Finance news

• Colt says creditors put resolution to lease dispute at risk

  11-09-2015 23:42
  SAN FRANCISCO, Sept 11 (Reuters) - Bankrupt gunmaker Colt
  says settlement talks with the landlord of its Connecticut
  factory are being put at risk by its official committee of
  unsecured creditors,...
  
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• EU to weigh economic costs of refugee crisis

  11-09-2015 23:31 via news.yahoo.com
  
  The European Commission will weigh the economic cost of the refugee crisis, Luxembourg's finance minister said on Friday, as concern grows over the effects on national budgets of hosting tens of thousands of refugees. "We have asked the European Commission to make an analysis on what the financial impact will be and can be," said Pierre Gramegna, the finance minister from Luxembourg, which holds the rotating EU presidency.
  
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• Wall Street climbs, S&P 500 posts best week since July

  11-09-2015 23:07 via news.yahoo.com
  
  U.S. stocks rose on Friday and the S&P 500 posted its biggest weekly gain since July as investors weighed whether the Federal Reserve will raise interest rates next week. Energy shares dropped, however, after Goldman Sachs cut its oil price forecast through next year. Eight of the 10 S&P 500 sectors closed higher, led by gains in utilities , which tend to rise as bond yields fall.
  
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• Wall St climbs, S&P 500 posts best week since July

  11-09-2015 23:07 via news.yahoo.com
  
  U.S. stocks rose on Friday and the S&P 500 posted its biggest weekly gain since July as investors weighed whether the Federal Reserve will raise interest rates next week. Energy shares dropped, however, after Goldman Sachs cut its oil price forecast through next year. Eight of the 10 S&P 500 sectors closed higher, led by gains in utilities , which tend to rise as bond yields fall.
  
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• Top funds likely to back dual role for BofA's Moynihan: experts

  11-09-2015 22:59
  
  BOSTON/NEW YORK (Reuters) - Big mutual funds are likely to vote later this month to allow Bank of America Corp Chief Executive Brian Moynihan to retain his chairman title, based on their voting...
  
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• IMF chief urges Africa to spend responsibly

  11-09-2015 22:52 via news.yahoo.com
  
  IMF chief Christine Lagarde urged African governments to spend responsibly as she visited Liberia on Friday, a week after it was declared free from an Ebola epidemic which has shattered its economy. Lagarde, wrapping up two days of meetings with President Ellen Johnson Sirleaf, business leaders and community activists, set out measures she said were necessary "for African governments to be financially disciplined". "Second, not to be overburdened and, three, make sure that public spending, publi
  
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• Oil falls on Goldman call, stocks mixed before Fed meeting

  11-09-2015 22:48 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Crude oil fell on Friday after Goldman Sachs slashed its price forecast through next year, while global equity markets traded mixed as investors assessed the economic outlook and a potential move by the Federal Reserve next week to raise interest rates. A drop in U.S. consumer sentiment in September to its lowest in a year initially weighed on Wall Street, as the University of Michigan's preliminary reading for the month slid to 85.7, compared with the final
  
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• If world slides into recession, policy response to fall short: James Saft

  11-09-2015 22:39
  
  (Reuters) - We may well not get a global recession in the coming year or two but if we do, bank on one thing: an inadequate policy response.
  
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• Curbing enthusiasm ahead of Fed meeting

  11-09-2015 22:35 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - With stocks already in a corrective phase on Wall Street, next week's long-awaited Federal Reserve meeting may not spur a wild market reaction, even if the central bank hikes rates for the first time in almost a decade. Economists are about equally split on whether the long-awaited move will come, though futures market trades are pointing to at least one more month of the Fed delaying its 0.25 percentage point increase in the fed funds rate. "It has made th
  
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• Oil ends down about two percent as Goldman Sachs cuts price forecast

  11-09-2015 21:29 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Crude futures fell 2 percent or more on Friday after influential Wall Street trader Goldman Sachs cut its outlook on oil, but positive sentiment from rebounding U.S. stock prices and less drilling for oil helped the market pare losses. Goldman lowered its 2016 forecast for U.S. crude to $45 a barrel from $57 previously, and Brent to $49.50 from $62, citing oversupply and concerns over China's economy. "The oil market is even more oversupplied than we had e
  
