Finance news

• UPDATE 1-Harbinger sues Dish, Ergen over LightSquared, seeks $1.5 bln

  21-07-2015 23:46
  NEW YORK, July 21 (Reuters) - Harbinger Capital Partners,
  the hedge fund firm run by Philip Falcone, filed a new lawsuit
  accusing satellite TV company Dish Network Corp and its
  chairman, Charles...
  
  Read more

• ETF strategist replaces Vanguard ETFs after index changes

  21-07-2015 23:45
  (Reuters) - New Frontier, a Boston-based exchange-traded fund strategist, has replaced a number of Vanguard ETFs on its platform with iShares ETFs after Vanguard said it was making changes to the...
  
  Read more

• Hedge fund Omega Advisors sees stocks rallying despite Fed

  21-07-2015 23:24
  
  NEW YORK (Reuters) - Hedge fund firm Omega Advisors expects the U.S. stock market's bull run to deliver returns of between 7 percent and 9 percent over the coming year, fueled by steady economic...
  
  Read more

• S&P cut its rating on Shell after big BG merger

  21-07-2015 23:06 via news.yahoo.com
  
  (Reuters) - Standard & Poors cut its rating on Royal Dutch Shell Plc by one notch to 'AA minus' from 'AA', citing a weaker financial risk profile, mainly due to soft oil prices, and continuing substantial capital expenditures. The rating agency said the outlook on the company is negative reflecting possible adverse effects on credit metrics if the large BG Group Plc acquisition is finalised. Shell announced in April that it has agreed to buy BG Group Plc for about 47 bill
  
  Read more

• Advertisement

• Chipotle's sales growth falls short of Wall Street forecasts

  21-07-2015 23:04 via news.yahoo.com
  
  NEW YORK (AP) — Shares of Chipotle fell Tuesday after it reported sales growth that fell short of Wall Street expectations.
  
  Read more

• Weak showings from companies including IBM send stocks lower

  21-07-2015 22:33 via news.yahoo.com
  
  Disappointing earnings from several big U.S. companies put investors in a selling mood Tuesday, giving the stock market its first broad decline in four days.
  
  Read more

• Harbinger sues Dish, Ergen over LightSquared

  21-07-2015 22:33
  NEW YORK, July 21 (Reuters) - Harbinger Capital Partners,
  the hedge fund firm run by Philip Falcone, has filed a new
  lawsuit accusing satellite TV company Dish Network Corpand its chairman, Charles...
  
  Read more

• IBM, United Tech drag Dow; Apple earnings on deck

  21-07-2015 22:30 via news.yahoo.com
  
  The Dow fell 1 percent, with IBM (IBM.N) and United Tech (UTX.N) contributing around 118 points to the 181-point drop. Fellow Dow component United Technologies tumbled 7 percent to $102.71 and was the worst performer on the Dow after cutting its full-year profit outlook for the third time this year. "For the first time in a while, fundamentals seem to be driving the action today in an otherwise very quiet macro backdrop and probably will continue to do so for the next couple of weeks as we
  
  Read more

• Advertisement

• Oil, gold up as dollar weakens; stocks fall

  21-07-2015 21:46 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Crude oil edged higher and gold prices rose on Tuesday on the back of a softer U.S. dollar, while earnings hurt Wall Street and helped drag a gauge of major global stock markets lower. Spot gold prices halted a plunge of nearly 6 percent in the past six days, after hitting a five-year low on Monday as investors dumped inflation hedges. Stocks on Wall Street fell, with results from bellwethers IBM and United Technologies weighing the most on the S&P 500,
  
  Read more

• Are Millennials saving enough for retirement?

  21-07-2015 21:42
  
  NEW YORK (Reuters) - Another Millennial myth may be biting the dust. Apparently, Millennials have better retirement saving habits than Baby Boomers.
  
  Read more

• SEC official rips proposed brokerage fee limits as 'nanny-statism'

  21-07-2015 21:39
  
  WASHINGTON (Reuters) - A top U.S. securities regulator on Tuesday blasted a proposed Labor Department rule that aims to make it harder for brokers who offer retirement advice from steering clients...
  
