Finance news

• Bank of America tells advisers to exit Paulson hedge fund: memo

  05-08-2015 23:44
  BOSTON (Reuters) - Bank of America Merrill Lynch is telling its financial advisers to pull clients' money from billionaire hedge fund manager John Paulson's Advantage fund and said they are not...
  
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• U.S. judge hands SEC setback over in-house judges

  05-08-2015 23:32
  (Reuters) - A federal judge ordered the U.S. Securities and Exchange Commission to stop pursuing an enforcement action accusing a large Atlanta investment manager of defrauding public pension funds...
  
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• Ex-Wilmington Trust president, three others are indicted over loans

  05-08-2015 23:28
  (Reuters) - U.S. prosecutors on Wednesday unveiled criminal charges accusing four former Wilmington Trust Co executives with concealing from regulators the amount of troubled loans still on the...
  
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• The vanishing public company

  05-08-2015 22:41
  (Reuters) - The number of publicly traded U.S. firms is now lower than at any time during the past 40 years and small investors, if not the economy as a whole, may pay the price.
  
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• Tech leads Nasdaq, S&P 500; Disney sparks media selloff

  05-08-2015 22:39 via news.yahoo.com
  
  The S&P 500 and Nasdaq Composite rose on Wednesday following three days of losses as tech shares advanced, while the blue-chip Dow index ticked lower, weighed by Disney's largest daily drop in almost seven years. Gains in major tech companies Google and Facebook led the advance on the Nasdaq. The S&P 500 tech sector gained 1 percent, its best daily performance in three weeks.
  
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• US stocks eke out gains following solid earnings news

  05-08-2015 22:35 via news.yahoo.com
  
  NEW YORK (AP) — The latest batch of corporate results helped nudge the stock market to a slight gain Wednesday, snapping a three-day slump. Another drop in oil prices held indexes back.
  
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• GoDaddy forecasts current-quarter revenue below estimates, shares fall

  05-08-2015 22:25 via news.yahoo.com
  
  (Reuters) - Web-hosting company GoDaddy Inc forecast current-quarter revenue slightly below Wall Street estimates, sending its shares down 11 percent in after-market trading. ...
  
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• Who are the stock market heavyweights?

  05-08-2015 22:21 via news.yahoo.com
  
  NEW YORK (AP) — At $660 billion, Apple is the stock market's heavyweight.
  
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• S&P 500, Nasdaq gain as Disney weighs on Dow

  05-08-2015 22:11 via news.yahoo.com
  
  New York (AFP) - US stocks finished mostly higher Wednesday following mixed economic data, but a disappointing earnings report from Disney weighed on the Dow.
  
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• Nasdaq, S&P 500 up on tech; Disney leads media selloff

  05-08-2015 22:08 via news.yahoo.com
  
  NEW YORK (Reuters) - The S&P 500 and Nasdaq Composite rose on Wednesday following three days of losses as tech shares advanced, while the blue-chip Dow index ended flat, weighed by Disney's largest daily drop in almost seven years. The Dow Jones industrial average fell 10.02 points, or 0.06 percent, to 17,540.67, the S&P 500 gained 6.56 points, or 0.31 percent, to 2,099.88 and the Nasdaq Composite added 34.40 points, or 0.67 percent, to 5,139.95. (Reporting by Rodrigo Campos; Editin
  
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• Final Madoff defendant sentenced to six months in prison

  05-08-2015 21:49 via news.yahoo.com
  
  By Joseph Ax NEW YORK (Reuters) - Irwin Lipkin, one of Bernard Madoff's longest-serving employees, was sentenced to six months in prison on Wednesday for falsifying records that helped the imprisoned fraudster carry out his multibillion-dollar Ponzi scheme. The sentencing before U.S. District Judge Laura Taylor Swain in Manhattan marked the end of the criminal prosecutions stemming from the fraud, more than six years after Madoff's arrest sent shockwaves through Wall Street. Madoff, al
  
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• Loeb asks for board seats at Baxter, discloses new stake

  05-08-2015 21:42
  BOSTON (Reuters) - Billionaire investor Daniel Loeb on Wednesday asked for two board seats at Baxter International after publicly unveiling the roughly $2 billion stake his hedge fund, Third Point,...
  
