Finance news

• U.S. doctors group says planned health mergers are anti-competitive

  08-09-2015 23:31
  
  NEW YORK (Reuters) - The leading U.S. physicians' organization said on Tuesday that two proposed mergers of U.S. health insurers worth tens of billions of dollars could lead to higher prices in 17...
  
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• Wall Street jumps two percent as China gains fuel global gains

  08-09-2015 23:27 via news.yahoo.com
  
  U.S. stocks rose more than 2 percent on Tuesday, bouncing after steep losses last week and a China-fuelled rebound in global equities. Hopes for more stimulus measures from the Chinese government increased after data on Tuesday showed that China's imports shrank far more than expected in August, falling for the 10th straight month. Late on Monday, China said it would remove a tax on dividend incomes for investors who hold stocks for more than a year in an effort to encourage longer-term investme
  
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• As their prospects dim in Washington, Iran deal foes take fight to states

  08-09-2015 23:21 via news.yahoo.com
  
  By Andy Sullivan WASHINGTON (Reuters) - Opponents of the nuclear deal with Iran, facing likely defeat in Washington, said on Tuesday they would try to keep economic sanctions in place at the state level, an effort that could play into the U.S. 2016 elections. Fifteen Republican governors, including four presidential candidates, said they would retain their state sanctions. Congress on Tuesday began debate on the agreement, which would offer Iran relief from international sanctions in exchange fo
  
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• Yahoo says IRS denies ruling on tax-free Alibaba spinoff

  08-09-2015 23:18 via news.yahoo.com
  
  (Reuters) - Yahoo Inc said the Internal Revenue Service had denied the company's request for a private letter ruling on whether the spinoff of its stake in Alibaba Group Holdings Ltd would be tax free. Yahoo's shares fell 4.9 percent in extended trading on Tuesday. The board would continue to carefully consider the company's options, including proceeding with the spinoff on the basis of an opinion of its counsel, Yahoo said. (http://1.usa.gov/1ENjWhq) (Reporting by Abhirup Roy in Bengaluru; Edit
  
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• Glaxo, Theravance Breo lung drug fails to extend life in huge study

  08-09-2015 23:09 via news.yahoo.com
  
  GlaxoSmithKline Plc and its partner Theravance Inc on Tuesday said their inhaled medicine Breo failed to prolong life of patients with chronic respiratory disease in a high-stakes clinical trial of 16,500 people. Theravance shares plunged 14 percent on Breo's failure to meet the study's primary goal. Shares of far-larger Glaxo rose 2.2 percent in New York, lagging a 2.5 percent gain for the broader stock market.
  
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• TSX jumps as commodity prices drive up resource shares

  08-09-2015 23:04 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index ended higher on Tuesday as gains in copper and oil prices helped boost shares of mining and energy companies. Copper prices strengthened as weak Chinese data prompted bets that Beijing would move to stimulate the world's second-largest economy. The rebound in the benchmark Canadian index follows a 2.8 percent decline in the previous week, triggered by concerns over China's economic growth. The materials group, which includes miners,
  
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• Bankrate paying $15M to settle SEC charges on false results

  08-09-2015 23:03 via news.yahoo.com
  
  WASHINGTON (AP) — Bankrate Inc., an online publisher of widely read consumer-finance data, has agreed to pay a $15 million fine to settle federal regulators' charges that it manipulated its financial results to meet Wall Street's expectations.
  
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• Wall Street jumps two percent as China gains fuel global rally

  08-09-2015 22:56 via news.yahoo.com
  
  U.S. stocks rose more than 2 percent on Tuesday, bouncing after steep losses last week and a China-fuelled rebound in global equities. Hopes for more stimulus measures from the Chinese government increased after data on Tuesday showed that China's imports shrank far more than expected in August, falling for the 10th straight month. Late on Monday, China said it would remove a tax on dividend incomes for investors who hold stocks for more than a year in an effort to encourage longer-term investme
  
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• Brent settles up 4 percent, riding equities rally; U.S. crude down

  08-09-2015 22:41 via news.yahoo.com
  
  Brent crude settled up 4 percent on Tuesday as strength in stock markets helped the global oil benchmark recoup the bulk of its losses from the previous session. The divergence between Brent and U.S. crude could grow if weekly crude inventories cited on Wednesday by industry group American Petroleum Institute (API) turn out to be higher than expected by the market. The official report on weekly stockpiles, due on Wednesdays from the U.S. Energy Information Administration, will be delayed till Th
  
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• UPDATE 1-Tetraphase's bowel drug fails late-stage study, shares slump

  08-09-2015 22:40
  Sept 8 (Reuters) - Tetraphase Pharmaceuticals Inc said its experimental bowel drug failed to meet the main goal in a late-stage study, sending its shares down 75 percent in extended trading.
  
