Finance news

• U.S., China to exchange new offers in investment treaty talks

  24-06-2015 23:50 via news.yahoo.com
  
  The United States and China on Wednesday committed to exchange new offers in talks for a bilateral investment treaty, or BIT, that would further entwine the world's two largest economies. "Both sides have reaffirmed that the negotiation on a high-standard BIT is a top priority in our economic relationship, committing to intensify negotiations and exchange improved negative list offers in early September," U.S. Treasury Secretary Jack Lew said after two days of talks with Chinese officials on eco
  
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• Kerry heads to Vienna on Friday for Iran nuclear talks: U.S.

  24-06-2015 23:14 via news.yahoo.com
  
  U.S. Secretary of State John Kerry will fly to Vienna on Friday to take part in Iran nuclear talks ahead of a self-imposed June 30 deadline, U.S. State Department spokesman John Kirby said in a statement. The talks between Iran and six major powers aim to reach an agreement under which Tehran would restrain its nuclear program in exchange for relief from economic sanctions that have crippled its economy. The nations involved in the talks with Iran, which include Britain, China, France, Germany,
  
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• Congress victory boosts Obama's Pacific trade pact

  24-06-2015 22:56 via news.yahoo.com
  
  U.S. lawmakers approved legislation key to securing a hallmark Pacific trade deal by a comfortable margin on Wednesday, advancing President Barack Obama's efforts to strengthen U.S. economic ties with Asia. After a six-week congressional battle including two brushes with failure, some fancy legislative footwork and myriad backroom deals to keep the legislation alive, the Senate voted 60 to 38 to grant Obama the power to negotiate trade deals and send them on a fast track through Congress. T
  
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• Edward Jones reviews mutual fund fees charged to customers

  24-06-2015 22:39
  NEW YORK (Reuters) - Edward Jones, a brokerage firm that booked 77 percent of its $6.3 billion of revenue last year from mutual fund and annuity sales, is reviewing its records to see if some fund...
  
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• Canada's ruling Conservatives push to win back Quebec ahead of vote

  24-06-2015 22:36
  OTTAWA, June 24 (Reuters) - Ahead of a close October election, Canada's ruling Conservatives are pushing to revive their fortunes in Quebec, the province that helped them to power in 2006 but then...
  
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• Senate approves fast-track trade bill, sends to Obama

  24-06-2015 22:35 via news.yahoo.com
  
  WASHINGTON (Reuters) - Legislation that would help President Barack Obama seal a Pacific Rim trade pact passed the U.S. Senate on Wednesday. Senators voted 60 to 38 to approve legislation to streamline Congress's consideration of trade deals, including Obama's 12-nation Trans-Pacific Partnership. The bill now goes to Obama to be signed into law. (Reporting by Krista Hughes; Editing by Eric Walsh)
  
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• U.S.-based bond funds post biggest weekly outflows of year - ICI

  24-06-2015 22:35
  NEW YORK, June 24 (Reuters) - Investors in U.S.-based mutual funds pulled $4.1 billion out of bond funds in the week ended June 17, marking the biggest outflows from the funds since mid-December,...
  
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• California governor signs $115.4 billion budget

  24-06-2015 22:29 via news.yahoo.com
  
  California Governor Jerry Brown signed a $115.4 billion budget package on Wednesday in a compromise with the Democratically controlled legislature that expands some social programs but holds back on funding for others. Brown, a fiscally moderate Democrat, has successfully pushed lawmakers to hold back spending despite improvement in California's financial situation, arguing that state's cyclical economy is subject to dramatic and often unexpected drops. “Yet, the work never ends and in the com
  
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• Fed says it is data dependent, but whose data?

