Finance news

• S&P may cut Buffett's Berkshire due to cash in Precision deal

  11-08-2015 23:59 via news.yahoo.com
  
  Berkshire has a "AA" credit rating from S&P, the third highest grade. S&P analyst Laline Carvalho wrote that the agency may lower the rating by one or two notches within 90 days because of "uncertainty around the funding of the acquisition," and its impact on cash resources and leverage at the parent company.
  
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• UPDATE 1-S&P may cut Buffett's Berkshire due to cash in Precision deal

  11-08-2015 23:51
  Aug 11 (Reuters) - Standard & Poor's on Tuesday said it may downgrade Warren Buffett's Berkshire Hathaway Inc because the company plans to spend a large amount of its cash to finance its roughly...
  
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• President Sisi establishes economic zone around Egypt's Suez Canal: MENA

  11-08-2015 23:50 via news.yahoo.com
  
  President Abdel Fattah el-Sisi issued a decree establishing an economic zone for Egypt's Suez Canal, the country's state news agency said on Tuesday. Egypt inaugurated a major extension of the Suez Canal last week which President Sisi hopes will power an economic turnaround in the Arab world's most populous country. The decree establishes a 460-square-kilometer economic zone around the canal the government says will be used to develop an international industrial and logistics hub
  
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• CANADA FX DEBT-C$ slides as China's surprise devaluation hits crude

  11-08-2015 23:42
  (Adds details of trading, closing levels, NBF strategist comments) * Canadian dollar at C$1.3104, or 76.31 U.S. cents * Bond prices higher across the maturity curve By Solarina Ho TORONTO, Aug 11...
  
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• Hackers accused of making $100M by peeking at press releases

  11-08-2015 23:33 via news.yahoo.com
  
  NEWARK, N.J. (AP) — An international web of hackers and traders made $100 million on Wall Street by stealing a look at corporate press releases before they went out and then trading on that information ahead of the pack, federal authorities charged Tuesday.
  
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• China slowdown has some U.S. investors moving to consumer stocks

  11-08-2015 23:32
  
  NEW YORK/BOSTON (Reuters) - The slowdown in the Chinese economy, which prompted the Chinese government to devalue the yuan currency on Tuesday, has already hammered the shares of U.S. industrial...
  
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• UPDATE 2-GE to sell healthcare finance business to Capital One for $9 bln

  11-08-2015 23:28
  * GE has now announced finance asset sales of $78 bln (Adds details, background, shares)
  
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• S&P says may cut Berkshire because of Precision Castparts

  11-08-2015 23:00 via news.yahoo.com
  
  Berkshire has a "double-A" rating from S&P, the third highest grade. Berkshire had $66.6 billion of cash as of June 30. Buffett told CNBC television on Monday that he plans to use about $23 billion of cash to buy Precision Castparts and borrow the rest.
  
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• Index-linked stock funds signal less faith in wobbly China market

  11-08-2015 23:00 via news.yahoo.com
  
  By Saikat Chatterjee and Michelle Chen HONG KONG, Aug 12 (Reuters) - Beijing's efforts to support collapsing shares have pulled Chinese stocks back to around 4,000 points, but index-linked funds trading at discounts tell a less optimistic story. Exchange-trade funds (ETFs) listed overseas, which track China's main share indexes, suggest the stock market is valued as much as 10 percent lower, and the gap between what ETFs price in and the actual market may widen the more Chinese stocks are seen t
  
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• Brazil's Senate, Rousseff to propose market-friendly agenda

  11-08-2015 22:50 via news.yahoo.com
  
  By Silvio Cascione BRASILIA (Reuters) - Brazilian President Dilma Rousseff and leading senators plan to introduce an agenda of market-friendly proposals this week, in a move one senior official said was aimed at countering a revolt by lower chamber lawmakers. The "Brazil Agenda" put forward by Senate President Renan Calheiros was discussed at a dinner Rousseff hosted for senators from her coalition on Monday as she looks to rekindle economic growth and overcome a major political crisis
  
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• Q&A: What yuan devaluation means for China, other countries

  11-08-2015 22:47 via news.yahoo.com
  
  BEIJING (AP) — China rattled global financial markets Tuesday by devaluing its currency — an effort, in part, to revive economic growth.
  
