Finance news

• Fed to hike rates in 2015 with 'loosest tightening' approach: El-Erian

  17-09-2015 23:46
  
  NEW YORK (Reuters) - Mohamed El-Erian, the chief economic adviser at Allianz SE, said Thursday that the Federal Reserve's decision to hold off on a rate hike reflects policymakers' reluctance to add...
  
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• Fed decision unlikely to calm markets, fund managers say

  17-09-2015 23:40
  
  NEW YORK (Reuters) - The global market volatility that upended investors over the last six weeks may last deep into autumn now that the Federal Reserve has decided to keep interest rates unchanged,...
  
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• UPDATE 5-Recall settlement frees GM CEO to confront new challenges

  17-09-2015 23:21
  * Some private litigation, shareholder lawsuits resolved (Adds GM CEO's comments, company outlook, adds DETROIT to dateline)
  
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• Back to basics, and beyond: automakers seek to counter China slowdown

  17-09-2015 23:10 via news.yahoo.com
  
  XI'AN, China (Reuters) - As China's economy loses pace and car sales flatline, automakers are having to redouble their efforts to squeeze every dollar from their dealerships - beefing up after-sales and financing services that are a staple in more developed markets. New car sales still make up a "ridiculous" 70 percent or more of dealer revenue in China, compared to as little as 5 percent in a market like Britain, where dealers make most of their money from car repairs, insurance and auto financ
  
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• CORRECTED-UPDATE 1-Adobe revenue beats on higher-than-expected subcriptions

  17-09-2015 23:07
  Sept 17 (Reuters) - Photoshop maker Adobe Systems Inc's quarterly revenue and profit beat estimates, helped by better-than-expected net subscriptions to its Creative Cloud software suite.
  
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• U.S. stocks fall, bonds rally as Fed stands pat

  17-09-2015 23:01 via news.yahoo.com
  
  U.S. blue-chip stocks fell in volatile trading on Thursday while bond prices jumped after the Federal Reserve decided to hold U.S. interest rates near zero on concerns about global weakness but left the door open for a rate increase later this year. The dollar posted its biggest one-day loss in a month against a basket of currencies as the U.S. central bank refrained after a two-day policy meeting from further spooking investors already fretting about China's slowing economy hurting the rest of
  
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• Wall St. ends down after choppy session; Fed holds rates

  17-09-2015 22:59 via news.yahoo.com
  
  Major Wall Street indexes gave up a 1-percent rally to end lower on Thursday after the Federal Reserve cited concerns about global economic growth in its decision to hold off on raising interest rates. The U.S. central bank held rates steady in a bow to worries about the global economy, financial market volatility and sluggish inflation at home, but it left open the possibility of a modest policy tightening later this year. The decline in financial stocks, which benefit from higher rates, alongs
  
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• Wall Street ends down after choppy session; Fed holds rates

  17-09-2015 22:57 via news.yahoo.com
  
  The U.S. central bank held rates steady in a bow to worries about the global economy, financial market volatility and sluggish inflation at home, but it left open the possibility of a modest policy tightening later this year. The decline in financial stocks, which benefit from higher rates, alongside the rise in utility stocks suggest that investors now believe interest rates will remain low for longer than previously expected. Investors' focus turned to the next Fed meeting on Oct. 27-28 as the
  
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• Gundlach: Fed 'scared' might have to reverse course if it raises rates

  17-09-2015 22:46
  
  NEW YORK (Reuters) - Jeffrey Gundlach, the widely followed investor who oversees DoubleLine Capital, said on Thursday the biggest surprise from the U.S. Federal Reserve's decision to keep rates...
  
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• Factbox: Canadian party leaders to debate economy, security, environment

  17-09-2015 22:40 via news.yahoo.com
  
  (Reuters) - The leaders of Canada's main political parties will face off in the second leaders' debate on Thursday at 8 p.m. ET. CONSERVATIVE PARTY: ECONOMY - Prime Minister Stephen Harper touts his economic record as his strongest suit, pledging to balance the budget this year despite a mild contraction in the economy in the first two quarters, and points to Europe to show the risks of high taxes and debt. Recent figures showed the Conservatives ran a budget surplus in the 2014-15 fiscal year,
  
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• LPL hires former Wall St regulator to bolster regulatory expansion

  17-09-2015 22:39
  (Reuters) - In a sign of the growing importance of regulation and compliance at independent brokerages, LPL Financial Group is splitting its regulatory affairs group in half and hiring another former...
  