  24-06-2015 22:28 via news.yahoo.com
  
  By Howard Schneider and Ann Saphir WASHINGTON/SAN FRANCISCO (Reuters) - The Federal Reserve says it will depend on straightforward data analysis in deciding when to raise U.S. interest rates. The BEA now says GDP shrank only 0.2 percent over the first three months of the year, not 0.7 percent. The revision may not change the Fed's policy path, or greatly alter the economic outlook that central bankers just published last week but that's only because the consensus about how to measure U
  
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• Wall Street ends broadly lower on Greek debt concerns

  24-06-2015 22:26 via news.yahoo.com
  
  U.S. stocks closed lower on Wednesday, dropping in a broad decline as the outcome of negotiations between Greece and its international creditors remained up in the air, prompting investors to drop riskier assets like equities. Greek Prime Minister Alexis Tsipras recently announced tax and reforms proposals, which market participants took as a sign of progress.
  
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• Big U.S. law firms must face Stanford receiver's Ponzi lawsuit

  24-06-2015 22:20
  
  (Reuters) - Two large New York law firms failed to persuade a federal judge to throw out a malpractice lawsuit seeking to force them to pay creditors of imprisoned swindler Allen Stanford for aiding...
  
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• UPDATE 2-Colombia central bank holds benchmark interest rate steady

  24-06-2015 22:18
  BOGOTA, June 24 (Reuters) - Colombia's central bank held its benchmark interest rate for a 10th consecutive month on Wednesday, as policymakers grappled with the twin constraints of inflationary...
  
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• FOREX-Dollar inches lower after rally; focus on rate hike prospects

  24-06-2015 22:16
  * Euro back around $1.1200; markets await Greece news (Updates prices, adds details, comment)
  
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• Fiat Chrysler CEO says long way from lobbying GM investors

  24-06-2015 22:09
  
  ARESE, Italy (Reuters) - Fiat Chrysler Automobiles is a long way from making any offer to the shareholders of U.S. rival General Motorsover a possible tie-up, FCA Chief Executive Sergio...
  
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• Wall Street ends down as Greek debt woes go on

  24-06-2015 22:03 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks closed lower on Wednesday, dropping in a broad decline as the outcome of negotiations between Greece and its international creditors remained up in the air, prompting investors to drop riskier assets like equities.
  
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• WRAPUP 8-Greek debt talks snarled again before EU leaders gather

  24-06-2015 21:59
  BRUSSELS, June 24 (Reuters) - Greece and EU finance ministers hit a new impasse on Wednesday as creditors accused Athens of failing to compromise despite a looming default next week that risks...
  
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• UPDATE 1-Illinois governor signs first FY 2016 budget bill

  24-06-2015 21:54
  CHICAGO, June 24 (Reuters) - Illinois Governor Bruce Rauner on Wednesday signed into law a school funding bill that marks the first fiscal 2016 budget bill passed by Democratic lawmakers to be...
  
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• TREASURIES-Prices rebound on lack of progress in Greek debt talks

  24-06-2015 21:42
  * Traders shrug off U.S. final Q1 GDP data (Updates prices, adds comments)
  
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• Illinois governor signs first FY 2016 budget bill

  24-06-2015 21:27
  CHICAGO, June 24 (Reuters) - Illinois Governor Bruce Rauner on Wednesday signed into law a school funding bill that marks the first fiscal 2016 budget bill passed by Democratic lawmakers to be...
  
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• GLOBAL MARKETS-Stocks, dollar slip over Greece default jitters

  24-06-2015 21:26
  * Oil falls after surprise U.S. gasoline stocks build (Adds oil settlement prices)
  
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• Greece, creditors to continue talks until Thursday - EU's Dombrovskis

  24-06-2015 21:17
  BRUSSELS, June 24 (Reuters) - European Commission Vice-President Valdis Dombrovskis said on Wednesday that talks between Greece and its international creditors would continue after a meeting of euro...
  
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• UPDATE 3-California coal divestment bill clears committee vote

  24-06-2015 21:15
  SAN FRANCISCO, June 24 (Reuters) - A bill to require California's state pension funds Calpers and CalSTRS to sell their investments in companies that generate at least half their revenue from coal...
  
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• UPDATE 1-Fiat Chrysler CEO says long way from lobbying GM investors

  24-06-2015 21:03
  ARESE, Italy, June 24 (Reuters) - Fiat Chrysler Automobiles is a long way from making any offer to the shareholders of U.S. rival General Motors over a possible tie-up, FCA Chief Executive Sergio...
  
