Finance news

• U.S. crude slump cools, market awaits inventory data

  07-07-2015 23:46 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - U.S. crude oil futures steadied on Tuesday after falling sharply a day earlier on worries about Greece's indebtedness and China's stock market losses, although charts indicated renewed selling could push prices into bear market territory. Traders turned their attention to the possibility of an inventory decline in U.S. crude last week. A Reuters poll found expectations that U.S. government data on Wednesday could show a 700,000-barrel decline.
  
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• US-listed Chinese shares fall as home market teeters

  07-07-2015 23:28 via news.yahoo.com
  
  US-listed Chinese equities fell Tuesday as stock markets in China tumbled again and raised worries of broader financial problems in the world's number-two economy. E-commerce giant Alibaba was the most heavily traded individual stock on the New York Stock Exchange, falling 0.8 percent after earlier diving to an all-time low. Small companies suffered significantly bigger drops: Qihoo 360 Technology (-7.1 percent), social networking platform Renren (-7.0 percent) and streaming video provider
  
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• Fed OKs BB&T's acquisition of Susquehanna Bancshares

  07-07-2015 23:06
  (Reuters) - The Federal Reserve Board approved BB&T Corp's$2.5 billion acquisition of Susquehanna Bancshares Inc , signaling a softening stance on finance M&A.
  
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• TSX ends up in volatile trade; energy and utilities jump

  07-07-2015 23:05 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index erased a sharp fall to end in positive territory on Tuesday, with energy stocks rebounding with oil prices and utilities gaining on bets the Bank of Canada could cut rates next week to stimulate a struggling economy. The Toronto Stock Exchange's S&P/TSX composite index ended up 30.93 points, or 0.21 percent, at 14,624.50. It had fallen as low as 14,389.10 as investors fretted over Greece, China and a widening trade def
  
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• China's IPO curbs risk $32 billion of U.S. take-private deals

  07-07-2015 23:01 via news.yahoo.com
  
  (Repeats story first published on Tuesday with no changes to text) * Curb on IPOs among Beijing's measures to support stock market * Slew of Chinese tech firms had planned to delist for U.S. * China IPO freeze robs "take-private" deals of exit option * Chinese stock down 30 pct since mid-June, up 80 pct on year By Elzio Barreto HONG KONG, July 8 (Reuters) - China's move to curb initial public offerings (IPOs) to contain a stock market meltdown could endanger nearly $32 billion worth of deals ann
  
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• China's stock-trading students see life lessons in market slide

  07-07-2015 23:00 via news.yahoo.com
  
  By Emma Yang and Viola Zhou HONG KONG, July 8 (Reuters) - A wild plunge in China's stock market over the past month has burned millions of retail investors, but 22-year-old student Zhu Qimeng prefers to view any losses as a valuable part of his education for a career in finance. Of those, 48 percent said they had invested between 5,000 and 10,000 yuan, 26 percent ploughed in between 1,000 and 5,000 yuan, 18 percent between 10,000 and 50,000 yuan, while 8 percent pumped in more than 50,000 yuan.
  
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• UPDATE 3-Chinese firm blames bankruptcy of Bahamas resort on developer

  07-07-2015 22:38
  July 7 (Reuters) - The Chinese construction company building
  the unfinished $3.5 billion Baha Mar resort in the Bahamas on
  Tuesday accused the developer of mismanaging the project's
  design and not...
  
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• Wall Street ends stronger after volatile session

  07-07-2015 22:35 via news.yahoo.com
  
  "The decline in oil ended," said Stephen Massocca, Chief Investment Officer at Wedbush Equity Management LLC in San Francisco. Concerns about China's economy and its sliding stock market have weighed recently on an already ravaged global commodity sector, with prices of copper, coal, natural gas and iron ore falling towards their 2015 lows. Greece is expected to submit a formal request for a medium-term assistance program from the European Stability Mechanism rescue fund within ho
  
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• UPDATE 2-Clinton wants access for Puerto Rico to U.S. bankruptcy laws

  07-07-2015 22:33
  * Two U.S. senators hope to advance legislation(Adds comments by Blumenthal, Grassley spokeswoman)
  
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• Ferrari to pick UBS to manage New York stock listing: Bloomberg

  07-07-2015 21:52
  
  (Reuters) - Ferrari SpA, the luxury car unit being spun off by Fiat Chrysler Automobiles , has picked UBS Group AGto help manage its initial public offering in New York this year, Bloomberg...
  