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• U.S. appeals court halts SEC fraud case against financier Tilton

  17-09-2015 22:37
  
  NEW YORK (Reuters) - A federal appeals court on Thursday temporarily blocked the U.S. Securities and Exchange Commission from pursuing its case accusing New York financier Lynn Tilton of defrauding...
  
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• TSX climbs after Fed keeps interest rates steady

  17-09-2015 22:32 via news.yahoo.com
  
  Canada’s main stock index advanced on Thursday after the U.S. Federal Reserve left interest rates unchanged as global economic uncertainty and a recent spike in market volatility kept the U.S. central bank from pulling the trigger. After a wild ride of its own, the benchmark TSX index is down about 6 percent since the start of the year. While the Fed did not rule out a potential rate increase later this year, its current decision was influenced by global macroeconomic risks and concerns ab
  
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• Federal Reserve holds rate at zero; cites China worries

  17-09-2015 22:30 via news.yahoo.com
  
  The Federal Reserve held its key interest rate locked at zero Thursday, citing worries about how the slowdown in China will hit the US economy. Fed Chair Janet Yellen said the economy continues to grow moderately and that a rate increase could still take place before the end of the year. "A lot of our focus has been on risks around China, but not just China, emerging markets more generally and how they may spill over to the United States," she said at a news conference following the rate announc
  
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• Are millennials becoming fashionistas?

  17-09-2015 22:27
  
  NEW YORK (Reuters) - The creations of New York fashion designer Jason Wu, a favorite of first lady Michelle Obama, sell for thousands of dollars apiece.
  
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• No champagne for hard-hit U.S. money funds as Fed holds rates

  17-09-2015 22:17
  
  BOSTON (Reuters) - There will be no champagne corks popping in the $2.7 trillion U.S. money-market fund industry.
  
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• Global economy worries prompt Fed to hold rates steady

  17-09-2015 21:56 via news.yahoo.com
  
  By Howard Schneider and Ann Saphir WASHINGTON (Reuters) - The U.S. Federal Reserve kept interest rates unchanged on Thursday in a bow to worries about the global economy, financial market volatility and sluggish inflation at home, but left open the possibility of a modest policy tightening later this year. In what amounted to a tactical retreat, Fed Chair Janet Yellen said in a press conference that developments in a tightly linked global economy had in effect forced the U.S. central bank's hand
  
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• Wall St. rallies, then fades, after Fed holds rates steady

  17-09-2015 21:35 via news.yahoo.com
  
  Wall Street gave up a more than 1 percent rally on Thursday as investors struggled to interpret the Federal Reserve's decision to hold off on raising interest rates. Investors' focus turned to the next Fed meeting on Oct. 27-28 and they were still left to figure out the timing for the Fed's first benchmark rate increase since 2006. Trading right after the Fed's 2 p.m. statement release was choppy with the major U.S. indexes first hitting session highs and briefly turning negative before reversin
  
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• How to boost the ranks of African-American financial planners

  17-09-2015 21:30
  
  CHICAGO (Reuters) - Lazetta Rainey Braxton is a rare bird in the financial planning profession. She is African-American, a group that accounts for no more than 2 percent of all planners.
  
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• Fantasy camps capture hearts and dollars of retirees

  17-09-2015 21:25
  
  NEW YORK (Reuters) - Rey Moré was on stage at Foxwoods Casino in Connecticut, playing the memorable opening of The Who's famous hit "Baba O'Riley," when lead singer Roger Daltrey looked over at him,...
  
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• GM's $900 mln accord with U.S. gets judge's approval

  17-09-2015 21:22
  NEW YORK, Sept 17 (Reuters) - A U.S. judge on Thursday signed off on General Motors Co's agreement to pay the U.S. Justice Department $900 million to settle criminal charges related to the company's...
  
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• 'Heretic' of Greek politics eyes return from wilderness

  17-09-2015 21:17 via news.yahoo.com
  
  By Michele Kambas ATHENS (Reuters) - A civil engineer and one-time aspiring musician who claims to have had the foresight to predict Greece's financial crisis 25 years ago is making a dent in mainstream parties' support before national elections. Tapping into frustration at years of economic hardship and broken promises, Vassilis Leventis's Union of Centrists is polling between 3.5 and 4 percent of the electorate, giving it a foothold to win seats in Greece's 300-member parliament in Sunday's vo
  
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• U.S. DISTRICT JUDGE ALISON NATHAN IN NEW YORK APPROVES GM'S DEFERRED PROSECUTION AGREEMENT -COURT HEARING

