Finance news

• U.S. private sector vows to ante up on climate finance

  27-07-2015 23:35 via news.yahoo.com
  
  Some of the biggest U.S. corporate names on Monday offered their support - and billions of dollars in green financing pledges - to buttress the Obama administration's quest for a global agreement on combating climate change. Google, Apple, Goldman Sachs and 10 other well-known companies joined the White House in launching the American Business Act on Climate Pledge, a campaign that the White House said would inject $140 billion in low-carbon investments into the global economy. Massive priv
  
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• Baidu shares dive on earnings miss

  27-07-2015 23:33 via news.yahoo.com
  
  Baidu shares skidded Monday after the Chinese Internet colossus reported earnings shy of most market expectations. Baidu's profit for the second quarter was 3.66 billion yuan ($591 million), up slightly from 3.55 billion yuan in the same quarter a year earlier. Sometimes referred to as the Chinese answer to Google, Baidu reported revenues rose 38 percent from a year earlier to 16.57 billion yuan ($2.7 billion).
  
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• UPDATE 1-Allergan CEO, fresh off one deal, sets sights on others

  27-07-2015 23:12
  NEW YORK, July 27 (Reuters) - Allergan plc CEO Brent Saunders is ready to put the $36 billion his company will net from the sale of its generics business to Teva Pharmaceutical Industries Ltd to...
  
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• Singapore's ruling party contends with new voting majority

  27-07-2015 23:08 via news.yahoo.com
  
  By Rujun Shen SINGAPORE (Reuters) - When Singapore celebrates its 50th year of independence on Aug. 9 and its older citizens eulogize the country's economic feats, its ruling party founded by the late Lee Kuan Yew faces an unprecedented wave of young voters who may not be as nostalgic.  For the first time, citizens born after the country's independence in 1965 will likely account for the majority of voters in a general election due to take place by January 2017. As of 2014, almost 54
  
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• CANADA FX DEBT-C$ weakens as oil's losses offset greenback retreat

  27-07-2015 23:08
  (Updates throughout with details, BMO strategist's comment, closing figures and settlements) * Canadian dollar at C$1.3045, or 76.66 U.S. cents * Bond prices higher across the maturity curve By...
  
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• Plunge in Chinese shares helps send global markets lower

  27-07-2015 23:04 via news.yahoo.com
  
  NEW YORK (AP) — The worst drop in China's stock market in eight years helped drag down other markets around the world Monday.
  
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• Oil hits four-month low on China stock market dive, supply concern

  27-07-2015 22:48 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Crude oil futures hit four-month lows on Monday after a steep drop in China's stock markets sparked concern about the economic health of the world's biggest energy consumer, while evidence of a growing crude glut mounted.
  
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• Wall Street drops as China stock slump stokes growth fears

  27-07-2015 22:39 via news.yahoo.com
  
  (Reuters) - Wall Street sank on Monday, with the Nasdaq losing almost 1 percent after the steepest decline in Chinese stocks in eight years increased concerns that cooling growth in the world's No. 2 economy could hurt China's trading partners.
  
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• Chinese market dive pressures US stocks

  27-07-2015 22:35 via news.yahoo.com
  
  New York (AFP) - Wall Street equities slid Monday after a big drop in the Chinese stock market sparked worries about global economic growth.
  
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• TREASURIES-Long-term U.S. bond prices gain from China stock rout

  27-07-2015 22:22
  * Yield spread between 5-year and 30-year bonds widens slightly
  
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• US equities fall as Chinese market dive rattles markets

  27-07-2015 22:07 via news.yahoo.com
  
  New York (AFP) - Wall Street equities fell Monday after a big drop in the Chinese stock market sparked worries about global economic growth.
  
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• BlackRock dives into private deals as banks shy away

  27-07-2015 22:05
  
  (Reuters) - BlackRock Inc is on the prowl for energy and infrastructure projects in the United States, Mexico and Asia that its institutional clients can invest in, Mark McCombe, head of BlackRock's...
  