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• Global macro hedge funds rebound in July, some stock funds fall

  05-08-2015 21:07
  BOSTON/LONDON (Reuters) - Big hedge funds that bet on currencies and interest rates had their best July in years, according to figures obtained by Reuters, while the performance of stock-picking...
  
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• U.S. official says Ukraine's debts unsustainable, urges restructuring

  05-08-2015 20:33
  WASHINGTON, Aug 5 (Reuters) - The United States on Wednesday
  raised pressure on Ukraine's creditors to strike a deal to
  restructure the government's debts, with a top U.S. official
  saying Ukraine's...
  
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• U.S. SEC debates waivers for rule violators in swap dealing

  05-08-2015 20:12
  
  WASHINGTON (Reuters) - The debate over granting waivers to people with a history of regulatory violations heated up on Wednesday, when U.S. securities regulators proposed a process that would permit...
  
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• Headhunters woo low-cost Venezuela talent amid crisis

  05-08-2015 19:57 via news.yahoo.com
  
  By Girish Gupta CARACAS (Reuters) - Headhunters across Latin America are tapping Venezuela for low-cost professionals as a deepening economic crisis has left many skilled workers earning less money than taxi drivers and waiters. Highly-trained Venezuelans are seeking to escape a decaying socialist economy in which they often have to work second jobs and spend hours in line to buy basic goods such as milk or diapers.     The crisis has created a fertile market for global search firms including
  
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• US stocks mostly rise following solid earnings news

  05-08-2015 19:47 via news.yahoo.com
  
  NEW YORK (AP) — The U.S. stock market crept slightly higher Wednesday as investors sifted through the latest round of corporate results. Strong earnings from First Solar and Priceline sent their shares higher, while Disney slumped. Oil prices fell, dragging energy stocks lower.
  
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• U.S. dollar, stocks up on strong service sector report

  05-08-2015 19:30 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - The U.S. dollar rose against major currencies on Wednesday after data showed the pace of growth in the U.S. service sector surged in July to its best level in a decade, lifting most stocks on Wall Street while solid corporate earnings pushed equities higher in Europe. Led by sharp increases in business activity, employment and new orders, the U.S. Institute for Supply Management's services sector index rose to 60.3, its highest reading since August 2005,
  
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• Nasdaq, S&P 500 higher; Dow dragged down by Walt Disney

  05-08-2015 19:10 via news.yahoo.com
  
  The S&P 500 and the Nasdaq composite were higher on Wednesday as weak private sector hiring tempered expectations of a September interest rate hike, while the Dow Jones industrial average was weighed down by Walt Disney. Walt Disney's shares fell as much as 10 percent to $109.50, after the company cut profit forecast for its cable networks unit, spooking the entire industry. "I don't think the Fed is ready to raise rates and is looking for reasons to not raise," Stansberr
  
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• US STOCKS-Nasdaq, S&P 500 higher; Dow dragged down by Walt Disney

  05-08-2015 19:09 via news.yahoo.com
  
  The S&P 500 and the Nasdaq composite were higher on Wednesday as weak private sector hiring tempered expectations of a September interest rate hike, while the Dow Jones industrial average was weighed down by Walt Disney. Walt Disney's shares fell as much as 10 percent to $109.50, after the company cut profit forecast for its cable networks unit, spooking the entire industry.
  
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• Europe close: Stocks edge higher on strong earnings

  05-08-2015 19:02 via news.yahoo.com
  
  (ShareCast News) - European equity markets rose on Wednesday as investors cheered a raft of solid corporate results.
  
