Finance news

• John Paulson's fund losses in August dent strong start to year

  10-09-2015 23:50
  
  BOSTON (Reuters) - Billionaire investor John Paulson, whose bets have long been closely followed on Wall Street, told investors on Thursday that the value of his biggest hedge fund portfolios fell...
  
  Read more

• How much does it cost to raise a prodigy?

  10-09-2015 23:40
  
  (The writer is a Reuters contributor. The opinions expressed are his own.)
  
  Read more

• Wall Street rises with Apple, biotechs, but Fed jitters remain

  10-09-2015 23:26 via news.yahoo.com
  
  U.S. stocks ended higher on Thursday in another day of broad swings as investors showed nervousness ahead of next week's much-anticipated Federal Reserve meeting, but gains in Apple and biotech shares supported the day's advance. Apple's shares rose 2.2 percent to $112.57, rebounding from losses the day before when the iPhone and iPad maker unveiled new offerings. Biotech also boosted the market, with Gilead up 3.3 percent at $107.25, giving the second-biggest boost to the S&P 500 and Nasdaq
  
  Read more

• In North Korea, deals on the bus make markets go round

  10-09-2015 23:09 via news.yahoo.com
  
  By Ju-min Park and James Pearson SEOUL (Reuters) - It's not Amazon or FedEx, but in North Korea's fledgling market economy a fleet of repurposed old passenger buses is the next best thing for moving trade goods, from rice to textiles and livestock, between far-flung corners of the country. Known as "servi-cha" - the name comes from "service" and "car" - the money-making buses have been transporting goods in recent years in what satellite imagery shows is an increasingly robust, if still primitiv
  
  Read more

• Advertisement

• Bush’s Tax Plan Would Boost the Economy but Drive Up the Debt

  10-09-2015 23:07 via news.yahoo.com
  
  A major tax reform proposal from Jeb Bush is fast becoming a Rorschach test for analysts from both ends of the political spectrum. The Wall Street Journal’s editorial page hailed it as a pro-growth blueprint that would give the economy a “huge lift.” Budget hawks warned that the proposed deep cuts in corporate and individual tax rates would drain the Treasury and add between $1.2 trillion and $3.4 trillion to the national debt over the coming decade. Related: Can Jeb Bush, Bern
  
  Read more

• TSX gains on energy, some retailers, Bombardier

  10-09-2015 22:52 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index rose on Thursday, buoyed by a surge in Bombardier's stock, gains in some retailers on rosy results and a bump higher in oil and gas company shares as the price of crude oil rallied. "It seems that the global economy is weakening, and we'd still be very cautious on the consumer, especially in Canada," said Youssef Zohny, portfolio manager at StennerZohny Investment Partners+ of Richardson GMP Ltd. The Toronto Stock Exchange's S&P
  
  Read more

• Growth worries weigh on stocks, but oil rallies

  10-09-2015 22:15 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Global equity markets outside the United States fell on Thursday as concerns about the economies of China and Japan added uncertainty to the world growth picture, but Wall Street rose, due in part to a rebound in oil prices. Wall Street went against the grain and advanced in a choppy session as Apple shares rebounded and the rise in oil prices boosted the energy sector. The dollar was down 0.54 percent at 95.486 against a basket of major currencies as in
  
  Read more

• Growth worries weigh on global stocks, but oil rallies

  10-09-2015 22:15 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Global equity markets outside the United States fell on Thursday as concerns about the economies of China and Japan added uncertainty to the world growth picture, but Wall Street rose, due in part to a rebound in oil prices. Wall Street went against the grain and advanced in a choppy session as Apple shares rebounded and the rise in oil prices boosted the energy sector. The dollar was down 0.54 percent at 95.486 against a basket of major currencies as in
  
  Read more

• Advertisement

• Exclusive: Peltz's Trian fund suffers brutal August decline

  10-09-2015 21:43
  NEW YORK (Reuters) - Trian Partners, the activist fund run by billionaire Nelson Peltz, fell 4.8 percent in August, according to performance information obtained by Reuters, adding to the ranks of...
  
