secretary Jack Lew told Greek Prime Minister Alexis Tsipras by phone the global economy could also suffer if Athens can't reach a deal with creditors. "Lew underscored the urgency of Greece making a serious move to reach a pragmatic compromise with its creditors," a
  
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• Canada's Mulcair unveils economic plank, leads in the polls

  16-06-2015 21:03 via news.yahoo.com
  
  By Andrea Hopkins TORONTO (Reuters) - Canada's left-leaning New Democratic Party opposition leader unveiled his party's economic platform on Tuesday, pledging more support for the middle class and manufacturing as he heads to an October election leading in the polls. Riding a surge of support for his party in key regions of Canada, Thomas Mulcair is fighting an uphill battle against a public perception that his party has no experience in federal government and will drive Canada off an
  
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• Snack time: Canadian restaurant chains seek deals to upsize

  16-06-2015 20:57 via news.yahoo.com
  
  Cara Operations Ltd , owner of the Swiss Chalet casual dining chain and Harvey's burger outlets familiar across Canada, is gearing up to lead a consolidation in the country's fragmented restaurant industry. Canada's largest operator of full-service restaurants, controlled by dealmaker Prem Watsa's Fairfax Financial Holdings Ltd , made a strong stock market debut in April and has made no secret that it's looking to expand through acquisitions. Acquisitions are just about the only way to grow for
  
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• TREASURIES-Yields fall on Greek debt concerns, before Fed announcement

  16-06-2015 20:54
  (Adds quotes, details on Fed meeting) * Yields fall on safety bid as Greece lashes out at lenders * Fed seen likely to lower economy, fed funds rate forecast By Karen Brettell NEW YORK, June 16...
  
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• Regulators may allow CLO refinancing without risk retention penalty

  16-06-2015 20:25
  NEW YORK, June 16 (Reuters) - United States regulators are considering a compromise to help managers of Collateralized Loan Obligation (CLOs) funds to refinance as they struggle to comply with new...
  
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• Four changes that would simplify retirement savings

  16-06-2015 20:18
  
  LOS ANGELES (Reuters) - Researchers say that our financial acumen peaks in our early 50s and starts a long slide by age 60. Just as we are losing our ability to navigate financial complexities, we...
  
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• UPDATE 2-JPMorgan wins dismissal of shareholder lawsuit over London Whale

  16-06-2015 20:09
  NEW YORK, June 16 (Reuters) - JPMorgan Chase & Co officials including Chief Executive Officer Jamie Dimon do not have to face a shareholder lawsuit claiming they failed to properly investigate the...
  
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• LatAm credits moving lower as risk aversion rises

  16-06-2015 19:37
  NEW YORK, June 16 (IFR) - The primary market was very quiet and LatAm credits traded flat to slightly wider on Tuesday, but bankers still remain hopeful of some pickup in issuance after the FOMC...
  
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• GLOBAL MARKETS-Euro falls amid Greek standoff, dollar up ahead of Fed

  16-06-2015 19:37
  NEW YORK, June 16 (Reuters) - The euro fell on Tuesday as it appeared more likely that debt-stricken Greece would default or have to leave the single currency, while the U.S. dollar rose at the start...
  
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• WRAPUP 3-U.S. building permits near eight-year high; starts pull back

  16-06-2015 19:35
  WASHINGTON, June 16 (Reuters) - U.S. permits for future home construction surged to a near eight-year high in May, suggesting a building up of momentum in housing and the broader economy after a...
  
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• White House hopeful Greek debt situation can be resolved

  16-06-2015 19:21 via news.yahoo.com
  
  WASHINGTON (Reuters) - The White House said on Tuesday it is hopeful the situation between Greece and its creditors can be resolved before it has a significant negative impact on the global economy.
  
