Finance news

• UPDATE 3-Oracle sales, profit miss estimates; shares fall

  17-06-2015 23:53
  June 17 (Reuters) - Oracle Corp forecast quarterly profit below analysts' estimates, and said weak sales of its traditional database software licenses were made worse by a strong U.S. dollar that...
  
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• Fed says U.S. economy strong enough to handle rate hike

  17-06-2015 23:35 via news.yahoo.com
  
  The U.S. economy is growing moderately after a winter swoon and likely strong enough to support an interest rate increase by the end of the year, but concerns remain over the recovery of the labor market, U.S. Federal Reserve officials said on Wednesday. With the economy still on track to grow as much as 2 percent for the year, the central bank's latest policy statement keeps it on track for at least one and perhaps a second rate increase later this year. Fed Chair Janet Yellen, however, em
  
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• FOLIOfn eyes creation of a robo-adviser: CEO

  17-06-2015 23:27
  NEW YORK (Reuters) - FOLIOfn, the 15-year-old online brokerage and financial software firm noted for innovations such as allowing customers to buy partial shares of stock, may create a "robo-adviser"...
  
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• Labor Department's Perez defends proposed broker rules to Congress

  17-06-2015 23:25
  
  WASHINGTON (Reuters) - The Labor Department secretary tried to drum up support from skeptical Republicans on Wednesday for a controversial plan to rein in conflicts by brokers who offer retirement...
  
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• Exclusive: GM and FCA line up financial advisers in merger stand-off

  17-06-2015 23:21
  
  LONDON/MILAN/DETROIT (Reuters) - General Motors and Fiat Chrysler Automobiles (FCA) have turned to investment banks for help to deal with a stand-off as FCA seeks to force a merger with its...
  
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• TSX slips after Fed, banks lead decline

  17-06-2015 23:09 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index slipped on Wednesday as the country's biggest banks retreated, after the U.S. Federal Reserve moved cautiously towards rate hikes later this year. The central bank of Canada's main trading partner said the U.S. economy is growing moderately as it trimmed its growth forecasts and stretched out its timeline for higher borrowing costs. Toronto-Dominion Bank led the decliners, down 0.8 percent at C$53.86, while Royal Bank
  
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• Brazil's Bradesco to bid for HSBC Brasil, newswire says

  17-06-2015 22:58
  
  SAO PAULO (Reuters) - Banco Bradesco SA, Brazil's No. 2 private-sector bank, will make a binding offer to buy HSBC Holdings Plc's Brazilian unit next month, the newswire service of O Estado de S....
  
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• Wall Street powerhouse poised to loan money to Main Street

  17-06-2015 22:46 via news.yahoo.com
  
  NEW YORK (AP) — Wall Street's most iconic investment bank has decided to open its doors to Main Street.
  
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• Dollar falls, Wall St up in volatile post-Fed trading

  17-06-2015 22:40 via news.yahoo.com
  
  By Ryan Vlastelica NEW YORK (Reuters) - The U.S. dollar slid on Wednesday while Wall Street stocks rose in volatile afternoon trading after the Federal Reserve signalled it may wait until late this year to raise interest rates. The Fed has said it would first raise rates when it deems the economy strong enough to handle it, and on Wednesday said the economy was likely strong enough to support a rate hike by the end of the year. It’s reiterating everything Janet Yellen has tried embody in the l
  
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• Wall Street ends higher in choppy post-Fed trading

  17-06-2015 22:31 via news.yahoo.com
  
  "The Fed is talking about the labor market tightening somewhat, which seems to be a hint that it is a step closer to raising rates. Stocks initially added to losses, then hit session highs as Fed Chair Janet Yellen spoke to the media in a follow-up to the statement. The S&P 500 has hovered near the 2,100 level for more than a month as sentiment shifts between hopes for a stronger economy and fears of the effect of rising rates coupled with high valuations.
  