  Read more

• S&P raises Greece rating by two notches on bailout talks with creditors

  21-07-2015 21:35 via news.yahoo.com
  
  Standard & Poor's on Tuesday upgraded Greece's sovereign credit rating by two notches and revised its outlook to stable from negative, citing euro zone countries initial agreement to start negotiations with the country on a third bailout. S&P raised its rating for Greece to CCC+ from CCC-, saying the country's liquidity perspective has improved after euro zone finance ministers last week gave their initial consent to a three-year loan programme to keep the country in the euro. "We think opportun
  
  Read more

• Bank of Canada under fire for shift in inflation focus

  21-07-2015 21:26 via news.yahoo.com
  
  By Randall Palmer OTTAWA (Reuters) - The Bank of Canada has come under fire for its increased reliance on an inflation gauge that some economists say sows confusion in financial markets and could eventually lead to monetary policy errors. The central bank, which angered many forecasters in January with a surprise rate cut and eased again this month, has a mandate to control inflation, measured by the country's consumer price index (CPI). Bank of Canada policymakers have put less onus in rec
  
  Read more

• Citi ordered to pay $770 million over credit card practices

  21-07-2015 21:14 via news.yahoo.com
  
  The CFPB, set up under the 2010 Dodd-Frank Act aimed at reforming Wall Street, has been cracking down in recent years on credit card companies offering payment protection, credit score tracking and other add-on products. Citi will also pay civil penalties of $35 million each to the consumer finance watchdog and the Office of the Comptroller of the Currency. The settlement is the CFPB's tenth such case, Director Richard Cordray said in a statement on Tuesday.
  
  Read more

• Citi ordered to pay $770 mln over credit card practices

  21-07-2015 21:13 via news.yahoo.com
  
  Citigroup Inc's consumer bank has been ordered to pay $700 million (£450 million) in relief to borrowers for illegal credit card practices, the U.S. Consumer Financial Protection Bureau said. The CFPB, set up under the 2010 Dodd-Frank Act aimed at reforming Wall Street, has been cracking down in recent years on credit card companies offering payment protection, credit score tracking and other add-on products. Citi will also pay civil penalties of $35 million each to the consumer finance wa
  
  Read more

• Bank of England's Carney sees rate decision around turn of year

  21-07-2015 21:02 via news.yahoo.com
  
  LONDON (Reuters) - The Bank of England will need to decide around the turn of the year whether the time is right to start to raise interest rates from their current record low, Governor Mark Carney said on Tuesday. Carney, speaking at an event hosted by the Policy Exchange think tank, said Britain's economy still faced headwinds from economic weakness in the euro zone, the strength of sterling and further government austerity. Carney's remarks echoed those he made in a speech in Lincol
  
  Read more

• Wall Street lower as IBM, United Tech results weigh

  21-07-2015 21:02 via news.yahoo.com
  
  The Dow fell over 1 percent, with IBM and United Tech contributing around 126 points to the drop. Fellow Dow component United Technologies tumbled 7.6 percent to $102.06 and was the worst performer on the Dow after the company cut its full-year profit outlook. "For the first time in a while, fundamentals seem to be driving the action today in an otherwise very quiet macro backdrop and probably will continue to do so for the next couple of weeks as we work through the heart of earnings seaso
  
  Read more

• Two more Democratic senators join Puerto Rico bankruptcy push

  21-07-2015 20:58
  NEW YORK, July 21 (Reuters) - Another two Democratic
  senators have agreed to co-sponsor a bill that would allow
  Puerto Rico's municipalities to use Federal bankruptcy laws, the
  U.S. territory's...
  
  Read more

• S&P raises Greece's long-term rating to 'CCC+'

  21-07-2015 20:47 via news.yahoo.com
  
  (Reuters) - Standard and Poor's Rating Services raised its long-term sovereign credit rating on Greece to 'CCC+' from 'CCC-', saying it believed default was no longer inevitable in the next six to 12 months.
  
  Read more

• Exclusive: Global regulators may soften rules for asset-backed financing

  21-07-2015 20:19 via news.yahoo.com
  
  By Huw Jones LONDON (Reuters) - Global regulators may ease restrictions on asset-backed or pooled-debt in a policy shift that banks and European policymakers say is needed if financial markets are to play a bigger role in funding economic growth, two financial industry sources said on Tuesday. Pooled-debt or asset-backed securities (ABS) based on poor quality U.S. home loans were blamed for triggering the 2007-09 financial crisis, leading to tougher rules for these financial instruments. This ta
  
  Read more

• What to Watch for in Earnings Season Numbers (Hint: Not Earnings)

  21-07-2015 20:17 via news.yahoo.com
  
  As those earnings numbers and others get released, here’s a pro tip from Jack Ablin, the chief investment officer at BMO Private Bank in Chicago: Don’t just look at the bottom line. Expectations for overall corporate earnings last quarter were low — “so low,” Ablin wrote to clients today, “that they are making those pass/fail electives back in college look positively rigorous.” Going into this quarter, analysts expected the S&P 500 would post a 4.5 percent decline in profits, accor
  
  Read more

• German car makers close to clinching Nokia maps deal for $2.74-3.29 billion: sources

  21-07-2015 20:07
  
  FRANKFURT/BERLIN (Reuters) - Germany's premium car makers are close to a deal to buy Nokia's HERE map business for between 2.5 billion and 3 billion euros ($2.74 billion to $3.29 billion), but a...
  
