Finance news

• News Corp profit beats on real estate, book publishing

  12-08-2015 23:20 via news.yahoo.com
  
  (Reuters) - News Corp, owner of the Wall Street Journal, reported a better-than-expected quarterly profit as strong growth in its digital real estate services and book publishing business partially offset the weakness in its print business. Shares of the company, controlled by Rupert Murdoch, rose about 4 percent in extended trading. News Corp, whose revenue is largely dependent on its newspaper holdings in the United States, Australia and Great Britain, has been diversifying its business.
  
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• Dollar falls as China move seen delaying Fed rate hike

  12-08-2015 23:18 via news.yahoo.com
  
  The dollar fell against the euro and other currencies Wednesday on speculation that the US Federal Reserve will delay hiking interest rates following China's devaluation of the yuan. "The dollar took it on the chin," said Joe Manimbo, senior market analyst at Western Union Business Solutions. "China's cheapening of its currency opened a messy can of worms for markets and suggested the global economy may be worse off than previously thought," Manimbo said.
  
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• News Corp quarterly revenue falls on strong dollar

  12-08-2015 22:46 via news.yahoo.com
  
  (Reuters) - News Corp reported a 2 percent fall in quarterly revenue hurt by a strong dollar and a decline in advertising sales at its print publications such as the Wall Street Journal and the New York Post.
  
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• Nasdaq, S&P 500 end slightly up as energy stocks gain

  12-08-2015 22:44 via news.yahoo.com
  
  New York (AFP) - US stocks finished mostly higher Wednesday as an afternoon rally led by Apple and energy equities overcame early weakness on fears about an economic slowdown in China.
  
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• Wall Street ends near flat after late-day rally

  12-08-2015 22:41 via news.yahoo.com
  
  U.S. stocks rebounded in afternoon trading on Wednesday to end little changed as energy shares and Apple rebounded, offseting continued concerns about a slowdown in China. Investors picked up shares of energy companies, which have been hit hard by the China concerns along with other commodities in recent weeks, as oil prices bounced back. The S&P energy index rose 1.9 percent, the S&P 500's biggest positive.
  
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• US stocks wobble, then recover after China currency weakens

  12-08-2015 22:41 via news.yahoo.com
  
  NEW YORK (AP) — Another drop in China's currency shook markets around the world for a second straight day amid rising concerns about the world's second-largest economy. Major markets in Europe slumped, while the U.S. stock market recovered from an early drop to finish nearly flat.
  
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• Alibaba takes hit as growth cools

  12-08-2015 22:37 via news.yahoo.com
  
  Chinese online giant Alibaba saw shares take a sharp hit Wednesday as a disappointing quarterly report showed sales growth cooling. Profit in the quarter ended June 30 doubled to $4.97 billion (30.8 billion yuan), mainly due to one-time gains of $3.9 billion from the sale of its stake in film unit Alibaba Pictures. "The added problem for Alibaba is a macro (economic) problem, and specifically the slowdown that is happening in China.
  
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• U.S. automakers, fund managers looking past China's devaluation

  12-08-2015 22:21 via news.yahoo.com
  
  For many U.S. companies and investors, the volatility in world markets this week, following Beijing's surprise currency devaluation, presents the challenge of balancing the country's current uncertain economic prospects against the hope for long term growth from the world's most populous nation. China this week devalued its currency against the U.S. dollar, after more data showed its economic growth is slowing. Investors globally reacted harshly, dumping shares of companies with significant amou
  
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• Alibaba skids as revenue growth slowest in three years

  12-08-2015 22:14 via news.yahoo.com
  
  Alibaba Group Holding Ltd's shares fell to a record low after China's biggest e-commerce company posted its slowest revenue growth in over three years as its strategy to shift more services to mobile devices hurt advertising sales. Alibaba also announced a $4 billion share repurchase program over two years, aimed at offsetting the impact of its share-based compensation programs. The company's results come at a time when China's economy is expected to grow at its slowest pace
  
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• UPDATE 3-Alibaba skids as revenue growth slowest in three years

  12-08-2015 22:13
  * Company announces $4 bln share repurchase programme (Adds analyst comment, background; updates shares))
  
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• China's currency move could help it join IMF's elite forex club

  12-08-2015 22:04 via news.yahoo.com
  
  China's move to revamp its currency regime this week may help the yuan earn a place in the small group of currencies the International Monetary Fund uses as a global benchmark, despite concerns the policy change could begin a round of competitive devaluations. Beijing described its surprise devaluation of the yuan's value on Tuesday as a one-off step to make the currency more responsive to market forces, but some critics saw it as a thinly veiled effort to make China's exports more competitive a
  