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• Wall Street ends down after selloff in Chinese stocks

  27-07-2015 22:04 via news.yahoo.com
  
  (Reuters) - Wall Street sank on Monday, with the Nasdaq down about 1 percent, after the steepest decline in Chinese stocks in eight years increased concerns that cooling growth in the world's No. 2 economy could hurt China's trading partners.
  
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• Wall Street sinks as tumbling China stocks stoke growth fears

  27-07-2015 21:49 via news.yahoo.com
  
  Wall Street sank on Monday, with the Nasdaq down 1 percent, after the steepest decline in Chinese stocks in eight years increased concerns that cooling growth in the world's No. 2 economy could hurt its key trading partners. The Dow Jones industrial average fell to its lowest since February, while the Nasdaq composite touched a four-week low and the benchmark S&P 500 hit its lowest in over two weeks. The NYSE showed 471 stocks at 52-week lows, the most in one day since Oct. 15.
  
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• Wall St sinks as tumbling China stocks stoke growth fears

  27-07-2015 21:47 via news.yahoo.com
  
  (Reuters) - Wall Street sank on Monday, with the Nasdaq down 1 percent, after the steepest decline in Chinese stocks in eight years increased concerns that cooling growth in the world's No. 2 economy could hurt its key trading partners.
  
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• Oil prices slide after Shanghai stock market dives

  27-07-2015 21:40 via news.yahoo.com
  
  US benchmark West Texas Intermediate for September delivery fell 75 cents to $47.39 a barrel on the New York Mercantile Exchange. The global benchmark, Brent North Sea crude for September, tumbled to $53.47 a barrel in London trade, down $1.15 from Friday's settlement. "Right now the market continues to look for a bottom," said Gene McGillian of Tradition Energy.
  
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• U.S. Olympic Committee kills Boston's bid for 2024 games -NYT

  27-07-2015 21:29
  WASHINGTON, July 27 (Reuters) - The U.S. Olympic Committee nixed Boston's bid to host the 2024 Summer Olympics on Monday, just hours after Mayor Martin Walsh said he would not sign a contract with...
  
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• Canadian venture capital, private equity deals surge in 2015

  27-07-2015 21:01
  TORONTO, July 27 (Reuters) - Deal-making activity in Canada's venture capital and private equity arena surged in the first half of 2015, driven by a spate of financings in the tech start-up space and...
  
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• Wall Street sinks as tumbling China equities stoke growth worry

  27-07-2015 20:49 via news.yahoo.com
  
  (Reuters) - Wall Street sank on Monday, following the steepest decline in Chinese stocks in eight years, on worries cooling growth in the world's No. 2 economy would hurt its key trading partners.
  
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• Boston drops effort to bid for 2024 Olympic Games -local media

  27-07-2015 20:45
  BOSTON, July 27 (Reuters) - Boston is withdrawing its bid to host the 2024 Olympic Games local media reported on Monday, after the proposal met intense public opposition from residents concerned...
  
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• China pledges support after shares slump 8.5 percent

  27-07-2015 20:29 via news.yahoo.com
  
  China will unleash more funds to stabilise its jittery share market, state media reported Monday after Shanghai stocks posted their biggest daily fall for more than eight years. State-backed China Securities Finance Corporation (CSFC), which has reportedly already pumped billions of yuan into mainland equities under a government plan, will continue to buy stocks, Xinhua reported. The announcement was made to dispel "rumours that the national margin trading service provider has backed off fr
  
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• Money managers holding more short positions in gold: BofA report

  27-07-2015 20:29
  
  BOSTON (Reuters) - Money managers, who have been cooling on gold for some time, last week held more short positions than long ones in the precious metal for the first time in nearly a decade, Bank of...
  