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• TSX slips as China devaluation hits resource shares

  11-08-2015 22:43 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's resource-laden main stock index fell back on Tuesday, as oil and mining stocks were hit by a rout in commodity prices following China's unexpected move to devalue its currency. The Toronto Stock Exchange's S&P/TSX composite index sank as much as 1.4 percent before paring those losses to close down 51.72 points, or 0.36 percent, at 14,414.67. The People's Bank of China devalued the yuan by nearly 2 percent overnight in China&#
  
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• Yuan cut clobbers markets, rekindles fear of forex war

  11-08-2015 22:38 via news.yahoo.com
  
  By Noel Randewich SAN FRANCISCO (Reuters) - China's 2 percent devaluation of the yuan hit global equities and U.S. oil prices on Tuesday with investors fearing a new currency war as well as declining Chinese economic momentum. Wall Street ended lower as investors contemplated the implications of a move designed to support China's slowing economy and exports. "What is good for growth in China is unfortunately bad for everybody else," said Bill McQuaker, co-head of the multi-as
  
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• GLOBAL MARKETS-Yuan cut clobbers markets, rekindles fear of forex war

  11-08-2015 22:36
  * Greek deal pushes lower-rated euro debt yields down (Updates to close of U.S. stock markets)
  
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• TRLPC: Asurion blocks 5,681 companies from buying its $2.73bn loan

  11-08-2015 22:34
  NEW YORK, Aug 11 (Reuters) - Technology insurance company Asurion has issued an extensive 59-page blacklist document that bars 5,681 entities from joining a $2.73 billion leveraged loan in a bid to...
  
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• Wall St. falls after China devaluation

  11-08-2015 22:25 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks declined on Tuesday as China's surprise devaluation of the yuan currency hit commodity-related and other shares and added to worries about the global economic outlook.
  
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• COLUMN-First try at European money union didn't work either

  11-08-2015 22:25
  Aug 11 (Reuters) - As Greece and its euro zone lenders hammer out the details of its third bailout package, the focus is on budget deficits and other financial fixes. But if history is any guide,...
  
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• Moody's cuts Brazil's rating, assigns stable outlook

  11-08-2015 22:16
  SAO PAULO, Aug 11 (Reuters) - Moody's Investors Service cut Brazil's credit rating to near-junk status on Tuesday but assigned a stable outlook on the new rating, signaling that the country's coveted...
  
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• Thirty years on, treasury bond with 10 pct coupon bows out a star

  11-08-2015 22:06
  BOSTON, Aug 11 (Reuters) - Few things from 1985 achieved lasting fame and universal acclaim. One of them is the highest-paying U.S. government bond, which easily outlasted 'new Coke," Commodore's...
  
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• Hacking ring accused of making $100M on stolen news releases

  11-08-2015 22:02 via news.yahoo.com
  
  NEWARK, N.J. (AP) — An international web of hackers and traders made $100 million on Wall Street by stealing a look at corporate press releases before they went out and then trading on that information ahead of the pack, federal authorities charged Tuesday.
  
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• Oil prices skid on China currency move

  11-08-2015 21:56 via news.yahoo.com
  
  US oil prices sank to their lowest level in more than six years Tuesday after a surprise currency devaluation in China raised worries about the world's second-biggest economy. US benchmark West Texas Intermediate for delivery in September fell $1.88 to $43.08 a barrel on the New York Mercantile Exchange, the lowest level since March 2009. China's central bank devalued its yuan currency Tuesday by nearly two percent against the US dollar, as authorities said they were seeking to push ma
  
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• China devaluation clobbers stocks, dollar gains on forex fear

  11-08-2015 21:23 via news.yahoo.com
  
  NEW YORK (Reuters) - China's 2 percent devaluation of the yuan on Tuesday pushed the U.S. dollar higher and hit Wall Street and other global equity markets as it raised fears of a new round of currency wars and fed worries about slowing Chinese economic growth.
  
