Finance news

• China presses US to invest more in its own economy

  23-06-2015 23:59 via news.yahoo.com
  
  Chinese Finance Minister Lou Jiwei called Tuesday on the United States to boost its domestic savings and investment to strengthen growth, including spending to improve infrastructure. Speaking during the first day of the annual Strategic and Economic dialogue between the rival political and economic powers, Lou countered US pressure for China to stop relying on investment to power growth. To enhance the world economy, he said, the United States should save more and turn that into productive inve
  
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• Freeport-McMoRan Oil & Gas files for IPO of up to $100 million

  23-06-2015 23:44
  (Reuters) - Freeport-McMoRan Oil & Gas Inc, a unit of U.S.-based Freeport-McMoRan Inc , on Tuesday filed documents with the U.S. Securities and Exchange Commission for an initial public offering of...
  
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• Wall Street watchdog homes in again on mutual fund overcharges

  23-06-2015 23:19
  
  (Reuters) - Wall Street's industry-funded watchdog is weighing fresh enforcement cases against brokerage firms alleged to have overcharged mutual fund investors, an official with the Financial...
  
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• China puts $6 trillion price tag on its climate plan

  23-06-2015 23:14 via news.yahoo.com
  
  By Valerie Volcovici and David Brunnstrom WASHINGTON (Reuters) - It will cost China over $6.6 trillion (41 trillion yuan) to meet the greenhouse gas reduction goals it will lay out later this month in its strategy for United Nations climate negotiations, the country's lead negotiator for the talks said Tuesday. Xie Zhenhua, special representative for climate change affairs at China's National Development and Reform Commission, said the objectives China will outline by the end of June w
  
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• Bouygues shuns Altice's bid for telecom arm

  23-06-2015 23:07
  
  PARIS (Reuters) - French conglomerate Bouygues on Tuesday snubbed an offer for its telecom unit from larger rival Altice that sources put at 10 billion euros ($11.2 billion), citing execution risks...
  
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• Williams deal would hasten Energy Transfer's Marcellus dominance

  23-06-2015 23:04
  HOUSTON (Reuters) - Williams Companies Inchas spurned Energy Transfer Equity's$48 billion takeover offer for now but a tie-up would give the company a dominant position in the fastest-growing...
  
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• Plus-sized retailer FullBeauty seeks sale or IPO

  23-06-2015 22:52
  (Reuters) - FullBeauty Brands Inc is exploring a sale or an initial public offering that could value the privately held plus-sized women's and men's fashion retailer at more than $1.5 billion,...
  
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• TSX at two-week high on Greece hopes, technicals

  23-06-2015 22:50 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index hit its highest close in more than two weeks on Tuesday, extending Monday's sharp rebound, as heavyweight energy, financial and mining stocks gained in part on optimism about a deal to stave off Greek default. "It shows how much liquidity there is in the market as soon as you get release out of the whole Greece situation," said Sid Mokhtari, market technician and director of institutional equity research at CIBC
  
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• Greek deal hopes could face reality of political hurdles in Athens

  23-06-2015 22:50 via news.yahoo.com
  
  Hopes were high Tuesday that Greece and its creditors can seal a debt deal with exactly one week left to avert default, but those could fade as the Greek premier must convince his anti-austerity party to approve concessions needed to unblock bailout funds. "We are very near (an agreement), the next 48 hours will be decisive," said Greek government spokesman Gabriel Sakellaridis, after Monday's emergency eurozone summit ended with an optimistic assessment of Athens' latest pro
  
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• Ardagh metal packaging business files for IPO, seeks to raise 2 billion euros

  23-06-2015 22:34
  DUBLIN (Reuters) - Packaging company Ardagh has filed to list its metal can packaging business on the New York Stock Exchange, the company said in a statement on Tuesday, targeting an overall...
  