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• Oil steady on U.S. stockpile decline, dollar weakness

  12-08-2015 22:00 via news.yahoo.com
  
  Oil ended up on Wednesday as a weaker dollar and lower U.S. crude stockpiles provided a modest bounce off six-year lows hit the previous session, when worries about China's plummeting currency and economic slowdown deflated prices. Concerns that U.S. inventories could build again from higher crude imports and refinery outages kept a lid on the rebound. "The market needed a big drawdown to reverse the current trends and didn't get it," said Chris Jarvis, analyst at Caprock Ris
  
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• Global stocks waver as Chinese currency weakens further

  12-08-2015 21:27 via news.yahoo.com
  
  NEW YORK (AP) — Another drop in China's currency sent global markets mostly lower on Wednesday as the move raised worries about the world's second-largest economy, but U.S. stocks recovered most of their losses in late trading.
  
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• Wall St. near flat after indexes pare China-fueled losses

  12-08-2015 21:23 via news.yahoo.com
  
  Energy shares, which have been hit hard by the China concerns along with other commodities in recent weeks, bounced back with oil prices. Apple , for whom China is key growth market, also reversed course after falling 3.4 percent earlier in the session. The move has exacerbating worries about the outlook for China's economy and its impact on the rest of the world.
  
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• Exclusive: Armored car security company Garda explores sale - sources

  12-08-2015 21:03
  (Reuters) - Garda World Security Corp, a security services firm that provides armored transportation and guards, is exploring a sale that could value it at more than C$3 billion ($2.31 billion)...
  
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• Malaysian ringgit slumps to weakest level in 17 years

  12-08-2015 20:35 via news.yahoo.com
  
  Malaysia's economy has been dogged for months by concerns that slumping oil prices will harm growth in the oil-exporting country. Prime Minister Najib Razak also is struggling to fend off corruption allegations related to his links with debt-ridden state investment firm 1Malaysia Development Berhad (1MDB).
  
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• IEA forecasts lower prices fuelling higher oil consumption

  12-08-2015 20:35 via news.yahoo.com
  
  Paris (AFP) - Lower prices and strengthening economic activity around the world will continue boosting oil consumption in 2015, the International Energy Agency (IEA) said Wednesday in its monthly report.
  
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• India inflation drops as factory output quickens

  12-08-2015 20:17 via news.yahoo.com
  
  India's inflation rate fell lower than analysts' expectations while factory output inched higher, official data showed Wednesday, adding pressure on the central bank to further cut interest rates. According to the data, industrial production grew 3.8 percent in June, the highest in four months, and higher than Bloomberg's prediction of 3.5 percent. The latest inflation figure was down from 5.40 percent recorded in June, while factory output rose from May's 2.7 percent -- sign
  
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• U.S. bank stocks sell off as investors bet the Fed will wait

  12-08-2015 20:11
  NEW YORK, Aug 12 (Reuters) - U.S. bank stocks fell 1.9 percent on Wednesday as investors bet that a weaker yuan will delay the Federal Reserve rate hikes that are expected to boost bank...
  
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• UPDATE 1-Canada PM pledges action on foreign home buyers if warranted

  12-08-2015 20:08
  OTTAWA, Aug 12 (Reuters) - Canadian Prime Minister Stephen Harper pledged on Wednesday to take action if reelected to deal with foreign purchases of Canadian real estate if it turns out that such...
  
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• Mexico central bank cuts 2015 growth f'cast to 1.7-2.5 pct

  12-08-2015 19:58
  MEXICO CITY, Aug 12 (Reuters) - Mexico's central bank revised down its growth outlook for this year on Wednesday and held steady its growth outlook for 2016, adding it expects inflation to hold...
  
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• Switzerland lifts sanctions against Iran

  12-08-2015 19:57 via news.yahoo.com
  
  Neutral Switzerland will officially lift on Thursday sanctions against Iran that had been suspended since January 2014, the government announced on Wednesday, citing a deal last month between Tehran and six big powers to curb Iran's nuclear program. "The Federal Council (government) wishes today's steps to be seen as a sign of its support for the implementation of the nuclear agreement and its interest in deepening bilateral relations with Iran," a statement said. The deal that Iran struck with
  
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• WRAPUP 10-China lets yuan fall further, fuels fears of currency war

  12-08-2015 19:55
  SHANGHAI, Aug 12 (Reuters) - China's yuan fell to a four-year low on Wednesday, slumping for a second day, after the central bank devaluation on Tuesday, and sources said the government may let the...
  