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• CORRECTED-Oracle revenue falls 5.4 pct hurt by a stronger dollar

  17-06-2015 22:28
  June 17 (Reuters) - Oracle Corp, a business software and database company, reported a 5.4 percent fall in quarterly revenue, hurt by a strong dollar.
  
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• BioMarin's dwarfism treatment improves growth in mid-stage study

  17-06-2015 22:26
  June 17 (Reuters) - BioMarin Pharmaceutical Inc said its experimental drug was effective in improving growth in children with the most common form of dwarfism in a mid-stage study.
  
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• Fed is moving toward rate hike, but just when still unclear

  17-06-2015 22:25 via news.yahoo.com
  
  WASHINGTON (AP) — The Federal Reserve took note Wednesday of a strengthening U.S. economy and appears on track to finally raise interest rates sometime this year.
  
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• JPMorgan's Jimmy Lee, adviser on megadeals, dies

  17-06-2015 22:10 via news.yahoo.com
  
  Jimmy Lee, one of JPMorgan Chase & Co's most senior investment bankers, died on Wednesday, the bank's chief executive said in a statement. Lee, a vice chairman in the investment banking group, advised some of the world's biggest companies on deals, including the merger of United Airlines and Continental Airlines to form United Continental Holdings Inc, the takeover of Wall Street Journal publisher Dow Jones by News Corp , and the initial public offering of Chinese e-commerce c
  
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• Wall Street ends higher in wake of Fed statement

  17-06-2015 22:06 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks rose in choppy trading on Wednesday after the Federal Reserve said the U.S. economy is likely strong enough to withstand an interest rate hike later this year, even if rates in coming years are seen slightly lower than previously forecast.
  
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• GE's Immelt: U.S. retreat from ExIm, trade will cost jobs, influence

  17-06-2015 22:01 via news.yahoo.com
  
  By David Lawder WASHINGTON (Reuters) - General Electric Co Chairman Jeff Immelt warned on Wednesday that the company would move manufacturing jobs to Canada and Europe if the Export-Import Bank closes and that U.S. economic influence will wane if Congress blocks a major Pacific-rim trade pact. Speaking to business leaders at a luncheon of the Economic Club of Washington, Immelt said U.S. companies need market access and financing tools to help level the playing field in an "economic war for
  
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• Fund managers position for post-rate hike U.S. equity rally

  17-06-2015 21:59
  
  NEW YORK (Reuters) - Tighter monetary policy typically dents a country's equity markets. But several top-performing fund managers say they are now positioning for a rally in the U.S. stock market...
  
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• JPMorgan's Jimmy Lee, advisor on megadeals, dies

  17-06-2015 21:28 via news.yahoo.com
  
  Lee was 62. Lee advised some of the world's biggest companies on deals, including the merger of United Airlines and Continental Airlines, the takeover of Wall Street Journal publisher Dow Jones by News Corp , and the initial public offering of Chinese e-commerce company Alibaba Group Holding Ltd .
  
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• Wall Street up in choppy trade after Fed statement

  17-06-2015 21:03 via news.yahoo.com
  
  "The Fed is talking about the labor market tightening somewhat, which seems to be a hint that it is a step closer to raising rates. At the same time, it seems like there was a notching down of the magnitude of rate hike expectations," said Nick Kalivas, senior equity product strategist at Invesco PowerShares in Downers Grove, Illinois. Stocks initially added to losses, then hit session highs as Fed Chair Janet Yellen spoke to the media in a follow-up to the statement.
  
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• US stocks turn slightly higher after Fed stands pat on rates

  17-06-2015 20:46 via news.yahoo.com
  
  Stocks turned slightly higher after the Federal Reserve said it was seeing some improvement in the economy, but not enough to begin raising interest rates. The Fed's benchmark rate has remained near zero for more than six years in an effort to bolster the economy and encourage borrowing, lending and investment. Bond prices rose, sending yields slightly lower.
  