  17-09-2015 21:14
  U.S. DISTRICT JUDGE ALISON NATHAN IN NEW YORK APPROVES GM'S DEFERRED PROSECUTION AGREEMENT -COURT HEARING
  
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• TSX advances after Fed keeps interest rates steady

  17-09-2015 21:09 via news.yahoo.com
  
  Canada’s main stock index rose on Thursday after the Federal Reserve left interest rates unchanged as global economic uncertainty and a recent spike in market volatility kept the U.S. central bank from pulling the trigger. After a wild ride of its own, the benchmark TSX index is down about 6 percent since the start of the year. While the Fed did not rule out a potential rate increase later this year, its current decision was influenced by global macroeconomic risks and concerns about infla
  
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• Fed Chair Yellen: economic outlook abroad 'uncertain'

  17-09-2015 20:47 via news.yahoo.com
  
  Washington (AFP) - Federal Reserve Chair Janet Yellen said Thursday that the global economic outlook was "uncertain" in explaining the Fed's decision to not raise interest rates at this time.
  
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• Federal Reserve holds rates at zero

  17-09-2015 20:40 via news.yahoo.com
  
  The Federal Reserve held its key interest rate locked at zero Thursday, pointing to the downturn in the global economy even as US growth remains steady. "Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term," the Fed said. In a clear reference to the recent turmoil provoked by the downturn in the Chinese economy, the Fed noted that it is "monitoring developments abroad," even as it
  
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• Wall St. stocks volatile after Fed holds steady on rates

  17-09-2015 20:29 via news.yahoo.com
  
  Fed Chair Janet Yellen was due to hold a press conference at 2:30 p.m ET (1830 GMT). The news left investors still trying to figure out the timing for the Fed's first benchmark rate increase since 2006. Uncertainty about when the Fed will shift gears has dogged Wall Street for months - a situation that has been complicated in recent weeks by market turbulence linked to slowing growth in China and worries about the health of the global economy.
  
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• Instant view: Fed leaves rates unchanged

  17-09-2015 20:28 via news.yahoo.com
  
  (Reuters) - The U.S. Federal Reserve kept interest rates unchanged on Thursday in a nod to concerns about a weak world economy, but left open the possibility of a modest policy tightening later this year. * "Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term," the Fed said in its policy statement following the end of a two-day meeting. It added the risks to the U.S. economy remain
  
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• Little reaction on stock market as Fed leaves rates low

  17-09-2015 20:20 via news.yahoo.com
  
  NEW YORK (AP) — The U.S. stock market didn't react much to the Federal Reserve's decision to hold off on raising interest rates. Bond prices moved higher.
  
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• Wall Street trading volatile after Fed statement

  17-09-2015 20:13 via news.yahoo.com
  
  (Reuters) - U.S. stocks briefly climbed to new session highs before turning lower in volatile trading on Thursday after the Federal Reserve held off from raising interest rates. The Dow Jones industrial average fell 41.69 points, or 0.25 percent, to 16,698.26, the S&P 500 lost 3.49 points, or 0.17 percent, to 1,991.82 and the Nasdaq Composite dropped 1.77 points, or 0.04 percent, to 4,887.47. (Reporting By Sinead Carew; Editing by Nick Zieminski)
  
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• Wall St. trading volatile after Fed statement

  17-09-2015 20:07 via news.yahoo.com
  
  (Reuters) - U.S. stocks briefly climbed to new session highs before turning lower in volatile trading on Thursday after the Federal Reserve held off from raising interest rates.
  
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• Fed leaves key interest rate unchanged, citing low inflation

  17-09-2015 20:07 via news.yahoo.com
  
  WASHINGTON (AP) — The Federal Reserve is keeping U.S. interest rates at record lows in the face of threats from a weak global economy, persistently low inflation and unstable financial markets.
  
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• Fed holds rates steady in nod to global economic weakness

  17-09-2015 20:02 via news.yahoo.com
  
  By Howard Schneider and Ann Saphir WASHINGTON, (Reuters) - The U.S. Federal Reserve kept interest rates unchanged on Thursday in a nod to concerns about a weak world economy, but left open the possibility of a modest policy tightening later this year. "Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term," the Fed said in its policy statement following the end of a two-day meeting.
  
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• United Tech unlikely to grow earnings by 10 percent in 2016, CEO says

  17-09-2015 19:59 via news.yahoo.com
  
  “That’s always the goal for UTC – double-digit earnings growth forever," CEO Greg Hayes told a Morgan Stanley investor conference. The comments seem to fall in line with Wall Street's general thinking: Analysts on average have been expecting UTC to increase earnings per share by 9.3 percent next year, according to Thomson Reuters I/B/E/S.
  