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• Credit Suisse in talks to settle 'dark pool' allegations -WSJ

  11-08-2015 20:50 via news.yahoo.com
  
  Credit Suisse Group AG is in talks to settle allegations related to its Crossfinder "dark pool" trading venue, which could result in a fine running in the high tens of millions of dollars, the Wall Street Journal reported, citing people familiar with the matter. Dark pools are broker-run trading venues that let investors trade shares anonymously and only make trading data available afterwards, reducing the chance of information leaking about trade orders. The case against Credit Suisse (Other OT
  
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• Buffett's biggest deal casts light on pension burden

  11-08-2015 20:29 via news.yahoo.com
  
  Growing pension obligations at Precision Castparts Corp , which Berkshire Hathaway has agreed to buy for $32 billion, highlight an issue that large U.S. corporations still face, almost a decade into a low-interest rate environment. Berkshire's boss, Warren Buffett, has himself highlighted rising pension cost as an area of concern for the American economy. Back in 2007, Buffett said in a letter to shareholders that S&P 500 companies should not expect above-average returns on their pensio
  
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• Janus fund, overseen by Bill Gross, posts $2.4 million outflow in July

  11-08-2015 20:13
  NEW YORK (Reuters) - The Janus Global Unconstrained Bond Fund, overseen by famed investor Bill Gross, posted cash withdrawals of $2.4 million in July, the third consecutive month of outflows for the...
  
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• Eyes on U.S. economy, Fed likely unmoved by China devaluation

  11-08-2015 20:07 via news.yahoo.com
  
  By Jonathan Spicer NEW YORK (Reuters) - China's currency devaluation on Tuesday is unlikely to distract the U.S. Federal Reserve from a domestic economy that appears increasingly ready for higher interest rates. The U.S. central bank will hope that the surprise move is not the beginning of a series of competitive devaluations that could send the dollar much higher than its slight rise on Tuesday, weakening already soft U.S. inflation, economists and Fed watchers said. Fed policymakers could even
  
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• Fueled by low pump prices, U.S. motorists to drive more in August - survey

  11-08-2015 19:53 via news.yahoo.com
  
  Roughly one in three U.S. motorists expect to drive more in August as low gasoline prices help fuel optimism for the broader economy, a new retail survey released on Tuesday shows. The survey by the National Association of Convenience Stores is the latest piece of evidence of the resurgence in U.S. road traffic that has enticed U.S. refiners to run at record highs. The higher than expected surge in U.S. gasoline demand – a closely watched figure that represents 10 percent of the global market
  
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• Wall Street rises with energy, materials; Berkshire deal a boost

  11-08-2015 19:35 via news.yahoo.com
  
  Buffett's Berkshire Hathaway said it would buy Precision Castparts in a deal valuing the company at $32.3 billion. Precision Castparts' shares jumped as much as 19.4 percent to $231.47, while Berkshire Class B shares dipped 0.2 percent to $143.27. The Dow Jones industrial average rose 241.35 points, or 1.39 percent, to 17,614.73, the S&P 500 gained 26.42 points, or 1.27 percent, to 2,103.99 and the Nasdaq Composite added 61.76 points, or 1.22 percent, to 5,105.30.
  
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• China's move to devalue currency could reverberate globally

  11-08-2015 19:24 via news.yahoo.com
  
  BEIJING (AP) — China's surprise move Tuesday to devalue its currency has intensified concerns about the world's second-largest economy, whose growth has reached a six-year low. It may also fan political tensions with the United States and Europe, whose exports could become comparatively costlier.
  
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• Wall St down 1 percent as cheaper yuan hits commodities

  11-08-2015 19:24 via news.yahoo.com
  
  The yuan fell to its lowest against the dollar in almost three years following what China's central bank described as a "one-off depreciation". Concerns around the health of China also weighed on shares of U.S companies exposed to the world's second-largest economy.
  