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• Global stocks slip as Chinese currency weakens further

  12-08-2015 19:52 via news.yahoo.com
  
  NEW YORK (AP) — Another drop in China's currency sent global stocks lower on Wednesday as the move raised worries about weakness in the world's second-largest economy. Major markets in Europe slumped, and traders plowed money into the safety of government bonds. The U.S. stock market slumped in early trading but recovered some of its losses in the afternoon.
  
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• UPDATE 2-AT&T ups revenue, profit forecast on DirecTV buy

  12-08-2015 19:47
  Aug 12 (Reuters) - AT&T Inc said on Wednesday it expects revenue, earnings and free cash flow to grow through 2018 but sees higher capital expenditure following its DirecTV purchase and investments...
  
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• Brazil's Gerdau considers potential asset sales

  12-08-2015 19:44
  SAO PAULO, Aug 12 (Reuters) - Brazilian steelmaker Gerdau SA is re-evaluating the profitability of its joint ventures for potential future asset sales, Chief Executive Andre Gerdau Johannpeter told...
  
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• REFILE-UPDATE 2-ITG to pay record fine for 'dark pool' violations

  12-08-2015 19:37
  Aug 12 (Reuters) - Brokerage firm Investment Technology Group agreed to pay $20.3 million to settle charges it ran a secret trading desk that profited off of confidential customer information within...
  
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• Wall Street off session lows as Apple reverses course

  12-08-2015 19:28 via news.yahoo.com
  
  The stock gave the biggest boost to the Dow, S&P 500 and the Nasdaq, helping the U.S. markets cut their losses. The Dow fell to a six-month low earlier in the day, while the Nasdaq and the S&P hit a one-month low in a broad decline, with the S&P even briefly turning negative for the year. The CBOE Volatility index , a measure of the premium traders are willing to pay for protection against a drop in the S&P 500, jumped as much as 18.7 percent to 16.28, its highest level in a mont
  
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• U.S. sells 10-year notes to weak demand

  12-08-2015 19:24
  NEW YORK, Aug 12 (Reuters) - The U.S. Treasury Department on Wednesday sold $24 billion in 10-year notes to weak demand, resulting in it paying a higher yield to investors than the market expected,...
  
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• US STOCKS-Wall St off session lows as Apple reverses course

  12-08-2015 19:23
  * Indexes down: Dow 0.9 pct, S&P 0.8 pct, Nasdaq 0.9 pct (Updates to early afternoon)
  
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• U.S. government appeals judge's ruling over 2008 AIG bailout

  12-08-2015 19:22
  WASHINGTON, Aug 12 (Reuters) - The United States filed an appeal on Wednesday against a U.S. judge's ruling in June that sided with former American International Group chief executive Maurice "Hank"...
  
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• Canada's Harper pledges action if needed on foreign home buyers

  12-08-2015 19:17
  OTTAWA, Aug 12 (Reuters) - Canadian Prime Minister Stephen Harper pledged on Wednesday that if re-elected he would take action to deal with the purchase of Canadian real estate by foreigners if it...
  
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• Markets could finance up to 70 pct of new Mexico city airport - source

  12-08-2015 19:14
  MEXICO CITY, Aug 12 (Reuters) - High investor demand to fund a planned $13 billion airport for Mexico's capital means the private sector could finance up to 70 percent of the project, versus an...
  
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• S&P praises Chinese yuan devaluation

  12-08-2015 19:12 via news.yahoo.com
  
  Credit rating agency Standard & Poor's praised China's devaluation of its currency on Wednesday and said the move did not threaten a currency war. "China's surprise move to allow for more exchange rate flexibility makes good economic sense and is not the start of a currency war or an attempt to jump-start growth," S&P said. Beijing on Tuesday surprised global financial markets by devaluing its currency the yuan by nearly two percent against the US dollar.
  
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• U.S.-based bond funds post biggest two-week outflows of year -ICI

  12-08-2015 19:09
  By Sam Forgione NEW YORK, Aug 12 (Reuters) - Investors in U.S.-based mutual funds pulled $4.4 billion out of bond funds in the week ended Aug. 5 to mark the biggest investor withdrawals over two...
  
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• UPDATE 1-Fidelity Contrafund bullish on banks, singles out Wells Fargo

  12-08-2015 19:03
  BOSTON, Aug 12 (Reuters) - Fidelity Contrafund manager Will Danoff, who oversees $113 billion in assets, said Wells Fargo & Co's profits "could benefit materially" from a rise in interest U.S. rates,...
  