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• Adidas buys fitness app maker Runtastic

  05-08-2015 18:34
  
  FRANKFURT (Reuters) - Adidashas bought Runtastic from Axel Springerand the company's founders in a deal valuing the mobile fitness app maker at 220 million euros ($239 million), it said on...
  
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• Robust U.S. services sector keeps Fed rate hike in play

  05-08-2015 18:29 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. private job growth slowed in July, but a surge in services industry activity to a near-decade high suggested solid economic momentum that strengthens the case for a Federal Reserve interest rate hike this year. The firm domestic fundamentals were underscored by another report on Wednesday showing an increase in imports of food, automobiles, industrial supplies and consumer goods in June. "This will be interpreted as very good news for the Fed an
  
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• Britain's FTSE 100 buoyed by robust corporate earnings

  05-08-2015 18:03 via news.yahoo.com
  
  Britain's top share index rose on Wednesday, boosted by better than expected results from Legal & General and London Stock Exchange, and by a rebound in the mining sector. The FTSE 100 closed up 1 percent ...
  
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• Fiat Chrysler US earnings fall 3 pct. on recall penalties

  05-08-2015 17:48 via news.yahoo.com
  
  DETROIT (AP) — Net income at Fiat Chrysler's U.S. operations fell 3 percent last quarter due largely to a $90 million charge to pay government penalties for mishandling recalls.
  
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• Dollar, stocks up on strong U.S. service sector report

  05-08-2015 17:35 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - The dollar rose on Wednesday after data showed the pace of growth in the U.S. service sector surged in July to its best level in a decade, helping lift stocks on Wall Street while solid corporate earnings pushed equities higher in Europe. Led by sharp increases in business activity, employment and new orders, the Institute for Supply Management's services sector index rose to 60.3, its highest reading since August 2005, beating expectations of 56.2. The
  
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• US stocks rise following solid earnings news

  05-08-2015 17:30 via news.yahoo.com
  
  NEW YORK (AP) — The U.S. stock market is rising in midday trading, shaking off a three-day slump, as the latest round of corporate results brought several positive surprises. Strong earnings from First Solar and Priceline sent their shares higher.
  
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• Egypt opens Suez Canal expansion to high hopes and some doubts

  05-08-2015 17:27 via news.yahoo.com
  
  By Eric Knecht CAIRO (Reuters) - Egypt will open an expansion to the Suez Canal to great fanfare on Thursday, the centrepiece of President Abdel Fattah al-Sisi's plans to revitalise the country's economy. The expansion was announced by Sisi a year ago and billed as a major national accomplishment on a par with President Gamal Abdel Nasser's nationalisation of the Suez Canal in 1956 and the building of the Aswan Dam. The Suez Canal Authority expects a windfall of additional revenue
  
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• Wall St. higher as data eases September rate hike worries

  05-08-2015 17:22 via news.yahoo.com
  
  Wall Street was sharply higher on Wednesday, after three straight days of declines, as weak private sector hiring tempered expectations of a September interest rate hike. "I don't think the Fed is ready to raise rates and is looking for reasons to not raise," Stansberry trading analyst Jeff Clark said. "The data supports the idea that the economy isn't overheating and so there isn't an overwhelmingly compelling reason for the Fed to raise rates in September." I
  
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• Brazil bankruptcy protection requests hit record as economy slumps

  05-08-2015 17:21
  SAO PAULO, Aug 5 (Reuters) - Brazilian companies this year
  have filed the largest number of bankruptcy protection requests
  on record, credit research firm Serasa Experian said on
  Wednesday, the...
  
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• Exclusive: Scaffolding supplier Safway taps Goldman for sale - sources

  05-08-2015 16:59
  (Reuters) - Safway Group Holding LLC has hired investment bank Goldman Sachs Group Incto explore a sale that could value the U.S. scaffolding equipment provider at as much as $1.5 billion,...
  