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• Bank of England to look more closely at costs of financial regulation

  11-08-2015 19:05 via news.yahoo.com
  
  By David Milliken LONDON (Reuters) - The Bank of England will study the cumulative economic costs of financial regulations introduced since the global financial crisis, it said on Tuesday, after the government told it to help promote competition and investment. Despite continued public anger over the role of the banks in that crisis, however, finance minister George Osborne has signalled the Conservative government wants to move on since winning re-election in May. Osborne has cut a tax targetin
  
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• 9 accused of making $30 million using hacked press releases

  11-08-2015 18:54 via news.yahoo.com
  
  NEWARK, N.J. (AP) — Nine people in the U.S. and Ukraine were charged Tuesday with making $30 million by hacking into business newswire services, reading corporate press releases before they came out, and then trading on that information ahead of the pack on Wall Street.
  
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• China devaluation hits stocks, dollar gains on currency war fears

  11-08-2015 18:54 via news.yahoo.com
  
  NEW YORK (Reuters) - China's 2 percent devaluation of the yuan on Tuesday pushed the U.S. dollar higher and hit Wall Street and other global equity markets as it raised fears of a new round of currency wars and fed worries about slowing Chinese economic growth.
  
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• China devaluation hits global stocks, dollar gains on currency war fears

  11-08-2015 18:53 via news.yahoo.com
  
  By David Gaffen and Noel Randewich NEW YORK (Reuters) - China's 2 percent devaluation of the yuan on Tuesday pushed the U.S. dollar higher and hit Wall Street and other global equity markets as it raised fears of a new round of currency wars and fed worries about slowing Chinese economic growth. U.S. stock indices dropped more than 1 percent and stocks also fell in Asia and Europe as investors contemplated the implications of a move designed to support China's slowing economy and expor
  
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• Swatch Group sees Chinese devaluation as positive for economy, demand

  11-08-2015 18:48 via news.yahoo.com
  
  Swatch Group SA said China's devaluation of the yuan will benefit the Swiss watchmaker by boosting the Chinese economy and spurring consumption. "We see this measure as positive," Swatch said in an email. "It will stimulate the Chinese economy and this will create more consumption.
  
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• China devalues yuan after poor economic data

  11-08-2015 18:48 via news.yahoo.com
  
  By Pete Sweeney and Lu Jianxin SHANGHAI (Reuters) - China devalued its currency on Tuesday after a run of poor economic data, a move it billed as a free-market reform but which some suspect could be the beginning of a longer-term slide in the exchange rate. The central bank set its official guidance rate down nearly 2 percent to 6.2298 yuan per dollar - its lowest point in almost three years - in what it said was a change in methodology to make it more responsive to market forces. It was the big
  
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• TSX dives over 1 percent as China devaluation hits resource shares

  11-08-2015 18:31 via news.yahoo.com
  
  By Solarina Ho TORONTO (Reuters) - Canada's resource-laden main stock index sank more than 1 percent on Tuesday, reversing the previous session's bounce, as oil and mining stocks were hit by a rout in commodity prices following China's unexpected move to devalue its currency. The People's Bank of China devalued the yuan by nearly 2 percent overnight in China's latest attempt to bolster its economy following a string of poor economic data. Prices for copper and U.S. crude
  
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• Exclusive: Macquarie to enter U.S ETF market making business

  11-08-2015 18:12
  
  (Reuters) - Australia's Macquarie Group is entering the U.S exchange-traded fund market making business, officials told Reuters in an interview.
  
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• Wall Street down as China currency move stokes growth fears

  11-08-2015 18:03 via news.yahoo.com
  
  U.S. stocks fell in morning trading on Tuesday in a broad retreat, with the Dow down more than 1 percent, as China's surprise devaluation of the yuan pushed the dollar higher and pressured commodity-related stocks. The yuan fell to its lowest against the dollar in almost three years following what China's central bank described as a "one-off depreciation" that increased unease about the health of the country.
  