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• Millennials Still Don’t Trust the Stock Market

  24-06-2015 21:00 via news.yahoo.com
  
  Goldman Sachs has released the latest in a long line of surveys about millennials and money. The findings won’t shock you if you’ve seen other such surveys: millennials get financial advice from their parents, they’re less concerned with privacy, they still want to own a home … someday. Fewer than 20 percent of those surveyed by Goldman said that stocks are “the best way to save for the future.” Another 45 percent said they’re willing to dip a toe in the market or to put money into
  
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• Eurogroup ends early, set to resume on Thursday at 1100 GMT

  24-06-2015 20:57
  BRUSSELS, June 24 (Reuters) - Euro zone finance ministers ended their discussions over a loans-for-reform deal for Greece on Wednesday and are expected to resume their talks on Thursday at 1100 GMT.
  
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• UN forecasts rebound in global investment flows this year

  24-06-2015 20:28 via news.yahoo.com
  
  Global foreign direct investment is expected to rebound in 2015 after falling 16 percent last year due to a fragile world economy and political and military crises, the UN said Wednesday. China, the world's second biggest economy, drew a total of $129.6 billion of FDI in 2014, it said. "I think foreign direct investment will continue to grow steadily," Shen Danyang, ministry spokesman, said recently.
  
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• UPDATE 3-Puerto Rico's Government Development Bank chairman resigns

  24-06-2015 20:26
  NEW YORK, June 24 (Reuters) - Puerto Rico's cash-strapped financing arm, the Government Development Bank (GDB), said on Wednesday that its chairman, David Chafey, will step down next Tuesday.
  
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• Obama's Pacific trade pact nears finish in Congress

  24-06-2015 20:22 via news.yahoo.com
  
  By Krista Hughes and Richard Cowan WASHINGTON (Reuters) - President Barack Obama's bid to boost U.S. economic ties with Asia neared approval on Wednesday, when a six-week congressional battle will culminate in a decisive Senate vote on legislation needed to seal his hallmark Pacific Rim trade deal. After two brushes with failure, some fancy legislative footwork and myriad backroom deals to keep the legislation alive, lawmakers are expected to grant Obama the power to negotiate trade deals a
  
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• Greek official says creditors' proposals fall short, talks go on

  24-06-2015 20:20
  ATHENS, June 24 (Reuters) - Greece said on Wednesday that talks would continue with international creditors on forging a cash-for-reforms deal, but new proposals by the lenders could not be accepted.
  
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• Spain's central bank governor expects to recoup part of banking rescue

  24-06-2015 19:56
  MADRID, June 24 (Reuters) - Spain's central bank governor said on Wednesday he hoped to recover around 5 billion euros of 51 billion euros in public funds injected to rescue the country's ailing...
  
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• California coal divestment bill receives 3 of 4 in preliminary vote

  24-06-2015 19:55
  SAN FRANCISCO, June 24 (Reuters) - A California bill to require the state's pension funds Calpers and CalSTRS to sell their investments in companies that generate at least half their revenue from...
  
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• INSIGHT-Trucker's bankruptcy exit may roughen road for small creditors

  24-06-2015 19:45
  NEW YORK, June 24 (Reuters) - When U.S. companies go bust, bankruptcy laws ensure workers are among the first to get paid. Now an unconventional settlement in an obscure case threatens to turn that...
  
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• Brazil leader's credibility tested as she woos U.S. investment

  24-06-2015 19:14 via news.yahoo.com
  
  When she visits New York on Monday, President Dilma Rousseff will have a tough time convincing Wall Street her weakened government can pull Brazil out of a stall and save the once-booming nation's investment-grade credit rating. Many doubt her willingness to go to the mat against anti-austerity forces in her own leftist Workers' Party to rein in the country's gaping fiscal deficit. While many U.S. companies are still betting on Brazil's long-term growth prospects given the hu
  
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• Spain central bank raises 2015 growth forecast to 3.1%

