Finance news

• Greece submits new bailout plan to avoid euro exit

  09-07-2015 23:57 via news.yahoo.com
  
  With the crisis reaching a climax that could have dire consequences for the global economy, the proposals from Athens landed in Brussels less than two hours before a midnight deadline. Eurozone officials will now study the details of the plan -- which creditors say must include pension and tax reforms -- before a make-or-break summit of all 28 European leaders on Sunday. Important for (creditor) institutions to consider these in their assessment," said Michel Reijns, a spokesman for the hea
  
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• U.S. to halt legal steps vs Corinthian student loan defaults

  09-07-2015 23:38
  July 9 (Reuters) - The U.S. government has agreed to take no near-term legal action against 40,000 former students of the bankrupt Corinthian Colleges Inc who have defaulted on federal loans,...
  
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• Fed may be less patient than market believes: James Saft

  09-07-2015 23:32
  
  (Reuters) - The market seems to be betting that the Federal Reserve is going to steal a page from China’s playbook.
  
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• Greece sends reform plan to EU, sets parliament vote

  09-07-2015 23:18 via news.yahoo.com
  
  ATHENS/FRANKFURT (Reuters) - The Greek government sent a package of reform proposals to its euro zone creditors on Thursday in a race to win new funds to avert bankruptcy and will seek a parliamentary vote on Friday to endorse immediate actions. The chairman of Eurogroup finance ministers, Jeroen Dijsselbloem, confirmed receiving the documents and said through a spokesman that he would not comment until they had been assessed by experts from the European Commission, European Central Bank and Int
  
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• Taiwan's China-friendly KMT mimics Chiang Kai-shek's fall from pedestal

  09-07-2015 23:08 via news.yahoo.com
  
  By J.R. Wu TAOYUAN, Taiwan (Reuters) - Dumped outside Chiang Kai-shek's mausoleum in Taiwan are nearly 200 unwanted statues of the Nationalist Party hero, a suggestion of the punishment his party faces in January elections for pushing the self-ruled island too close to political foe China. The Nationalist Party, or Kuomintang (KMT) in Chinese, is expected to be dealt a thrashing in the presidential poll by the pro-independence Democratic Progressive Party (DPP), a result likely to irritate
  
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• UPDATE 4-Coty buying P&G beauty business for $12.5 bln

  09-07-2015 23:05
  July 9 (Reuters) - Coty Inc, the U.S. maker of Calvin Klein and Chloe perfume, will buy Procter & Gamble's perfume, hair care and make-up businesses for $12.5 billion in the biggest cosmetics merger...
  
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• China relief fuels Wall St. gains; Apple drops

  09-07-2015 23:01 via news.yahoo.com
  
  Shares of Apple bucked the market and logged their first five-day losing streak since January as investors worried that consumers in China might have less money to spend on iPhones. Wall Street had fallen sharply in the previous session as market turmoil in China, a rout in commodity prices, the Greek debt crisis and a major outage on the New York Stock Exchange spooked investors.
  
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• U.S. stock market regulator says meeting with NYSE over outage

  09-07-2015 22:43 via news.yahoo.com
  
  Officials from the U.S. Securities and Exchange Commission met with top executives of the New York Stock Exchange on Thursday to learn more about what caused Wednesday's nearly four hour trading halt on the exchange, the regulator said. "At the direction of Chair Mary Jo White, Director of Trading and Markets Steve Luparello is meeting with senior NYSE officials today in New York to further review yesterday's events and NYSE's plans going forward," a spokeswoman from the SEC said in a statement.
  
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• Chinese stocks vs. reality: Shares are untethered to economy

  09-07-2015 22:21 via news.yahoo.com
  
  WASHINGTON (AP) — There's economic reality. Then there's the Chinese stock market.
  