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• S.Africa's struggling Evraz could pull through - rescue team

  05-08-2015 16:54
  JOHANNESBURG, Aug 5 (Reuters) - Evraz Highveld Steel and
  Vanadium has a "reasonable prospect" of recovering
  despite closing operations and possibly cutting jobs, the South
  African steelmaker's...
  
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• Amplify Snack Brands shares fail to pop in debut

  05-08-2015 16:38
  (Reuters) - Shares of Amplify Snack Brands Incfell as much as 8 percent in their debut, valuing the maker of SkinnyPop popcorn and Paqui tortilla chips at $1.24 billion.
  
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• Kenya's central bank keeps benchmark lending rate at 11.50 pct

  05-08-2015 16:34 via news.yahoo.com
  
  Kenya's central bank left its benchmark lending rate unchanged at 11.50 percent on Wednesday, saying recent tightening had not taken full effect. The median forecast from a Reuters poll of 11 analysts suggested the central bank would lift interest rates by 50 basis points to 12 percent to support shilling. "The Committee concluded that the measures taken in the previous meetings were yet to be fully transmitted to the economy," the bank's Monetary Policy Committee said in a s
  
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• Wall Street rises as private jobs data eases rate hike worries

  05-08-2015 16:30 via news.yahoo.com
  
  Wall Street opened higher on Wednesday after data showed private sector hiring slowed sharply in July, indicating a loss of momentum in the economy at the start of the third quarter and tempering expectations of a September interest rate hike. "It seems the Fed remains entrenched in its wait-and-see mode." In other economic data, trade deficit widened in June as solid domestic demand in the second quarter and a strong dollar sucked in imports of food and automobiles. Some economists ha
  
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• Canada June trade deficit narrows sharply as exports soar

  05-08-2015 16:28 via news.yahoo.com
  
  By David Ljunggren OTTAWA (Reuters) - Canada's long-suffering export sector snapped a five-month losing streak in June, showing the strongest surge in more than eight years and cutting the country's trade deficit significantly, Statistics Canada said on Wednesday. "Canada has likely skidded through the soft patch and is ready for a comeback over the next two quarters ... the non-energy sector is likely to continue to benefit from an improving U.S. economy and low Canadian dollar,&
  
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• Reuters poll: Canadian dollar's rout may be close to an end - strategists

  05-08-2015 16:28 via news.yahoo.com
  
  The Canadian dollar's rout is probably near an end, a Reuters poll of foreign exchange strategists showed, but with energy prices falling and the economy likely in recession, the path of least resistance is down. Canada's commodity-driven currency has lost nearly 14 percent against the greenback since the start of 2015 as its economy shrank in the first three months of the year, and quite possibly in the April-June as well. The poll of 50 foreign exchange strategists forecast the Canad
  
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• US STOCKS-Wall St rises as pvt jobs data eases rate hike worries

  05-08-2015 16:16 via news.yahoo.com
  
  Wall Street opened higher on Wednesday after data showed private sector hiring slowed sharply in July, indicating a loss of momentum in the economy at the start of the third quarter and tempering expectations of a September interest rate hike. Some economists have said a bunch of soft economic data - released in the last few days - could prompt the U.S. Federal Reserve to wait until December to increase interest rates for the first time in nearly a decade.
  
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• Survey: US businesses added 185,000 workers in July

  05-08-2015 16:10 via news.yahoo.com
  
  WASHINGTON (AP) — The rate of hiring by U.S. businesses slowed in July, according to a private survey. But job gains remained at a solid level, which should help boost overall economic growth.
  
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• U.S. service sector activity hits 10-year high: ISM survey

  05-08-2015 16:07 via news.yahoo.com
  
  The Institute for Supply Management said its services sector index rose to 60.3, its highest reading since August 2005, a sign of confidence that the non-manufacturing sector, which accounts for more than two-thirds of U.S. economic activity, was growing swiftly. A reading above 50 indicates expansion in the service sector.
  