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• Oil ends down about 2 percent as Goldman Sachs cuts price forecast

  11-09-2015 21:27 via news.yahoo.com
  
  Crude futures fell 2 percent or more on Friday after influential Wall Street trader Goldman Sachs cut its outlook on oil, but positive sentiment from rebounding U.S. stock prices and less drilling for oil helped the market pare losses. Goldman lowered its 2016 forecast for U.S. crude to $45 a barrel from $57 previously, and Brent to $49.50 from $62, citing oversupply and concerns over China's economy. Citing "operational stress" as a growing downside risk, the Wall Street firm said crude could e
  
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• Oil slumps on Goldman call, stocks mixed before Fed meeting

  11-09-2015 21:05 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Crude oil fell on Friday after Goldman Sachs slashed its price forecast through next year, while global equity markets traded mixed on worries over the economic outlook and whether the Federal Reserve will raise interest rates next week. A drop in U.S. consumer sentiment in September to its lowest in a year initially weighed on Wall Street, as the University of Michigan's preliminary reading for the month slid to 85.7, compared with the final reading of 91.9
  
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• Russia central bank keeps rate unchanged on economic 'cooling'

  11-09-2015 20:48 via news.yahoo.com
  
  Russia's central bank on Friday opted to keep the main interest rate at 11 percent after lowering its rate five times this year, citing a serious deterioration in the economic situation. The decision to keep the interest rate at the same level came after "August saw a serious deterioration in foreign economic conditions," the central bank said. The decision was expected by most economists since the central bank currently has little room for manoeuvre, wanting to lower the rate to help the econom
  
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• US stock market shakes off an early loss and turns higher

  11-09-2015 20:41 via news.yahoo.com
  
  NEW YORK (AP) — Major stock indexes shook off an early loss and turned slightly higher in afternoon trading Friday as traders turned their attention to a long-awaited meeting of the Federal Reserve next week. Oil and gas companies dropped as the price of oil took another fall.
  
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• Motor racing-Ignore 'negative rumours', says Lotus F1 team boss

  11-09-2015 20:25
  LONDON, Sept 11 (Reuters) - Financially troubled Lotus have urged fans to ignore any 'negative rumours' swirling around the Formula One team ahead of next week's Singapore Grand Prix.
  
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• Novartis heart failure drug should have 17 percent discount: analysis

  11-09-2015 19:55 via news.yahoo.com
  
  A new Novartis AG drug to treat heart failure should cost 17 percent less than its list price of $4,560 per year to keep health costs in line with growth in the overall U.S. economy, according to the nonprofit ICER. In a draft report released on Friday, the Boston-based Institute for Clinical and Economic Review set its "value-based" price for Entresto at $3,799 annually. The independent ICER evaluates clinical and cost effectiveness of new medicines.
  
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• Wall St. little changed ahead of next week's Fed meeting

  11-09-2015 19:31 via news.yahoo.com
  
  Wall Street was little changed in choppy trading on Friday as economic data further clouded the outlook for interest rates ahead of the Federal Reserve's policy meeting next week. Gilead was the biggest boost to the S&P and the Nasdaq after the company's $10 billion debt offering this week fueled speculation that it was planning a big acquisition. Stocks have been volatile since China devalued its currency in August amid concerns of sputtering growth in the world's second-largest economy.
  
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• US stock market wavers between slight gains and losses

  11-09-2015 19:29 via news.yahoo.com
  
  NEW YORK (AP) — Major stock indexes flipped between slight losses and gains on Friday as traders turned their attention to a long-awaited meeting of the Federal Reserve next week. Oil and gas companies dropped as the price of oil took another fall.
  