  Read more

• IBM, United Tech pull down Dow; tech earnings in focus

  21-07-2015 19:22 via news.yahoo.com
  
  The Dow fell over 1 percent, or about 209 points, with IBM and United contributing around 127 points to the fall. United Technologies fell as much as 7.9 percent to $101.78 and was the biggest loser on the Dow, after the company cut its full-year profit outlook. Apple, Microsoft and Yahoo are scheduled to report results after market close.
  
  Read more

• US STOCKS-IBM, United Tech pull down Dow; tech earnings in focus

  21-07-2015 19:21 via news.yahoo.com
  
  U.S. stocks fell in early afternoon trading on Tuesday as weak revenue at IBM and United Technologies weighed on the Dow and investors awaited results from tech giants including Apple and Microsoft. The Dow fell over 1 percent, or about 209 points, with IBM (Swiss: IBM.SW - news) and United (Shenzhen: 000925.SZ - news) contributing around 127 points to the fall.
  
  Read more

• Euro recovers from three-month low, gold aids commodity currencies

  21-07-2015 18:58 via news.yahoo.com
  
  In light volume, the single currency's bounce knocked the greenback from its three-month peak against a basket of currencies, while commodity-related currencies climbed, partly on a pause in gold's recent selloff. Despite Tuesday's setback, the dollar is expected to strengthen again in the coming weeks as traders anticipate the U.S. Federal Reserve will raise interest rates by year-end. Fed Chair Janet Yellen and other top central bankers have said higher rates are appropriate lat
  
  Read more

• Mixed earnings and easyJet lead FTSE lower

  21-07-2015 18:46 via news.yahoo.com
  
  By Liisa Tuhkanen LONDON (Reuters) - The FTSE 100 edged lower on Tuesday as a mixed set of corporate results and lingering concern over commodity price falls outweighed a rebound in gold-mining companies and a rally in car insurers. The FTSE 100 index closed down 0.3 percent at 6,769.07 points after gaining 0.2 percent in the previous session.
  
  Read more

• HSBC must face U.S. lawsuit over failed credit unions

  21-07-2015 18:39
  
  NEW YORK (Reuters) - A federal judge rejected HSBC Holdings Plc'sbid to dismiss a U.S. lawsuit claiming that its failure to perform its duties as trustee for $2.37 billion of residential...
  
  Read more

• Goldman bets on European stocks, steers clear of U.S

  21-07-2015 18:30 via news.yahoo.com
  
  With market jitters over Greece receding, Goldman Sachs is advising clients to load up on European stocks at the expense of U.S. assets. The investment bank upgraded its short-term view on European equities to "overweight" from "neutral" in a note dated July 20, which cited the recent deal to start negotiating a new Greece debt package as one of the reasons for a more positive view, and downgraded U.S. equities to "underweight" from "neutral". The euro
  
  Read more

• Tesla skids after third downgrade in a month

  21-07-2015 18:23 via news.yahoo.com
  
  (Reuters) - Tesla Motors Inc is just not feeling the love from Wall Street, with UBS on Tuesday becoming the third investment bank this month to downgrade the electric sports-car maker's stock. Tesla's shares fell as much as 5 percent in early trading after UBS analyst Colin Langan cut his rating to "sell" from "neutral", saying he expects the company's car sales and home battery sales growth to disappoint. Tesla unveiled Tesla Energy, batteries for use in home
  
  Read more

• Harley beats expectations despite dollar, pricing headwinds

  21-07-2015 18:23 via news.yahoo.com
  
  Harley-Davidson Inc beat Wall Street profit and sales expectations on Tuesday despite headwinds from a strong U.S. dollar and steep discounts by rivals, sending shares up 4 percent. The company cited strong demand for new models and a rebound in U.S. sales late in the quarter. Harley also said it will not lower prices on its iconic motorcycles and that a recent drop in its share price warrant ramping up a share buyback.
  
  Read more

• BNY Mellon cuts costs, but CEO Hassell keeps lid on expectations

  21-07-2015 18:17
  (Reuters) - Under pressure from activist hedge funds to cut costs and boost profit, BNY Mellon Corp Chief Executive Gerald Hassell did just that in the second quarter, beating Wall Street...
  