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• Silver Lake bets $1 billion on Motorola Solutions

  05-08-2015 15:58
  (Reuters) - Motorola Solutions Incsaid private equity firm Silver Lake would invest $1 billion in the maker of walkie-talkies and radio systems as it looks to boost growth in its services business,...
  
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• U.S. services sector growth ticks up in July: Markit

  05-08-2015 15:49 via news.yahoo.com
  
  Financial firm Markit said its final reading of its Purchasing Managers Index for the service sector edged up to 55.7 in July, a slight improvement from the preliminary reading of 55.2 and up from June's 54.8 reading. Markit said its reading of new business rose to 57.4 in July from 56.3 in June. "The Markit PMI data indicate that the US economy enjoyed a good start to the third quarter.
  
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• US stocks rise as earnings from Priceline, others gain

  05-08-2015 15:43 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks are opening higher, shaking off a three-day slump, as the latest round of company earnings news brought several positive surprises.
  
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• Wall Street opens higher after private jobs data

  05-08-2015 15:35 via news.yahoo.com
  
  REUTERS - U.S. stocks opened higher on Wednesday after data showed private sector hiring in July rose the least since April, increasing the chances of the U.S. Federal Reserve holding back on a rate hike until December. The Dow Jones industrial average rose 6.89 points, or 0.04 percent, to 17,557.58, the S&P 500 gained 8.02 points, or 0.38 percent, to 2,101.34 and the Nasdaq composite added 27.75 points, or 0.54 percent, to 5,133.29. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing
  
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• U.S. private job growth slows; trade deficit widens

  05-08-2015 15:15 via news.yahoo.com
  
  U.S. private job growth slowed sharply in July, pointing to a loss of momentum in the economy heading into the third quarter that could temper expectations of a September interest rate hike. Other economic data on Wednesday showed a widening of the trade deficit in June as solid domestic demand in the second quarter and a strong dollar sucked in imports of food and automobiles. "Job growth is strong, but it has moderated since the beginning of the year.
  
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• Special Report: Multitude of local authorities soak Illinois homeowners in taxes

  05-08-2015 15:03 via news.yahoo.com
  
  The 53-year-old insurance manager gets a real estate tax bill for 20 different local government authorities and a total payout of about $7,000 in 2014. Then there is Wauconda Road and Bridge, not to be confused with Road and Bridge, Wauconda Gravel, or with Wauconda Special Road Improvement and Gravel unit – all three of which have imposed separate taxes on her and the village’s other homeowners.
  
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• Shire seen having to sweeten $30 billion offer to win Baxalta

  05-08-2015 15:01
  
  LONDON (Reuters) - Shire Chief Executive Flemming Ornskov will need to dig deeper in his pocket if he wants to win U.S. biotech company Baxalta.
  
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• Wall Street set to open higher after pvt sector jobs data

  05-08-2015 15:00 via news.yahoo.com
  
  Wall Street was set to open higher on Wednesday after data showed private sector hiring in July rose the least since April, reducing expectations of a strong reading in the government's payrolls report due Friday. Some economists have said a softer labor market could prompt the U.S. Federal Reserve to wait until December to increase interest rates for the first time in nearly a decade. The Fed has said it needs to see a sustained economic recovery before it raises interest rates for the fir
  
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• Wall St. set to open higher after pvt sector jobs data

  05-08-2015 14:58 via news.yahoo.com
  
  (Reuters) - Wall Street was set to open higher on Wednesday after data showed private sector hiring in July rose the least since April, reducing expectations of a strong reading in the government's payrolls report due Friday.
  
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• US STOCKS-Wall St set to open higher after pvt sector jobs data

  05-08-2015 14:55 via news.yahoo.com
  
  Wall Street was set to open higher on Wednesday after data showed private sector hiring in July rose the least since April, reducing expectations of a strong reading in the government's payrolls report ...
  
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