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• Amnesty launches first campaign against evictions in Spain

  23-06-2015 22:34 via news.yahoo.com
  
  Rights group Amnesty International launched a campaign against evictions for the first time on Tuesday, tackling the widespread problem in crisis-hit Spain. The conservative government has adopted a series of measures to prevent the evictions of those worst hit by the economic crisis and record unemployment, but Amnesty said they are "insufficient to meet Spain's human rights obligations". The group called for home evictions to be suspended in Spain "as long as there are no g
  
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• Exclusive: SoulCycle taps banks for 2015 IPO

  23-06-2015 22:32
  
  (Reuters) - Indoor cycling fitness chain SoulCycle Holdings LLC has hired investment banks for a U.S. initial public offering expected to come later this year, according to people familiar with the...
  
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• Wall Street edges up in quiet session; Nasdaq ends at record

  23-06-2015 22:28 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks ended with slight gains on Tuesday, with the Nasdaq eking out another record close while investors continued to await clarity on whether Greece could reach a deal to prevent defaulting on its loans.
  
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• Wall Street ends with slight gains

  23-06-2015 22:04 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks ended with slight gains on Tuesday, with major indexes closing near record levels while investors continued to await clarity on whether a deal would be reached to prevent Greece from defaulting on loans.
  
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• Scholes-inspired fund from Janus discards notion of 'average'

  23-06-2015 21:53
  NEW YORK (Reuters) - Janus Capital Group said on Tuesday it launched a total return fund that invests across global stock and bond markets, the first product it has rolled out that draws on research...
  
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• Exclusive: Charterhouse eyes possible $1.1 billion sale of UK medical company Tunstall

  23-06-2015 21:36
  LONDON/NEW YORK (Reuters) - British private equity firm Charterhouse [CHCAP.UL] is working with JP Morganon options for healthcare company Tunstall, in a deal which could value the company at up to...
  
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• IMF says S.Africa growth to remain weak, warns on power, jobs

  23-06-2015 21:33 via news.yahoo.com
  
  The International Monetary Fund on Tuesday said South Africa's growth prospects will improve slightly in the coming year, but remain too weak to curb chronic unemployment in the continent's most advanced economy. "Severe electricity shortages, the worst since 2008, have become the greatest obstacle to growth, reducing economic activity, sapping confidence, and discouraging investment," said the fund. The IMF also cautioned South Africa over its new immigration laws, which it
  
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• Clinton’s Edge: Huge Support Among Blacks, Hispanics

  23-06-2015 21:33 via news.yahoo.com
  
  The Wall Street Journal/NBC News poll  released late Monday also highlights Clinton’s formidable strength among Hispanic voters and women under the age of 50 who are likely to tip the balance in a close presidential election in November 2016. While numerous previous surveys have revealed voter distrust about Clinton’s character and honesty based on the millions of dollars that she and her husband former president Bill Clinton have amassed since they left the White House and her dubious deci
  
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• UPDATE 4-BlackBerry shares fall as doubts on software revenue emerge

  23-06-2015 21:23
  WATERLOO, Ontario, June 23 (Reuters) - BlackBerry shares fell on Tuesday as doubts surfaced about the sustainability of the sharp growth the former smartphone pioneer reported in crucial software...
  
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• Puerto Rico's PREPA, creditors to meet Thursday - sources

  23-06-2015 21:16
  June 23 (Reuters) - Puerto Rico's distressed power authority
  PREPA will meet in New York on Thursday with its creditors, who
  have proposed a new debt restructuring plan in response to
  PREPA's...
  
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• Liberty Global in talks to buy Irish broadcaster TV3: FT

  23-06-2015 20:51
  (Reuters) - Liberty Global, Europe's biggest cable company, is in talks to buy Irish TV channel TV3 for more than 100 million euros ($111.76 million), the Financial Times reported, citing people...
  
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• U.S. manufacturing may be stabilizing; housing gains steam

  23-06-2015 20:49 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - A gauge of U.S. business investment spending plans rose in May, a tentative sign that the manufacturing sector was stabilizing after hitting a soft patch in recent months. Other data on Tuesday showed new home sales increased to a more than seven-year high in May. Manufacturing is lagging an overall rebound in the economy after output shrank at the start of the year. Despite the weakness in factory activity, the Federal Reserve is expected to raise intere
  
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• Julius Baer to take $350 million charge as end to U.S. tax probe nears

  23-06-2015 20:26
  
  ZURICH (Reuters) - Julius Baer said on Tuesday it would book $350 million against first-half results toward an expected settlement in a U.S. criminal investigation into how the Swiss bank helped...
  
