Finance news

• Standard & Poor's cuts Puerto Rico's financing arm, says default certain

  14-07-2015 23:49
  NEW YORK, July 14 (Reuters) - Standard & Poor's cut the
  credit rating of Puerto Rico's Government Development Bank (GDB)
  to 'CC' from 'CCC-' on Tuesday, saying a near-term default at
  the U.S....
  
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• Slowing China GDP growth may prompt more stimulus

  14-07-2015 23:13 via news.yahoo.com
  
  By Kevin Yao BEIJING (Reuters) - China's is expected to post its weakest growth since the global financial crisis on Wednesday, which together with a stock market rout raises pressure on authorities to do more to stir the economy after a run of stimulus steps has had little impact. Data confirming China lost more momentum in the June quarter would do little to reassure investors reeling from a sharp plunge in shares over the past month, and analysts are wary on China's outlook, given a
  
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• US stocks post a 4th straight gain; Micron soars

  14-07-2015 23:00 via news.yahoo.com
  
  NEW YORK (AP) — Stocks climbed broadly on Tuesday as investors who had been fretting over the Greek debt crisis and plunging Chinese stocks turned their attention back to the U.S. economy and corporate earnings reports.
  
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• UPDATE 4-Twitter confirms purported Bloomberg story is false

  14-07-2015 22:57
  July 14 (Reuters) - A report claiming that Twitter Inc received an offer to be acquired for $31 billion attributed to Bloomberg LP is fake, Twitter and a spokesman for the news and financial data...
  
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• U.S. lawmaker cites delays, Labor Dept interference, in request to SEC

  14-07-2015 22:52 via news.yahoo.com
  
  By Sarah N. Lynch WASHINGTON (Reuters) - A Republican senator is accusing the U.S. Securities and Exchange Commission of failing to release records that he says are crucial to understanding how a controversial plan to tighten conflict-of-interest rules at Wall Street brokerages was drafted. In a July 13 letter seen by Reuters, Homeland Security and Government Affairs Committee Chairman Ron Johnson told SEC Chair Mary Jo White he is frustrated that his nearly three-month-old request has not been
  
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• Shares rise on rebound in oil prices; dollar slips

  14-07-2015 22:44 via news.yahoo.com
  
  Stock markets worldwide rose modestly on Tuesday after a landmark nuclear deal between Tehran and six global powers left sanctions on Iran in place for now, spurring gains in energy shares, while expectations for weak corporate results capped U.S. share gains. The deal, which is set to ease sanctions against Tehran and allow a gradual rise in its oil exports, had initially sent oil prices tumbling. Benchmark Brent crude futures settled up 66 cents, at $58.51 a barrel.
  
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• 5 questions Fed Chair Yellen will face from Congress

  14-07-2015 22:39 via news.yahoo.com
  
  WASHINGTON (AP) — Federal Reserve Chair Janet Yellen will deliver the central bank's mid-year economic outlook this week to Congress, where she will face grilling from House and Senate lawmakers.
  
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• Wall St notches fourth straight advance as energy gains

  14-07-2015 22:30 via news.yahoo.com
  
  Wall Street gained for a fourth straight session on Tuesday, its longest winning streak since January, buoyed by the energy sector as oil prices rebounded from early declines. Oil prices were initially lower on concerns a deal between Iran and six global powers would result in more supply, but turned higher after it became apparent sanctions on Tehran's crude exports would not be removed immediately. "The big news is clearly in the oil markets and the fact there was an agreement reache
  
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• Oil prices finish higher after Iran deal

  14-07-2015 22:24 via news.yahoo.com
  
  Oil prices rose Tuesday as markets weighed the effects of Iran's deal with six world powers on curbing the Islamic republic's suspected ambitions for a nuclear bomb. US benchmark West Texas Intermediate for August delivery gained 84 cents at $53.04 a barrel on the New York Mercantile Exchange. "I think people had already sold down the price of oil, expecting an agreement," said Michael Lynch, an analyst with the US-based consultancy Strategic Energy & Economic Research.
  
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• US STOCKS-Wall St notches fourth straight advance as energy gains

  14-07-2015 22:23 via news.yahoo.com
  
  Wall Street gained for a fourth straight session on Tuesday, its longest winning streak since January, buoyed by the energy sector as oil prices rebounded from early declines. Oil prices were initially lower on concerns a deal between Iran and six global powers would result in more supply, but turned higher after it became apparent sanctions on Tehran's crude exports would not be removed immediately. The S&P energy sector advanced 0.8 percent, led by a 0.8 percent gain in Exxon Mobil Corp to $83
  
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• UPDATE 3-Shares of Gerdau sink as investors shun reorganization plan

  14-07-2015 22:19
  SAO PAULO, July 14 (Reuters) - Shares of Brazil's Gerdau SA plunged the most in almost four months on Tuesday after the Americas' largest steelmaking group announced plans to spend 1.986 billion...
  