  Read more

• Avon in talks with private equity firms for stake sale: WSJ

  10-09-2015 21:06 via news.yahoo.com
  
  (Reuters) - Avon Products Inc , which sells cosmetics door-to-door, is in talks with private equity firms about an investment through a stake sale in the struggling company, the Wall Street Journal reported on Thursday. The company is conducting an auction process for a private investment in public equity (PIPE) with firms including Cerberus Capital Management and Platinum Equity, the WSJ reported, citing people familiar with the matter. Bids for the auction are due next week, the paper said, ad
  
  Read more

• Bonds: MPC keeps rates steady while S&P downgrades Brazil

  10-09-2015 21:05 via news.yahoo.com
  
  (ShareCast News) - After a brief time at the 'investment grade' level following Inacio Lula da Sliva's tenure in office, on Thursday ratings agency Standard&Poor's threw Brazil's long-term debt rating ...
  
  Read more

• Turkmenistan set to scrap social benefits as economy worsens

  10-09-2015 20:50 via news.yahoo.com
  
  ASHGABAT, Turkmenistan (AP) — The energy-rich Central Asian nation of Turkmenistan looks set to scrap free provision of electricity, household gas and water to its citizens as the economy shows the strain of reduced demand for natural gas, its chief export.
  
  Read more

• IMF says it's committed to backing Liberia’s recovery from Ebola

  10-09-2015 20:49 via news.yahoo.com
  
  International Monetary Fund (IMF) Managing Director Christine Lagarde said on Thursday the Fund was committed to supporting Liberia's economy as it recovers from the Ebola epidemic. Speaking after talks with President Ellen Johnson Sirleaf, Lagarde praised Liberia for its hard work in battling the deadly virus. It became the first of the three West African countries ravaged by the worst Ebola outbreak on record to declare itself free of the disease.
  
  Read more

• Amid activist fears, some tough Vanguard votes on board reform

  10-09-2015 20:33
  BOSTON (Reuters) - Mutual fund company Vanguard Group backed measures at more than
  
  Read more

• U.S. outlines new policy for investigating corporate executives

  10-09-2015 20:08 via news.yahoo.com
  
  By David Ingram NEW YORK (Reuters) - The U.S. Department of Justice's No. 2 official laid out the rationale on Thursday behind a revised policy for prosecutors to focus on wrongdoing by corporate executives, after criticism they had failed to do so, especially in the 2008-09 financial meltdown and housing crisis. The memo "amounts to a striking admission that the DOJ's policy on Wall Street corporate crime has been completely ineffective," Robert Weissman, president of Public Citizen, said in a
  
  Read more

• Oil rallies as gasoline demand offsets U.S. crude build

  10-09-2015 20:06 via news.yahoo.com
  
  * Weak dollar, higher Wall Street stock prices add support * U.S. crude stocks up overall but Cushing inventories down * U.S. gasoline demand up almost 4 pct year-on-year (New throughout, updates prices and market activity, adds information about U.S. gasoline demand) By Barani Krishnan NEW YORK, Sept 10 (Reuters) - Oil prices rallied on Thursday, with U.S. crude up more than 3 percent as indications of strong U.S. demand for gasoline overshadowed news of increased U.S. inventories of crude. U.S
  
  Read more

• Stocks dip on growth concerns, but oil rallies

  10-09-2015 19:58 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Global equity markets outside the U.S fell on Thursday as concerns about the economies of China and Japan cast a cloud over the world growth picture, though Wall Street rose, due in part to a rebound in oil prices. Wall Street went against the grain with an advance as Apple shares rebounded and the rise in oil prices boosted the energy sector. The dollar was was down 0.53 percent at 95.50 against a basket of major currencies as investors mulled whether r
  
  Read more

• Global stocks dip on growth concerns, but oil rallies

  10-09-2015 19:57 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Global equity markets outside the U.S fell on Thursday as concerns about the economies of China and Japan cast a cloud over the world growth picture, though Wall Street rose, due in part to a rebound in oil prices. The FTSEurofirst 300 index of top European shares snapped a three-day rally to close down 1.4 percent , following a disappointing session in Asia. Wall Street went against the grain with an advance as Apple shares rebounded and the rise in oil
  
  Read more

• Average US rate on 30-year mortgage inches up to 3.9 percent

  10-09-2015 19:36 via news.yahoo.com
  
  WASHINGTON (AP) — Average long-term U.S. mortgage rates inched up this week as financial markets awaited the Federal Reserve's crucial decision next week on interest rates.
  