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• U.S. economy seen growing 2 percent in second quarter: Atlanta Fed

  23-06-2015 20:24
  
  NEW YORK (Reuters) - The U.S. economy is on track to grow 2.0 percent in the second quarter following data that showed gains in new and existing home sales in May, Atlanta Federal Reserve's GDPNow...
  
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• Jack Lew says Chinese cyber-theft looms large in talks

  23-06-2015 20:22 via news.yahoo.com
  
  Of the many issues worrying U.S. officials at high level U.S.-China talks, Chinese government-sponsored cyber theft of information from U.S. companies is a particular concern, Treasury Secretary Jack Lew said on Tuesday. Speaking at the two-day Security and Economic Dialogue talks, Lew listed U.S. economic priorities that included less currency intervention by the Chinese government and a more open capital account.
  
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• Dutch bank ABN Amro's IPO could be delayed until 2016 - finance minister

  23-06-2015 20:10 via news.yahoo.com
  
  By Toby Sterling AMSTERDAM (Reuters) - ABN Amro's proposed stock market listing, expected to value the bank at more than 15 billion euros ($16.8 billion), could be delayed until next year, Dutch Finance Minister Jeroen Dijsselbloem said on Tuesday. Addressing parliament in a debate over whether the nationalised bank should be re-privatised, Dijsselbloem said the initial public offering (IPO) is still possible in the autumn but that is not certain after a dispute over executive pay delayed the pr
  
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• Greece hopes lift European stocks; dollar gains

  23-06-2015 20:06 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - Optimism that a deal could still be at hand to stave off a Greek default boosted European shares on Tuesday and kept a floor under U.S. stocks, while the U.S. dollar and bond yields edged higher as prospects improved for a Federal Reserve interest rate hike this year. A seven-year high in new U.S. single family home sales last month, combined with other data, helped bolster the case for lifting benchmark U.S. interest rates. Federal Reserve Governor
  
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• U.S. manufacturing may be ending slump; housing gains steam

  23-06-2015 19:56 via news.yahoo.com
  
  A gauge of U.S. business investment spending plans rose in May, a tentative sign that the manufacturing sector was stabilizing after going into a slump late last summer. Manufacturing is lagging an overall rebound in the economy after output slipped at the start of the year. Despite the weakness in factory activity, the Federal Reserve is expected to raise interest rates this year.
  
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• Wall Street little changed after trimming earlier gains

  23-06-2015 19:47 via news.yahoo.com
  
  U.S. stocks were little changed in early afternoon trading, having trimmed earlier gains after comments from Federal Reserve Governor Jerome Powell that the economy could be ready for interest rate increases twice this year. The Nasdaq Composite index touched a record high earlier in the session, while the S&P 500 was less than seven points away from its all-time high, before they turned negative. Mohannad Aama, managing director at Beam Capital Management in New York, said it was normal for
  
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• E.ON wants to close Swedish nuclear reactor

  23-06-2015 19:25 via news.yahoo.com
  
  German energy group E.ON said Tuesday it wants to close Swedish nuclear reactor Oskarshamn 2 in the next few years because it is unprofitable. "In E.ON's view, the economic prerequisites for investments to run Oskarshamn 2 beyond 2020 do not exist, and... the prerequisites do not exist either for the measures that would be required to continue operations until 2020," E.ON Sweden said in a statement. "Conditions on the electricity market have changed dramatically in recent yea
  
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• Wall Street sheds gains after comments on rate rise

  23-06-2015 19:11 via news.yahoo.com
  
  U.S. stocks trimmed earlier gains and were mostly negative in late morning trading after comments from Federal Reserve Governor Jerome Powell that the economy could be ready for interest rate increases twice this year. The Nasdaq Composite index touched a record high earlier in the session, while the S&P 500 was less than seven points away from its all-time high, before they turned negative. Mohannad Aama, managing director at Beam Capital Management in New York, said it was normal for inves
  
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• Buhari vows to restore Nigeria's financial 'sanity'

