Finance news

• European leaders agree tough Greek bailout deal

  13-07-2015 23:47 via news.yahoo.com
  
  Eurozone leaders struck a deal Monday on a bailout to prevent debt-stricken Greece from crashing out of the euro but that forces Athens to push through draconian reforms in a matter of days. After gruelling 17-hour talks during which the future of European integration hung in the balance, leftist Greek Prime Minister Alexis Tsipras accepted terms set by his distrustful partners. In Washington, the White House hailed the deal as "a credible step" on the long path to economic growth and
  
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• Insight - Stock market rout another blow to fading 'Chinese Dream'

  13-07-2015 23:29 via news.yahoo.com
  
  By John Ruwitch and Brenda Goh CHANGZHOU/WENZHOU, China (Reuters) - About a week after Shanghai's main stock index broke above 4,000 points in April, the leading newspaper of China's ruling Communist Party weighed in with patriotic glee. In the longer term, it continued, the "Chinese Dream" of rising prosperity and security championed by President Xi Jinping would be reflected in capital markets, creating "huge" investment opportunities. The stock market turmoil in
  
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• UPDATE 1-Dewey executives cooked books, ex-finance director says at trial

  13-07-2015 23:24
  NEW YORK, July 13 (Reuters) - Former top executives at
  defunct law firm Dewey & LeBoeuf, including chairman Steven
  Davis, conspired to falsify income statements in an attempt to
  forestall its...
  
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• 'Might as well have sung Swedish anthem': Varoufakis on euro talks

  13-07-2015 23:23 via news.yahoo.com
  
  Yanis Varoufakis said in an interview about the reasons for his surprise resignation as Greek finance minister that whenever he tried "to engage in economic arguments" with his eurozone colleagues, all he got was "blank stares". "You might as well have sung the Swedish national anthem -– you'd have got the same reply," Varoufakis told the New Statesman magazine as he summed up five months of tense talks with his 18 peers to secure a new bailout. At the time,
  
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• Stock market rout another blow to fading 'Chinese Dream'

  13-07-2015 23:20 via news.yahoo.com
  
  By John Ruwitch and Brenda Goh CHANGZHOU/WENZHOU, China (Reuters) - About a week after Shanghai's main stock index broke above 4,000 points in April, the leading newspaper of China's ruling Communist Party weighed in with patriotic glee. In the longer term, it continued, the "Chinese Dream" of rising prosperity and security championed by President Xi Jinping would be reflected in capital markets, creating "huge" investment opportunities. The stock market turmoil in
  
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• Clinton gets tough on Wall Street, vows to tighten oversight

  13-07-2015 23:05 via news.yahoo.com
  
  By Luciana Lopez and Jonathan Allen NEW YORK (Reuters) - U.S. presidential candidate Hillary Clinton toughened her stance against Wall Street on Monday, vowing to tighten oversight of the financial industry and warning of serious risks in the "shadow banking" industry. In her first major economic speech of the 2016 election campaign, Clinton assailed financial institutions in detailed terms as she pledged to cut the income gap and spur wage growth for ordinary Americans. The Democratic
  
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• Stocks end higher after Greece lines up a new bailout deal

  13-07-2015 22:41 via news.yahoo.com
  
  NEW YORK (AP) — A new agreement between Greece and its lenders helped lift the stock market on Monday, extending the market's winning streak to a third day. The deal for a new loan package is aimed at keeping the country in the euro, but many hurdles remain.
  
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• BlackRock unconstrained bond fund posts $1.7 billion second-quarter inflow

  13-07-2015 22:39
  
  (Reuters) - BlackRock Inc's unconstrained bond fund, its $31 billion Strategic Income Opportunities Fund , posted second quarter inflows of $1.7 billion, more than half of the $3.1 billion the firm's...
  
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• Wall Street rallies on Greek deal; tech stocks jump

  13-07-2015 22:33 via news.yahoo.com
  
  (Reuters) - U.S. stocks finished sharply higher on Monday, with the Dow Jones industrial average re-emerging in positive territory for the year, after euro zone leaders reached a tentative deal to bail out Greece.
  