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• Republican Rubio urges overhaul of U.S. college 'cartel'

  07-07-2015 21:37 via news.yahoo.com
  
  By James Oliphant CHICAGO (Reuters) - Republican presidential candidate Marco Rubio called for an overhaul of the U.S. higher education system on Tuesday, saying colleges were operating as a "cartel" and not meeting the needs of students or the economy. Rubio is one of 14 declared candidates vying to represent the Republican Party in the November 2016 election. It also gave Rubio the chance to expound on what has become his candidacy's central theme: preparing America for a future
  
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• U.S. crude resumes fall as investors seek safe havens

  07-07-2015 21:32 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - U.S. crude oil prices fell for a second straight day on Tuesday as worries about Greece and China's stock market losses sparked an investor flight to safe havens, and technical selling threatened to push oil further into a bear market. Also weighing on crude prices was Iran's determination to seal a nuclear deal with global powers to bring more supply to the market and the restart of a key oil terminal in Libya. U.S. crude has lost more than 8 pe
  
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• Eurozone summit possible on Sunday to back plan for Greece: sources

  07-07-2015 21:15 via news.yahoo.com
  
  Euro zone leaders could hold a further emergency summit on Sunday to approve a plan to aid Greece if creditor institutions are satisfied with a Greek loan application and reform commitments, two senior EU sources said. The leaders were meeting on Tuesday evening in Brussels with Greek banks shuttered and fast running out of cash and the Greek economy on the verge of collapse. The sources set out a tentative timetable that could offer a breakthrough to keep Greece afloat and in the euro zone, pro
  
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• Iberdrola to file new takeover plan for UIL in Connecticut

  07-07-2015 20:28
  
  MADRID (Reuters) - Spanish power group Iberdrolawill set out a new proposal for its $3 billion takeover of U.S. firm UIL Holdings , the two companies said on Tuesday, as they seek to address...
  
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• Reignited Springer-ProSieben merger push faces familiar hurdles

  07-07-2015 20:18
  
  FRANKFURT/BERLIN (Reuters) - Germany's top TV broadcaster and the country's biggest newspaper publisher are again testing the waters for a potential merger that would need to negotiate the same...
  
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• Oil analysts and experts on Iran nuclear deal

  07-07-2015 19:41 via news.yahoo.com
  
  By Christopher Johnson LONDON (Reuters) - Iran, the United States and five other major powers are trying to reach an agreement to restrain the Iranian nuclear program in exchange for relief from economic sanctions. The following are answers to frequently asked questions about any nuclear deal and what follows, from analysts, economists and academics in Reuters Global Oil Forum: Q: When will financial sanctions be lifted? Richard Nephew, Program Director at the Center for Global Energy Policy at
  
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• Europe pushes Greece for debt plan as euro exit looms

  07-07-2015 19:32 via news.yahoo.com
  
  European leaders accused Greece at an emergency summit Tuesday of failing to produce concrete proposals for a new bailout to keep it in the euro after Greeks defiantly voted against further austerity. Greece's leftist prime minister Alexis Tsipras faced his 18 eurozone counterparts for the fraught talks in Brussels, while at home Greek banks remain closed and fears grow that the economy could implode. The new Greek finance minister also met colleagues from the currency union, but Eurogroup
  
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• U.S. crude resumes its fall as investors seek safe havens

  07-07-2015 19:26 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - U.S. crude resumed its decline on Tuesday, sinking for a second straight day as investors fled to safe havens on worries about a near-bankrupt Greece and China's stock market losses, with technical selling threatening to push oil into a bear market. Iran's determination to seal a nuclear deal with global powers to bring more of its crude to an oversupplied market as well as the restart of a key oil terminal in Libya also weighed on oil prices. In
  
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• Rubio jabs both parties in economic pitch

  07-07-2015 19:19 via news.yahoo.com
  
  CHICAGO (AP) — Republican presidential contender Marco Rubio called for lower corporate tax rates, looser Internet regulation and broader college accreditation on Tuesday, in an economic policy speech that denounced the old ways of both political parties yet drew from the longstanding GOP belief that tax cuts are the key to growth.
  
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• Fund managers make record-equaling profit despite fee pressure: study

  07-07-2015 19:02
  LONDON (Reuters) - Assets managed by fund firms globally hit a new high last year, helping the industry to record-equaling profits in spite of margins that were squeezed by investor pressure on fees,...
  
