Finance news

• Chicago loses bid to keep pension reform alive pending appeal

  29-07-2015 23:53
  CHICAGO, July 29 (Reuters) - A judge on Wednesday denied Chicago's request to keep a pension reform law in effect while the city appeals a court ruling that voided the law on constitutional...
  
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• House approves three-month fix to keep highway funds flowing

  29-07-2015 23:52 via news.yahoo.com
  
  U.S. lawmakers on Wednesday approved a $12 billion bill to keep road and highway construction limping into the autumn, while giving themselves breathing space to hammer out a more serious solution for America's crumbling infrastructure. The Republican-controlled House of Representatives voted 385-34 on legislation to extend highway and mass transit funding through Oct. 29, a short-term fix expected to win prompt approval in the Senate, where lawmakers were expected to vote on passage of a b
  
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• Twitter Gets Crushed: Can the Company Still Be Saved?

  29-07-2015 23:15 via news.yahoo.com
  
  Twitter stock got crushed Wednesday, plummeting nearly 15 percent after the company offered up a dour outlook as it reported otherwise solid second quarter earnings late Tuesday. Twitter’s earnings of 7 cents a share topped analysts’ projections of 4 cents, and revenue climbed 61 percent to $502.4 million, also ahead of Wall Street’s expectations. “This is unacceptable and we’re not happy about it,” Twitter Cofounder and Interim CEO Jack Dorsey said on a call with analysts.
  
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• CANADA FX DEBT-C$ dips on lack of clarity on Fed rate move

  29-07-2015 23:12
  (Updates throughout with Fed statement, closing figures, analyst's comments) * Canadian dollar at C$1.2944 or 77.26 U.S. cents * Bond prices mixed across the maturity curve By Solarina Ho TORONTO,...
  
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• Canadian mortgage lender Home Capital's profit falls 2 pct

  29-07-2015 23:11
  July 29 (Reuters) - Canadian mortgage lender Home Capital Group reported a 2 percent fall in quarterly profit, hurt by a fall in mortgage originations.
  
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• Illinois, public labor union extend no-strike agreement

  29-07-2015 22:56
  CHICAGO, July 29 (Reuters) - The state of Illinois and its biggest labor union on Wednesday extended for two-months an agreement preventing strikes or lockouts while contract negotiations continue.
  
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• Global stocks, dollar gain as Fed sees improving economy

  29-07-2015 22:40 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Global equity markets rose on Wednesday, lifted by strong U.S. and European corporate earnings and a Federal Reserve statement that said the U.S. economy continues to strengthen, adding to expectations an interest rate hike is getting closer. Fed officials said they felt the U.S. economy had overcome a first-quarter slowdown and was "expanding moderately" despite a downturn in the energy sector and headwinds from overseas. The Fed left its key inter
  
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• GLOBAL MARKETS-Stocks, dollar gain as Fed sees improving economy

  29-07-2015 22:38
  * Dollar gains; September rate hike still possible (Adds close of U.S. market)
  
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• Wall Street ends higher after Fed leaves investors unruffled

  29-07-2015 22:37 via news.yahoo.com
  
  U.S. interest rates have remained near zero for almost a decade and the Fed has said it will raise rates once it sees a sustained recovery in the economy. "The statement tried to just give an update on the state of the economy, which is showing some modest improvement," said Guy Haselmann, head of U.S. interest rate strategy at Scotiabank in New York. The S&P 500 gained 0.73 percent to 2,108.57 and the Nasdaq Composite added 0.44 percent to finish at 5,111.73.
  
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• More U.S. millennials living with kin despite jobs rebound

  29-07-2015 22:34
  
  WASHINGTON (Reuters) - U.S. millennials are more likely to be living with relatives now than before the Great Recession as the job market fails to rebound fully, the Pew Research Center reported on...
  
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• Facebook stock slides even as 2Q results soar

  29-07-2015 22:33 via news.yahoo.com
  
  NEW YORK (AP) — Facebook's second-quarter revenue barely squeaked past Wall Street's outsized expectations, sending its high-flying stock down in after-hours trading.
  