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• US STOCKS-Wall Street rallies on Greek deal; tech stocks jump

  13-07-2015 22:30 via news.yahoo.com
  
  U.S. stocks finished sharply higher on Monday, with the Dow Jones industrial average re-emerging in positive territory for the year, after euro zone leaders reached a tentative deal to bail out Greece. ...
  
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• Iran, big powers due to have photo-op, possibly news conference

  13-07-2015 22:21 via news.yahoo.com
  
  Iran and major powers seeking to hammer out a nuclear agreement are tentatively scheduled to have a photo opportunity of all foreign ministers at the talks at 2:00 a.m. (0000 GMT) on Tuesday, possibly followed by a news conference, a Western official said late on Monday. The plan is for the ministerial photo to be held at the United Nations complex in Vienna, the official added. Iran and the major powers have been negotiating for more than two weeks in Vienna in an effort to strike a deal under
  
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• Ashley Furniture takes itself off the market

  13-07-2015 21:48
  (Reuters) - Manufacturer Ashley Furniture Industries Inc said on Monday it had decided not to pursue a sale and that it would be best to continue under its existing private ownership.
  
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• Greek debt accord destroys euro illusions

  13-07-2015 21:42 via news.yahoo.com
  
  The euro was supposed to be "irreversible", binding the EU ever closer, but the draconian terms demanded of Greece for a new bailout may have destroyed that illusion forever, analysts said Monday. After marathon talks in Brussels, Germany and other hardline eurozone states backed leftist Greek Prime Minister Alexis Tsipras into a corner -- take our offer, they said, complete with intrusive oversight of the economy and public finances, or you are on your own. "The euro is irreversi
  
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• Spanish retailer El Corte Ingles sells stake to Qatari investor

  13-07-2015 21:23
  
  MADRID (Reuters) - Privately owned Spanish department store chain El Corte Ingles has sold a 10 percent stake for 1 billion euros ($1.1 billion) to Sheikh Hamad Bin Jassim Bin Jaber Al Thani, the...
  
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• Clinton ups rhetoric against Wall Street, vows tight oversight

  13-07-2015 21:20 via news.yahoo.com
  
  By Luciana Lopez and Jonathan Allen NEW YORK (Reuters) - Stepping up her rhetoric against Wall Street, U.S. presidential candidate Hillary Clinton vowed on Monday to tighten oversight of the financial industry and warned of serious risks emerging in the "shadow banking" industry. In her first major economic speech of the 2016 election campaign, Clinton bashed financial institutions in unexpectedly detailed terms as she pledged to cut the income gap and spur wage growth for ordinary Ame
  
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• Wall Street surges on Greek deal; tech stocks rally

  13-07-2015 21:17 via news.yahoo.com
  
  U.S. stocks surged on Monday, with the Dow Jones industrial average re-emerging in positive territory for the year after euro zone leaders reached a tentative deal to bail out Greece. The improved picture in Europe also put the Nasdaq composite on track for its best three-day run in 2015, while the S&P 500 headed for its best three-day run in five months. The technology index led the market higher, with Facebook , Netflix and Amazon all hitting record highs, while Apple's 1.6 percent ri
  
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• Greek minister says bank recapitalization will safeguard deposits

  13-07-2015 21:14 via news.yahoo.com
  
  A multi-billion euro recapitalization of Greece's banks will help protect savers' deposits, Greek Economy Minister George Stathakis said on Monday, after Athens agreed a deal that could lead to a fresh bailout from international creditors. "The recapitalization is so secure that it fully safeguards deposits," he said on public broadcaster ERT. There have also been widespread fears that the government could impose a levy on bank deposits although ministers have repeatedly denied this.
  