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• European stocks fall after China pushes yuan lower again

  12-08-2015 19:02
  * Europe bourses in 2015: http://link.reuters.com/pap87v (Updates with closing prices)
  
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• Greece bailout deal 'will not work': Varoufakis

  12-08-2015 18:56 via news.yahoo.com
  
  Greece's former finance minister Yanis Varoufakis on Wednesday warned that the latest bailout deal was doomed to fail despite Prime Minister Alexis Tsipras saying he was "confident" of ending economic uncertainty. Varoufakis told the BBC that Germany's veteran Finance Minister Wolfgang Schaeuble had had to "go to the Bundestag and effectively confess this deal is not going to work". Tsipras on Wednesday said he was confident that his debt-crippled nation would secur
  
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• MOVES-Wells Fargo executive vice president Michael Heid to retire

  12-08-2015 18:51
  Aug 12 (Reuters) - Wells Fargo & Co said Michael Heid, executive vice president and head of its home lending business, would retire and Franklin Codel would succeed him, effective Oct. 1.
  
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• UPDATE 1-Chile's Codelco says contract workers agree to suspend strike

  12-08-2015 18:47
  SANTIAGO, Aug 12 (Reuters) - Chile's state-owned Codelco , the world's biggest copper producer, said on Wednesday that striking contract workers at its Ministro Hales mine have suspended their labor...
  
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• UBS appoints new roles in FX, rates, credit group

  12-08-2015 18:43
  NEW YORK, Aug 12 (Reuters) - Swiss bank UBS said on Wednesday it appointed new roles in its foreign exchange, interest rates and credit (FRC) business with Dylan Roy to head of the group's Americas...
  
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• TrueCar says it considers U.S. antitrust probe to be closed

  12-08-2015 18:42
  Aug 12 (Reuters) - U.S. antitrust enforcers have closed an investigation into whether auto dealers ganged up against shopping website TrueCar Inc in 2011 and 2012 in order to raise prices, TrueCar...
  
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• Macy's sets its sights on China amid tough US climate

  12-08-2015 18:41 via news.yahoo.com
  
  NEW YORK (AP) — Macy's Inc. is setting its sights on the Chinese shopper, with plans to test selling goods online in the world's second largest economy late this year.
  
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• Oil steady on U.S. stockpile decline, dollar drop

  12-08-2015 18:38 via news.yahoo.com
  
  Oil prices steadied on Wednesday as a weaker dollar and lower U.S. crude stockpiles provided a modest bounce off six-year lows hit the previous session, when worries about China's plummeting currency and economic slowdown sank prices. Concerns that U.S. inventories could build again from higher crude imports and refinery outages kept a lid on the rebound. "The market needed a big drawdown to reverse the current trends and didn't get it," said Chris Jarvis, analyst at Caprock
  
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• TREASURIES-U.S. debt prices up on second yuan surprise

  12-08-2015 18:35
  * Traders pull back bets on Sept Fed rate hike (Adds job openings data, latest prices)
  
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• Fidelity National to buy software maker SunGard in $9.1 billion deal

  12-08-2015 18:34
  (Reuters) - Financial industry software maker Fidelity National Information Services Inchas agreed to buy rival SunGard Data Systems Inc for $9.1 billion including debt, in order to get access to...
  
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• Data storage company Pure Storage files for IPO

  12-08-2015 18:31
  (Reuters) - Pure Storage Inc filed with U.S. regulators on Wednesday for an initial public offering of common stock, a year after a private placement valued the data storage company at more than $3...
  
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• UPDATE 3-Fidelity National to buy software maker SunGard in $9.1 bln deal

  12-08-2015 18:30
  Aug 12 (Reuters) - Financial industry software maker Fidelity National Information Services Inc has agreed to buy rival SunGard Data Systems Inc for $9.1 billion including debt, in order to get...
  
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• Stocks, yields tumble after China lets yuan fall again

  12-08-2015 18:28 via news.yahoo.com
  
  By David Gaffen NEW YORK (Reuters) - Stocks, the U.S. dollar, and emerging market currencies around the world remained under pressure for a second day on Wednesday after China's yuan weakened again, one day after the country devalued its currency. Germany's 2-year yield fell to a new record low of minus 0.29 percent as investors feared the deflationary pressures of a slowdown in China's economy would sap growth globally. The prospect of a U.S. interest rate rise by the Federal Res
  
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• S&P briefly turn negative for the year as yuan tumbles

  12-08-2015 17:37 via news.yahoo.com
  
  The Dow fell to a six-month low on Wednesday, while the Nasdaq and the S&P hit a one-month low in a broad decline. Nine of the 10 major S&P 500 sectors were lower. The financial index's 1.96 percent fall led the decliners on speculation that the yuan's devaluation might push the Fed to hold off until December to raise rates.
  
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