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• Bounce in AMD's stock may put pressure on short sellers

  29-07-2015 22:27
  
  SAN FRANCISCO (Reuters) - A two-day rally in the lowly shares of Advanced Micro Devices Inc may be squeezing short sellers, who recently increased their bets against the chipmaker.
  
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• Boeing may move work abroad with Ex-Im future uncertain: chairman

  29-07-2015 22:25 via news.yahoo.com
  
  By Andrea Shalal WASHINGTON (Reuters) - Boeing Co Chairman Jim McNerney on Wednesday said the aircraft maker was actively considering moving "key pieces" of its operations to other countries given the uncertainty of the future of the Export-Import Bank, whose charter expired on June 30. "We are now forced to think about this differently," McNerney told hundreds of executives during an interview hosted by the Economic Club of Washington, noting that Boeing is looking at countr
  
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• Fed says economy improving; September rate hike in view

  29-07-2015 22:21 via news.yahoo.com
  
  The U.S. economy and job market continue to strengthen, the Federal Reserve said on Wednesday, leaving the door open for a possible interest rate hike when central bank policymakers next meet in September. "On balance, a range of labor market indicators suggest that underutilization of labor resources has diminished since early this year," the Fed said in a policy statement that kept rates unchanged. The Fed also said it now only needs to see "some" more improvement in the la
  
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• WRAPUP 3-Fed says economy improving; September rate hike in view

  29-07-2015 22:15
  WASHINGTON, July 29 (Reuters) - The U.S. economy and job market continue to strengthen, the Federal Reserve said on Wednesday, leaving the door open for a possible interest rate hike when central...
  
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• Celgene says patent-fighting hedge fund manager wants to short its shares

  29-07-2015 22:15
  
  NEW YORK (Reuters) - Celgene Corp, one of the world's largest biotechnology companies, has accused U.S. hedge fund manager Kyle Bass of attempting to profit from his attempts to wipe out several...
  
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• Wall Street closes higher after Fed leaves rates unchanged

  29-07-2015 22:08 via news.yahoo.com
  
  (Reuters) - U.S. stocks finished higher on Wednesday after the U.S. Federal Reserve left its key interest rate unchanged and said the economy and job market continued to strengthen.
  
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• UPDATE 1-Brazil's Levy battles for influence as anti-austerity sentiment grows

  29-07-2015 22:06
  BRASILIA, July 29 (Reuters) - Finance Minister Joaquim Levy's role as Brazil's dominant economic policymaker is slipping as he tries to push through unpopular austerity measures aimed at saving the...
  
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• LATAM WRAP-Telesites in spotlight as LatAm credits firm

  29-07-2015 21:56
  NEW YORK, July 29 (IFR) - A peso bond from Mexico's Telesites had the market's full attention on Wednesday, injecting some life into the region's moribund primary markets.
  
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• Oil rallies on surprise fall in US crude inventories

  29-07-2015 21:56 via news.yahoo.com
  
  Oil prices rallied Wednesday as an unexpected weekly fall in US crude oil inventories somewhat eased worries about demand in the world's largest economy. US benchmark West Texas Intermediate (WTI) for delivery in September rose 81 cents to $48.79 a barrel on the New York Mercantile Exchange. The US Department of Energy said Wednesday that American commercial crude inventories tumbled 4.2 million barrels in the week to July 24, to 459.7 million, still close to unprecedented levels.
  
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• UPDATE 1-Janus' Gross says fund benefited from High Yield CDX short - CNBC

  29-07-2015 21:53
  NEW YORK, July 29 (Reuters) - Bill Gross of Janus Capital Group Inc said on Wednesday that shorting the High Yield CDX index has benefited his Janus Global Unconstrained Bond Fund in the past few...
  
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• New Jersey legislator seeks federal loans to bail out state pensions

  29-07-2015 21:50
  July 29 (Reuters) - A top New Jersey Democrat wants the federal government to create a low-interest loan program to rescue states with big public pension problems.
  