  24-06-2015 19:11 via news.yahoo.com
  
  Spain's central bank on Wednesday raised its 2015 economic growth forecast for the country to 3.1 percent, strengthening the outlook for recovery in the eurozone's fourth biggest economy. The Bank of Spain raised its forecast from an earlier estimate of 2.8 percent published in late March, its governor Luis Linde told parliament. Prime Minister Mariano Rajoy is vaunting Spain's economic recovery as he prepares to fight a year-end general election, after passing austerity reforms a
  
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• U.S. stocks down on Greek debt crisis jitters

  24-06-2015 18:51 via news.yahoo.com
  
  Creditors demanded sweeping changes to Greek Prime Minister Alexis Tsipras' tax and reforms proposals, adding fresh uncertainty to talks aimed at unlocking aid to avert a debt default next week. Tsipras is scheduled to meet the heads of the European Central Bank, the International Monetary Fund and the European Commission in Brussels before a meeting of euro zone finance ministers at 1300 p.m. ET. "The U.S. market is taking some signals from the weakness in Europe," said John Cana
  
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• Eurozone stocks close down amid Greek deal doubts

  24-06-2015 18:50 via news.yahoo.com
  
  Eurozone stock markets closed down Wednesday amid renewed doubts over whether Greece and its international creditors can quickly reach a deal needed by Athens to avoid a default and possible messy exit from the euro. Eurozone finance ministers will also meet on the proposals ahead of an EU leaders summit on Thursday.
  
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• Obama's Pacific trade pact nears finish in U.S. Congress

  24-06-2015 18:30 via news.yahoo.com
  
  By Krista Hughes and Richard Cowan WASHINGTON (Reuters) - President Barack Obama's bid to boost U.S. economic ties with Asia neared approval on Wednesday, when a six-week congressional battle will culminate in a decisive Senate vote on legislation needed to seal his hallmark Pacific Rim trade deal. After two brushes with failure, some fancy legislative footwork and myriad backroom deals to keep the legislation alive, lawmakers are expected to grant Obama the power to negotiate trade deals a
  
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• Factbox - What creditors want from Greece for in exchange for financing

  24-06-2015 18:05 via news.yahoo.com
  
  Greece and its international creditors are in the final phase of talks on a financing-for-reforms deal that would allow Athens to avoid defaulting on a payment to the International Monetary Fund on Tuesday. Below is a list of the main requirements from the creditors for a deal to happen, based on a document published by the online edition of the Wall Street Journal.(http://online.wsj.com/public/resources/documents/062415Greek.pdf) FISCAL TARGETS Greece should adopt a supplementary budget law for
  
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• U.S. firms fear financing drought as trade bank deadline looms

  24-06-2015 17:45 via news.yahoo.com
  
  A battle in Congress that could shut down the U.S. Export-Import (Ex-Im) Bank next week is already causing headaches for small exporters as they try to stop customers from defecting to foreign competitors and as export financing starts to freeze up. If the 80-year-old export credit-provider loses its operating authority, its proponents argue that thousands of U.S. exporters will suffer and that Washington will lose international economic influence. Its conservative Republican critics say private
  
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• INSIGHT-U.S. firms fear financing drought as trade bank deadline looms

  24-06-2015 17:45 via news.yahoo.com
  
  By David Lawder WASHINGTON (Reuters) - A battle in Congress that could shut down the U.S. Export-Import (Ex-Im) Bank next week is already causing headaches for small exporters as they try to stop customers from defecting to foreign competitors and as export financing starts to freeze up. If the 80-year-old export credit-provider loses its operating authority, its proponents argue that thousands of U.S. exporters will suffer and that Washington will lose international economic influence. Its cons
  
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• IMF's Lagarde says Greek plan can't be based only on tax pledges

  24-06-2015 17:41 via news.yahoo.com
  
  Greece must present credible reform plans and they cannot be built only on promises of more tax revenues, International Monetary Fund chief Christine Lagarde said in an interview published by French magazine Challenges on Wednesday. Lagarde said a Greek economic recovery would require not only Greek reforms but also steps by European creditors to make Greece's debt sustainable.
  