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• US stocks join global rally; S&P 500 +2.5%

  08-09-2015 22:05 via news.yahoo.com
  
  New York (AFP) - US stocks powered higher Tuesday, rallying with most global equity markets following a rise in Chinese stocks and improved eurozone economic data.
  
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• Blackstone to buy Strategic Hotels in $6 billion deal

  08-09-2015 22:05
  (Reuters) - Blackstone Group LPwill buy real estate investment trust Strategic Hotels & Resortsin a deal valued at $6 billion, attracted by the company's iconic hotel properties in key locations...
  
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• UPDATE 3-Blackstone to buy Strategic Hotels in $6 bln deal

  08-09-2015 22:04
  * Deal expected to close by 1st-qtr 2016 (Adds Breakingviews link)
  
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• Fed should wait with raising rates: World Bank economist

  08-09-2015 21:55 via news.yahoo.com
  
  WASHINGTON (Reuters) - The U.S. Federal Reserve should hold off on raising interest rates until the global economy is more stable, the World Bank's chief economist said in an interview with the Financial Times published on Tuesday.
  
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• Wall Street jumps two percent; eyes on China

  08-09-2015 21:22 via news.yahoo.com
  
  U.S. stocks rallied more than 2 percent in the late afternoon on Tuesday, bouncing after losses last week and as hopes increased for more stimulus measures from the Chinese government. China said late on Monday it would remove a tax on dividend incomes for investors who hold stocks for more than a year in an effort to encourage longer-term investment. Data on Tuesday showed that China's imports shrank far more than expected in August, falling for the 10th straight month, bolstering hopes of more
  
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• US consumer borrowing hits fresh record in July

  08-09-2015 21:00 via news.yahoo.com
  
  WASHINGTON (AP) — U.S. consumer borrowing climbed to a fresh record in July, the latest evidence that the U.S. economy should grow at a healthy pace in the second half of this year.
  
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• Indonesia formally requests to rejoin OPEC: cartel

  08-09-2015 20:26 via news.yahoo.com
  
  Indonesia has made an official request to rejoin OPEC, the oil producing cartel announced on Tuesday. The Organization of Petroleum Exporting Countries welcomed the move after Indonesia made its intentions public in June. Resource-rich Indonesia, southeast Asia's largest economy, was part of OPEC for almost 50 years until suspending its membership in 2009 after becoming a net oil importer.
  
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• GE clears final hurdle to $14 billion Alstom deal

  08-09-2015 20:06
  
  BRUSSELS (Reuters) - General Electrichas won EU approval for its 12.4-billion-euro ($13.9 billion) acquisition of Alstom'spower business after agreeing to sell some of the French company's...
  
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• UPDATE 5-Bankrate to pay $15 mln to settle SEC fraud charges

  08-09-2015 19:53
  NEW YORK, Sept 8 (Reuters) - Bankrate Inc agreed to pay $15 million to settle U.S. Securities and Exchange Commission charges that it engaged in accounting fraud to ensure that its financial results...
  
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• Brent up 3 pct riding equities rally; U.S. crude down

  08-09-2015 19:39 via news.yahoo.com
  
  * Brent recoups about half of Monday loss as stock markets gain * Bullish Q2 euro zone growth, stellar German exports add support * U.S. crude down nearly 2 pct, reopening from Labor Day holiday (Updates market moves, adds Valero's closure of hydrocracking unit in Port Arthur) By Barani Krishnan NEW YORK, Sept 8 (Reuters) - Brent crude futures were up about 3 percent on Tuesday afternoon as strength in stock markets helped the global oil benchmark recoup about half of its loss in the previous se
  
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• India's Modi seeks to capitalise on China's market woes

  08-09-2015 19:13 via news.yahoo.com
  
  Prime Minister Narendra Modi held talks Tuesday with economists and business leaders, seeking ways to protect India from volatility in global markets and capitalise on China's woes. Modi reportedly urged business leaders including Reliance Industries owner Mukesh Ambani -- India's wealthiest man -- to take greater risks and scale up investments as concerns over China's economy grow. "(The) prime minister said this is an opportunity for us to take advantage and invest," the Federation of Indian C
  
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• Wall Street follows world markets higher after holiday weekend

  08-09-2015 19:02 via news.yahoo.com
  
  U.S. stocks were higher in early afternoon trading on Tuesday as investors returned from a holiday weekend after a late rally by Chinese shares lifted global markets. Chinese stocks rose nearly 3 percent on Tuesday as a surge in late-afternoon buying helped erase early losses. China said late on Monday it would remove tax on dividend incomes for investors who hold stocks for more than a year in an effort to encourage longer-term investment.
  