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• China stocks rout stings world equities, commodities

  27-07-2015 20:00 via news.yahoo.com
  
  The biggest rout in Chinese shares in eight years stoked concerns on Monday over slowing growth in the world's No. 2 economy, knocking down global equities and the prices of key commodities. Wall Street was down on worries over China's slowing growth, crystallized by a stunning 8.5 percent fall in shares in Shanghai that also rattled equity markets in Europe and Asia. China's top securities regulator quickly said the government would continue to buy shares to stabilize the stock m
  
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• GLOBAL MARKETS-China stocks rout stings world equities, commodities

  27-07-2015 19:59 via news.yahoo.com
  
  The biggest rout in Chinese shares in eight years stoked concerns on Monday over slowing growth in the world's No. 2 economy, knocking down global equities and the prices of key commodities. Wall Street was down on worries over China's slowing growth, crystallized by a stunning 8.5 percent fall in shares in Shanghai that also rattled equity markets in Europe and Asia. China's top securities regulator quickly said the government would continue to buy shares to stabilize the stock market as an unp
  
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• Oil prices drop on Chinese woes

  27-07-2015 19:20 via news.yahoo.com
  
  World oil prices slid on Monday to around four-month lows, hurt by poorly received economic data from China, the world's top energy consuming nation, traders said. US benchmark West Texas Intermediate (WTI) for September delivery fell 63 cents to $47.51 a barrel, pulling back from a near four-month low of $47.20 struck earlier in the day. "The strengthening of the US dollar, weak manufacturing data from China and rise in the US rig count added to the woes of a weak crude market,"
  
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• Wall Street slumps after China stocks stumble

  27-07-2015 19:19 via news.yahoo.com
  
  Wall Street began the week in the red on Monday and fell sharply on concerns about China's slowing growth in the wake of the biggest drop in Shanghai shares in eight years. China's top securities regulator, China Securities Regulatory Commission, said on Monday that Beijing would continue to buy shares to stabilize the stock market. The Dow Jones industrial average fell to its lowest level in over five months, while the Nasdaq composite was at a four-week low and the S&P 500 touche
  
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• Deflation threat returns to stalk investors and policymakers

  27-07-2015 19:14 via news.yahoo.com
  
  By Jamie McGeever LONDON (Reuters) - Fear of falling prices in a debt-laden world has returned to unnerve investors and central banks alike, as the slide on oil and commodity markets that set off a deflation scare last year has resumed with a vengeance. This summer's Shanghai stock market shock is also deepening anxiety that a cooling of the Chinese economy will lead to sharply lower global growth, while weak consumer prices are undermining assumptions that U.S. interest rates will soon ris
  
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• Chinese regulator vows share support after markets tumble 8.5 percent in a day

  27-07-2015 19:14 via news.yahoo.com
  
  By Samuel Shen and Pete Sweeney SHANGHAI (Reuters) - China said on Monday it was prepared to buy shares to stabilize the stock market and avert "systemic risks", after major indices plunged more than 8 percent in the biggest one-day fall since 2007. The securities regulator also said market authorities would deal severely with anyone engaged in the "malicious shorting of stocks", in Beijing's latest attempt to stave off a full-blown market crash. "The lesson from Ch
  
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• European stocks sink after China equities plunge

  27-07-2015 19:03 via news.yahoo.com
  
  European stock markets sank Monday as investors reacted to the biggest one-day plunge in Chinese equities in more than eight years. Markets meanwhile awaited this week's monetary policy meeting of the US Federal Reserve for a handle on its plans for interest rates. London's benchmark FTSE 100 index of major companies slid 1.13 percent to close at 6,505.13 points.
  
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• China to keep buying stocks in bid to quell market panic

  27-07-2015 18:35 via news.yahoo.com
  
  China will unleash more funds to stabilise its sharemarket, state media reported on Monday, after Shanghai stocks saw their biggest daily fall for more than eight years. State-backed China Securities Finance Corporation (CSFC) will continue to buy stocks, Xinhua reported, citing a spokesman for the China Securities Regulatory Commission Zhang Xiaojun. The move was made to dispel "rumors that the national margin trading service provider has backed off from stabilizing the stock market,"
  
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• Wall St. slumps after China stocks stumble

  27-07-2015 18:35 via news.yahoo.com
  
  China's top securities regulator, China Securities Regulatory Commission, said on Monday that Beijing would continue to buy shares to stabilize the stock market. The Dow Jones industrial average fell to its lowest level in over five months, while the Nasdaq composite was at a four-week low and the S&P 500 touched its lowest in more than two weeks. Chinese shares tumbled more than 8 percent as an unprecedented government rescue plan to prop up valuations abruptly ran out of steam, raisin
  
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• UPDATE 2-Baha Mar mega resort in Bahamas needs $400 mln for completion

  27-07-2015 18:22
  July 27 (Reuters) - A $400 million funding gap has emerged
  in the effort to finish a $3.5 billion mega-resort project in
  the Bahamas, according to a letter from the developer viewed by
  Reuters.
  