  23-06-2015 18:46 via news.yahoo.com
  
  By Felix Onuah ABUJA (Reuters) - Nigeria's president vowed on Tuesday to recover billions of dollars allegedly stolen by officials and restore financial "sanity", accusing previous governments in Africa's biggest economy of throwing the rulebooks "to the dogs". Muhammadu Buhari's strong words came after a meeting with the governors of Nigeria's states, in which they said they were 658 billion naira ($3.3 billion) in debt and needed federal government suppo
  
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• Dollar, U.S. bond yields rise as data supports Fed move

  23-06-2015 18:38 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - The U.S. dollar and bond yields rose on Tuesday as prospects for a Federal Reserve interest rate hike this year improved, while optimism that a deal could still be at hand to stave off a Greek default boosted European shares and kept a floor under U.S. stocks. A seven-year high in new U.S. single family home sales last month, combined with other data, helped bolster the case for lifting benchmark U.S. interest rates. Federal Reserve Governor Jerome P
  
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• Britain's FTSE lags euro zone peers

  23-06-2015 18:17
  * Ladbrokes tops mid caps after confirms merger talks (Updates with closing prices)
  
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• BRIEF-Global PVQ SE: deadline for filing of claims in insolvency proceedings is July 3

  23-06-2015 17:54
  * Henning Schorisch, insolvency administrator of Global PVQ
  SE (formerly Q-Cells SE), announces that deadline for a
  subsequent filing of claims in insolvency proceedings concerning
  assets of Global...
  
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• Wall Street faces toughest regulatory challenge yet on new loan review

  23-06-2015 17:52 via news.yahoo.com
  
  Big investment banks are facing their toughest test yet in the current 2015 Shared National Credit (SNC) review, months after regulators warned the banks that the quality of U.S. leveraged loans that they arranged was not as good as the banks claimed, sources said. Regulators met with banks earlier this year after monthly monitoring started in 2014 revealed that several deals that banks claimed were in "good standing" were riskier than recorded, four people with knowledge of the discus
  
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• Bond market liquidity will get worse, not better: industry experts

  23-06-2015 17:42
  LONDON (Reuters) - The problem of thin liquidity fueling volatility across global fixed income markets is going to get worse over the next few years, not better, an industry conference in London was...
  
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• Crude up as U.S. oil products jump before data; eyes on Iran

  23-06-2015 17:34 via news.yahoo.com
  
  Crude futures rallied about 1 percent in New York trade on Tuesday, reversing losses from the European session and latching onto a rebound in oil products ahead of U.S. inventory data expected to show strong demand for gasoline. Also supporting prices were signs of trouble with an impending Iranian nuclear deal that could delay Tehran's hopes of lifting Western sanctions on its oil exports. Futures of Brent crude were up 76 cents, or 1.3 percent, at $64.10 a barrel by 10:54 a.m. EDT.
  
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• TSX near two-week high on Greece hopes, technicals

  23-06-2015 17:31 via news.yahoo.com
  
  By Solarina Ho TORONTO (Reuters) - Canada's main stock index extended gains on Tuesday, tracking rises in stock markets around the world spurred by optimism that a deal can be reached to stave off a Greek debt default. Technical drivers, including trading in the aftermath of Friday's "quadruple witching", in which a number of stock options contracts expired, also helped the TSX. "Some of it is still the unwind from the quadruple witching ... A lot of technical stuff goin
  
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• Facebook now worth more than Wal-Mart on stock market

  23-06-2015 17:21 via news.yahoo.com
  
  NEW YORK (AP) — Facebook is now bigger than Wal-Mart, at least when it comes to its value on the stock market.
  
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• U.S. airs concerns in China meetings, stresses need for progress

  23-06-2015 17:19 via news.yahoo.com
  
  By Jason Lange and David Brunnstrom WASHINGTON (Reuters) - The United States on Tuesday expressed deep concern about state-sponsored cyber theft and stressed the need to keep Asian sea lanes open at the start of annual talks with China, and said the world depended on the ability of the two countries to narrow their differences. In opening statements at the wide-ranging Strategic and Economic Dialogue forum in Washington, China expressed a desire for constructive relations with the United States,
  
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• China's Yang says will work with U.S. on cybersecurity

  23-06-2015 16:36 via news.yahoo.com
  
  China will work with the United States and other countries on cybersecurity issues, State Councilor Yang Jiechi said on Tuesday. "We think that cybersecurity is very important," Yang said through a translator at the opening of the U.S.-China Strategic and Economic Dialogue (S&ED). "We will work with the United States and other countries to work in the spirit of openness to properly address the relevant issues.
  