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• Wall Street rises as Fed meet eyed; M&A picks up

  16-06-2015 19:14 via news.yahoo.com
  
  Wall Street was higher in afternoon trading on Tuesday as deal activity picked up in the consumer and healthcare sectors and investors waited for the outcome of a two-day Federal Reserve meeting. The central bank is unlikely to raise rates in this meeting but investors will watch for any hints from Fed Chair Janet Yellen at a press conference after the meeting on Wednesday about the timing of a possible rate increase - the first in about a decade. The Fed has said it remains data-dependent and w
  
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• Wall St. rises as Fed meet eyed; M&A picks up

  16-06-2015 19:13 via news.yahoo.com
  
  The central bank is unlikely to raise rates in this meeting but investors will watch for any hints from Fed Chair Janet Yellen at a press conference after the meeting on Wednesday about the timing of a possible rate increase - the first in about a decade. The Fed has said it remains data-dependent and will raise rates only when it sees an improvement in the economy.
  
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• RPT-Caesars hit with $6 billion lawsuit tied to restructuring

  16-06-2015 18:41
  June 16 (Reuters) - Casino company Caesars Entertainment
  Corp was sued for more than $6 billion by a
  representative for noteholders who are the lone creditors
  backing its controversial plan to...
  
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• French government pushes through economic reforms

  16-06-2015 18:34 via news.yahoo.com
  
  France's socialist government on Tuesday forced a package of key economic reforms through parliament without a vote, sparking a walk-out from the opposition and a vote of no-confidence. With a left-wing flank of rebel MPs threatening to torpedo the passage into law of the economic reforms, Prime Minister Manuel Valls resorted to a little-used constitutional device to push them through without MPs voting. The country needs to move forward," Valls said in rowdy scenes in the National Ass
  
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• Amazon considering paying people to deliver packages: WSJ

  16-06-2015 18:04 via news.yahoo.com
  
  (Reuters) - Amazon Inc is developing a mobile application that would pay ordinary people, rather than courier companies, to deliver packages en route to other destinations, the Wall Street Journal reported on Tuesday. Amazon would enlist brick-and-mortar retailers in urban areas to store the packages, likely renting space from them or paying a per-package fee, the Journal reported, citing people familiar with the matter. The service could give Amazon more control over the shopping experience and
  
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• US credibility at stake over Asia trade pact: Singapore

  16-06-2015 17:52 via news.yahoo.com
  
  America's reputation in East Asia risks being undermined if it fails to seal a trade pact encompassing 40 percent of the world's economy, Singapore's foreign minister warned Tuesday. "American credibility will be seriously impacted if this doesn't go through," Foreign Minister K. Shanmugam said of the trade accord, which is in jeopardy in Washington. The Republican-run House of Representatives on Friday delivered a stinging blow to President Barack Obama by refusing
  
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• European stocks close mostly higher

  16-06-2015 17:47 via news.yahoo.com
  
  Paris (AFP) - Europe's main markets closed mostly higher on Tuesday, with the CAC 40 up 0.51 percent at 4,839.86 points, and Frankfurt's DAX 30 rising 0.54 percent to 11,044.01 points.
  
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• Wall Street rises as M&A chatter picks up; Fed meeting eyed

  16-06-2015 17:46 via news.yahoo.com
  
  U.S. stocks were up on Tuesday, after two straight sessions of losses, as deal activity picked up in the consumer and healthcare sectors and investors waited for the outcome of a two-day Federal Reserve meeting. The central bank is unlikely to raise rates in this meeting but investors will watch for any hints from Fed Chair Janet Yellen at a press conference after the meeting on Wednesday about the timing of a possible rate increase - the first in about a decade. The Fed has said it remains data
  
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• Wall St. rises as M&A chatter picks up; Fed meeting eyed

  16-06-2015 17:44 via news.yahoo.com
  
  The central bank is unlikely to raise rates in this meeting but investors will watch for any hints from Fed Chair Janet Yellen at a press conference after the meeting on Wednesday about the timing of a possible rate increase - the first in about a decade. The Fed has said it remains data-dependent and will raise rates only when it sees an improvement in the economy. "We continue to see some meaningful activity where M&A is concerned," said Eric Wiegand, senior portfolio manager at
  
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• U.S. building permits near eight-year high; starts pull back

  16-06-2015 17:27 via news.yahoo.com
  
  While housing starts fell last month, that followed a robust gain in April and groundbreaking remained at levels consistent with a strengthening housing market. Housing's improving fortunes, marked by rising home prices and sales, are likely to be acknowledged by Federal Reserve officials, who were preparing to gather for a two-day policy meeting on Tuesday. Policymakers have repeatedly singled out housing as one of the weak spots in the economy.
  
