Finance news

• No easy way for Puerto Rico to overhaul government debt

  29-06-2015 23:49
  NEW YORK, June 29 (Reuters) - To restructure government debt
  Puerto Rico will need to reach a negotiated settlement with
  creditors or modify its constitution, a long and complicated
  undertaking that...
  
  Read more

• Greece: How People Are Dealing With the Financial Crisis

  29-06-2015 23:45 via news.yahoo.com
  
  This afternoon, credit ratings agency S&P cut Greece's long-term credit rating to "CCC-" from "CCC," saying that the probability of Greece exiting the eurozone is now about 50 percent. Douglas Elliott, a fellow in Economic Studies at the Brookings Institution, said he’s not surprised by the photos that show Greeks waiting in long lines to take their money out of banks. “People would certainly rather be safe than sorry in such an uncertain environment,” Elliott
  
  Read more

• Rousseff urges investors to get on Brazil bandwagon

  29-06-2015 23:28 via news.yahoo.com
  
  Brazil's economy is ready for a new period of growth after sputtering for years, and investors should get on board now, President Dilma Rousseff said Monday. Brazil was once the star of the world's emerging economies, posting torrid economic growth that brought many among its legions of poor into the middle class. Rousseff, visiting the United States since late Saturday, addressed a seminar organized by her government on plans for a major infrastructure program with hundreds of contrac
  
  Read more

• UPDATE 2-UK slams Argentine plan to seize Falklands oil driller assets

  29-06-2015 23:22
  LONDON, June 29 (Reuters) - Britain on Monday accused Argentina of a politically motivated and illegal attack on the nascent oil industry around the disputed Falkland Islands, after Buenos Aires said...
  
  Read more

• Advertisement

• UPDATE 3-NBC fires Trump, drops pageants over candidate's insults to Mexicans

  29-06-2015 23:21
  * Defends remarks on illegal immigration (Adds detail on joint venture, viewership, Trump statement)
  
  Read more

• Puerto Rico says it is being crushed by debt, low growth

  29-06-2015 23:18 via news.yahoo.com
  
  Alejandro Garcia Padilla's admission in an interview with the New York Times rattled stock markets and quickly knocked 10 percent off prices of Puerto Rican bonds. "The debt is not payable," Garcia Padilla told the paper. On Monday the government released a study by ex-officials of the International Monetary Fund and the World Bank that says Puerto Rico's debt load is unsustainable and needs to be rescheduled.
  
  Read more

• Baha Mar resort in Bahamas files for U.S. bankruptcy

  29-06-2015 23:10
  June 29 (Reuters) - The developer of the $3.5 billion Baha Mar resort in the Bahamas filed for bankruptcy in the United States on Monday and blamed its Chinese general contractor for missing its...
  
  Read more

• GLOBAL MARKETS-Stocks tumble, yields drop as Greece veers toward default

  29-06-2015 23:08
  * Stocks end near session lows on Wall Street, volatility jumps
  
  Read more

• Advertisement

• UPDATE 4-Puerto Rico insolvent, running out of cash -ex Detroit bankruptcy judge

  29-06-2015 23:08
  NEW YORK, June 29 (Reuters) - Puerto Rico is "insolvent" and will soon run out of cash, according to a newly appointed adviser to the commonwealth who was the judge who oversaw the historic...
  
  Read more

• REFILE-Celgene, Juno collaborate to develop cancer therapies

  29-06-2015 23:05
  June 29 (Reuters) - Celgene Corp and Juno Therapeutics Inc said they signed a deal to develop and commercialize immunotherapies for the treatment of cancer and autoimmune diseases.
  
  Read more

• S&P cuts Greece rating on referendum call

  29-06-2015 22:56 via news.yahoo.com
  
  Standard & Poor's downgraded Greece's credit rating deeper into junk territory on Monday, saying the government's call for a referendum on creditor proposals brought it closer to default. "We interpret Greece's decision to hold a referendum on official creditors' loan proposals as a further indication that the Tsipras government will prioritize domestic politics over financial and economic stability, commercial debt payments, and eurozone membership," said
  
  Read more

• Gundlach says purchased 'lots' of Treasuries, Ginnie Maes on Friday

  29-06-2015 22:53
  
  NEW YORK (Reuters) - Jeffrey Gundlach, a widely followed investor who oversees DoubleLine Capital, said in an interview on Monday his firm had purchased "lots of Treasuries and Ginnie Maes" on...
  
  Read more

• UPDATE 1-Greek drama not likely to waylay Federal Reserve

  29-06-2015 22:48
  WASHINGTON, June 29 (Reuters) - The fuse may be lit for a Greek exit from the euro zone but the fallout in the United States is expected to be modest and not enough to throw the Federal Reserve's...
  