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• Media General to buy magazine publisher, TV broadcaster Meredith

  08-09-2015 18:49
  (Reuters) - Media General Inc said it would buy diversified media company Meredith Corpfor about $2.34 billion to create the third-largest local TV station owner in the United States.
  
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• Heineken buys 50 percent stake in U.S. craft beer maker Lagunitas

  08-09-2015 18:46
  
  (Reuters) - Dutch brewing company Heineken NVhas bought a 50 percent stake in U.S.-based beer maker Lagunitas Brewing Co to expand into the craft beer industry.
  
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• UPDATE 3-Media General to buy diversified media company Meredith for $2.34 bln

  08-09-2015 18:45
  * Media General shares fall 1.3 pct in afternoon trading (Adds details, updates shares)
  
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• Poland slams Russia's second Baltic gas pipeline to Germany

  08-09-2015 18:43 via news.yahoo.com
  
  Poland's conservative president on Tuesday slammed a deal between Russia's Gazprom energy giant and several leading Western firms to build a second gas pipeline under the Baltic Sea, saying it ignores Polish interests. "Considering that an agreement was concluded on building Nord Stream-2, which completely ignores Polish interests, one must seriously question unity" in the 28-member European Union, President Andrzej Duda told delegates to an economic forum in the southern Polish mountain resort
  
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• Mylan says will launch offer to Perrigo shareholders on September 14

  08-09-2015 18:43
  NEW YORK (Reuters) - Generic drugmaker Mylan Inc , which is trying to take over Perrigo Pharmaceuticals , said on Tuesday it will go directly to Perrigo investors starting on Sept. 14 with its $27...
  
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• European stocks join global rally on Shanghai gains

  08-09-2015 18:40 via news.yahoo.com
  
  London (AFP) - European stocks surged higher Tuesday, buoyed by upwardly revised eurozone economic growth data, joining a rally of US and most Asian markets.
  
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• Ex-Intel security chief says cyber firm ForeScout not ready for IPO just yet

  08-09-2015 18:22 via news.yahoo.com
  
  By Tova Cohen TEL AVIV (Reuters) - Fast-growing Israeli-U.S. cybersecurity firm ForeScout Technologies is set on listing on Wall Street, but may not be ready to launch an IPO in the next year, especially if financial markets remain volatile, its chief executive said. Technology research firm Gartner ranks ForeScout as a market leader in the field of access control, which scans an organization remotely to detect every device connecting to its networks, while blocking out anything lacking appropri
  
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• Berkshire's Buffett says bought some IBM shares in third quarter: CNBC

  08-09-2015 18:19 via news.yahoo.com
  
  Warren Buffett, the billionaire chief executive officer and chairman of Berkshire Hathaway, told CNBC on Tuesday that he bought some shares of International Business Machines Corp in the third quarter. "We bought it in the first quarter, and normally I wouldn't tell you this, but we bought some in the third quarter," Buffett told the cable television network. Buffett also said that U.S. economic growth was on a steady, and not a "booming," path.
  
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• FTSE rallies, boosted by EU data and hope for China stimulus

  08-09-2015 18:18
  * Whitbread falls on trading statement (Updates with closing prices)
  
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• Brent up 4 percent riding equities rally; U.S. crude down

  08-09-2015 18:17 via news.yahoo.com
  
  Brent crude futures jumped 4 percent on Tuesday as strong stock markets helped the global oil benchmark recover substantially from a 6 percent tumble in the previous session. U.S. crude prices were weaker reopening from Monday's U.S. markets closure for the Labor Day holiday. London-traded Brent was up $1.80, or 3.8 percent, at $49.43 a barrel by 11:47 a.m. EDT.
  