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• China fears propel Apple shares toward five-day losing streak

  09-07-2015 22:15 via news.yahoo.com
  
  By Noel Randewich SAN FRANCISCO (Reuters) - Apple Inc's stock was heading toward its first five-session losing streak since January on Thursday as investors worried about the economic health of China, a key market for iPhones. Apple shares were down 2 percent at $120.15 in afternoon trade and have lost about 4 percent since July 1. In the first three months of the year, for the first time, Apple sold more iPhones in China than in the United States, a trend expected to grow as Chinese consum
  
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• Oil up nearly 3 percent on China equities rebound, Iran uncertainties

  09-07-2015 21:44 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil rebounded sharply on Thursday from three-month lows hit earlier this week, with prices up nearly 3 percent as China's collapsing stock market steadied and oil traders remained uncertain about negotiations for a nuclear deal that will allow Iran to export more crude. Gasoline prices gained more than 2 percent. "We're up on a host of headlines and the natural rebound that follows a massive sell-off," said Donald Morton, who runs an en
  
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• Citi ordered to pay Mercuria $14 million in China metals financing suit: report

  09-07-2015 21:30 via news.yahoo.com
  
  Citigroup Inc has been ordered to pay Swiss-based commodities merchant Mercuria almost $14 million as part of prolonged legal wrangling over Chinese metals financing deals hit by suspected fraud, a report on Wednesday said. Justice Stephen Phillips of London's High Court ordered Citi to pay Mercuria $13.6 million plus interest for damages related to a transaction, in which the bank failed to deliver metal paid for by Mercuria last year, according to a Wall Street Journal report citing a cou
  
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• Wall St trims strong gains fuelled by China relief

  09-07-2015 20:56 via news.yahoo.com
  
  U.S. stocks trimmed earlier strong gains in afternoon trading on Thursday after Wall Street found relief in Beijing's efforts to halt a rout in Chinese stocks, which lifted markets around the world. Wall Street had fallen sharply in the previous session as market turmoil in China, a rout in commodity prices, the Greek debt crisis and a major outage on the New York Stock Exchange spooked investors. China's securities regulator, in its most drastic step yet to arrest a selloff on Chinese
  
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• Wall Street expects Fed to phase out portfolio reinvestments - survey

  09-07-2015 20:56 via news.yahoo.com
  
  NEW YORK (Reuters) - Most Wall Street banks expect the U.S. Federal Reserve to only slowly stop topping up its portfolio of assets next year, as opposed to halting reinvestments all at once, according...
  
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• Wall St. trims strong gains fueled by China relief

  09-07-2015 20:56 via news.yahoo.com
  
  Wall Street had fallen sharply in the previous session as market turmoil in China, a rout in commodity prices, the Greek debt crisis and a major outage on the New York Stock Exchange spooked investors. China's securities regulator, in its most drastic step yet to arrest a selloff on Chinese stock markets, banned shareholders with large stakes in listed firms from selling for the next six months.
  
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• European Parliament urges donation of supermarket leftovers

  09-07-2015 20:34 via news.yahoo.com
  
  The European Parliament on Thursday urged EU countries to cut down on waste by getting supermarkets to give their unsold food to charities, rather than destroy it. Under a resolution regarding the "circular economy", lawmakers in Strasbourg adopted an amendment whereby they "invite the European Commission to encourage the creation, in member-states, of conventions enabling the food retail sector to distribute unsold products to charitable organisations". "This is a first
  
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• Get Ready for Your 'Daily Glitch'—The NYSE, WSJ and United Were Just the Beginning

  09-07-2015 20:00 via news.yahoo.com
  
  “Glitch” is clearly the word of the moment, after a series of pesky little technical problems forced United Airlines to ground flights, halted New York Stock Exchange trading and took down The Wall Street Journal website homepage all on the same day. The NYSE problems were reportedly caused by a “configuration issue” after a software update and United blamed its problem on “degraded network connectivity.” We see those issues every day, just not on as large a scale. At the risk of sou
  
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• Analysis - UK's minimum wage boost will not bring riches for all

  09-07-2015 19:50 via news.yahoo.com
  
  By David Milliken LONDON (Reuters) - Britain's Conservative politicians cheered and pumped their fists on Wednesday when finance minister George Osborne announced a bumper increase in the minimum wage, but the economic gains from the change are likely to be much more muted. The plan to raise the minimum wage by 40 percent by 2020 was the surprise of Osborne's first budget since the Conservative Party won an unexpected outright victory at May's election. By tweaking a policy of the
  
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• For Millennials, going naked online better than data breach

  09-07-2015 19:40
  
  NEW YORK (Reuters) - Which would you prefer: Naked pictures of yourself circulating on the Internet or a breach of your financial data?
  