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• Dollar falls, Wall Street up in volatile post-Fed trading

  17-06-2015 20:46 via news.yahoo.com
  
  The dollar extended losses against the euro and yen, while U.S. stocks gained in volatile afternoon trading, after the Federal Reserve indicated there would be a rate hike by the end of the year. The Fed has said that it would first raise rates when it deems the economy strong enough to handle it. Investors also continued to watch the uncertain situation in Greece, fretting about the potential fallout if the country was unable to avoid a default on IMF loans, which could result in it leaving the
  
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• Textron CEO: No interest in selling Bell Helicopter business

  17-06-2015 20:45
  PARIS (Reuters) - Textron Incis not interested in selling its Bell Helicopter business, despite the current downturn in the commercial sector, the company's chief executive, Scott Donnelly, said.
  
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• Wall Street flat after Fed statement; utilities up

  17-06-2015 20:37 via news.yahoo.com
  
  With the more clear view regarding the Fed's next tightening step, high-yielding utilities stocks were bid while benchmark Treasury yields initially lost much of the day's gains. "The Fed is setting us up for the rate hike, which is inevitable and will come sometime between now and December," said Wayne Kaufman, chief market analyst at Phoenix Financial Services in New York. The Fed has long stated its first rate hike in nearly a decade is dependent on the strength of the eco
  
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• More US Fed officials see just 1 rate increase this year

  17-06-2015 20:27 via news.yahoo.com
  
  WASHINGTON (AP) — More Federal Reserve policymakers expect a slower increase in short-term interest rates this year than they projected three months ago, reflecting a sharp slowdown in the economy at the start of the year.
  
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• Fed sees stronger economy but leaves key rate at record low

  17-06-2015 20:13 via news.yahoo.com
  
  WASHINGTON (AP) — The U.S. economy has strengthened since a slump early this year, the Federal Reserve said Wednesday, but it wants to see further gains in the job market and higher inflation before raising interest rates from record lows.
  
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• Fed says U.S. economy still strong enough to handle rate hike

  17-06-2015 20:04 via news.yahoo.com
  
  The U.S. economy is growing moderately after a winter swoon and likely strong enough to support an interest rate increase by the end of the year, U.S. Federal Reserve officials indicated on Wednesday. After contracting in the first quarter, the economy is now on track to grow between 1.8 percent and 2.0 percent this year, according to the central bank's latest policy statement and new projections issued by Fed policymakers. The Fed also said labor markets continued to improve, though with u
  
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• GE's Immelt says EU Alstom objections no different than past deals

  17-06-2015 19:53
  WASHINGTON (Reuters) - General ElectricChief Executive Jeff Immelt said on Wednesday he has not seen any European Union objections to GE's plan to buy Alstom'sgas turbines business that are...
  
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• Greek finance minister doesn't expect deal at Thursday Eurogroup meeting

  17-06-2015 19:28 via news.yahoo.com
  
  Greek Finance Minister Yanis Varoufakis said on Wednesday he and his euro zone counterparts were unlikely to reach a aid-for reforms deal at a meeting on Thursday. ‎"Tomorrow we will set the scene for what we consider to be our political and moral duty, and that is to reach an agreement very, very quickly with our partners and the institutions," he said after talks in Paris at the Organisation for Economic Cooperation and Development. Asked if there could be an agreement at the meeting of euro
  
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• European stocks close down before Fed decision

  17-06-2015 19:22 via news.yahoo.com
  
  Europe's main stock markets closed lower Wednesday, with all eyes fixed on the US Federal Reserve and the outcome of its interest rate meeting. On Wall Street, stocks were mixed as investors awaited the Federal Reserve policy statement on interest rates due at 1800 GMT. With the release of some disappointing US data and the Greek crisis dragging on, analysts said dealers are hoping the Fed puts off a rate hike, which is expected by the end of the year.
  
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• UPDATE 2-Synergy Pharma's constipation drug succeeds in late-stage study

  17-06-2015 19:19
  * Shares rise as much as 67 pct, highest in 4 years (Adds analyst comment; updates shares)
  
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• FACT CHECK: Why Bush's growth forecast is a stretch

  17-06-2015 19:12 via news.yahoo.com
  
  WASHINGTON (AP) — Republican presidential candidate Jeb Bush says there's "not a reason in the world" why the U.S. economy can't grow at 4 percent annually.
  