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• 'Brexit' by accident? Events risk overtaking PM Cameron

  08-09-2015 18:16 via news.yahoo.com
  
  By Guy Faulconbridge LONDON (Reuters) - As little as a year before Britain votes on whether to leave the European Union, events risk derailing Prime Minister David Cameron's carefully-laid plan to renegotiate EU membership and keep Britain in. First Cameron compromised on the referendum question, then Eurosceptic Conservative backbenchers defeated him on campaign rules, the government's first defeat since his unexpectedly strong victory in the May 7 general election. By caving into the demands o
  
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• Shares rally on China stimulus hopes, strong European data

  08-09-2015 18:10 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - Stock markets worldwide rallied on Tuesday on hopes of more stimulus measures in China and on strong German trade data, while Brent crude oil prices also rose. China's imports shrank far more than expected in August, falling for the 10th straight month, though exports fell less than expected. "With volatility having receded somewhat during the past few days it appears that investors have been reassessing the potential negative fallout from the slowdown in Chi
  
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• Concordia Healthcare boosts drug portfolio with $1.9 billion deal

  08-09-2015 17:58
  (Reuters) - Canada's Concordia Healthcare Corp said it would buy Amdipharm Mercury Ltd from private equity firm Cinven for $1.9 billion, boosting its portfolio of drugs to 200 from 20 and giving it...
  
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• Hong Kong's Li overhauls business by merging utilities firms

  08-09-2015 17:47 via news.yahoo.com
  
  Hong Kong billionaire Li Ka-shing announced Tuesday he will pay US$11.6 billion to merge his utilities firms in a bid to improve his vast business empire's position for future expansion. The 87-year-old's latest move is the second reshuffle of his empire in a year, following the re-organisation of his flagship Cheung Kong Hutchison Holdings announced in January. CKI said it will offer 1.04 of its shares, valued at US$8.53 at Tuesday's close on the Hong Kong stock market, for each of the 1.3 bill
  
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• Puerto Rico stability plan to be made public Wednesday: Gov office

  08-09-2015 17:43 via news.yahoo.com
  
  A working group appointed by Puerto Rico Governor Alejandro Garcia Padilla had been slated to deliver the plan on Aug. 30, but it was delayed until Sept. 8 due to Tropical Storm Erika, Suarez previously said. "This plan is an indispensable element to direct the economic development of Puerto Rico, face the fiscal challenges and recover the social well-being of Puerto Ricans," Suarez said in a statement on Tuesday.
  
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• Electricity shortage, low copper prices hit Zambian mines

  08-09-2015 17:21 via news.yahoo.com
  
  By Chris Mfula LUSAKA (Reuters) - An electricity shortage and weaker copper prices have put pressure on Zambia's mining industry, threatening output, jobs and economic growth in Africa's No. 2 producer of the metal. The power problems and copper price slide have driven the kwacha currency to record lows amid a selloff in commodity-linked currencies as key consumer China's economy has slowed, renewing pressure on Zambia to diversify its economy. Glencore, Vedanta Resources Plc and China's NFC Afr
  
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• TSX gains as copper price jump boosts miners

  08-09-2015 17:07 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index gained more than 1 percent in morning trade on Tuesday, helped by a jump in copper prices as weak Chinese data prompted bets that Beijing would move to stimulate the world's second-largest economy. The materials group, which includes miners, climbed 1.2 percent, with First Quantum Minerals Ltd surging 13.1 percent to C$7.01 and Teck Resources Ltd advancing 7.2 percent to C$8.75. "At this point I would say you'd still want to be caut
  
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• Nigeria's UBA cuts 2015 loan growth forecasts as economy falters

  08-09-2015 17:06 via news.yahoo.com
  
  LAGOS (Reuters) - Nigeria's United Bank for Africa (UBA) has lowered its forecast for 2015 loan growth to 5 to 8 percent from 15 to 20 percent as rising regulatory and economic uncertainty increase risks to lending, the bank said on Tuesday. UBA CEO Phillips Oduoza told an investor call that the top tier lender would maintain a conservative approach to lending for the second half of the year with a view to balancing risk with returns. Loans grew 8.5 percent in the first half. "We have revised do
  
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• Kenya's tea production falls 22 pct due to drought

  08-09-2015 16:21 via news.yahoo.com
  
  Kenya's tea output fell 22 percent in the first-half of 2015 from a year before, according to data from the industry regulator, after the country was hit by drought at the start of the year. Kenya is the world's leading exporter of black tea and the commodity is a major foreign exchange earner for east Africa's biggest economy. Data from the Agriculture, Fisheries and Food Authority's website showed that in the first six months of the year output fell to 175.2 million kilograms (kg) from 224.8 m
  
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• Wall Street opens higher on hopes of Chinese stimulus

  08-09-2015 15:58 via news.yahoo.com
  
  U.S. stocks opened sharply higher on Tuesday after weak economic data out of China bolstered hopes of more stimulus measures from the Chinese government. China's imports shrank far more than expected in August, falling for the 10th straight month. Late on Monday, China said it would remove tax on dividend incomes for investors who hold stocks for more than a year in an effort to encourage longer-term investment.
  