  Read more

• CP Rail cuts forecast; chairman quits in governance dispute

  21-07-2015 18:12 via news.yahoo.com
  
  By Allison Martell TORONTO (Reuters) - Canadian Pacific Railway Ltd said on Tuesday its chairman and one other director had resigned over a disagreement related to corporate governance, as the carrier trimmed its full-year earnings forecast. Chief Operating Officer Keith Creel said Chairman Gary Colter and Krystyna Hoeg have resigned. In a release, CP Rail said an existing director, Andrew Reardon, had been elected chairman.
  
  Read more

• Mixed earnings and easyJet lead Britain's FTSE lower

  21-07-2015 18:10 via news.yahoo.com
  
  By Liisa Tuhkanen LONDON (Reuters) - Britain's FTSE 100 edged lower on Tuesday as a mixed set of corporate results and lingering concern over commodity price falls outweighed a rebound in gold-mining companies and a rally in car insurers. Data released on Tuesday also showed Britain's public finances improved less than expected in June. The FTSE 100 index closed down 0.3 percent at 6,769.07 points after gaining 0.2 percent in the previous session.
  
  Read more

• Canada federal finances in good shape, provinces not: watchdog

  21-07-2015 18:00 via news.yahoo.com
  
  Canada's federal finances are in a solid long-term position but the provincial and municipal government picture is far less rosy, the country's parliamentary budget watchdog said on Tuesday. The office of the Parliamentary Budget Officer (PBO), which has a mandate to provide independent analysis to lawmakers, issued the report as Canada prepares for an Oct. 19 election. The federal Conservative government's stewardship of the economy has become a central issue as the election approaches, with th
  
  Read more

• Wall Street lower after weak results from IBM, United Tech

  21-07-2015 17:39 via news.yahoo.com
  
  United Technologies fell as much as 7.9 percent to $101.78 and was the biggest loser on the Dow, after the company cut its full-year profit outlook. "We remain cautious regarding earnings because there is a lack of revenue growth," said John Toohey, head of equities at USAA Investments in San Antonio, Texas.
  
  Read more

• US STOCKS-Wall Street lower after weak results from IBM, United Tech

  21-07-2015 17:38 via news.yahoo.com
  
  Wall Street was lower in late morning trading on Tuesday as weak revenue at IBM and United Technologies weighed on the Dow and the S&P 500 and investors awaited results from tech giants including Apple and Microsoft. IBM's shares fell as much as 5.5 percent to $163.69, a day after the company's revenue fell for the 13th consecutive quarter.
  
  Read more

• Citibank ordered to pay $700 million over credit card practices

  21-07-2015 17:36 via news.yahoo.com
  
  The CFPB, set up under the 2010 Dodd-Frank Act aimed at reforming Wall Street practices, said a Citibank unit also "deceptively" charged expedited payment fees to nearly 1.8 million consumer accounts during collection calls. Citibank and its subsidiaries will also pay $35 million in civil penalties to the CFPB, the regulator said. Citigroup is not the only big U.S. bank whose credit card practices are under scrutiny.
  
  Read more

• First Utility Picks IPO Banks As CVC Circles

  21-07-2015 17:20 via news.yahoo.com
  
  The biggest challenger to the ‎UK's major energy suppliers has picked bankers to steer a £500m stock market listing even as it mulls a takeover by a private equity suitor. Sky News understands that First Utility is close to appointing Credit Suisse (NYSE: CS - news) and JP Morgan to handle a public listing of the company. News of the impending appointments comes days after it emerged that CVC Capital Partners had approached First Utility about a bid to acquire the company.
  
  Read more

• Citizens Financial reports earnings as RBS eyes further selldown

  21-07-2015 16:51 via news.yahoo.com
  
  (ShareCast News) - Citizen Financial, the US bank that Royal Bank of Scotland floated in New York last September, reported a big decline in second quarter earnings but they were still ahead of most analyst ...
  
  Read more

• IBM, United Tech results pull down Dow, S&P 500

  21-07-2015 16:16 via news.yahoo.com
  
  Weak results from IBM and United Technologies weighed on the Dow and the S&P 500 while the Nasdaq Composite hovered near record levels ahead of a raft of earnings from tech giants including Apple and Microsoft . United Technologies fell as much as 6.6 percent to $103.18 and was the biggest loser on the Dow, after the company cut its full-year profit outlook. On Monday, the Nasdaq composite touched a new intra-day high for the third straight day while the S&P 500 was just shy of its all-t
  
  Read more

• US STOCKS-IBM, United Tech results pull down Dow, S&P 500

  21-07-2015 16:14 via news.yahoo.com
  
  Weak results from IBM and United (Shenzhen: 000925.SZ - news) Technologies weighed on the Dow and the S&P 500 while the Nasdaq Composite hovered near record levels ahead of a raft of earnings from tech giants including Apple and Microsoft. IBM's shares fell as much as 5.3 percent to $164, a day after the company's revenue fell for the 13th consecutive quarter.
  