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• CNRL says risks associated with adjusting Alberta's royalty regime

  17-06-2015 19:08 via news.yahoo.com
  
  By Nia Williams CALGARY, Alberta (Reuters) - Canadian Natural Resources Ltd , the country's No. 1 independent oil producer, warned on Wednesday about the risks of adjusting Alberta's oil and gas royalties regime and said the province needed to remain competitive. Alberta, home to Canada's vast oil sands and the largest source of U.S. crude imports, elected a left-leaning NDP government in May that pledged to raise corporate taxes and review how much producers pay in royalties to the province. Th
  
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• Wall Street dips as investors edgy ahead of Fed meet

  17-06-2015 18:59 via news.yahoo.com
  
  U.S. stocks shed earlier gains to trade lower in choppy trading on Wednesday as investors awaited a Federal Reserve statement that could provide hints on the timing of a rate hike. Investors will scour the statement — due at 2:00 p.m. ET (1800 GMT) — for any signs of when the Fed is likely to begin raising interest rates and the pace of any subsequent hikes. The Fed statement will be followed by Chair Janet Yellen's news conference half an hour later.
  
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• Wall St. dips as investors edgy ahead of Fed meet

  17-06-2015 18:59 via news.yahoo.com
  
  Investors will scour the statement — due at 2:00 p.m. ET — for any signs of when the Fed is likely to begin raising interest rates and the pace of any subsequent hikes. The Fed has said it will raise rates only when economic data points to a sustained recovery. The U.S. economy is on track to grow 1.9 percent in the second quarter, according to the Atlanta Federal Reserve's GDPNow forecast model.
  
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• ECB raises emergency funding for Greek banks by $1.2 billion: source

  17-06-2015 18:27 via news.yahoo.com
  
  The European Central Bank raised the cap on emergency liquidity assistance (ELA) that Greek banks can draw from the country's central bank by 1.1 billion euros ($1.2 billion), taking the ceiling to 84.1 billion euros, a banking source told Reuters on Wednesday. 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, needed to avert bankruptcy. Greek banks saw deposit outflows of about
  
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• U.S.-based bond funds post second-biggest outflows of year: ICI

  17-06-2015 18:24
  NEW YORK (Reuters) - Investors in U.S.-based mutual funds pulled $2.9 billion out of bond funds in the week ended June 10, after a strong U.S. jobs report suggested the Federal Reserve would hike...
  
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• Britain's FTSE closes lower as grocers, Fed worries weigh

  17-06-2015 18:06
  LONDON, June 17 (Reuters) - Britain's top share index turned lower by mid-session on Wednesday as losses in grocers and caution before a Federal Reserve announcement later in the day weighed on the...
  
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• Crisis & Reputation Management Top Financial Services Concerns

  17-06-2015 18:00 via news.yahoo.com
  
  Financial Services PR execs and agencies are still struggling to combat an industry peppered with regular fines, lawsuits and other scandals. Almost all (99%) of the executives polled in the 2015 Makovsky Wall Street Reputation Study said this has made it increasingly difficult for the financial services industry to rebuild reputation over the past 12 […]
  
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• Fosun, others in talks to buy German private bank Hauck

  17-06-2015 17:57
  FRANKFURT (Reuters) - Several strategic investors are in talks to buy a stake in German private bank Hauck & Aufhaeuser, the bank said on Wednesday.
  
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• Greece's future in EU in doubt if talks fail, central bank warns

  17-06-2015 17:39 via news.yahoo.com
  
  By George Georgiopoulos and Matthias Williams ATHENS (Reuters) - A warning by Greece's central bank that the country risked being driven from the euro zone and, ultimately, the European Union failed to break a deadlock with creditors before a potentially decisive meeting of European finance ministers. A top Greek negotiator told Reuters Athens was ready to make unspecified concessions, but once again ruled out any cuts to pensions - a major sticking point in the negotiations. Athens has unt
  
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• Deutsche Telekom talks to Comcast about T-Mobile US sale: Manager Magazin

  17-06-2015 17:31
  
  FRANKFURT (Reuters) - Deutsche Telekom is in talks with U.S. cable company Comcast about a potential sale of T-Mobile US, German Manager Magazin reported on Wednesday, citing sources.
  