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• South Africa goes 30 days without power cuts in boost for economy

  08-09-2015 15:58 via news.yahoo.com
  
  By Ed Stoddard JOHANNESBURG (Reuters) - South Africa's struggling power utility Eskom has marked 30 straight days without imposing rolling power cuts, providing a spark of hope to an economy on the brink of recession. To prevent the national grid from collapse, state-run Eskom has been forced to resort to controlled power outages known locally as "load shedding".
  
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• Solid Yields And Strong Growth Prospects: What’s Not To Like About AstraZeneca plc, Aviva plc, GlaxoSmithKline plc, Prudential plc and Unilever plc

  08-09-2015 15:40 via news.yahoo.com
  
  Recent stock market falls may now a great time to buy into steady FTSE 100 stocks such as AstraZeneca (LON: AZN), Aviva (LON: AV), GlaxoSmithKline (LON: GSK), Prudential (LON: PRU) and Unilever (LON: ULVR), ...
  
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• Brent crude oil rises on data but oversupply weighs

  08-09-2015 15:40 via news.yahoo.com
  
  By Lisa Barrington LONDON (Reuters) - Brent crude oil rose on Tuesday as strong European economic data and a year-on-year increase in Chinese crude imports outweighed concerns over Asia's economic growth and a global fuel glut. The euro zone economy grew faster than expected in the second quarter, data showed, with gross domestic product up 1.5 percent year-on-year versus a previous reading of 1.2 percent. Brent was up $1.20 at $48.83 a barrel by 1330 GMT, recovering around half its losses made
  
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• China's JD.com says may buy back $1 billion of ADS

  08-09-2015 15:38 via news.yahoo.com
  
  (Reuters) - Chinese e-commerce company JD.com Inc, which has lost a third of its market value since mid-June, said on Tuesday it planned to buy back up to $1 billion of its American Depositary Shares (ADS) over the next two years. JD.com joins several other big Chinese companies, including far-larger rival Alibaba Group Holding Ltd, that have announced buyback plans recently as worries about China's economy hits share prices. The company, whose shares were up 10.5 percent at $25. ...
  
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• Ukraine still faces threat of Russian military offensive: Poroshenko

  08-09-2015 15:36 via news.yahoo.com
  
  By Pavel Polityuk and Natalia Zinets KIEV (Reuters) - Ukraine still faces the threat of a full-scale Russian military attack despite several days of relative calm on the front-lines of the east where government forces confront Russian-backed separatists, President Petro Poroshenko said on Tuesday. Poroshenko comments at a government meeting come amid signs of discord in the governing coalition over his peace efforts and disenchantment over falling living standards and economic hardship. Russia's
  
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• Modi tells billionaires 'invest,' says China's pain is India's gain

  08-09-2015 15:14 via news.yahoo.com
  
  By Manoj Kumar NEW DELHI (Reuters) - Prime Minister Narendra Modi and his top economic team on Tuesday assured a group of billionaires that India could withstand global turbulence and China's economic slowdown, then asked them to open their wallets. The meeting at Modi's residence came as India's rupee fell to two-year lows and a stock market sell-off wiped out most of the record gains made since he took office last year. India's projected economic growth of 8 percent is still viewed by the IMF
  
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• Regulatory worries, energy prices take shine off Shell-BG deal

  08-09-2015 15:11
  
  LONDON (Reuters) - A look at valuations illustrates how regulatory concerns and stubbornly low energy prices have stoked investor anxiety over Royal Dutch Shell's planned takeover of British rival BG...
  
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• RPT-UPDATE 2-Whitbread warns of hit from UK minimum wage hike

  08-09-2015 15:00
  * Q2 underlying sales weaker than expected, shares fall (Repeats to fix formatting. Adds details, background, updates shares)
  
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