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• Oil slumps on Goldman call, stocks steady before Fed meeting

  11-09-2015 19:19 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Crude oil fell on Friday after Goldman Sachs slashed its price forecast through next year, while global equity markets slid on worries over the economic outlook and whether the Federal Reserve will raise interest rates next week. A drop in U.S. consumer sentiment in September to its lowest in a year initially weighed on Wall Street, as the University of Michigan's preliminary reading for the month slid to 85.7, compared with the final reading of 91.9 in Augus
  
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• PepsiCo deepens ties with SodaStream for homemade products

  11-09-2015 18:56 via news.yahoo.com
  
  SodaStream's shares jumped as much as 8.8 percent to $16.13 in morning trading on Friday after the Wall Street Journal reported the partnership. PepsiCo's shares were up 0.5 percent. PepsiCo said its caps will be available through SodaStream's website.
  
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• European stocks slump on Fed worries, oil forecast

  11-09-2015 18:49 via news.yahoo.com
  
  European stock markets fell Friday, with investors mostly wary ahead of next week's US interest rate decision and oil company shares sliding on a forecast for crude prices to halve yet again. "Risk appetite has certainly improved this week although we're still seeing investors hold back a little," said Craig Erlam, senior market analyst at Oanda trading group. London's FTSE 100 index of leading shares slipped 0.62 percent to close at 6,117.76 points.
  
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• US stocks shake off an early slide and turn higher at midday

  11-09-2015 18:36 via news.yahoo.com
  
  NEW YORK (AP) — Major stock indexes flipped from slight losses to gains on Friday as traders shift their attention to a long-awaited meeting of the Federal Reserve next week. Oil and gas companies dropped as the price of oil took another fall.
  
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• Stocks fall, investors wary ahead of Fed meeting

  11-09-2015 18:27 via news.yahoo.com
  
  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. The S&P 500 has had moves of at least 1 percent in 11 sessions since Aug. 20. The Fed has said it will raise rates for the first time since 2006 when it sees a sustained economic recovery with special emphasis on the job market and inflation.
  
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• Oil slides as Goldman Sachs cuts price forecast

  11-09-2015 18:22 via news.yahoo.com
  
  Crude futures fell on Friday after Wall Street's most influential voice in oil trading, Goldman Sachs, slashed its price outlook through next year, citing oversupply and concerns about China's economy. Joining Germany's Commerzbank and a long list of other banks in cutting price projections, Goldman lowered its 2016 forecast for U.S. crude to $45 a barrel from $57 previously, and Brent to $49.50 from $62. "The oil market is even more oversupplied than we had expected and we forecast this surplus
  
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• Weak U.S. consumer sentiment, tame inflation muddy Fed rate outlook

  11-09-2015 17:51 via news.yahoo.com
  
  U.S. consumer sentiment hit its lowest in a year in early September and producer prices were flat in August, signaling moderate economic growth and tame inflation that could weigh on the Federal Reserve's decision whether to hike interest rates next week. The slump in consumer sentiment and persistently weak inflation reported on Friday are in stark contrast with a tightening labor market. Sentiment was likely undermined by recent stock market volatility amid worries over China's slowing economy
  
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• Wall St falls as investors wary ahead of Fed meet

  11-09-2015 17:37 via news.yahoo.com
  
  Wall Street was lower on Friday as jittery investors took to the sidelines ahead of a crucial U.S. Federal Reserve meeting next week, when the central bank decides on an interest rate hike. 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. The S&P 500 has had moves of at least 1 percent in 11 sessions since Aug. 20.
  
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• Oil slumps on Goldman call, stocks dip before Fed meeting

  11-09-2015 17:37 via news.yahoo.com
  
  Crude oil fell about 3 percent on Friday after Goldman Sachs slashed its price forecast through next year, while global equity markets slid on worries over the economic outlook and whether the Federal Reserve will raise interest rates next week. A drop in U.S. consumer sentiment in September to its lowest in a year also weighed on Wall Street, as the University of Michigan's preliminary reading for the month slid to 85.7, compared with the final reading of 91.9 in August. It was also much lower
  
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• Labour chooses Corbyn supporter Khan as London mayoral candidate