  Read more

• Petrobras shares rally on Rousseff's dismal poll numbers

  21-07-2015 16:13 via news.yahoo.com
  
  SAO PAULO (Reuters) - Preferred shares of state-run oil producer Petroleo Brasileiro SA erased early losses to rise about 3 percent in early Tuesday trading after a poll showed President Dilma Rousseff's popularity continued to tumble due to a mounting corruption scandal and economic recession. The poll showed an increasing number of Brazilians want to see Rousseff impeached, which some investors hope will lead to better management, with less political influence, in the company known as Petrobra
  
  Read more

• Dollar slips from three-month peak, gold helps commodity currencies

  21-07-2015 16:08 via news.yahoo.com
  
  The dollar retreated from a three-month high against a basket of currencies on Tuesday on mild profit-taking, while commodity-related currencies stabilized on a pause in gold's recent sell-off. The dollar is expected to strengthen again in the coming weeks as traders anticipate the U.S. Federal Reserve will raise interest rates by year-end. Fed Chair Janet Yellen and other top central bankers have said higher rates are appropriate later this year if the U.S. economy continues to strengthen.
  
  Read more

• UPDATE 1-Reinsurer PartnerRe says to seek talks with Exor on latest offer

  21-07-2015 15:59
  July 21 (Reuters) - Bermuda-based reinsurer PartnerRe said it would seek talks with Exor SpA to discuss the Italian holding company's latest takeover offer, the sixth in its four-month bidding war...
  
  Read more

• Brazil poll: Rousseff popularity still falling, impeachment favored

  21-07-2015 15:57 via news.yahoo.com
  
  BRASILIA (Reuters) - President Dilma Rousseff's popularity continues to tumble due to a widening corruption scandal and economic recession, and an increasing number of Brazilians want to see her impeached, according to an opinion poll published on Tuesday. The CNT/MDA poll showed that her government's approval rating has fallen to 7.7 percent compared with 10.8 percent in a previous survey in March, while 70.9 percent rate her government negatively compared to 64.8 percent in March. ..
  
  Read more

• Zambia's kwacha weakens as copper price slips

  21-07-2015 15:53 via news.yahoo.com
  
  LUSAKA (Reuters) - Zambia's kwacha weakened 1 percent against the dollar to 7.6200 at 1325 GMT as global copper prices softened on the back of jitters over top consumer China's economic prospects, wiping out a near 2 percent gain earlier.
  
  Read more

• TIMELINE-Key dates in Greece's funding talks with the euro zone

  21-07-2015 15:52
  BRUSSELS/ATHENS, July 21 (Reuters) - Greece and its euro zone partners formally launched talks on July 17 designed to lead to a third bailout programme for Athens that could total 86 billion euros...
  
  Read more

• Kenya's president says Obama talks to focus on security, trade links

  21-07-2015 15:48 via news.yahoo.com
  
  By Edith Honan NAIROBI (Reuters) - President Uhuru Kenyatta said on Tuesday that improving security cooperation and trade links between Kenya and the United States will top the agenda when U.S. President Barack Obama visits the east African nation this weekend. A key Western ally in the battle against the spread of militant Islam out of Somalia, Kenya's security agencies receive training and equipment from United States, Britain and Israel. The violence has hurt Kenya's tourism industr
  
  Read more

• Hayes has no-one to blame but himself, prosecutor tells Libor trial

  21-07-2015 15:47
  LONDON, July 21 (Reuters) - The prosecution in the trial of Tom Hayes, the first person to face a jury on Libor-rigging charges, said on Tuesday the former trader had only himself to blame for...
  
  Read more

• Zimbabwe govt says investments rise, empowerment law a hurdle

  21-07-2015 15:43 via news.yahoo.com
  
  By MacDonald Dzirutwe HARARE (Reuters) - Zimbabwe's government said it has approved $971 million in foreign investments in the first half of the year versus $555 million a year ago, but a law handing majority control of businesses to locals was putting off investors. The government requires foreign companies to sell at least a 51 percent stake to local shareholders in a bid to redress colonial imbalances in a process known as indigenisation. Desire Sibanda, the permanent secretary in the Economi
  
  Read more

Follow @FinanceUSA_News on Twitter!