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• Brazil's biggest party sticks with unpopular Rousseff - for now

  27-07-2015 18:07 via news.yahoo.com
  
  By Anthony Boadle BRASILIA (Reuters) - Brazil's largest party is standing by deeply unpopular President Dilma Rousseff for now despite the defection of one of its own leaders, but that could change if an expected recession stirs up social unrest, party leaders say. Rousseff is struggling to save her presidency amid the worst economic downturn in 25 years and a political crisis set off by a massive kickback scandal at state-run oil company Petrobras implicating dozens of politicians from her
  
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• Chinese securities regulator says to continue to buy stocks

  27-07-2015 17:58 via news.yahoo.com
  
  (Reuters) - China's top securities regulator, China Securities Finance Corp Ltd, said on Monday it would continue to buy shares to stabilize the stock market.
  
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• U.S. business capex gauge rebound offers hope for factories

  27-07-2015 17:47 via news.yahoo.com
  
  A gauge of U.S. business investment plans rebounded solidly in June after two straight months of declines, suggesting the drag on manufacturing from capital spending cuts was starting to ebb. The signs of a slight improvement in factory activity are a boost to the economic growth outlook heading into the second half of the year and support views the Federal Reserve will raise interest rates later this year. "This could be a sign that manufacturing activity is starting to pick up again follo
  
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• Wall Street dips after China stocks tumble

  27-07-2015 17:24 via news.yahoo.com
  
  Wall Street began the week in the red on Monday and fell sharply on concerns about China's slowing growth in the wake of the biggest drop in Shanghai shares in eight years. The Dow Jones industrial average fell to its lowest level in over five months while the Nasdaq composite was at a four-week low and the S&P 500 touched its lowest in more than two weeks. Commodity prices resumed their downward spiral with the broader Thomson Reuters CRB commodities index hitting its lowest in six yea
  
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• Wall St. dips after China stocks tumble

  27-07-2015 17:20 via news.yahoo.com
  
  The Dow Jones industrial average fell to its lowest level in over five months while the Nasdaq composite was at a four-week low and the S&P 500 touched its lowest in more than two weeks. Commodity prices resumed their downward spiral with the broader Thomson Reuters CRB commodities index hitting its lowest in six years and oil prices hitting a four-month low. Traders and investors said the rout was rooted in broader concerns over global growth midway through the corporate results season and
  
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• China equity rout hurts world stocks, commodities

  27-07-2015 17:10 via news.yahoo.com
  
  By Michael Connor NEW YORK (Reuters) - The biggest rout in Chinese shares in eight years stoked concerns on Monday over the worldwide impact of slowing growth in the world's No. 2 economy, knocking down global equities and the prices of key commodities. The dollar was weak ahead of the week's main set piece - Wednesday's Federal Reserve policy decision and statement - with a better-than-expected survey of German business sentiment prodding the euro above $1.11 for the first time i
  
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• GLOBAL MARKETS-China equity rout hurts world stocks, commodities

  27-07-2015 17:08 via news.yahoo.com
  
  The biggest rout in Chinese shares in eight years stoked concerns on Monday over the worldwide impact of slowing growth in the world's No. 2 economy, knocking down global equities and the prices of key commodities. The dollar was weak ahead of the week's main set piece - Wednesday's Federal Reserve policy decision and statement - with a better-than-expected survey of German business sentiment prodding the euro above $1.11 for the first time in two weeks. Wall Street opened lower on worries over
  
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• Bad loans could sink Cyprus recovery: lenders

  27-07-2015 17:03 via news.yahoo.com
  
  Cyprus is making progress on its bailout reform commitments but bad bank loans could derail a fledgling recovery, international lenders said on Monday. "The authorities’ commitment to the programme is bearing results in several areas, with the economic recovery starting in early 2015," the European Commission, European Central Bank and International Monetary Fund said in a joint statement. Following a review of the EU member’s economy by the "troika" of international lend
  
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• Cost to complete Baha Mar mega-resort has risen to $400 mln

  27-07-2015 16:58
  July 27 (Reuters) - The cost of completing the stalled $3.5
  billion Baha Mar mega-resort in the Bahamas has risen to $400
  million, according to a letter from the project's developer.
  