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• Eurogroup chair: Greece testing limits of European understanding

  14-07-2015 22:16 via news.yahoo.com
  
  The head of the Eurogroup of finance ministers said Greece had tested the limits of Europe's patience and understanding and said he had been angry with Prime Minister Alexis Tsipras over his "beautiful" but false promises to the Greek people. After a tempestuous weekend of negotiations in Brussels Tsipras agreed to enact tough reforms in return for urgently needed loans to keep the almost bankrupt Greek economy afloat. It marked a dramatic U-turn for Tsipras just one week after he persuaded Gree
  
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• Charlotte opens its first streetcar service in 77 years

  14-07-2015 21:56 via news.yahoo.com
  
  Charlotte, one of the fastest-growing cities in the U.S. South, launched its first streetcar service in 77 years on Tuesday, joining a host of American cities that hope to boost economic growth with new versions of an old mode of public transit. Riders began using Charlotte’s CityLYNX Gold Line at 1 p.m., a few hours after a ribbon-cutting ceremony at the North Carolina city’s downtown transit center. U.S. Transportation Secretary Anthony Foxx, a former Charlotte mayor, said he expects busin
  
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• Short sellers curb Intel bets ahead of second quarter results; tone cautious

  14-07-2015 21:37 via news.yahoo.com
  
  By Noel Randewich SAN FRANCISCO (Reuters) - Wall Street expects bad news when Intel Corp reports its second-quarter results on Wednesday although a few short sellers appear to believe the worst is over for the chipmaker's recently sinking stock. Signs of weak demand for personal computers have taken a toll on the shares of Intel ahead of its quarterly report due after the market's close, with Wall Street expecting a year-over-year dip in quarterly revenue for the first time since 2013.
  
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• Micron attracted large options bets ahead of deal news

  14-07-2015 21:31
  
  NEW YORK (Reuters) - Micron Technology Inc attracted large options bets days ahead of reports that China's state-backed Tsinghua Unigroup Ltd is preparing a $23 billion bid for the U.S. memory chip...
  
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• Conservatives may face unexpected hazard as economy cools

  14-07-2015 21:23 via news.yahoo.com
  
  By Leah Schnurr OTTAWA (Reuters) - The economy has always worked for Canadian Prime Minister Stephen Harper. Elected to Canada's top office three times with a platform of fiscal prudence, he has ridden a wave of increased support each election helped by the country's relative economic stability. "There has been a downturn and the reason for that has been the downturn in the global economy.
  
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• UPDATE 1-EU Commission approves IAG takeover of Aer Lingus

  14-07-2015 20:32
  * EU approval follows backing from main shareholders (Adds details, quote)
  
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• Iranians dance in streets, thank Rouhani for nuclear deal

  14-07-2015 20:14 via news.yahoo.com
  
  By Bozorgmehr Sharafedin Nouri and Babak Dehghanpisheh DUBAI/BEIRUT (Reuters) - Young Iranian men and women danced in streets in parts of Tehran and motorists honked car horns to cheer an historic nuclear accord with world powers they hope will end years of economic sanctions and decades of international isolation. In the capital's affluent north, motorists played loud music from car stereos and young people blew South African-style 'vuvuzela' horns, scenes that Tehran normally witnesses only wh
  
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• Wells Fargo profit drops for second straight quarter as costs rise

  14-07-2015 20:10
  
  (Reuters) - Wells Fargo & Co, the largest U.S. mortgage lender, reported a drop in profit for the second straight quarter as employee costs and other expenses rose at a time when it is struggling...
  
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• Lower oil prices to slightly boost global growth: IMF

  14-07-2015 20:06 via news.yahoo.com
  
  Lower oil prices are expected to modestly boost growth in the global economy, by about a half percentage point in 2015-2016, according to an IMF report released Tuesday. "Lower oil prices should translate into higher spending and therefore support global growth," the International Monetary Fund said. Last week the IMF lowered its 2015 global economic growth forecast to 3.3 percent from 3.5 percent and held unchanged its 3.8 percent estimate for 2016.
  