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• US job openings stay high, but actual hiring falters in May

  07-07-2015 18:47 via news.yahoo.com
  
  WASHINGTON (AP) — Job openings stayed close to a 15-year high in May. It's a sign that companies are expecting continued economic growth, but the level of advertised jobs hasn't driven the same kind of increase in actual hiring.
  
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• Oil sinks again, U.S. crude down 2 percent amid investor flight

  07-07-2015 18:40 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - U.S. crude tumbled about 2 percent on Tuesday, sinking for a second straight day as investors fled to safe havens on worries about a near-bankrupt Greece and China's stock market losses and as technical selling threatened to push oil into a bear market. Iran's determination to seal a nuclear deal with global powers to bring more of its crude to an oversupplied market and the restart of a key oil terminal in Libya also weighed on oil prices. Inves
  
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• Wall Street drops as China hits commodities, Greece crisis drags

  07-07-2015 18:35 via news.yahoo.com
  
  U.S. stocks fell more than 1 percent on Tuesday, with the S&P 500 index trading below a key technical mark, as concerns of a slowdown in China weighed on commodity prices and investors fretted over aid talks for Greece as it runs out of cash. The declines pushed the S&P and the Dow Jones Industrial Average into negative territory for the year, while the Nasdaq fell to a two-month low a day ahead of the start of the earnings season in the United States. A euro zone summit, starting at 12
  
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• UPDATE 2-Corzine, others settle MF Global lawsuit for $64.5 mln

  07-07-2015 18:33
  NEW YORK, July 7 (Reuters) - Jon Corzine and other former MF
  Global Holdings Ltd officials have reached a $64.5 million
  settlement of litigation brought by investors seeking to hold
  them liable for...
  
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• Limits on Iran missiles, arms trade will remain: U.S. official

  07-07-2015 18:22 via news.yahoo.com
  
  Iran will continue to face restrictions on its missile program as well as its trade in conventional arms under an emerging nuclear agreement, a senior U.S. official said on Tuesday. Six major powers and Iran are still not where they need to be to achieve an agreement under which Iran would restrict its nuclear program in exchange for relief from economic sanctions, the official added on condition of anonymity. "There will be an ongoing restriction on arms (if there is a deal), just like there wi
  
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• CORRECTED-UPDATE 1-U.S. court upholds ruling against Puerto Rico bankruptcy law

  07-07-2015 18:22
  July 6 (Reuters) - A U.S. appeals court affirmed a lower
  court decision to strike down Puerto Rican legislation aimed at
  granting local municipalities the right to enter bankruptcy, but
  one judge in...
  
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• CORRECTED-U.S. court upholds ruling against Puerto Rico bankruptcy law

  07-07-2015 18:18
  July 6 (Reuters) - A U.S. appeals court affirmed a lower
  court decision to strike down Puerto Rican legislation aimed at
  granting local municipalities the right to enter bankruptcy, but
  one judge in...
  
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• Global political and economic upheaval threatens U.S. growth, IMF warns

  07-07-2015 18:15 via news.yahoo.com
  
  A global slowdown in economic growth, together with political and economic upheaval in places like Greece, the Middle East and Ukraine, could hurt U.S. growth going forward, the International Monetary Fund said on Tuesday. In its detailed yearly analysis of the U.S. economy, the IMF also reiterated that the Federal Reserve should delay its rate hike until the first half of 2016, until there are signs of a pickup in wages and inflation. IMF staff said weaker global growth, including in China, wou
  
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• Hefty losses in key TSX sectors over commodities, global fears

  07-07-2015 17:46 via news.yahoo.com
  
  By Solarina Ho TORONTO (Reuters) - Canada's main stock index tumbled more than 1 percent on Tuesday to levels not seen since January, as worries at home and abroad drove miners, oil and gas companies, and banks sharply lower. First Quantum Minerals plunged 12 percent to C$13.94, while Toronto-Dominion Bank declined 1.1 percent to C$52.15. Gold and copper prices fell to multi-month lows due to instability created by the Greek debt crisis and a stock market rout in China.
  
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• No. 2 U.S. House Democrat supports legislation to restructure Puerto Rico debt

  07-07-2015 17:42
  WASHINGTON, July 7 (Reuters) - The No. 2 Democrat in the
  U.S. House of Representatives said on Tuesday he supported
  legislation to restructure Puerto Rico's debt.
  