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• Competitive edge of UK challenger banks could be blunted by new surcharge

  09-07-2015 19:39
  July 9 (Reuters) - Fledgeling British banks are likely to find it more difficult to challenge the country's biggest lenders after introduction of a new 8 percent surcharge on bank profits, analysts...
  
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• For Stephen Colbert, NYSE outage was 'Apocalypse Dow'

  09-07-2015 19:31 via news.yahoo.com
  
  The late-night comedian lets the stress show over down time for the computers that move America's money.
  
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• NYSE says software problem led to trading outage

  09-07-2015 19:16 via news.yahoo.com
  
  The New York Stock Exchange said its nearly four-hour trading halt on Wednesday resulted from a technical problem that stemmed from new software rolled out the previous evening. The unit of Intercontinental Exchange Inc said on Thursday that the glitch caused communication problems between one of its trading units and NYSE customers as they began connecting to the exchange at 7 a.m. EDT on Wednesday morning. NYSE said it attempted to fix the problem before the market opened, but customers were s
  
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• Germany concedes Greece needs debt relief; Greek plan awaited

  09-07-2015 19:15 via news.yahoo.com
  
  By John O'Donnell and Angeliki Koutantou FRANKFURT/ATHENS (Reuters) - Germany conceded on Thursday that Greece would need some debt restructuring as part of any new loan program to make its economy viable as the Greek cabinet raced to finalize reform proposals to avert an imminent economic meltdown. The admission by German Finance Minister Wolfgang Schaeuble came hours before a midnight deadline for Athens to submit a reform plan meant to convince European partners to give it another loan t
  
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• European stocks close higher ahead of Greece deadline

  09-07-2015 19:09 via news.yahoo.com
  
  Europe's stock markets finished Thursday higher as optimism surged ahead of a deadline for Greece to submit new bailout plans, while a rebound in Chinese shares boosted sentiment. The Dow Jones Industrial Average showed a 0.92 percent gain at 17,675.76 points, while the tech-rich Nasdaq Composite Index rose 1.08 percent to 4,962.81.
  
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• NYSE says problem with new software led to trading outage

  09-07-2015 18:43 via news.yahoo.com
  
  NEW YORK (Reuters) - The New York Stock Exchange said on Thursday that the nearly four-hour trading halt on the exchange on Wednesday was due to a technical problem that stemmed from new software that was rolled out the previous evening.
  
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• US stocks rebound after big loss; European, China markets up

  09-07-2015 18:29 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks gained Thursday, bouncing back from big losses a day earlier, as investors speculated that last-ditch talks between Greece and its creditors will produce an agreement. European shares rose sharply. Measures taken by the Chinese government to stem the rout in that nation's stock market also appeared to be working.
  
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• What you need to know about traveling to Greece

  09-07-2015 18:21
  
  (Reuters) - As Sue Scanlon prepares to visit northern Greece this summer, she is keeping a close eye on the crippling financial crisis that has enveloped the historic Mediterranean nation.
  
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• CITIC in the lead to buy Russell Investments-sources

  09-07-2015 18:19 via news.yahoo.com
  
  China's CITIC Group Corporation is in negotiations to acquire Russell Investments from London Stock Exchange Group Plc in what is expected to be a roughly $1.8 billion deal, according to people familiar with the matter. The acquisition of Russell, if finalized, would give CITIC, a Beijing-based conglomerate that has a financial services arm and also owns CITIC Asset Management Corp, an entry into the United States market. It is unclear how the current stock market volatility in China may affect
  
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• UPDATE 2-Two more Chinese tech companies get buyout offers from CEOs

  09-07-2015 18:10
  * YY shares rise as much as 6.9 pct (Adds E-Commerce China deal, analyst comment, details)
  
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• This just in: Greek newspapers running out of paper

  09-07-2015 18:08 via news.yahoo.com
  
  By Lefteris Karagiannopoulos ATHENS (Reuters) - With banks shut and the economy seizing up, some Greek newspapers like the Empros daily on the island of Lesvos are running out of paper and could be forced to stop sales altogether until the banks open again. The island's biggest selling newssheet, Empros has already reduced the number of pages to 16 from 20 and its chief executive Manolis Manolas hopes he won't have to make further cuts as the country's cash crunch worsens. Greek b
  
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• FACTBOX-Chinese companies that got buyout offers in 2015

  09-07-2015 18:04
  July 9 (Reuters) - A number of Chinese companies have been dropping their listings in New York, betting on higher share valuations in China where stock markets have recently caught fire. Chinese...
  