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• Accused Russian spy loses bid to have U.S. charges dismissed

  29-07-2015 21:49 via news.yahoo.com
  
  A Russian citizen accused by U.S. authorities of posing as a banker in New York in order to spy for his government lost a bid to have the case against him dismissed on Wednesday. U.S. District Judge Richard Berman in Manhattan rejected Evgeny Buryakov's request to have the charges thrown out, saying the government's allegations were adequate to support the indictment. Buryakov and two other Russians were charged in February with conspiring to gather economic information on behalf of Russia’s f
  
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• Telecom Italia inks content deal with Netflix

  29-07-2015 21:46 via news.yahoo.com
  
  Telecom Italia will offer TV series and movies from Netflix to its clients after a deal the Italian phone group said would help spur demand for faster Internet in the euro zone's No. 3 economy. Telecom Italia is boosting investments to build modern fiber optic networks and sealing deals with content providers, part of a search for new sources of income as its traditional phone services lose appeal amid rising online competition. TV clients equipped with a set-top box provided by Telecom Ita
  
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• TRLPC: Commodity loans weighed by Chinese stock market, impending US rate hike

  29-07-2015 21:36
  NEW YORK, July 29 (Reuters) - Slumping commodity prices are hitting the secondary loan prices of iron ore, oil services and coal companies as China's stock market volatility raises fears that demand...
  
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• Global stocks, dollar climb as Fed sees improving economy

  29-07-2015 21:29 via news.yahoo.com
  
  NEW YORK (Reuters) - Global equity markets rose on Wednesday, lifted by strong U.S. and European corporate earnings and a Federal Reserve statement that said the U.S. economy continues to strengthen, adding to expectations that an interest rate hike is getting closer.
  
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• GLOBAL MARKETS-Stocks, dollar climb as Fed sees improving economy

  29-07-2015 21:28
  * Dollar gains; September rate hike still possible (Adds oil settlement prices, adds reaction to Fed statement, updates prices)
  
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• UPDATE 2-S&P rates Detroit 'B,' assigns 'A' rating to income tax bonds

  29-07-2015 21:23
  July 29 (Reuters) - Detroit won an investment-grade rating of A from Standard & Poor's on Wednesday for an upcoming sale of bonds backed by income tax revenue, but the post-bankruptcy city's...
  
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• TREASURIES-Prices stay lower after Fed says U.S. economy improving

  29-07-2015 21:08
  NEW YORK, July 29 (Reuters) - U.S. Treasury prices, which had already lost ground on Wednesday, had little reaction to the Federal Reserve's assessment of an improving U.S. labor market as it kept...
  
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• Hillary Clinton to call for lifting Cuban embargo

  29-07-2015 21:05 via news.yahoo.com
  
  (Reuters) - Democratic presidential candidate Hillary Clinton this week will call on U.S. lawmakers to lift the long-standing economic embargo against Cuba, her campaign announced on Wednesday. The former U.S. secretary of state will say on Friday during an appearance at Florida International University in Miami that "Republican arguments against increased engagement are part of failed policies of the past," her campaign said. President Barack Obama's administration has formally r
  
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• Boeing may move work abroad with Exp-Im future uncertain: chairman

  29-07-2015 21:04 via news.yahoo.com
  
  By Andrea Shalal WASHINGTON (Reuters) - Boeing Co Chairman Jim McNerney said on Wednesday the aircraft maker was actively considering moving "key pieces" of its operations to other countries given the uncertainty about the future of the Export-Import Bank, whose charter expired on June 30. "We are now forced to think about this differently," McNerney said in an interview hosted by the Economic Club of Washington, noting that Boeing is looking at countries that offer export cr
  
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• SEC's Hawke, head of market abuse unit, to depart agency

  29-07-2015 21:03
  
  WASHINGTON (Reuters) - Daniel Hawke, a 16-year veteran at the Securities and Exchange Commission who helped lead major high-profile enforcement cases against stock exchanges and brokerages, is...
  