  Read more

• Oil up 3 percent; gasoline demand offsets U.S. crude build

  10-09-2015 19:17 via news.yahoo.com
  
  Oil prices rallied 3 percent on Thursday as traders' focus on strong demand U.S. for gasoline overshadowed news of increased U.S. inventories of crude. A weaker dollar also made dollar-denominated crude more affordable to holders of the euro, while higher equity prices on Wall Street enhanced bullish sentiment in oil markets. U.S. Energy Information Administration data on Thursday showed demand over the latest four-week period was up almost 4 percent from a year ago, while gasoline inventories r
  
  Read more

• Oil up 3 pct; gasoline demand offsets U.S. crude build

  10-09-2015 19:15 via news.yahoo.com
  
  A weaker dollar also made dollar-denominated crude more affordable to holders of the euro, while higher equity prices on Wall Street enhanced bullish sentiment in oil markets. U.S. Energy Information Administration data on Thursday showed demand over the latest four-week period was up almost 4 percent from a year ago, while gasoline inventories rose just about half of expected levels last week. The attention paid to gasoline inventories overrode interest in EIA data showing stockpiles of U.S. cr
  
  Read more

• Apple, biotech stocks lift Wall Street

  10-09-2015 19:02 via news.yahoo.com
  
  Wall Street was higher in early afternoon trading on Thursday as Apple and biotech shares lifted the market ahead of the crucial Federal Reserve meeting next week. U.S. stocks have been volatile for the past few weeks since China devalued its currency in August and the impact of a slowdown in the region on global growth rattled investors. "Volatility is here to stay for the rest of the fourth quarter because even if the Fed doesn't raise rates next week, it is signaling that there is weakness in
  
  Read more

• Brazil economy junked, president on ropes

  10-09-2015 18:59 via news.yahoo.com
  
  Brazil has been preparing to party as next year's Olympics host, but a credit downgrade to junk status means the world's seventh largest economy will be nursing a terrible hangover instead. The downgrade by Standard & Poors, one of the main rating agencies, strips Brazil of its investment-grade status and leaves President Dilma Rousseff's government on life support, risking an investor rush for the exits, analysts said Thursday. Just a few years ago, Latin America's biggest country was in ca
  
  Read more

• S&P says Brazil outlook may stabilize if political issues settled

  10-09-2015 18:40 via news.yahoo.com
  
  RIO DE JANEIRO (Reuters) - Standard & Poor's could revise the outlook for Brazil's credit rating to stable if the country settles political issues that are holding back austerity measures, analyst Lisa Schineller said on a Thursday conference call.
  
  Read more

• Turkey growth ticks up to 3.8 percent, beats expectations

  10-09-2015 18:26 via news.yahoo.com
  
  Turkey's economy grew 3.8 percent in the second quarter, the statistics office said Thursday, beating expectations in a rare piece of good news as the country battles high inflation and a tumbling currency. The economy had expanded 2.5 percent in the first quarter, and economists had been predicting that Turkey was heading for a period of mediocre growth. The country is also beset by persistently high inflation of over seven percent and the declining lira, which has lost over 30 percent in value
  
  Read more

• Global stock market rout offers opportunity for M&A hedge funds

  10-09-2015 18:25 via news.yahoo.com
  
  The sharp falls in global stock markets in August potentially offer hedge funds that decide to bet on the outcome of merger deals a chance to make some juicy returns. A plunge in China's equity markets last month that triggered falls around the world, in theory, makes it cheaper for hedge funds to set up a so-called merger arbitrage trade. Merger arbitrage funds often aim to make money by buying shares in a company that is the target of a takeover bid in the hope they will rise towards the offer
  