  Read more

• CANADA STOCKS-TSX erases 2015 gains on Greek crisis

  29-06-2015 22:47
  * All 10 main groups fall at least 1 pct, banks weigh heaviest
  
  Read more

• UPDATE 1-Greek PM says he won't be the one to pursue austerity

  29-06-2015 22:43
  ATHENS, June 29 (Reuters) - Greek Prime Minister Alexis Tsipras said on Monday he would respect a potential Greek decision to stick to the path of austerity as prescribed by foreign creditors, but...
  
  Read more

• Microsoft to drop display ad business, cut 1200 jobs - Bloomberg

  29-06-2015 22:43
  June 29 (Reuters) - Microsoft Corp will close its web display advertising business, handing operations over to AOL Inc and AppNexus Inc and cutting about 1,200 jobs, Bloomberg reported.
  
  Read more

• US STOCKS-Wall St tumbles as investors flee equities on Greek debt crisis

  29-06-2015 22:43
  * Quarter end, upcoming jobs report, Puerto Rico affect investors
  
  Read more

• EMERGING MARKETS-Latam stocks drop on Greece, Petrobras seesaws

  29-06-2015 22:42
  SAO PAULO, June 29 (Reuters) - Latin American stocks fell on Monday as investors feared an imminent debt default by Greece, while shares of Brazil's Petrobras ended lower even after the state-run oil...
  
  Read more

• Zambia resumes VAT refund payments to mining firms - minister

  29-06-2015 22:40
  LONDON, June 29 (Reuters) - Zambia has started paying value-added-tax (VAT) refunds again to mining companies, its mining minister said on Monday, aiming to put an end to a long running...
  
  Read more

• CANADA FX DEBT-C$ weaker on Greece worries, weaker oil

  29-06-2015 22:35
  * Canadian dollar at C$1.2392, or 80.70 U.S. cents * Bond prices higher across the maturity curve (Adds quote, updates to close) TORONTO/OTTAWA, June 29 (Reuters) - The Canadian dollar weakened...
  
  Read more

• UPDATE 1-ECB's Coeure says Grexit now a possibility - Les Echos

  29-06-2015 22:35
  PARIS, June 29 (Reuters) - European Central Bank executive board member Benoit Coeure said on Monday it was now possible that Greece may end up exiting the euro zone although this was not what the...
  
  Read more

• ECB's Coeure says Grexit now a possibility - Les Echos

  29-06-2015 22:30
  PARIS, June 29 (Reuters) - European Central Bank executive board member Benoit Coeure said on Monday it was now possible that Greece may end up exiting the euro zone although this was not what the...
  
  Read more

• U.S. pressing Greece, creditors to stay at table on debt talks

  29-06-2015 22:27 via news.yahoo.com
  
  WASHINGTON (Reuters) - The Obama administration is urging Greece and its international creditors to keep negotiating a bailout deal as Athens prepares to hold a referendum over lenders' demands, a senior Treasury official said on Monday. The official, who asked not to be named, was speaking by telephone with reporters. U.S. officials have been pressing Greece and its European partners to strike a compromise between lender demands for economic reforms and Greece's need for measures that would mak
  
  Read more

• Banks, bond insurers shares drop on Puerto Rico worries, options see more falls

  29-06-2015 22:20
  SAN FRANCISCO, June 29 (Reuters) - Shares of banks and bond insurers exposed to Puerto Rico plummeted on Monday due to growing fears the U.S. Commonwealth would default on its debts, and options...
  
  Read more

• N.Y. financier ordered to pay ex-employee $18 million in harassment case

  29-06-2015 22:16 via news.yahoo.com
  
  A federal jury on Monday ordered the chief executive officer of a Manhattan investment firm to pay $18 million in damages to a former employee for sexual harassment and defamation. The two-week civil trial in New York drew lurid headlines from the city's tabloids, pitting a young Swedish woman against a Wall Street financier 20 years her senior. Jurors found in Bouveng’s favor on sexual harassment, retaliation and defamation claims but rejected her allegations of assault and battery.
  
  Read more

• UPDATE 1-N.Y. financier ordered to pay ex-employee $18 mln in harassment case

  29-06-2015 22:14
  NEW YORK, June 29 (Reuters) - A federal jury on Monday ordered the chief executive officer of a Manhattan investment firm to pay $18 million in damages to a former employee for sexual harassment and...
  
  Read more

• FOREX-Euro drops on Greek worries while rallying against dollar

  29-06-2015 22:13
  NEW YORK, June 29 (Reuters) - The euro fell against most other major currencies on Monday as Greece's debt crisis worsened and moved the nation closer to exiting the euro zone.
  