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• Spain's Economy Minister says he is right man for Eurogroup job

  16-06-2015 17:27 via news.yahoo.com
  
  Spain's record on turning around its shrinking economy to become one of the fastest-growing in the euro zone should count when choosing the chair of the currency bloc's finance ministers, candidate Economy Minister Luis de Guindos said on Tuesday. De Guindos has formally applied for the job but faces a tough task ousting the incumbent, Dutch Finance Minister Jeroen Dijsselbloem, who has said he will seek a fresh term of two and a half years when his current mandate ends in July. Spain emerged fr
  
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• Wall Street sees Fed raising rates by year-end: survey

  16-06-2015 17:21
  
  NEW YORK (Reuters) - Wall Street expects the U.S. Federal Reserve will end its near zero interest rate policy by the end of year as the economy will likely improve in 2016, creating more jobs without...
  
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• Market overview: FTSE erases losses after decent start Stateside

  16-06-2015 17:16 via news.yahoo.com
  
  1506: Stocks have nearly erased losses with the FTSE 100 now fluctuating around the 6,700 mark - a level it has not closed below since January. The rebound followed a decent start on Wall Street with the ...
  
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• Lost your job? Don't panic about your student loans

  16-06-2015 17:05
  
  NEW YORK (Reuters) - When Jesse Lambert lost his job last December, he was about a level seven for panic. After paying rent in Arlington, Virginia, the 33-year-old's student loans for his...
  
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• French PM defies rebels to push through reforms without vote

  16-06-2015 16:55 via news.yahoo.com
  
  French Prime Minister Manuel Valls pushed a flagship economic reform bill further on its way through parliament without a vote for the second time in four months on Tuesday, prompting rebel backbenchers to slam an "admission of weakness." The government's decision to use a constitutional device to avoid a vote in the second reading of the deregulation bill will expose it to a no-confidence vote on Thursday. "This is not about being authoritarian, this is about being efficient
  
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• Greek PM tears into lenders, euro zone prepares for 'Grexit'

  16-06-2015 16:46 via news.yahoo.com
  
  By Lefteris Papadimas and Erik Kirschbaum ATHENS/BERLIN (Reuters) - Prime Minister Alexis Tsipras lashed out at Greece's creditors on Tuesday, accusing them of trying to "humiliate" Greeks, as he defied a drumbeat of warnings that Europe is preparing for his country to leave the euro. The unrepentant address to lawmakers after the collapse of talks with European and IMF lenders at the weekend was the clearest sign yet that the leftist leader has no intention of making a last-minut
  
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• European stocks swing on Greek woes

  16-06-2015 16:15 via news.yahoo.com
  
  European stocks swung around Tuesday as Athens and its EU-IMF creditors remained locked in a stand-off over a deal to save Greece from a possible default, dealers said. Markets also took a knock from news that investor sentiment has tumbled to a seven-year low in eurozone powerhouse Germany, weighed down by uncertainty over Greece and subdued global growth. Frankfurt's DAX 30 initially fell by over 1 percent on news that Germany's investor confidence index, calculated by the ZEW econom
  
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• Wall St. higher as investors look for clues on rate hike

  16-06-2015 16:13 via news.yahoo.com
  
  The central bank is unlikely to raise rates in this meeting but investors will watch for any hints from Fed Chair Janet Yellen at a press conference after the meeting on Wednesday about the timing of a possible rate increase. The Fed has said it remains data-dependent and will raise rates only when it sees an improvement in the economy. "Investors are not expecting a whole lot from the Fed meeting," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
  
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• Wall Street higher as investors look for clues on rate hike

  16-06-2015 16:12 via news.yahoo.com
  
  U.S. stocks were higher on Tuesday, after two straight days of losses, as investors looked for clues regarding the timing of a rate hike after a two-day Federal Reserve meeting. The central bank is unlikely to raise rates in this meeting but investors will watch for any hints from Fed Chair Janet Yellen at a press conference after the meeting on Wednesday about the timing of a possible rate increase. The Fed has said it remains data-dependent and will raise rates only when it sees an improvement
  
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