  11-09-2015 17:37 via news.yahoo.com
  
  Britain's opposition Labour Party has selected a left-leaning lawmaker as its candidate for next year's Mayor of London election, adding to signs of a swing leftwards within the party. Sadiq Khan, 45, who was the first Muslim to attend cabinet, is a supporter of Jeremy Corbyn, the favourite to be announced on Saturday as the Labour Party's new national leader, who has pledged to renationalise swathes of the economy. Khan, Labour's justice spokesman during the last parliament, will compete agains
  
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• Oil slumps on Goldman call, global stocks dip before Fed meeting

  11-09-2015 17:36 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Crude oil fell about 3 percent on Friday after Goldman Sachs slashed its price forecast through next year, while global equity markets slid on worries over the economic outlook and whether the Federal Reserve will raise interest rates next week. A drop in U.S. consumer sentiment in September to its lowest in a year also weighed on Wall Street, as the University of Michigan's preliminary reading for the month slid to 85.7, compared with the final reading of 91
  
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• Allianz's El-Erian says Brexit won't happen but expect posturing

  11-09-2015 17:18 via news.yahoo.com
  
  Britain will not vote to leave the European Union but investors should expect lots of political "noise and posturing", Mohamed El-Erian, chief economic adviser at Allianz SE, said in a note to clients. Prime Minister David Cameron, who won an unexpectedly decisive victory in a general election in May, has promised to renegotiate Britain's relationship with the 28-member EU and hold a referendum on membership by the end of 2017.
  
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• Despite bombing, Thailand to beat 2015 tourism target: PM

  11-09-2015 17:07 via news.yahoo.com
  
  Thailand expects tourism to exceed its targets, with more than 30 million arrivals this year, despite a bomb blast that killed 14 foreigners last month in Bangkok, the prime minister said on Friday. The country's worst-ever bombing put pressure on revenues vital to the military government's moves to resuscitate a struggling economy. Tourism - worth about 10 percent of gross domestic product - has been its only bright spot.
  
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• Amundi picks banks for £5.1 billion French listing - sources

  11-09-2015 17:07 via news.yahoo.com
  
  By Emiliano Mellino and Freya Berry LONDON (Reuters) - French firm Amundi has picked banks for its Paris stock market flotation this year, two sources familiar with the situation said on Friday, as Europe's biggest asset manager gears up for a potential 7 billion euro (£5.12 billion) listing. Amundi, a subsidiary of Credit Agricole and Societe Generale , has lined up JP Morgan and Morgan Stanley as global coordinators for the deal. Societe Generale and Credit Agricole will themselves also
  
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• Amundi picks banks for $8bln French listing - sources

  11-09-2015 17:01 via news.yahoo.com
  
  French firm Amundi has picked banks for its Paris stock market flotation this year, two sources familiar with the situation said on Friday, as Europe's biggest asset manager gears up for a potential 7 billion euro ($7.9 billion) listing. Amundi, a subsidiary of Credit Agricole (Swiss: ACA.SW - news) and Societe Generale (Swiss: 519928.SW - news) , has lined up JP Morgan and Morgan Stanley (Xetra: 885836 - news) as global coordinators for the deal. Societe Generale and Credit Agricole will themse
  
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• New post for Kazakh leader's daughter sparks fresh succession talk

  11-09-2015 16:41 via news.yahoo.com
  
  By Raushan Nurshayeva and Mariya Gordeyeva ASTANA/ALMATY (Reuters) - Kazakhstan's President Nursultan Nazarbayev on Friday appointed his daughter Dariga as a deputy prime minister, rekindling speculation about who might replace him at the helm of Central Asia's largest economy. Nazarbayev, a 75-year-old former steelworker, has ruled the vast steppe nation of 17.5 million since 1989, tolerating little dissent. The issue of the succession is closely watched by foreign investors who have put more t
  
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• European stocks down on Fed worries, oil forecast

  11-09-2015 16:23 via news.yahoo.com
  
  European stock markets fell further Friday, with investors focused on next week's US interest rate decision and oil company shares sliding on a forecast for crude prices to halve yet again. London's benchmark FTSE 100 index shed 0.52 percent to stand at 6,123.96 points in afternoon trading. In the eurozone, Frankfurt's DAX 30 dropped 0.75 percent to 10,133.93 points and the CAC 40 in Paris fell 0.69 percent to 4,565.04, extending Thursday's losses after a recent rally.
  