  Read more

• Refugees could help ease skills shortage in Germany: Merkel's deputy

  10-09-2015 17:51 via news.yahoo.com
  
  A record-breaking influx of refugees could help ease Germany's skills shortage and companies should start training programs for asylum-seekers to speed up integration, Economy Minister Sigmar Gabriel said on Thursday. With the number of deaths outstripping births, Berlin estimates the working-age population in Germany will shrink by 6 million people by 2030 and some companies say they are already struggling to fill vacancies. Gabriel, who is Chancellor Angela Merkel's deputy, described the expec
  
  Read more

• Stocks dip on growth concerns, but oil rebounds

  10-09-2015 17:47 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Global equity markets outside the U.S slipped Thursday after days of gains as concerns about the economies of China and Japan cast a cloud over the world growth picture, though Wall Street rose, and oil prices rebounded after slumping a day earlier. Wall Street went against the grain with an advance as Apple shares rebounded and the rise in oil prices boosted the energy sector. The dollar was was down 0.14 percent against a basket of major currencies as
  
  Read more

• BRIEF-Solombalsk Cellulose and Paper Plant shares excluded from RTS Board

  10-09-2015 17:39
  * Said on Wednesday that Solombalsk Cellulose and Paper
  Plant common and preferred shares have been excluded
  from RTS Board as of Aug. 28, based on information about
  declaring the company insolvent
  
  Read more

• Apple, health stocks lift Wall Street

  10-09-2015 17:38 via news.yahoo.com
  
  Wall Street was higher in late morning trading on Thursday as Apple shares and health stocks lifted the market ahead of the crucial Federal Reserve meeting next week. Apple's 1.8 percent rise gave the biggest boost to the three major indexes a day after the iPhone maker unveiled new offerings. Gilead's 2.6 percent was the second-biggest boost on the S&P and the Nasdaq.
  
  Read more

• Global stocks dip on growth concerns, but oil rebounds

  10-09-2015 17:32 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Global equity markets outside the U.S slipped Thursday after days of gains as concerns about the economies of China and Japan cast a cloud over the world growth picture, though Wall Street rose, and oil prices rebounded after slumping a day earlier. Wall Street went against the grain with an advance as Apple shares rebounded and the rise in oil prices boosted the energy sector. The dollar was was down 0.14 percent against a basket of major currencies as
  
  Read more

• Chinese cyber spying targets broad array of U.S. interests: Clapper

  10-09-2015 16:52 via news.yahoo.com
  
  Chinese cyber espionage continues to target a "broad spectrum of U.S. interests," including national security information, sensitive economic data and intellectual property, the U.S. Director of National Intelligence James Clapper said on Thursday. "Although China is an advanced cyber actor in terms of capabilities, Chinese hackers are often able to gain access to their targets without having to resort to using advanced capabilities," Clapper told the House of Representatives Intelligence Commit
  
  Read more

• Finland to raise taxes on the wealthy to cover refugee costs

  10-09-2015 16:46 via news.yahoo.com
  
  By Anna Ercanbrack and Jussi Rosendahl HELSINKI (Reuters) - Finland's government on Thursday proposed increasing capital gains tax and income tax on high earners to help pay for a 10-fold increase in refugees expected to arrive this year, its finance minister said. The EU migrant crisis proposes a political as well as a financial challenge for the coalition, whose foreign minister, Timo Soini, heads the Eurosceptic party, The Finns, which campaigned for tighter controls on immigration. Finance M
  
  Read more

• Greenpeace boards Taiwanese ship with 'illegal' shark fins

  10-09-2015 16:39 via news.yahoo.com
  
  Greenpeace said Thursday it boarded a Taiwanese ship allegedly operating illegally near Papua New Guinea, fishing for tuna and carrying bags of shark fins in what could be the latest example of the lucrative black trade in the region. The move by the activist group on Wednesday night came as regional leaders met in Port Moresby for the Pacific Islands Forum and worked on a sustainable fisheries roadmap. Global seas have been fished to dangerously low levels, according to independent panel the Gl
  