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• Canada trade deficit widens, fueling bets on near-term rate cut

  07-07-2015 17:33 via news.yahoo.com
  
  By Leah Schnurr OTTAWA (Reuters) - Canada's trade deficit widened to its second-largest on record in May as non-energy exports fell, fueling expectations the Bank of Canada could cut interest rates as early as next week to support an economy at risk of recession. The shortfall totaled C$3.34 billion ($2.63 billion), Statistics Canada said on Tuesday. Energy products exports rose 1.3 percent, but non-energy exports, which the Bank of Canada is hoping will help drive stronger economic growth,
  
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• Rubio on US economy: 'The old ways no longer work'

  07-07-2015 17:10 via news.yahoo.com
  
  CHICAGO (AP) — Offering an economic message that jabs rivals in both parties, Florida Sen. Marco Rubio on Tuesday outlined a plan to lower corporate tax rates, loosen Internet regulation and broaden college accreditation, in his first major domestic policy speech as a presidential candidate.
  
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• Gaming and Leisure raises bid for Pinnacle's real estate

  07-07-2015 17:09
  (Reuters) - Gaming and Leisure Properties Inc , which leases real estate to casino operators, raised its hostile bid for Pinnacle Entertainment Inc'sreal estate assets, valuing them at $5 billion,...
  
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• Republican Rubio calls U.S. higher education system 'cartel,' urges overhaul

  07-07-2015 17:03 via news.yahoo.com
  
  By James Oliphant CHICAGO (Reuters) - Republican presidential candidate Marco Rubio on Tuesday called for an overhaul of the U.S. higher education system, saying universities were operating as a "cartel" and were not meeting the needs of students or the economy. On Tuesday, he called for a new accreditation process "that welcomes low-cost, innovative providers." Rubio - who has talked about how his own six figures in student debt affected his family - also proposed automatic
  
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• Corzine, others settle MF Global lawsuit for $64.5 mln

  07-07-2015 16:56
  NEW YORK, July 7 (Reuters) - Jon Corzine and other former
  executives and directors at MF Global Holdings Ltd have reached
  a $64.5 million settlement of litigation in which investors
  sought to hold...
  
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• Greek olive farmers demand cash as bank fears grow

  07-07-2015 16:52 via news.yahoo.com
  
  LONDON/ATHENS (Reuters) - The cash economy emerging after the closure of Greece's banks is beginning to paralyze the country's vital olive oil industry as farmers demand cash for supplies that distributors are unable to pay. With the country's lenders at risk of default, Greece's half a million olive growers, many of them small family businesses, fear the banks will raid their accounts and are refusing to accept large payments via bank transfer. "They want it in cash or they prefer to keep their
  
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• Confident US employers post more job openings in May

  07-07-2015 16:41 via news.yahoo.com
  
  WASHINGTON (AP) — U.S. employers advertised slightly more job openings in May, a sign of an increasingly energized economy where companies are expecting continued growth.
  
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• European stocks drop further ahead of Greek talks

  07-07-2015 16:33 via news.yahoo.com
  
  London (AFP) - Europe's main stock markets fell on Tuesday awaiting more high-level talks on the Greek crisis and following heavy losses the day before.
  
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• Silver Wheaton shares fall 7 percent on possible Canada tax reassessment

  07-07-2015 16:26 via news.yahoo.com
  
  Shares in Silver Wheaton Corp fell more than 7 percent on Tuesday after the mining finance company said it may face tax payments of more than US$200 million following a reassessment "proposal" from Canada's tax authority. Vancouver-based Silver Wheaton said late on Monday it had received a letter from the Canada Revenue Agency (CRA) that proposes reassessing the company under various income tax rules. The CRA is seeking to tax income earned by the company's foreign units and said that Silver Whe
  
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• MIDEAST STOCKS-Egypt continues slide, Gulf depressed by oil plunge

  07-07-2015 16:24 via news.yahoo.com
  
  * Pound steady at central bank sale, still weak in black market * Emaar Misr continues falling though turnover shrinks * Arab Cotton Ginning down after government halts cotton imports * Gulf falls only moderately, retail investors still active * Correlation with oil price has decreased in recent weeks By Andrew Torchia DUBAI, July 7 (Reuters) - Egypt's stock market continued to slide on Tuesday, weighed down by foreign exchange worries, while Gulf bourses fell moderately after oil prices plunged
  
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• Rubio calls U.S. higher education system a 'cartel', urges overhaul

  07-07-2015 16:24 via news.yahoo.com
  
  (Reuters) - U.S. Republican presidential candidate Marco Rubio called on Tuesday for an overhaul of the country's higher education system, saying that universities were operating as a "cartel" and were not meeting the needs of students or the economy. The speech was part of a move by Rubio to increase his visibility on the campaign trail after focusing over the past several weeks on Senate business.
  