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• UPDATE 1-UTV Media sees bigger loss from Irish television channel

  23-06-2015 16:33
  June 23 (Reuters) - Radio and television broadcaster UTV Media Plc said it expected a deeper-than-expected full-year loss from its new Irish television channel as audience growth stalled, sending its...
  
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• Cyprus economy forecast to begin recovery in 2015

  23-06-2015 16:31 via news.yahoo.com
  
  NICOSIA, Cyprus (AP) — The International Monetary Fund is projecting that bailed-out Cyprus' economy will grow by a modest 0.2 percent this year after contracting for three years.
  
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• Wall St. opens higher on Greek hopes

  23-06-2015 16:07 via news.yahoo.com
  
  "It now appears that we will have a short-term solution to the problem," said Andreas Clenow, hedge fund trader and principal at ACIES Asset Management. Federal Reserve Governor Jerome Powell said the U.S. economy could be ready for a first interest rate hike in September and another one in December. At 9:49 a.m. ET the Dow Jones industrial average was up 37.23 points, or 0.21 percent, at 18,157.01, the S&P 500 was up 3.1 points, or 0.15 percent, at 2,125.95 and the Nasdaq Composite was up 2.02
  
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• Wall Street opens higher on Greek hopes

  23-06-2015 16:07 via news.yahoo.com
  
  U.S. stocks were higher for the second straight session on Tuesday on continued expectations that Greece is near a deal that will prevent it from defaulting on loans, and data pointing to a rebound in business investment plans. "It now appears that we will have a short-term solution to the problem," said Andreas Clenow, hedge fund trader and principal at ACIES Asset Management. The Commerce Department said on Tuesday non-defense capital goods orders excluding aircraft, a closely watche
  
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• U.S. new home sales rise to seven-year high in May

  23-06-2015 16:04 via news.yahoo.com
  
  The Commerce Department said on Tuesday sales rose 2.2 percent to a seasonally adjusted annual rate of 546,000 units, the highest level since February 2008. April's sales pace was revised up to 534,000 units from the previously reported 517,000 units. The new home sales report added to strong retail sales, consumer sentiment and employment data in suggesting the economy was gaining speed in the second quarter after output slumped at the start of the year.
  
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• Power crisis poses biggest risk to South Africa growth: IMF

  23-06-2015 15:56 via news.yahoo.com
  
  South Africa's power supply crisis poses the biggest obstacle to growth, while state support to ailing utility Eskom and increased public sector wages may weigh on public finances, the International Monetary Fund said on Tuesday. The global lending body singled out delays in easing electricity shortages, and to policy and regulatory uncertainties, as chief constraints to economic growth in Africa’s most developed economy. "As the electricity crisis has deepened, only a muted recovery
  
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• Dollar surge pushes oil lower, European data provides some support

  23-06-2015 15:53 via news.yahoo.com
  
  By Simon Falush LONDON (Reuters) - Oil prices fell on Tuesday, hit by a stronger dollar, although improving European economic data and optimism that Greece will strike a deal with its creditors prevented further weakness. A global surplus of oil continues to put downward pressure on crude prices but expectations that American Petroleum Institute data later in the day will show a weekly drawdown in oil stocks, also helped curb losses on Tuesday. In volatile trade, Brent crude was 39 cents lower a
  
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• Biden says U.S., China should commit to resolving differences

  23-06-2015 15:53 via news.yahoo.com
  
  The United States and China may not resolve all of their differences during this week's cabinet-level meetings in Washington but should commit to working on them, U.S. Vice President Joe Biden said on Tuesday. "We are not going to solve all of these problems in this meeting ... but we have to be committed to working towards solutions," Biden told the opening of the U.S.-China Strategic and Economic Dialogue. Washington has expressed concern about China's pursuit of territorial claims in the Sout
  
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