  Read more

• S&P cuts Greece rating after referendum called

  29-06-2015 21:24 via news.yahoo.com
  
  Standard & Poor's downgraded Greece's credit rating deeper into junk territory on Monday, saying the government's decision to hold a referendum on creditor proposals brought it closer to default. "We interpret Greece's decision to hold a referendum on official creditors' loan proposals as a further indication that the Tsipras government will prioritize domestic politics over financial and economic stability, commercial debt payments, and eurozone membership,&quo
  
  Read more

• International economists release critical Puerto Rico report

  29-06-2015 21:18 via news.yahoo.com
  
  SAN JUAN, Puerto Rico (AP) — International economists released a critical report on Puerto Rico's economy Monday on the heels of the governor's warning that the island can't pay its $72 billion public debt.
  
  Read more

• N.Y. financier ordered to pay ex-employee $2 million for harassment

  29-06-2015 20:55 via news.yahoo.com
  
  The chief executive of a Manhattan investment firm was ordered by a federal jury on Monday to pay at least $2 million in damages to a former employee for sexual harassment and defamation. The two-week civil trial in New York drew lurid headlines from the city's tabloids, pitting a young Swedish woman against a Wall Street financier 20 years her senior. Jurors found in Bouveng’s favor on sexual harassment, retaliation and defamation claims but rejected her claims of assault and battery.
  
  Read more

• S&P lowers Greece sovereign credit rating

  29-06-2015 20:51 via news.yahoo.com
  
  (Reuters) - Standard & Poor's Ratings Services lowered its sovereign rating on Greece to 'CCC minus' from 'CCC', saying the probability of Greece exiting the eurozone was now about 50 percent. A Greek official told Reuters on Monday the country would not pay a 1.6 billon euro loan instalment due the International Monetary Fund on Tuesday. S&P said according to its assessment Greece would likely default on its commercial debt during the next six months.
  
  Read more

• U.S. fund managers await more drops in European stocks before buying

  29-06-2015 20:48
  
  NEW YORK (Reuters) - European shares fell broadly Monday as Greece edged closer to defaulting on its debt, yet some U.S. equity fund managers said that they were waiting for further declines before...
  
  Read more

• The Latest: S&P cuts Greek credit rating amid turmoil

  29-06-2015 20:46 via news.yahoo.com
  
  ATHENS, Greece (AP) — The latest news on Greece's financial woes as it closes its banks and limits money withdrawals (all times local):
  
  Read more

• Greek financial crisis: what you need to know

  29-06-2015 20:40 via news.yahoo.com
  
  At one point, as part of an angry war of words between some of the main participants, European Commission head Jean-Claude Juncker said he felt "betrayed" by the way the Greek government had handled this last stage of the negotiation, in particular by "unilaterally" turning the problem over to a referendum. This latest crisis results from the recent history of severe austerity measures, a Tuesday deadline to repay or extend two huge loans from the European Central Bank and the International M
  
  Read more

• Puerto Rico girds for bad news on debt

  29-06-2015 20:22 via news.yahoo.com
  
  Puerto Rico's governor geared Monday to share some very bad news with the rest of the US commonwealth: it owes around $72 billion in debt and cannot pay. Alejandro Garcia Padilla's admission in an interview with the New York Times rattled stock markets and knocked 10 percent off prices of Puerto Rican bonds. "The debt is not payable," Garcia Padilla told the paper in comments reported on Sunday.
  
  Read more

• FACTBOX-Companies respond to crisis in Greece

  29-06-2015 20:11
  June 29 (Reuters) - Greeks woke up to closed banks and cash machines on Monday as a breakdown in talks between Athens and its creditors plunged the country into crisis.
  
  Read more

• Greece: How People Are Dealing With the Financial Meltdown

  29-06-2015 20:00 via news.yahoo.com
  
  Douglas Elliott, a fellow in Economic Studies at the Brookings Institution, said he’s not surprised by the photos that show Greeks waiting in long lines to take their money out of banks. “People would certainly rather be safe than sorry in such an uncertain environment,” Elliott said. However, Elliott said that the odds of a “Grexit” are only 20 to 25 percent.
  
  Read more

• Canada slaps sanctions on Gazprom, other Russia energy firms

  29-06-2015 19:57 via news.yahoo.com
  
  OTTAWA (Reuters) - Canada is imposing economic sanctions against Russian energy firms such as natural gas producer Gazprom OAO in response to the actions of Russian-backed militants in Ukraine, Ottawa said on Monday. A government statement did not give details of the sanctions. Other firms targeted are Gazprom Neft OAO, Surgutneftegaz OAO and Transnefteprodukt OAO . (Reporting by David Ljunggren; Editing by Richard Chang)
  
  Read more

• Puerto Rico's deepening crisis threatens high-yield U.S. funds

  29-06-2015 19:52
  June 29 (Reuters) - Puerto Rico's deepening financial crisis
  could speed up an exodus of money from U.S. municipal bond funds
  that have placed big bets on the cash-strapped Caribbean island.
  