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• Morocco's second quarter GDP up 4.3 pct year-on-year: planning agency

  07-07-2015 16:16 via news.yahoo.com
  
  Morocco's economy grew 4.3 percent year-on-year in the second quarter of 2015 year-on-year, up from 4.1 percent in the previous three months, due to higher agricultural output, the country's planning agency said on Tuesday. Cereal production jumped 64 percent, helping push up overall agricultural output by 15.1 percent after a year-on-year 12.5 percent rise in the first quarter, the agency said. Morocco is on course to harvest a record cereal crop of 11 million tonnes this year after f
  
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• Chinese firm blames Bahamas resort bankruptcy on developer

  07-07-2015 16:10
  July 7 (Reuters) - The Chinese construction company building
  the bankrupt $3.5 billion Baha Mar resort in the Bahamas on
  Tuesday accused the project's developer of mismanaging its
  design.
  
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• US trade deficit widens modestly in May

  07-07-2015 16:06 via news.yahoo.com
  
  The US trade deficit widened modestly in May as exports fell more than imports amid a slowing global economy, the Commerce Department reported Tuesday. The US has long criticized China for keeping its yuan currency undervalued to gain an unfair trade advantage.
  
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• Oil steadies after huge selloff, outlook weak

  07-07-2015 15:53 via news.yahoo.com
  
  By Christopher Johnson LONDON (Reuters) - Oil steadied on Tuesday after one of its biggest selloffs this year but looked vulnerable to more falls after China's stock market took another tumble and Greece moved closer to leaving the euro zone. Brent crude for August was unchanged at $56.54 a barrel by 1345 GMT, following a more than 6 percent drop in the previous session. Analysts said more oil price falls could be coming.
  
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• Wall Street opens slightly higher ahead of Greece summit

  07-07-2015 15:35 via news.yahoo.com
  
  REUTERS - U.S. stocks opened marginally higher on Tuesday ahead of a euro zone summit where Greece will propose a last-ditch bid for financial aid to avoid bankruptcy and to stay in the euro zone. The Dow Jones industrial average rose 16.03 points, or 0.09 percent, to 17,699.61. The S&P 500 gained 2.12 points, or 0.1 percent, to 2,070.88, while the Nasdaq Composite added 1.77 points, or 0.04 percent, to 4,993.71. (Reporting By Sudarshan Varadhan in Bengaluru; Editing by Savio D'Souza)
  
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• Botswana seeks bids to build solar plants for mines

  07-07-2015 15:32 via news.yahoo.com
  
  Botswana's government launched a bidding process on Tuesday to construct solar power plants near its huge Jwaneng diamond mine and for the nation's northwest, where copper assets are being developed. "This invitation ... is a request for expression of interest to construct, operate, maintain and decommission at the end of its economic life, a scalable solar power plant," the government said in a notice in the state-owned Daily News. The notice did not specify the capacity wan
  
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• Wall St set to open up as Greece summit looms

  07-07-2015 15:10 via news.yahoo.com
  
  Wall Street was set to open slightly higher on Tuesday ahead of a euro zone leaders summit at which Greece will bring a proposal in a last-ditch bid to secure an aid package to keep the country in the currency club. Greek lenders are down to their last few days of cash and the European Central Bank has tightened the noose on funding, putting pressure on Greek Prime Minister Alexis Tsipras to persuade the bloc's other 18 leaders to open negotiations fast. The summit begins at 1600 GMT in Bru
  
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• Last ditch talks aim to avert London underground strike

  07-07-2015 15:05 via news.yahoo.com
  
  By Michael Holden LONDON (Reuters) - Last minute talks were under way on Tuesday to avert a 24-hour strike by drivers and staff on London's underground train network which would bring the network to a complete standstill and cause chaos for millions of commuters and tourists. Members of four unions are due to walk out on Wednesday evening in a dispute over plans for a new night service on the world's oldest underground passenger railway, known as the "Tube." From mid-September, London Undergroun
  
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• Morocco GDP grows 4.3 pct in Q2 y/y vs 4.1 pct in Q1: planning agency

  07-07-2015 15:05 via news.yahoo.com
  
  RABAT (Reuters) - Morocco's economy grew 4.3 percent in the second quarter of 2015 year-on-year, up from 4.1 percent in the previous three months, due to higher agricultural output, the country's planning agency said on Tuesday. The agency expects Moroccan GDP growth to rise to 4.7 percent in the third quarter.
  
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