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• Fashion Retailer Reiss To Explore Stake Sale

  09-07-2015 18:03 via news.yahoo.com
  
  The founder of the high street fashion chain Reiss is exploring a move to bring the first outside investors into the business he founded more than four decades ago. Sky News has learnt that David Reiss has appointed Morgan Stanley, the Wall Street investment bank, to conduct a review of options which is likely to lead to the sale of a minority stake in the company. However, the news that Mr Reiss is to consider the sale of part of his company will alert prospective bidders interested in owning a
  
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• Britain's FTSE bounces after solid updates from AB Foods, Barratt

  09-07-2015 17:49
  * Miners boosted by stabilisation in China stock market (Adds closing prices)
  
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• Ukraine offers huge state firms to foreign investors

  09-07-2015 17:37 via news.yahoo.com
  
  Ukraine said Thursday it would offer nearly 350 state firms for sale to foreign investors at an upcoming US conference aimed at saving the war-shattered country's imploding economy. The privatisation plan has also been hurt by some ministers' refusal to hand over companies under their jurisdiction into private -- and possibly foreign -- hands. Ukrainian Economy Minister Aivaras Abromavicius said a total of 345 government-run properties would be presented to major US and European invest
  
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• China bounce snaps five-day equity sell-off

  09-07-2015 17:31 via news.yahoo.com
  
  LONDON/NEW YORK (Reuters) - World equity markets snapped a five-day sell-off and safe-haven assets such as bonds, the Swiss franc and yen fell on Thursday as Beijing halted a rout in Chinese stocks and Europe revived hopes that Greece could be kept in the euro currency union. Shares on Wall Street rebounded about 1 percent, having been dragged into the red for the year on Wednesday by China's market crash, cliff-hanger talks on Greece and a benign yet unsettling glitch on the New York Stock
  
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• IMF slashes outlook for Canadian economy

  09-07-2015 17:27 via news.yahoo.com
  
  As uncertainty in Greece and China's stock market crash wallop global confidence, and more economists here in Canada predict a recession, the IMF is cutting its outlook for the world economy and taking an axe to its Canadian forecast. The International Monetary Fund now expects the global economy to grow 3.3 per cent in 2015, a drop of 0.2 percentage points from its April forecast. The IMF turned especially gloomy when it came to Canada.
  
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• Oil up 3 percent on China stock market rebound, Iran uncertainties

  09-07-2015 17:26 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Crude oil futures jumped 3 percent on Thursday, rebounding forcefully from the three-month lows of this week, as China's stock market steadied from its collapse and uncertainties remained about a nuclear deal that will allow Iran to export more crude. Fundamentally, nothing's changed," said Donald Morton, who runs an energy-trading desk at investment bank Herbert J. Sims & Coin in Fairfield, Connecticut. In Vienna, talks for a nuclear ac
  
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• Swiss Air takes luxury to new heights

  09-07-2015 17:23 via news.yahoo.com
  
  From January, when its new Boeing 777-300ERs join its long-haul fleet, Swiss Air will become the first airline to offer passengers a host of industry firsts. Chief among them will be the largest (32-inch) individual screens for first class travelers alongside individual wardrobes, electrically operated window blinds and furniture that moves to create what the airline describes as individual suites for each traveler. Economy passengers will get individual touchscreens and a self-service drinks an
  
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• Correction: NYSE Outage Q&A

  09-07-2015 17:14 via news.yahoo.com
  
  NEW YORK (AP) — In a story July 8 about an outage at the New York Stock Exchange, The Associated Press reported erroneously that United Continental is the biggest U.S. airline. United Continental is the second biggest behind American Airlines.
  
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• Factbox: Euro zone has tight timeline for deal to save Greece

  09-07-2015 17:09 via news.yahoo.com
  
  Euro zone countries have set a tight timeline for any deal to save Greece from economic collapse that could catapult it out of Europe's common currency. THURSDAY – Prime Minister Alexis Tsipras has until midnight to submit detailed, comprehensive reform proposals to support Greece's request for a three-year conditional loan from the European Stability Mechanism bailout fund, along with a list of prior actions Athens commits to take before aid is disbursed. The letter will be sent to Jeroen Dij
  
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• Greek shock in June helps jolt macro hedge fund recovery

  09-07-2015 17:07
  BOSTON/LONDON (Reuters) - Hedge funds that make big bets on currencies, interest rates and commodities were hit hard in June as a worsening Greek debt crisis, concerns about China growth and U.S....
  