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• Janus' Gross says fund benefited from High Yield CDX short -CNBC

  29-07-2015 21:02
  NEW YORK, July 29 (Reuters) - Bill Gross of Janus Capital Group Inc said on Wednesday that shorting the High Yield CDX index has benefited his Janus Global Unconstrained Bond Fund in the past few...
  
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• U.S. stocks higher after Fed notes improving economy

  29-07-2015 21:00 via news.yahoo.com
  
  The central bank's comments on the economy and inflation after its two-day pow-wow appeared to do little to drastically change wide expectations that the first rate hike will come in September or possibly December. U.S. interest rates have remained near zero for almost a decade and the Fed has said it will raise rates once it sees a sustained recovery in the economy. "No change as expected, markets appear comfortable with that, it certainly is not a surprise,” Peter Kenny, chief mark
  
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• Wall Street ponders whether to fly the coop on Twitter

  29-07-2015 20:48 via news.yahoo.com
  
  Experts debate what's next after the struggling social network warns investors it does not plan to see any substantial user growth.
  
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• Goldman Sachs reiterates outlook gold could fall to $1,050 - CNBC

  29-07-2015 20:42 via news.yahoo.com
  
  (Reuters) - Gold prices are at risk of falling to as low as $1,050 per ounce, Goldman Sachs global head of commodities research Jeffrey Currie said in an interview with CNBC on Wednesday, reinforcing the bearish outlook for bullion after last week's rout. Earlier this month, the influential Wall Street bank pegged gold price forecasts at $1,180 per ounce in three months, $1,150 per ounce in six months and $1,050 per ounce in 12 months. Spot gold was at $1,095.10 an ounce by 1320 GMT on Wedn
  
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• Fed holds steady on rates, seeks further economic gains

  29-07-2015 20:32 via news.yahoo.com
  
  WASHINGTON (AP) — The Federal Reserve appears on track to raise interest rates later this year but signaled Wednesday that it wants to see further economic gains and higher inflation before doing so.
  
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• U.S. stocks stay higher after Fed leaves rates unchanged

  29-07-2015 20:23 via news.yahoo.com
  
  Investors have been focused on the outcome of the Fed's two-day policy meeting with many investors divided over whether to expect a rate hike in September or December. U.S. interest rates have remained near zero for almost a decade and the Fed has said it will raise rates once it sees a sustained recovery in the economy. "No change as expected, markets appear comfortable with that, it certainly is not a surprise,” Peter Kenny, chief market strategist at Clearpool Group in New York, s
  
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• Federal Reserve holds key US rate unchanged

  29-07-2015 20:22 via news.yahoo.com
  
  The Federal Reserve kept its benchmark federal funds interest rate unchanged at near zero percent as expected Wednesday, providing no fresh hints on when a long-awaited rate rise might come. The Federal Open Market Committee said the US economy has expanded "moderately" in recent months and the jobs market has strengthened, but noted continued "soft" business investment and exports.
  
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• Fed sees improving economy, jobs; September hike in view but not set

  29-07-2015 20:19 via news.yahoo.com
  
  The U.S. economy and job market continue to strengthen, the Federal Reserve said on Wednesday, leaving the door open for a possible interest rate hike when central bank policymakers next meet in September. "On balance, a range of labor market indicators suggest that underutilization of labor resources has diminished since early this year," the Fed said in a policy statement that kept rates unchanged. The statement may strengthen expectations of a rate hike at the Fed's September m
  
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• US money market assets decreased in latest week: iMoneyNet

  29-07-2015 20:15
  NEW YORK, July 29 (Reuters) - U.S. money market fund assets decreased by $7.40 billion to $2.668 trillion in the week ended July 28, the Money Fund Report said on Wednesday.
  
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• Fed sees improving economy, job market; September rate hike in view

  29-07-2015 20:03 via news.yahoo.com
  
  By Howard Schneider and Michael Flaherty WASHINGTON, July 29 (Reuters) - The U.S. economy and job market continue to strengthen, the Federal Reserve said on Wednesday, leaving the door open for a possible interest rate hike when central bank policymakers next meet in September. "On balance, a range of labor market indicators suggest that underutilization of labor resources has diminished since early this year," the Fed said in a policy statement that kept rates unchanged.
  