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• Italy's Renzi hit by new defection as party strife increases

  24-06-2015 17:32 via news.yahoo.com
  
  Italian Prime Minister Matteo Renzi suffered a high-profile defection from his ruling Democratic Party (PD) on Wednesday in the latest sign that growing internal dissent could lead to a breakaway group leaving the party. Stefano Fassina, a lower house deputy and former deputy economy minister, has argued for months that Renzi is taking the traditionally center-left party too far to the right. Fassina's departure is a fresh setback for Renzi, who has seen party bickering, corruption scandals and
  
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• Brazil raises 2015 inflation outlook to 9%

  24-06-2015 17:16 via news.yahoo.com
  
  Brazil's central bank raised its 2015 inflation forecast to nine percent Wednesday, twice its target and a further sign of the bad year facing the world's seventh-largest economy. The central bank also cut its economic growth outlook, predicting a contraction of 1.1 percent this year instead of the 0.5 percent it had previously forecast. The central bank had previously predicted annual inflation of 7.9 percent this year -- already higher than its target of 4.5 percent and outside the t
  
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• Wall St. falls as Greece uncertainty weighs

  24-06-2015 17:01 via news.yahoo.com
  
  Greek Prime Minister Alexis Tsipras has attacked the stance of certain creditors as "strange" because they rejected proposals presented by Athens to bridge a budget gap, a government official said without referring to specific proposals or which of the three institutions Tsipras was blaming for the deadlock. Tsipras will meet the heads of the European Central Bank, the International Monetary Fund and the European Commission in Brussels before a meeting of euro zone finance ministers at
  
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• Malawi aims for $16 bln in potential investment from summit

  24-06-2015 16:36 via news.yahoo.com
  
  Malawi's first ever investment forum aims to generate about $16 billion in potential investments, a senior trade official said on Wednesday. The southern African nation will host the two-day investment forum starting on 29 June as it seeks to find alternative means to fund growth in an economy crippled by a two-year budget aid freeze by Western donors. "This forum is expected to generate prospective investments of up to $16 billion from more than 80 international investors that will at
  
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• Wall Street opens lower as Greece deal optimism fades

  24-06-2015 15:40 via news.yahoo.com
  
  Wall Street opened lower on Wednesday after a setback in Greece's debt talks even as data showed that the U.S. economy's first-quarter contraction was smaller than earlier thought. Greek Prime Minister Alexis Tsipras has attacked the stance of "certain" creditors as "strange" because they rejected proposals presented by Athens to bridge a budget gap, a government official said without referring to specific proposals or which of the three institutions Tsipras was bla
  
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• Wall St. opens lower after lenders reject Greek plan

  24-06-2015 15:36 via news.yahoo.com
  
  (Reuters) - U.S. stocks opened lower on Wednesday after Greece's lenders rejected the country's proposals, even as data showed a smaller-than-expected contraction in the U.S. economy in the first quarter.
  
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• US Q1 contraction not as bad as previously thought

  24-06-2015 15:36 via news.yahoo.com
  
  The surprise contraction of the US economy in the first quarter of this year was not as bad as originally estimated, the Commerce Department reported Wednesday. Gross domestic product shrank at an annual rate of 0.2 percent in the period, much less than the 0.7 percent in the previous estimate.
  
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• US economy not as bad in 1st quarter, paving way for rebound

  24-06-2015 15:17 via news.yahoo.com
  
  WASHINGTON (AP) — The U.S. economy contracted in the first three months of the year, just not as much as previously estimated. More recent data show that the weakness was largely temporary, with a rebound in the works for the April-June quarter.
  
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• U.S. economy contracts mildly in first quarter, but growth rebounding

  24-06-2015 15:13 via news.yahoo.com
  
  A fairly stronger pace of consumer spending than previously estimated accounted for much of the upward revision to GDP. Consumer spending, which accounts for more than two thirds of U.S. economic activity, was raised to a 2.1 percent growth pace from the 1.8 percent rate reported last month. With personal savings increasing at a robust $720.2 billion pace as more Americans get a paycheck, consumer spending could accelerate in the second quarter.
  
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