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• Shares rise on rebound in oil prices

  14-07-2015 20:00 via news.yahoo.com
  
  Stock markets worldwide rose modestly on Tuesday after a landmark nuclear deal between Tehran and six global powers left sanctions on Iran in place for now, spurring gains in energy shares, while expectations for weak corporate results capped U.S. share gains. The deal, which is set to ease sanctions against Tehran and allow a gradual rise in its oil exports, had sent oil prices tumbling. Brent crude was last up 81 cents, or 1.4 percent, at $58.66 a barrel.
  
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• Turning to earnings: investors hope results can lift stocks

  14-07-2015 19:50 via news.yahoo.com
  
  NEW YORK (AP) — After fretting over a Greek bailout, a collapse in Chinese stocks and the timing of an interest rate increase, investors are hoping U.S. corporate earnings will bring more reassuring news this month.
  
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• Wall Street higher as healthcare, energy stocks rally

  14-07-2015 19:50 via news.yahoo.com
  
  Wall Street was higher in early afternoon trading on Tuesday, led by a rally in healthcare stocks and as energy stocks rose after oil prices recovered on easing fears of higher crude supplies due to the Iran nuclear deal. Twitter jumped as much as 8.5 percent after a report, purportedly from Bloomberg, that the company was made a $31 billion offer. Bloomberg and Twitter said the report was fake and the stock quickly gave up most of its gains to trade up 3 percent at $36.86.
  
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• EU Commission approves IAG takeover of Aer Lingus

  14-07-2015 19:42
  DUBLIN, July 14 (Reuters) - IAG has gained European Union antitrust approval for its 1.3-billion-euro ($1.4 billion) bid for Irish carrier Aer Lingus after agreeing to make concessions to ease...
  
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• Carney says UK taxpayers still on the hook for bank failures

  14-07-2015 19:27 via news.yahoo.com
  
  By Huw Jones LONDON (Reuters) - Almost seven years after the collapse of Lehman Brothers sparked mayhem in markets, regulators are still years away from being able to wind down a major failed bank at no cost to taxpayers, the Bank of England said on Tuesday. Lehman's demise in 2008 spawned new rules to make it possible to let a bank fail without calling on taxpayers or causing widespread damage to the economy. "We have many more options in terms of what would happen were an institution
  
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• Iran's nuclear deal puts Saudis on edge

  14-07-2015 19:08 via news.yahoo.com
  
  By Angus McDowall and Hadeel Al Sayegh RIYADH/DUBAI (Reuters) - Iran's nuclear deal with world powers on Tuesday will make the Middle East a "more dangerous part of the world" if it comes with too many concessions, a Saudi official told Reuters, signaling Gulf Arabs' deep unease at the agreement. The lack of official responses from Saudi Arabia and its Gulf allies reflected huge nervousness about a deal set to end the pariah status of Iran, already Riyadh's main rival for influence across the Mi
  
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• US stocks head for a 4th day of gains; Micron soars

  14-07-2015 19:08 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks rose broadly in the afternoon Tuesday as traders considered a relatively weak retail sales report and corporate earnings news. Nine of the 10 sectors of the Standard and Poor's 500 index were higher, putting the index on track for a fourth straight day of gains. Investors were also keeping an eye on Greece a day after the country struck a preliminary deal with its creditors and a falling Chinese stock market.
  
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• Spain's Podemos distances itself from Greece

  14-07-2015 19:07 via news.yahoo.com
  
  Spanish anti-austerity party Podemos distanced itself Tuesday from its ally Syriza, which governs Greece, after eurozone creditors forced Athens to accept a tough deal to fix its debts. Polling strongly ahead of a general election due around the end of the year, the Spanish protest party insisted Spain would not go the way of Greece if Podemos took power. "Spain is not Greece," said Podemos's head of economic policy, Nacho Alvarez -- echoing the line used by Spain's conservat
  
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• European stocks pause for Greek developments

  14-07-2015 18:58 via news.yahoo.com
  
  European stock markets marked time on Tuesday, waiting to see whether Prime Minister Alexis Tsipras wins domestic support for draconian reforms needed to secure a bailout and the EU finds short-financing to keep Greece from defaulting. Outside the eurozone, London's FTSE 100 index added 0.23 percent to 6,753.75 points. European equities had raced higher Monday on relief over Greece's long-awaited bailout agreement with its international creditors.
  