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• MIDEAST STOCKS-Oil, earnings and global equities weigh on Gulf

  27-07-2015 16:10 via news.yahoo.com
  
  * Oil price drop hurts Saudi petrochemicals * SABIC tumbles after rally on Q2 results runs out of steam * Other Gulf markets close before oil's sharp decline * Firm banks limit Dubai's losses * Fresh IPO announcement in Egypt adds to pressure there By Olzhas Auyezov DUBAI, July 27 (Reuters) - Middle East stock markets extended losses on Monday because of mostly disappointing earnings announcements, a fresh drop in oil prices, and a decline in global equities following a fresh rout in China. ...
  
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• Afraid to spend? Why it's okay to enjoy your money

  27-07-2015 16:07
  
  NEW YORK (Reuters) - When Stan Calow was growing up, frugality was a way of life: "You spend as little as you need to, and then save everything else." So, the 58-year-old engineer and U.S. Army...
  
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• Wall Street falls as Chinese shares, commodities slide

  27-07-2015 16:06 via news.yahoo.com
  
  The Dow Jones industrial average fell to its lowest level in over five months while the Nasdaq composite was at a four-week low and the S&P 500 touched its lowest in more than two weeks. Commodity prices resumed their downward spiral with the broader Thomson Reuters CRB commodities index hitting its lowest in six years and oil prices hitting a four-month low. The S&P 500 and Nasdaq posted their largest weekly drops since March on Friday as slowing global growth dragged commodity-related
  
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• Start college kids with bank accounts, not credit cards

  27-07-2015 16:06
  
  LOS ANGELES (Reuters) - If you want your college student to learn money management skills, get him or her a checkbook instead of a credit card.
  
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• European stock markets slump on China plunge

  27-07-2015 15:58 via news.yahoo.com
  
  European stock markets sank on Monday as investors reacted to the biggest one-day plunge in Chinese equities in more than eight years. Markets meanwhile awaited this week's US Federal Reserve's monetary policy meeting for a handle on its plans for interest rates. London's benchmark FTSE 100 index of major companies slid 0.75 percent to stand at 6,530.39 points in afternoon trading.
  
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• Creditors: Cyprus on road to recovery, reforms essential

  27-07-2015 15:57 via news.yahoo.com
  
  ATHENS, Greece (AP) — Cyprus' creditors say the bailed-out country is on the path to economic recovery after years of recession but that it needs to follow through on structural reforms to lock in progress made and keep growth on an upward trajectory.
  
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• Puerto Rico tourism industry lags rivals, offers little relief from debt crisis

  27-07-2015 15:53 via news.yahoo.com
  
  Puerto Rico may sport palm trees, pristine beaches and glorious weather but its tourism industry is losing out to rival Caribbean islands - and that is holding the U.S. territory back at a time when its deeply troubled economy most needs a fillip. Hoteliers blame a variety of issues for Puerto Rico lagging in both the growth of visitors and hotel rooms: mandatory staff perks, high construction and electricity costs, as well as plenty of red tape. Rick Newman, who owns and operates the Verdanza H
  
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• Planet Fitness expected to be valued at about $1.58 billion in IPO

  27-07-2015 15:52
  (Reuters) - Planet Fitness Inc, known for its "judgment free zone" fitness centers and low prices, is expected to be valued at nearly $1.58 billion in its initial public offering.
  
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• Beacon to buy Roofing Supply, expands in key housing markets

  27-07-2015 15:51
  (Reuters) - Beacon Roofing Supply Incwill buy roofing products distributor Roofing Supply Group in a deal valued at about $1.1 billion, to expand in key housing markets of California, Florida and...
  
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