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• S&P rates Detroit 'B,' assigns 'A' rating to income tax bonds

  29-07-2015 19:53
  July 29 (Reuters) - Standard & Poor's Ratings Services on Wednesday assigned Detroit an underlying junk rating of B, but gave the city's upcoming sale of bonds backed by income tax revenue an...
  
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• U.S. Fed expected to push ahead with rate hike plan

  29-07-2015 19:26 via news.yahoo.com
  
  By Howard Schneider WASHINGTON (Reuters) - The Federal Reserve is expected on Wednesday to point to a growing U.S. economy and stronger job market as it sets the stage for a possible interest rate hike in September. The U.S. central bank is scheduled to issue its latest policy statement at 2 p.m. EDT (1800 GMT) following a two-day meeting, spelling out how policymakers feel the economy has progressed since they last met in June. Earlier this year the Fed embraced a meeting-by-meeting approach on
  
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• Boeing says considering moving work overseas due to Ex-Im saga

  29-07-2015 19:19 via news.yahoo.com
  Boeing Co Chairman Jim McNerney said on Wednesday the company was actively considering moving "key pieces" of the company to other countries given the ongoing debate in the U.S. Congress over the future of the Export-Import Bank. "We are now forced to think about this differently," McNerney said in an interview hosted by the Economic Club of Washington, adding that Boeing may move some operations to countries that did offer export credits. McNerney, who retired as Boeing'
  
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• U.S. stocks rise amid earnings; Fed meeting in focus

  29-07-2015 19:00 via news.yahoo.com
  
  Investors are focused on the outcome of the Fed's two-day policy meeting with markets divided on whether it will take a hawkish or dovish stance. In a recent congressional testimony, Fed Chair Janet Yellen neither ruled out a September interest rate hike nor guided the market toward thinking it was a done deal. U.S. interest rates have remained near zero for almost a decade and the Fed has said it will raise rates once it sees a sustained recovery in the economy.
  
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• Latin American economic growth just 0.5 % this year: UN

  29-07-2015 18:40 via news.yahoo.com
  
  The economy of Latin America and the Caribbean will grow just 0.5 percent this year, half the previous forecast and the lowest level in six years, the United Nations said Wednesday. This is due mainly to major economic contractions expected in Brazil and Venezuela, said the Economic Commission for Latin America and the Caribbean, a UN agency based in Chile. An external factor fueling the stagnation in Latin America and the Caribbean is slow world economic growth in 2015, in particular in China a
  
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• European stocks close higher amid strong earnings

  29-07-2015 18:38 via news.yahoo.com
  
  Europe's main stock markets closed higher Wednesday, as traders reacted to a batch of strong company earnings updates ahead of the Federal Reserve's latest policy statement. The CAC 40 in Paris finished 0.81 percent higher at 5,017.44 points, while Frankfurt's DAX 30 gained 0.34 percent to close at 11,211.85. Trading was lifted by positive corporate results across Europe, including encouraging numbers from pharmaceutical giant GlaxoSmithKline, Barclays bank and French companies Pe
  
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• Oil market rebounds on US energy report

  29-07-2015 18:36 via news.yahoo.com
  
  Oil prices rebounded Wednesday as investors digested signs of stronger-than-expected US crude demand in the world's top consuming nation, before the latest Federal Reserve interest rate decision. US benchmark West Texas Intermediate for delivery in September jumped $1.21 to $49.19 a barrel compared with Tuesday's close. Brent North Sea crude for September won 61 cents to stand at $53.91 a barrel in London late afternoon deals, having dived on Tuesday to $52.25 -- the lowest since Febru
  
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• European stock markets advance on bumper earnings

  29-07-2015 18:32 via news.yahoo.com
  
  European shares rose on Wednesday, lifted by strong corporate results and bid activity, including HeidelbergCement's move to take control of Italcementi. The pan-European FTSEurofirst 300 index closed ...
  
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