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• US STOCKS-Wall Street surges on Greek deal; tech stocks rally

  13-07-2015 21:13 via news.yahoo.com
  
  U.S. stocks surged on Monday, with the Dow Jones industrial average re-emerging in positive territory for the year after euro zone leaders reached a tentative deal to bail out Greece. The improved picture in Europe also put the Nasdaq composite on track for its best three-day run in 2015, while the S&P 500 headed for its best three-day run in five months.
  
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• Canada housing oversight would ease central bank's dilemma: economists

  13-07-2015 21:07 via news.yahoo.com
  
  By Randall Palmer OTTAWA (Reuters) - Canada should make the central bank's job easier by splitting off responsibility for risks such as the hot housing market, leaving it to focus on inflation and the broader economy, economists said ahead of a key interest rate decision this week. The Bank of Canada decides on Wednesday whether to stimulate a flagging economy by cutting interest rates for the second time this year, a move that would pour fuel on a property market it has called overvalued.
  
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• Dewey executives cooked books, ex-finance director says at trial

  13-07-2015 20:48
  NEW YORK, July 13 (Reuters) - Former top executives at
  defunct law firm Dewey & LeBoeuf, including chairman Steven
  Davis, conspired to falsify income statements in an attempt to
  forestall its...
  
  Read more

• Malaysian police looking for those behind leaked documents

  13-07-2015 20:07 via news.yahoo.com
  
  Malaysian police said on Monday a special task force set up to probe reported transfers involving a state investment fund to Prime Minister Najib Razak is now itself under investigation to see if its members leaked classified information. The Wall Street Journal reported on July 3 that investigators had discovered nearly $700 million had moved through government agencies, banks and companies linked to 1Malaysia Development Bhd (1MDB) before ending up in Najib's personal accounts. The report
  
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• IMF 'ready to work with Greece, EU'

  13-07-2015 19:54 via news.yahoo.com
  
  The International Monetary Fund said it stands is prepared to work with Greece and European Union partners to advance the third bailout effort for the country agreed early Monday. The deal struck with European leaders in Brussels requires an IMF role to join in supporting and monitoring the Greek economy, even as the Fund's current loan program has been suspended since the country defaulted on a 1.5 billion euro ($1.6 billion) payment at the end of June. According to the agreement released
  
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• The $339,200 college debt example hurts more than it helps

  13-07-2015 19:52
  
  LOS ANGELES (Reuters) - Democratic presidential hopeful Martin O'Malley revealed last week that he and his wife borrowed $339,200 to put their two eldest children through college, the latest of many...
  
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• Factbox: Highlights of Hillary Clinton's economic proposals

  13-07-2015 19:45 via news.yahoo.com
  
  (Reuters) - Democratic presidential candidate Hillary Clinton, in a speech on the U.S. economy on Monday, proposed policies for boosting middle-class incomes and clamping down on Wall Street abuses. Clinton said she wants to reward longer-term investments, not quick trades. "Too many of our major financial institutions are still too complex and too risky," Clinton said.
  
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• MPLX to buy MarkWest for $15.63 billion, creating fourth-largest MLP

  13-07-2015 19:43
  (Reuters) - Marathon Petroleum Corp'smaster limited partnership (MLP), MPLX LP , will buy natural gas processor MarkWest Energy Partners LPfor about $15.63 billion, a deal that will create the...
  
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• No solution yet on Greek bridge loan: Dijsselbloem

  13-07-2015 19:28 via news.yahoo.com
  
  Eurogroup head Jeroen Dijsselbloem said Monday eurozone finance ministers had not been able to find a solution to provide short-term funding to Greece while it negotiates another huge debt rescue programme. The mooted, 3-year, 86-billion-euro programme could take months to negotiate but in the meantime Greece must repay billions to creditors, including the European Central Bank on July 20. On June 30, Greece failed to make a payment to the International Monetary Fund, becoming the first develope
  
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• Jarden to buy disposable cutlery maker Waddington for $1.35 billion

  13-07-2015 19:27
  
  (Reuters) - Jarden Corpsaid it would buy disposable tableware maker Waddington Group for $1.35 billion, bolstering a portfolio of brands that ranges from Sunbeam kitchen appliances to Coleman...
  