  Read more

• Wall Street flat amid growth concerns ahead of Fed meet

  10-09-2015 16:28 via news.yahoo.com
  
  U.S. stocks were little changed at the open on Thursday amid fears of slowing global growth ahead of the U.S. Federal Reserve's interest rate meeting next week. Global markets were under pressure after data showed a drop in producer prices and car sales in China and slowing capital spending in Japan. Adding to the gloom, influential fund manager David Tepper of Appaloosa Management told CNBC that corporate earnings may not rise as much as expected and he was not overly bullish on stocks next yea
  
  Read more

• Bank of England keeps rates steady, unfazed by overseas risks

  10-09-2015 16:26 via news.yahoo.com
  
  By David Milliken and William Schomberg LONDON (Reuters) - The Bank of England said on Thursday its rate-setters felt the threat to the world economy from China's stock-market slump did not signal a slowdown for Britain, as they left interest rates at a record-low of 0.5 percent. Policymakers voted 8-1 to keep rates unchanged, as expected, and they broadly agreed with Governor Mark Carney, who has said that, so far, China's slowdown is unlikely to derail the plan to gradually raise British rates
  
  Read more

• Brazil markets sink as S&P cuts sovereign to junk

  10-09-2015 16:25 via news.yahoo.com
  
  By Asher Levine SAO PAULO (Reuters) - Brazil's financial markets fell on Thursday after Standard & Poor's cut the country's sovereign rating to junk late Wednesday, though assets began to pare losses in late morning trading as the downgrade had been largely priced in. The drop from investment grade, which came sooner than many in the market had expected, reflected President Dilma Rousseff's struggle to regain investor confidence as political turmoil drives a growing government deficit in Lat
  
  Read more

• Brazil central bank sees 2016 inflation falling to target, eyes currency

  10-09-2015 16:25 via news.yahoo.com
  
  Inflation in Brazil is expected to slow to near the official 4.5 percent target by the end of 2016, the country's central bank said on Thursday, although it signaled recent market turmoil may compel it to further raise interest rates. The central bank kept its benchmark interest rate unchanged at 14.25 percent at a meeting last week, halting one of the world's most aggressive rate-hike cycles as the economy sinks into recession. In its minutes for that meeting, the bank said its inflation foreca
  
  Read more

• One last push to stop Medicare premium increases

  10-09-2015 16:08
  
  CHICAGO (Reuters) - Should 30 percent of Medicare beneficiaries shoulder a 52 percent premium hike next year while the other 70 percent pay no more at all? Advocates for seniors do not think so, and...
  
  Read more

• BRIEF-Grupo Rayet creditors vote in favor of settlement plan

  10-09-2015 16:01
  * Says 74.2 percent of Grupo Rayet creditor's body voted in
  favor of settlement plan
  
  Read more

• Zambia to address jobs threat at Glencore's Mopani Copper

  10-09-2015 15:48 via news.yahoo.com
  
  By Chris Mfula LUSAKA (Reuters) - Zambia is to hold talks with Mopani Copper Mines (MCM) over parent company Glencore's plan to suspend operations after a drop in the metal's price, the mining minister said on Thursday. An electricity shortage and weaker copper prices have put pressure on Zambia's mining industry, threatening output, jobs and economic growth in Africa's second-biggest producer of the metal. The power problems and slide in copper prices have driven the kwacha currency to record l
  
  Read more

• US stocks open lower as focus shifts to Fed meet

  10-09-2015 15:36 via news.yahoo.com
  
  REUTERS - Wall Street opened slightly lower on Thursday as investors were wary of taking big bets ahead of the crucial U.S. Federal Reserve meeting next week. The Dow Jones industrial average fell 9.62 points, or 0.06 percent, to 16,243.95, the S&P 500 lost 2.04 points, or 0.11 percent, to 1,940 and the Nasdaq composite dropped 5.17 points, or 0.11 percent, to 4,751.35. (Reporting By Sudarshan Varadhan)
  