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• A little honesty might preserve the family fortune

  17-06-2015 17:28
  
  NEW YORK (Reuters) - When Stephen Lovell used to visit his grandparents as a kid, it was like entering the world of Cole Porter or "The Great Gatsby."
  
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• Hill-Rom to acquire Welch Allyn for about $2.05 billion

  17-06-2015 17:24
  (Reuters) - Hill-Rom Holdings Inc , a maker of hospital beds and surgical products, said it would buy privately held Welch Allyn for about $2.05 billion to expand into the point-of-care diagnostics...
  
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• Wall St. rises as investors look for clues from Fed meet

  17-06-2015 17:15 via news.yahoo.com
  
  The Dow and the S&P 500, however, were lower for the month. Investors will scour the statement for any signs of when the Fed is likely to begin raising interest rates and the pace of any subsequent hikes. The Fed statement is due at 2:00 p.m. ET, followed by Chair Janet Yellen's news conference half an hour later, with analysts expecting her to focus on signs the economy is recovering after a bumpy start to the year.
  
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• Report advocates winding down Canada retail savings bond program

  17-06-2015 17:09 via news.yahoo.com
  
  A report commissioned by the Canadian government recommended on Wednesday that the government wind down its Retail Debt Program, which runs the Canada Savings Bonds and Canada Premium Bonds. "The evaluation found that ... there is currently no valid economic rationale for the Retail Debt Program. It is no longer a net source of funds for the government, since it has been necessary since 1987 to borrow on the wholesale market to fund the net yearly redemptions," the KPMG report said.
  
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• FedEx shares fall on weak quarter, disappointing outlook

  17-06-2015 17:07 via news.yahoo.com
  
  FedEx's latest quarterly results missed Wall Street expectations, as lower fuel surcharges and the strong dollar cut into revenue at its big express-shipping business.
  
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• Fed expected to signal rate hike later this year

  17-06-2015 16:35 via news.yahoo.com
  
  A year after the Federal Reserve pointed to mid-2015 -- now -- for its first rate hike in nine years, the US central bank is expected Wednesday to keep monetary policy on ice. Analysts are increasingly focused on September for the liftoff of the federal funds rate from the zero level, where it has sat since 2008, if the economy continues to grow at the pace of the past few months. Analysts expect the policy makers of the Federal Open Market Committee, led by Yellen, will want to wait for a bit m
  
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• Britain's FTSE gives up gains as grocers, Fed worries weigh

  17-06-2015 16:23
  LONDON, June 17 (Reuters) - Britain's top share index turned lower by mid-session on Wednesday as losses in grocers and caution before a Federal Reserve announcement later in the day weighed on the...
  
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• CORRECTED-Bondholders clash with Colt as U.S. gun maker's bankruptcy begins

  17-06-2015 16:21
  WILMINGTON, Del, June 16 (Reuters) - Bondholders of gun
  maker Colt ripped into the bankrupt company's private equity
  owner in a court hearing on Tuesday, saying the firm sped up its
  decline by...
  
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• Labor Department's Perez to defend proposed broker rules to Congress

  17-06-2015 16:06 via news.yahoo.com
  
  By Sarah N. Lynch WASHINGTON (Reuters) - The U.S. Labor Department secretary will try to persuade skeptical Republican lawmakers on Wednesday that new draft rules to rein in conflicts posed by brokers who offer retirement advice reflect "the right middle ground in providing greater consumer protection." In prepared testimony before a House of Representatives labor and pensions committee, Labor Secretary Tom Perez will present both economic research and anecdotes from retirees who lost their mone
  
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