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• South Africa's Eskom profits halved from a year ago

  11-08-2015 17:25 via news.yahoo.com
  
  South Africa's power producer Eskom said Tuesday that profits in the last year fell 49 percent, as rolling power outages continued to take a toll on the continent's most advanced economy. Known in South Africa as load shedding, the scheduled power cuts also led to primary energy cost increases of 13.6 billion rand, as Eskom turned to independent power producers to lighten the strain on the system. South Africa's ongoing electricity woes have undermined economic growth, disrupting
  
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• China devaluation hits stocks, boosts US dollar on currency war fears

  11-08-2015 17:00 via news.yahoo.com
  
  NEW YORK (Reuters) - China's 2.0 percent devaluation of the yuan on Tuesday pushed the U.S. dollar higher and hit equity markets worldwide as it raised the prospect of a new round of currency wars and fed worries about slowing Chinese economic growth.
  
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• College debt can be especially dumb for parents

  11-08-2015 16:53
  
  LOS ANGELES (Reuters) - Parent education loans can help your child attend the college of her dreams — and sink any dreams you had of ever retiring.
  
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• South Africa's rand falls 1 pct to one-week low

  11-08-2015 16:45 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - South Africa's rand touched its weakest point against the dollar in nearly a week on Tuesday, falling one percent to 12.7840. The local unit suffered along with fellow emerging market currencies following the Chinese central bank's decision to devalue the yuan after a string of poor economic data.
  
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• BRIEF-Fastnet Oil & Gas to seek approval for healthcare-focused investment

  11-08-2015 16:42 via news.yahoo.com
  
  Aug 11 (Reuters) - Fastnet Oil & Gas Plc : * Board believes that economic conditions have created an environment in which it is not possible for Fastnet to find partners to carry * Has not been able to identify M&A opportunity, in oil and gas sector, which would create value for shareholders * Therefore be a suitable use of company's available cash of us$15.9 million (as at 31 july 2015). ...
  
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• South African economy faces turbulence: central bank's Kganyago

  11-08-2015 16:38 via news.yahoo.com
  
  By Stella Mapenzauswa JOHANNESBURG (Reuters) - South Africa's economy faces a turbulent time as the prospect of rising U.S. interest rates and a slowing Chinese economy complicate policy-making, Reserve Bank Governor Lesetja Kganyago said on Tuesday. Speaking at the Reuters Economist of the Year event, Kganyago said China's devaluation of its currency to stem an economic slide would affect the competitiveness of South Africa's manufacturing exports to the world's second large
  
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• Wall Street falls as cheaper yuan hits commodities

  11-08-2015 16:18 via news.yahoo.com
  
  (Reuters) - U.S. stocks fell in early trading on Tuesday in a broad-based retreat as China's surprise devaluation of the yuan pushed the dollar higher and pressured commodity-related shares.
  
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• US stocks, oil prices sink after China currency move

  11-08-2015 16:15 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks opened lower on Tuesday, led by declines in energy and materials stocks as commodities prices dropped. Prices for oil and copper fell sharply Tuesday after China's government lowered the value of its currency, suggesting weakness in the world's second-largest economy. Google gained after the company announced a restructuring.
  
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• BRIEF-Afren says administrators appoint Blackstone as financial advisors, reviewing assets

  11-08-2015 15:46
  * Appointed simon appell, daniel imison and catherine
  williamson of alixpartners as administrators
  
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• Oil prices drop on China currency move

  11-08-2015 15:41 via news.yahoo.com
  
  Oil prices fell Tuesday, mirroring sentiment across commodity markets, after China devalued its currency to help boost its economic growth. Crude prices had already been falling in recent weeks owing to a global supply glut despite forecasts of demand growth. US benchmark West Texas Intermediate for September delivery fell 83 cents to $44.13 a barrel compared with Monday's close.
  
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• Wall Street opens lower as China weakens currency

  11-08-2015 15:35 via news.yahoo.com
  
  (Reuters) - U.S. stocks opened lower on Tuesday after China's surprise devaluation of the yuan increased unease about the health of the world's second-largest economy and pushed the dollar higher.
  
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