  Read more

• Why Greek Debt Drama Could End Market Tranquility

  29-06-2015 19:45 via news.yahoo.com
  
  The Greek debt drama, which first started in early 2010, is coming to a head now as Greek Prime Minister Alexis Tsipras has called for a popular referendum on the latest bailout proposal from the European establishment and the International Monetary Fund, throwing the country's position within the Eurozone into jeopardy. The pressure is building: On Sunday, the European Central Bank decided to put a freeze on its liquidity support for Greek banks. Since the Federal Reserve unleashed its QE3 bond
  
  Read more

• Greeks hit by closed banks, warnings from eurozone

  29-06-2015 19:16 via news.yahoo.com
  
  ATHENS, Greece (AP) — Anxious Greek pensioners swarmed closed bank branches and long lines snaked outside ATMs as Greeks endured the first day of serious controls on their daily economic lives ahead of a July 5 referendum that could determine whether the country has to ditch the euro currency and return to the drachma.
  
  Read more

• Greek crisis behind Indian stock market fall, says expert

  29-06-2015 18:48 via news.yahoo.com
  
  Mumbai, June 29 (ANI): Market expert Sunil Shah on Monday blamed the financial crisis in Greece for the Indian stock market losses, adding that no country today can insulate itself from a financial crisis in another nation. The Greece issue is getting serious, leading to a drastic fall in many Asian markets," Shah told ANI. Today, no country can insulate itself from a financial crisis in another country," he said.
  
  Read more

• UK's Osborne: Don't underestimate impact of 'Grexit' on EU/UK economies

  29-06-2015 18:36 via news.yahoo.com
  
  The impact of a possible Greek exit from the euro zone should not be underestimated, British finance minister George Osborne warned on Monday, saying Britain's government and central bank stood ready to ensure financial stability. "I don’t think anyone should underestimate the impact that a Greek exit from the euro would have on the European economy – and the knock-on effects on us," Osborne told parliament.
  
  Read more

• Wall Street falls as Grexit fears grow, volatility spikes

  29-06-2015 18:30 via news.yahoo.com
  
  In Europe, the blue-chip Euro STOXX 50 index suffered its biggest one-day fall since 2011. The European Central Bank froze funding to Greek banks, forcing Athens to shut banks for a week to keep them from collapsing. Greece faces default if it does not repay 1.6 billion euros ($1.8 billion) to the International Monetary Fund on Tuesday.
  
  Read more

• Three retirement loopholes seen likely to close

  29-06-2015 18:21
  LOS ANGELES (Reuters) - There are plenty of tips and tricks to maximizing your retirement benefits, and more than a few are considered "loopholes" that taxpayers have been able to use to circumvent...
  
  Read more

• Wall St. falls as Grexit fears grow, volatility spikes

  29-06-2015 18:18 via news.yahoo.com
  
  The European Central Bank froze funding to Greek banks, forcing Athens to shut banks for a week to keep them from collapsing. Greece faces default if it does not repay 1.6 billion euros ($1.8 billion) to the International Monetary Fund on Tuesday. The Federal Reserve has said it will raise rates when it sees a sustained rebound in the economy.
  
  Read more

• FTSE slips on Greek jitters, travel and banking stocks worst hit

  29-06-2015 18:04
  LONDON, June 29 (Reuters) - Britain's top share index fell sharply on Monday, with investor sentiment punctured by Greece's deepening debt crisis following the breakdown of talks with creditors and...
  
  Read more

• Global stocks stumble as Greece debt woes escalate

  29-06-2015 17:52 via news.yahoo.com
  
  NEW YORK (AP) — Global stock markets are stumbling as investors worry about fallout from Greece's deepening debt troubles as talks between the country and its creditors broke down over the weekend.
  
  Read more

• Bank of Canada's Poloz says rate cut was needed to balance risks

  29-06-2015 17:46 via news.yahoo.com
  
  Bank of Canada Governor Stephen Poloz defended on Sunday the central bank's surprise interest rate cut early this year, saying last year's big drop in oil prices made the cut necessary to keep policy in a "neutral zone" where risks are balanced. Speaking on a panel at the Bank for International Settlements' annual general meeting in Basel, Switzerland, Poloz acknowledged that the quarter-point rate cut in January was "very controversial", with some saying the b
  
  Read more

• U.S. pending home sales hit nine-year high

  29-06-2015 17:04 via news.yahoo.com
  
  WASHINGTON (Reuters) - Contracts to buy previously owned U.S. homes rose to their highest level in just over nine years in May, in a further boost to the housing market and the broader economic outlook.
  
  Read more

Follow @FinanceUSA_News on Twitter!