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• Hillary Clinton has no 'beef' with Uber, aide says

  14-07-2015 18:41 via news.yahoo.com
  
  By Amanda Becker WASHINGTON (Reuters) - Democratic presidential contender Hillary Clinton does not have a problem with ride service company Uber, a top aide said on Tuesday, but the candidate does have questions about what it and its sharing-economy peers mean for workers. Clinton senior policy adviser Jake Sullivan was asked Tuesday morning whether the Democratic front-runner had a "beef" with the San Francisco-based startup company Uber [UBER.UL]. "It’s an interesting question
  
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• Iran deal could unleash big pent-up commercial aircraft demand

  14-07-2015 18:29 via news.yahoo.com
  
  By Alwyn Scott and Victoria Bryan NEW YORK/BERLIN (Reuters) - Airplane sales to Iran were cleared for take off after Tehran signed a nuclear agreement with six major powers on Tuesday, opening a potentially significant opportunity for Boeing Co and Airbus Group after decades of isolation. The agreement would lift all economic commercial sanctions including those relating to commercial aviation. Boeing said it saw a chance to sell planes to renew Iran's fleet of jetliners, which are 23 years old
  
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• Countries must invest more in mental health in hard times: WHO

  14-07-2015 18:27 via news.yahoo.com
  
  By Stephanie Nebehay GENEVA (Reuters) - Rich and poor countries alike must invest more in mental health care, especially during economic crises when rates of depression and suicide tend to rise, the World Health Organization (WHO)said on Tuesday. One in 10 people worldwide has a mental health disorder but only one percent of the global health workforce is treating such illnesses, which are still widely stigmatized, the United Nations agency said. "The resources devoted to mental health, financia
  
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• Britain's FTSE ends higher as energy stocks rebound

  14-07-2015 18:11
  LONDON, July 14 (Reuters) - Britain's top share index closed higher on Tuesday, with broadcaster Sky climbing after Deutsche Bank upgraded the shares and energy stocks bouncing back as crude oil...
  
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• Bloomberg says Twitter M&A story is fake

  14-07-2015 18:08
  July 14 (Reuters) - A report claiming that Twitter Inc is working with bankers after receiving an offer to be acquired for $31 billion and is attributed to Bloomberg LP is fake, a spokesman for the...
  
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• Wall Street rises as oil prices recovery boosts energy stocks

  14-07-2015 18:06 via news.yahoo.com
  
  Wall Street was higher on Tuesday, adding to three days of gains, as energy stocks rallied and Micron Technologies led tech stocks higher on reports of buyout interest. Twitter jumped as much as 8.5 percent to $38.82 after a report, purportedly from Bloomberg, that the company was made a $31 billion offer. The stock quickly gave up most of its gains after Bloomberg said the report was fake.
  
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• Rebound in oil prices pushes shares higher

  14-07-2015 18:05 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - Stock markets worldwide rose modestly on Tuesday after a landmark nuclear deal between Tehran and six global powers left sanctions on Iran in place for now, spurring gains in energy shares, while expectations for weak corporate results capped U.S. share gains. Brent and U.S. crude reversed losses which came after the nuclear deal was reached. The deal, which is set to ease sanctions against Tehran and allow a gradual rise in its oil exports, had sent oil pric
  
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• Scarred by Islamist attacks, Kenya set to re-open Westgate mall

  14-07-2015 17:58 via news.yahoo.com
  
  By Drazen Jorgic NAIROBI (Reuters) - Kenya's trendy Westgate shopping mall will reopen on Saturday, nearly two years after gunmen from the Somali militant group al Shabaab massacred at least 67 people inside and held out for four days as security forces laid siege to the complex. Once a totem of Kenya's growing prosperity, the Westgate building has since become symbolic of growing insecurity in the east African nation and President Uhuru Kenyatta's inability to prevent frequent Is
  
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• Wall Street Should Pay for the Recessions They Cause

  14-07-2015 17:54 via news.yahoo.com
  
  Over the last several hundred years, financial panics have repeatedly caused severe economic turmoil. To combat this instability, new rules and regulations were imposed on the financial sector after the Great Recession, and for approximately 50 years this seemed to be very successful. No matter what we do in terms of regulating the financial sector, the risk of a financial collapse and subsequent recession is always present.
  
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• UPDATE 3-Wells Fargo profit drops for 2nd straight quarter as costs rise

  14-07-2015 17:39
  * Mortgage banking revenue down 1 pct (Adds CFO comments, details, background; updates shares)
  
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• Britain announces Calais 'secure zone' to curb migrants

  14-07-2015 17:36 via news.yahoo.com
  
  By William James LONDON (Reuters) - Britain plans to create a 'secure zone' at the French port of Calais to protect lorries heading for England from migrants trying to enter the country illegally, interior minister Theresa May said on Tuesday. Migrants fleeing war, political turmoil and poverty make daily attempts to board lorries and trains heading for Britain, drawn by family ties, a growing economy and a perception that the British system treats migrants better than other countries.
  