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• Energy stocks lead an early decline as oil price slumps

  11-09-2015 16:15 via news.yahoo.com
  
  NEW YORK (AP) — Oil and gas companies led the stock market lower on Friday as the price of oil took another fall. U.S. crude sank 2.7 percent after Goldman Sachs said that the global glut of oil supply could push prices as low as $20 a barrel. Drillers had some of the biggest losses in early trading. Rig operator Transocean slid 3.7 percent.
  
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• Moroccan government drafts new rules to attract stock market investors

  11-09-2015 16:14 via news.yahoo.com
  
  Morocco's government is considering allowing foreign companies to list on the Casablanca stock exchange and creating a second market dedicated to small and medium-sized businesses. The foreign companies' shares could be listed in foreign currency or in Morocco's dirham, the government said after the cabinet agreed a draft law on Thursday at the weekly cabinet meeting. It would be the first move since the early 1990s to develop Casablanca's stock market, whose index has lost more than 20 percent
  
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• Higher South African rates to pile on debt pressures, dent saving

  11-09-2015 16:03 via news.yahoo.com
  
  By Stella Mapenzauswa JOHANNESBURG (Reuters) - On paper, looming interest rate hikes in South Africa should lift savings rates by boosting returns, but in reality they will only make it harder for heavily indebted households to repay loans, leaving little extra money to set aside. Africa's most advanced economy already has one of the worst savings rates in the world at less than a sixth of GDP, a legacy of the apartheid system that excluded the black majority from the formal financial system. Co
  
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• Pacific rim finance ministers vow to shun competitive devaluation

  11-09-2015 15:18 via news.yahoo.com
  
  Twenty-one Pacific rim economies including the United States, China and Japan pledged Friday to avoid "competitive devaluation" of their currencies amid stuttering global growth, a joint statement said. Finance ministers from the Asia-Pacific Economic Cooperation (APEC) made the commitment at the end of their two-day meeting in the central Philippine city of Cebu. The meeting was overshadowed by fears of an economic slowdown in China, the world's second largest economy, which last month suddenly
  
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• Myanmar candidate backs spending splash as opposition eyes election win

  11-09-2015 14:56 via news.yahoo.com
  
  By Hnin Yadana Zaw BAWLAKHE, Myanmar (Reuters) - A close ally of Myanmar President Thein Sein has backed projects worth tens of thousands of dollars in his constituency, including satellite dishes, water distribution and a soccer competition ahead of Nov. 8 elections, villagers and local campaign staff said. Soe Thein's largesse in Bawlakhe, a remote town in the eastern state of Kayah, may help him to secure his seat in a vote the political opposition is expected to win easily. The powerful auth
  
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• One million Africans a year catch malaria from dam mosquitoes: study

  11-09-2015 14:33 via news.yahoo.com
  
  By Katy Migiro NAIROBI (Thomson Reuters Foundation) - One million Africans will catch malaria this year because they live near a large dam and, at a time of booming dam construction on the continent, greater efforts must be made to protect people from the killer disease, a study said on Friday. Almost 80 major new dams are due to be built in sub-Saharan Africa over the next few years, leading to an additional 56,000 malaria cases a year, the study in Malaria Journal predicted. "While dams clearl
  
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• Futures lower on oil price fall, Fed worries

  11-09-2015 13:45 via news.yahoo.com
  
  (Reuters) - Canada's main stock index was set to open lower on Friday as oil prices fell more than 2 percent and investors prepared for a possible rate hike by the U.S. Federal Reserve next week. Oil prices declined after Goldman Sachs cut its crude forecasts, citing global oversupply and concerns over the Chinese economy, and after Saudi Arabia dismissed the idea of an oil producer summit. Canada's main stock index rose on Thursday, buoyed by a surge in Bombardier's shares, gains in some retail
  
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• China bank lending falls back in August

  11-09-2015 13:29 via news.yahoo.com
  
  China’s bank lending retreated in August, the central bank said Friday, after a sharp rise in July when the government directed funds into the stock market. Domestic banks extended new loans of 809.6 billion yuan ($127.06 billion), down from a massive 1.48 trillion yuan in July, the People's Bank of China said.
  