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• Clinton bashes Wall Street, pledges U.S. income equality

  13-07-2015 19:26 via news.yahoo.com
  
  By Luciana Lopez and Jonathan Allen NEW YORK (Reuters) - U.S. presidential candidate Hillary Clinton took swipes at Wall Street and her Republican rivals on Monday, promising to impose tougher regulations on banks and raise the wages of ordinary Americans if she wins the 2016 White House race. Under pressure from a campaign rival on the left, Clinton said she would appoint strict overseers to ensure that financial institutions never again indulge in the risky behavior that helped cause the 2008
  
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• Greek agreement lifts equities, but doubts remain

  13-07-2015 19:03 via news.yahoo.com
  
  European equities jumped almost 2 percent while Wall Street gained about 1 percent after euro zone leaders made Greece surrender much of its sovereignty to outside supervision in return for agreeing to talks on an 86-billion-euro bailout. Investors remained anxious that a deal was not entirely in hand and that international lenders, led by Germany, obliged leftist Prime Minister Alexis Tsipras to abandon his promises of ending austerity. In fact it might be far from over," said Anthony Lawl
  
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• Lehman creditors' recovery may soon reach $7.8 billion

  13-07-2015 18:54 via news.yahoo.com
  
  The trustee liquidating Lehman Brothers Holdings Inc's brokerage unit on Monday asked a federal bankruptcy judge for permission to distribute another $1.89 billion to unsecured creditors, boosting their total recovery to $7.78 billion (5 billion pounds). James Giddens, the trustee, said the creditors will have recouped 35 cents on the dollar, up from 27 cents so far, if the proposed third payout wins approval from U.S. Bankruptcy Judge Shelley Chapman at an August 4 hearing in Manhattan. Le
  
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• Clinton will not propose reinstating bank break-up law: campaign adviser Blinder

  13-07-2015 18:43 via news.yahoo.com
  
  Democratic presidential candidate Hillary Clinton will not propose reinstating a bank break-up law known as the Glass-Steagall Act, said Alan Blinder, an economist who has been advising Clinton's campaign. "You're not going to see Glass-Steagall," said Blinder, who was named by the Clinton campaign this weekend as one of 10 outside advisers on economic policy development. Clinton's campaign declined to comment on Monday on reinstating Glass-Steagall.
  
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• Greece Bailout Deal: What It Means for the Country

  13-07-2015 18:35 via news.yahoo.com
  
  Brookings Institution fellow Douglas Elliott told ABC News that the deal is a "substantially better outcome" than a failure to reach one, because banks should soon re-open soon and the agreement avoids damage that would come initially if Greece dropped the euro. "However, there will be a lot of adjustment pain from the restructuring of the economy, including wage cuts and job losses until the economy improves," Elliott said. “[Greek prime minister Alex] Tsipras will need to
  
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• UPDATE 2-UAW, Detroit Three could revise healthcare packages in talks - WSJ

  13-07-2015 18:32
  July 13 (Reuters) - Healthcare packages and profit-sharing agreements could be revised in talks for new contracts between the United Auto Workers (UAW) and the Big Three U.S. automakers, the Wall...
  
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• European shares rise on Greek debt deal, led higher by banks

  13-07-2015 18:30
  * Mid-cap Alent surges 44 pct on M&A news (Updates with closing prices)
  
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• Brazil steel group IABr cuts output, sales forecasts

  13-07-2015 18:27
  SAO PAULO, July 13 (Reuters) - Brazilian steel mills expect raw steel sales to fall 15.6 percent in 2015 from the previous year and consumption to fall 12.8 percent, industry group IABr said on...
  