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• Stocks rising after retail sales report, earnings news

  14-07-2015 17:21 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks rose broadly in morning trading Tuesday as traders looked over a relatively weak retail sales report and corporate earnings news. All 10 sectors of the Standard and Poor's 500 were higher. Investors were also keeping an eye on Greece a day after the country struck a preliminary deal with its creditors and a falling Chinese stock market.
  
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• Factbox: Wall Street and commodity risk - JPMorgan risk measure rises

  14-07-2015 17:21 via news.yahoo.com
  
  (Reuters) - JPMorgan Chase & Co's commodity market trading risk measure, known as Value-at-Risk (VaR), rose for a second straight quarter in the three months to end-June.
  
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• Turkey welcomes Iran deal, urges Tehran to rethink regional policies

  14-07-2015 17:18 via news.yahoo.com
  
  Turkey welcomed the nuclear deal between Iran and six world powers on Tuesday, saying it was of vital importance for the stability of the Middle East, but urged Tehran to rethink its policies on issues from Syria to Yemen. Foreign Minister Mevlut Cavusoglu said transparent implementation of the deal would now be key and that the easing of sanctions would be of economic benefit to Turkey, which is one of Iran's major trading partners. This is what we expect from brotherly Iran," Cavusoglu told a
  
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• Oz Management to pay $4.25 million to settle with SEC over data errors

  14-07-2015 17:16
  
  WASHINGTON (Reuters) - Oz Management LP, an adviser for numerous Och-Ziff funds, has agreed to admit to wrongdoing and pay a $4.25 million penalty to settle civil charges that it provided inaccurate...
  
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• UPDATE 2-WPX Energy enters oil-rich Permian basin with $2.35 bln buy

  14-07-2015 17:12
  * WPX shares rise as much as 7 pct (Adds analyst comment, details, background, shares)
  
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• China pays a price to avert stock market crash

  14-07-2015 17:10 via news.yahoo.com
  
  China's Communist government has averted a stock market crash -- for now -- but it will take the world's second-largest economy longer to repair tarnished reform credentials and investment sentiment battered by its heavy-handed intervention. "The equity market's gyrations have raised questions about the future direction of the economy and policy," US investment bank Goldman Sachs said in a research report. Beijing also shut off initial public offerings (IPOs) at the flic
  
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• South Africa to finalise nuclear build requirements by end-July

  14-07-2015 17:07 via news.yahoo.com
  
  By Peroshni Govender BALLITO, South Africa (Reuters) - South Africa will finalise its bid requirements for six nuclear power stations by the end of July and hopes to have the first unit of 1,000 MW of atomic power online in eight years' time, a senior energy official said on Tuesday. Africa's most advanced economy is facing dire energy shortages and plans to introduce 9,600 MW of atomic energy by 2030 into its strained power grid to reduce its dependence on coal-fired power and curb th
  
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• Indonesia holds interest rate despite slowing growth

  14-07-2015 17:05 via news.yahoo.com
  
  Indonesia's central bank held its key interest rate for the fifth consecutive month Tuesday despite slowing growth in Southeast Asia's biggest economy. Bank Indonesia kept the rate unchanged at 7.50 percent, as expected. The central bank is facing a dilemma as slashing rates would help spur slowing growth but a cut could further weaken the rupiah, one of Asia's worst performing currencies, and could also push up already high inflation.
  
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• Britain's FTSE edges lower, housebuilders weigh

  14-07-2015 16:33
  LONDON, July 14 (Reuters) - Britain's top share index edged lower on Tuesday, with housebuilders losing ground after Bank of England Governor Mark Carney said the time was getting closer for the...
  
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• Wall Street slightly higher as oil prices recover

  14-07-2015 16:32 via news.yahoo.com
  
  U.S. stocks edged higher, trading in a narrow range, early on Tuesday as investors focus on U.S. corporate earnings and oil prices pared some losses after a steep fall earlier in the day. Oil prices had tumbled due to expectations of increased supply after Iran's nuclear deal, but trimmed some losses as the expected rise in supply was already priced in over recent weeks. U.S. companies are expected to report their worst sales decline in nearly six years when they post second-quarter results
  
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