  Read more

• Brazil's currency, stock futures drop on S&P downgrade to junk

  10-09-2015 15:28 via news.yahoo.com
  
  Brazil's currency and stock futures fell sharply on Thursday and interest rate futures jumped after Standard & Poor's cut the country's sovereign rating to junk late Wednesday, raising the risk of foreign capital flight. The faster-than-anticipated drop from investment grade reflected President Dilma Rousseff's struggle to regain investor confidence as political turmoil drives a growing government deficit in Latin America's largest economy. Brazil's currency, the real , fell nearly 3 percent
  
  Read more

• Growth jitters send world stocks, commodities into reverse

  10-09-2015 15:17 via news.yahoo.com
  
  European stocks snapped a three-day run of gains with falls of 1 percent, following a difficult session in Asia, and Wall Street looked set for a subdued start after Apple's new gadgets failed to excite investors on Wednesday. Major currencies and bonds also lacked sparkle as investors continue to grapple with whether the recent jitters in China and other world markets would prevent the Federal Reserve from raising U.S. interest rates next week. The latest policy responses to signs of stuttering
  
  Read more

• Poland's Tauron says bids to buy troubled Brzeszcze mine

  10-09-2015 15:16
  WARSAW, Sept 10 (Reuters) - Poland's second-biggest power
  firm Tauron said on Thursday it has submitted an offer
  to buy assets owned by the troubled state-run Brzeszcze mine.
  
  Read more

• Nigerian regulators intervene after JP Morgan index action

  10-09-2015 15:16 via news.yahoo.com
  
  By Chijioke Ohuocha and Oludare Mayowa LAGOS (Reuters) - Nigeria's bond market regulator stepped in to avoid a market collapse on Thursday, bringing trades to a halt by forcing dealers to widen spreads after JP Morgan's decision to remove Africa's biggest economy from a major bond index. Traders said the FMDQ, a group comprising Nigeria's main commercial banks and the central bank, widened the bid-ask spreads on bond trading to 1 naira from 0.30 naira to contain volatility, helping moderate a de
  
  Read more

• In aging Germany, refugees seen as tomorrow's skilled workers

  10-09-2015 15:03 via news.yahoo.com
  
  By Tina Bellon and Caroline Copley DORTMUND/BERLIN, Germany (Reuters) - While many European countries say asylum seekers could damage their economies if they let in too many, Germany is counting on the record numbers pouring across its borders to save its own. Berlin estimates its working age population will shrink by 6 million people by 2030 as the number of deaths outstrips births, making it hard to keep the economy growing. "If we manage to quickly train those that come to us and to get them
  
  Read more

• Bollore invests 30 mln euros in Ivory Coast-Burkina rail link

  10-09-2015 15:00 via news.yahoo.com
  
  Bollore has invested 30 million euros ($33.6 million) to buy trains for the freight and passenger line it operates between Burkina Faso and Ivory Coast, the French company said. Landlocked Burkina Faso relies partly for its exports and imports on the ports of its southern neighbour Ivory Coast, the biggest economy in French-speaking West Africa. It also uses ports in other neighbours Ghana and Togo.     "We have invested around 30 million euros to acquire trains, including si
  
  Read more

• Wall Street set to open lower as China adds to uncertainty

  10-09-2015 14:50 via news.yahoo.com
  
  Data showed that producer prices in China fell for the 42nd straight month and car sales dropped, in the most recent sign that deflation remains a significant risk for the world's No. 2 economy. Global financial markets have been rattled in recent weeks by fears that China's slowdown could be a drag on sluggish global growth, prompting some investors to bet that the U.S. central bank will delay a rate hike until the end of the year. "What is China going to do?
  
  Read more

• IndiGo reports record profit ahead of IPO - sources

  10-09-2015 14:33 via news.yahoo.com
  
  India's biggest airline, IndiGo, quadrupled its profit to a record 13.04 billion rupees ($196 million) in the year ending in March, two sources said on Thursday, as it prepares to cash in on the country's aviation boom with a stock market listing. The low-cost carrier, which now flies one in every three air passengers within India, has remained profitable in recent years by keeping its costs lower than rivals and filling more seats on its planes. India is one of the world's fastest-growing marke
  
  Read more

Follow @FinanceUSA_News on Twitter!