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• Soccer-Russia expects no "kick up backside" moment over World Cup

  13-07-2015 18:19 via news.yahoo.com
  
  * Russia to host 2018 World Cup finals * Brazil struggled to meet scheduled for 2014 event * Putin sees finals as chance to showcase Russia By Jack Stubbs and Mike Collett MOSCOW/YEKATERINBURG, Russia, July 13 (Reuters) - Despite a faltering economy, international tension over Ukraine, and an investigation into its World Cup bid, Russia is confident everything will be ready by the time the soccer extravaganza kicks off on June 14, 2018. "The dream will come true," Vladimir Leonov, sports ministe
  
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• GM CEO: No plan to change small car production in U.S.

  13-07-2015 18:15
  DETROIT, July 13 (Reuters) - General Motors Co Chief Executive Mary Barra said Monday the automaker has "no plans to change" its strategy of building the Chevrolet Sonic small car in the U.S.
  
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• China moves could slow IMF inclusion of renminbi

  13-07-2015 18:12
  NEW YORK, July 13 (IFR) - A drive to include China's renminbi in the International Monetary Fund's Special Drawing Rights basket for global reserve currencies has been thrown into disarray following...
  
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• Dijsselbloem re-elected head of Eurogroup ministers -statement

  13-07-2015 18:10
  BRUSSELS, July 13 (Reuters) - Dutch Finance Minister Jeroen Dijsselbloem was re-elected on Monday as president of the Eurogroup of euro zone finance ministers, EU officials said in a...
  
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• Washington welcomes Greece's deal with international creditors

  13-07-2015 18:08 via news.yahoo.com
  
  The United States welcomed an agreement between Greece and its international creditors on Monday, with U.S. Treasury Secretary Jack Lew saying the deal was good for the global economy. "Today's agreement between Greece and its creditors is an important step forward," Lew said in a statement. The deal reached is "in the best interests of Greece, Europe and the global economy," he said.
  
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• FTSE 100 led higher by banks after Greek debt deal done

  13-07-2015 18:02
  * Alent jumps on a bid from Platform Specialty (Updates closing prices)
  
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• Greece to miss 450 mln IMF loan payment on Monday-sources

  13-07-2015 17:58
  ATHENS, July 13 (Reuters) - Greece will not meet a 450 million euro ($496.7 million) loan repayment to the International Monetary Fund that falls due on Monday given its severe cash crunch, two...
  
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• Rapper 50 Cent files for bankruptcy

  13-07-2015 17:55
  July 13 (Reuters) - Grammy-award winning rapper 50 Cent
  filed for Chapter 11 protection on Monday under his real name,
  Curtis James Jackson.
  
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• Brazil to update budget projections next week, minister says

  13-07-2015 17:53
  BRASILIA, July 13 (Reuters) - The Brazilian government will update its fiscal projections in a bimonthly report next week, Planning Minister Nelson Barbosa told journalists on Monday, leaving the...
  
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• Calpers return on assets is 2.4 percent in latest 12 months

  13-07-2015 17:51
  WALNUT CREEK, Calif., July 13 (Reuters) - The California Public Employees' Retirement System, the biggest U.S. public pension fund, reported a 2.4 percent net rate of return for the 12 months ended...
  
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• BRIEF-Curtis James Jackson III files for Chapter 11 bankruptcy protection in Connecticut

  13-07-2015 17:51
  * Voluntary chapter 11 filing made in the U.S. Bankruptcy
  court for the district of Connecticut
  
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• REFILE-RPT-INSIGHT-Sage grouse flies into U.S. species protection crossfire

  13-07-2015 17:47
  * GRAPHIC on sage grouse habitat and species listings trend: http://reut.rs/1Tq4kmM
  
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• EU mergers and takeovers (July 13)

  13-07-2015 17:46
  BRUSSELS, July 13 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:
  
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• Muted reaction in euro zone bonds to Greek deal, Grexit risk remains

  13-07-2015 17:35
  LONDON, July 13 (Reuters) - Euro zone government bonds held their ground on Monday after Greece reached a deal with its creditors to avoid bankruptcy, but the tough reforms attached to the agreement...
  
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• WRAPUP 7-Greece faces tough conditions under deal with euro zone

  13-07-2015 17:33
  * Greece to open talks on third bailout worth 86 billion euros
  
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