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• As fortunes fade, Glencore moguls prepare to up their bets

  11-09-2015 13:23 via news.yahoo.com
  
  By Dmitry Zhdannikov LONDON (Reuters) - Four years after a stock market listing made them billionaires, and months after the last ban on them selling shares expired, most Glencore managers are still sticking with their boss Ivan Glasenberg - and even preparing to invest more in the firm. The loyalty comes as a surprise to many industry players, particularly in light of the company's current woes which forced it to suspend dividends this week and announce plans to sell new shares to cut its $30 b
  
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• European stocks fall awaiting Fed

  11-09-2015 13:09 via news.yahoo.com
  
  European stock markets fell further Friday, with all eyes on next week's US interest rate decision. "Risk appetite has certainly improved this week although we’re still seeing investors hold back a little," said Craig Erlam, senior market analyst at Oanda trading group. Asian stock markets mostly fell Friday but ended a volatile week in relative calm after China unveiled a series of steps to shore up its economy and reassure investors, although fears of a US interest rate hike kept nerves
  
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• Glencore's Zambia unit to keep most workers despite suspension: source

  11-09-2015 12:49 via news.yahoo.com
  
  By Chris Mfula LUSAKA (Reuters) - Glencore's Zambian subsidiary Mopani Copper Mines will retain most of its workers even after copper production is suspended following a drop on the metal's price, a source close to the company said on Friday. An electricity shortage in the southern African nation and weaker copper prices have put pressure on the mining industry, threatening output, jobs and economic growth in Africa's second-biggest copper producer. The source said Mopani was in talks with the g
  
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• Uber's Chinese rival invests in US opponent Lyft: report

  11-09-2015 12:46 via news.yahoo.com
  
  China's top taxi hailing app Didi Kuaidi has taken a stake in US archrival Uber's own domestic competitor Lyft, the Wall Street Journal reported, as the firms spend fortunes competing for market share. The Chinese company teamed up with two of its investors, Chinese Internet giants Alibaba Group and Tencent Holdings, in a May funding round for Lyft, the report said, citing unnamed sources familiar with the matter. The size of their share investment was not disclosed but the exercise valued the A
  
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• The Justice Department’s New Policy Is a Brutal Admission of Eric Holder’s Failures

  11-09-2015 12:00 via news.yahoo.com
  
  This week, the Justice Department felt the need to write a memo to staff instructing them to indict individuals when they commit crimes, seemingly something implied by their job titles. It doesn’t say as much about the current Justice Department regime under Loretta Lynch as it does about the former one under Eric Holder. No major Wall Street executive went to jail for the illegal actions that precipitated the financial crisis, despite a mountain of documentary evidence of fraud.
  
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• Iran's foreign minister to visit China to discuss nuclear deal

  11-09-2015 11:33 via news.yahoo.com
  
  Iranian Foreign Minister Mohammad Javad Zarif will visit Beijing next week to discuss Iran's nuclear agreement and efforts to boost ties with China, China's foreign ministry said on Friday. China and Iran have close diplomatic, economic, trade and energy ties, and Chinese Foreign Minister Wang Yi has been active in pushing both the United States and Iran to reach agreement on the nuclear issue.
  
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• Botswana's Debswana cuts diamond production due to market downturn

  11-09-2015 11:22 via news.yahoo.com
  
  GABORONE (Reuters) - Botswana's Debswana, the world's biggest diamond producer by sales value, has cut its 2015 production target to 20 million carats from 23 million carats, its secretary for economic and financial planning Taufila Nyamadzabo said on Friday. "We had to revise our 2015 growth forecast from 4.9 percent to 2.6 percent due to (a) downturn in the global diamond market," Nyamadzabo said. Sluggish demand in the diamond market saw sales at rivals De Beers and Okavango Diamond Company (
  
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