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• Reform in relegation zone after Beijing's own goals

  09-07-2015 17:05 via news.yahoo.com
  
  By Pete Sweeney and Michelle Price SHANGHAI/HONG KONG (Reuters) - China was taking great strides in liberalising its financial infrastructure until its stock market crash began last month, but Beijing's attempts to arrest the rout have torpedoed one after another of its reform goals. As China loosened up its command economy, its leaders wanted to encourage foreign capital, internationalise its currency and free markets to allocate capital more efficiently than has been achieved by state-controll
  
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• UPDATE 2-P&G to sell beauty business to Coty in $12.5 bln deal

  09-07-2015 16:53
  July 9 (Reuters) - Coty Inc has sealed a deal to buy Procter & Gamble Co's beauty business, which includes brands such as Clairol and Wella, in a $12.5 billion transaction that will make Coty the...
  
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• IMF: bursting Chinese bubble 'no reason to lose confidence'

  09-07-2015 16:42 via news.yahoo.com
  
  The International Monetary Fund said Thursday that there was no reason to lose faith in China's economy because of the bursting stock market bubble. IMF chief economist Olivier Blanchard said that the 30 percent meltdown in the Shanghai and Shenzhen markets since mid-June is "very much a sideshow" to the greater economy and would not undermine growth overall.
  
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• Greek talks must produce strong outcome on Sunday for ECB support: Nowotny

  09-07-2015 16:41 via news.yahoo.com
  
  Political talks over Greece must produce a strong outcome on Sunday for the European Central Bank to provide continued support, Austrian central bank governor and ECB Governing Council member Ewald Nowotny said on Thursday. "It has to be a very strong and credible signal otherwise it will have no positive effect on markets and economic developments," Nowotny told Reuters on the sidelines of a conference. "Negotiations alone would not be enough (for continued ECB support), it depends on the resul
  
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• UAE stock market regulator chief set to retire -sources

  09-07-2015 16:34 via news.yahoo.com
  
  * Abdullah al-Turifi to retire - sources * Turifi letter to Reuters says still at helm of SCA * Position of high-ranking officials decided by official decree * SCA deputy CEO, insurance agency head among possible successors (Updates with Turifi reaction, context) ABU DHABI/DUBAI, July 9 (Reuters) - The chief executive of the United Arab Emirates (UAE) stock market regulator, Abdullah al-Turifi, is set to retire, four sources familiar with the matter said on Thursday, with the move possibly happe
  
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• UPDATE 2-Walgreens raises full-year outlook, appoints CEO

  09-07-2015 16:32
  July 9 (Reuters) - Walgreens Boots Alliance Inc, the largest U.S. drug store chain, raised its full-year profit forecast on Thursday and said acting Chief Executive Officer Stefano Pessina will take...
  
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• Average US rate on 30-year mortgage falls to 4.04 percent

  09-07-2015 16:29 via news.yahoo.com
  
  WASHINGTON (AP) — Average long-term U.S. mortgage rates fell this week, retreating from high levels for the year amid economic turbulence overseas. The lower rates brought an incentive for prospective purchasers toward the end of the spring home buying season.
  
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• P&G to sell beauty business to Coty in $12.5 billion deal

  09-07-2015 16:11
  
  (Reuters) - Coty Inchas sealed a deal to buy Procter & Gamble Co'sbeauty business, which includes brands such as Clairol and Wella, in a $12.5 billon transaction that will make the perfume maker...
  
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• Canadian housing holds strength as rest of economy sags

  09-07-2015 16:05 via news.yahoo.com
  
  By Andrea Hopkins TORONTO (Reuters) - Canadian housing starts rose more than expected in June and new home prices climbed in May, reports showed on Thursday, suggesting Canada's long housing boom still has momentum even as the rest of the economy struggles. The Canadian Mortgage and Housing Corp said the seasonally adjusted annualized rate of housing starts rose to 202,818 units in June from a downwardly revised 196,981 in May. Analysts had expected a slowdown to 190,000. The building boom
  
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