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• Polish elections complicate EU quest for Paris climate stance

  17-09-2015 19:59 via news.yahoo.com
  
  By Barbara Lewis BRUSSELS (Reuters) - Looming parliamentary elections in coal-dependent Poland will bedevil European Union efforts on Friday to agree a strong position for a global deal to tackle climate change. EU environment ministers meet in Brussels on Friday to finalize the bloc's negotiating position for a U.N. climate summit in Paris starting at the end of November. Many EU nations are eager to retain the leading role the bloc has taken in moving to lower carbon energy, but Poland, whose
  
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• Consumer discretionary stocks won the low-rate environment

  17-09-2015 19:33
  By Chuck Mikolajczak and Rodrigo Campos NEW YORK, Sept 17 (Reuters) - U.S. stocks have done very well during the long era of low interest rates, but as the U.S. Federal Reserve readies its first...
  
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• Wall Street higher 30 minutes ahead of Fed decision

  17-09-2015 19:31 via news.yahoo.com
  
  U.S. stocks were higher in thin afternoon trading on Thursday, with investors hanging fire half an hour ahead of the Federal Reserve's interest rate decision. The Fed will announce the outcome of its policy meeting and release its latest economic projections at 2 p.m. ET (1800 GMT), followed by a news conference by Chair Janet Yellen at 2:30 p.m. An increase in the Fed's benchmark rate, which has been held near zero since the depths of the financial crisis in December 2008, would be the first si
  
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• Celebrity rehab centre The Priory eyes market listing - sources

  17-09-2015 19:26 via news.yahoo.com
  
  Mental health care provider The Priory Group is set for a London stock market flotation, two sources said on Thursday, as the private equity owner of the company known for its celebrity client list seeks an exit. Private equity firm Advent, which bought the company in 2011, is working with Rothschild on the listing of The Priory, where famous names such as supermodel Kate Moss and singer Eric Clapton have sought treatment for addiction. Advent declined to comment.
  
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• CORRECTED-Under Armour expects revenue to more than double by 2018 (Sept. 16)

  17-09-2015 19:07
  NEW YORK, Sept 16 (Reuters) - Athletic wear maker Under Armour Inc said on Wednesday it expects to more than double revenues and build more than 800 stores outside North America by 2018 as it takes...
  
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• Bosses upbeat as Italy prepares for budget fight with Brussels

  17-09-2015 18:55 via news.yahoo.com
  
  Italian bosses on Thursday raised their growth forecasts for this year and next in a boost for Prime Minister Matteo Renzi as he prepares to unveil a tax-cutting budget designed to bolster the fledgling economic recovery. Confindustria's forecasts were released on the eve of Renzi's presentation to cabinet of a growth-orientated 2016 budget expected to place Italy back on a collision course with the European Commission, which is pressing Rome to act faster to cut its 2.2-trillion-euro debt mount
  
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• Britain's FTSE index retreats, engineering shares fall sharply

  17-09-2015 18:36
  * Investors wary ahead of US Federal Reserve decision (Updates prices at close)
  
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• China needs to improve economic data quality: IMF

  17-09-2015 18:22 via news.yahoo.com
  
  The International Monetary Fund called Thursday for China to improve its economic data, especially on its growth rate, the subject of continued skepticism about its reliability. The debate over the true strength of the Chinese economy has heated up in recent months on mounting signs of slowdown and heavy turmoil in the Chinese stock markets. "It's important that China does continue to improve its data quality to reflect the fast-changing structure of its economy," said IMF spokesman Gerry Rice a
  
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• Wall Street slightly higher in thin trading ahead of Fed

  17-09-2015 18:19 via news.yahoo.com
  
  U.S. stocks were marginally higher in thin late-morning trading on Thursday, with investors reluctant to trade aggressively ahead of the Federal Reserve's interest rate decision later in the day. The Fed will announce the outcome of its policy meeting and release its latest economic projections at 2 p.m. ET (1800 GMT), followed by a news conference by Chair Janet Yellen at 2:30 p.m. An increase in the Fed's benchmark rate, which has been held near zero since the depths of the financial crisis in
  
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• Lost in translation? Alibaba's hot deals leave investors cold

  17-09-2015 17:54 via news.yahoo.com
  
  By Paul Carsten and John Ruwitch BEIJING/SHANGHAI (Reuters) - A year since it went public in the biggest stock listing ever, China's Alibaba Group Holding Ltd has spent more than $6 billion on everything from an electronics store chain to a robot maker. From dominance of a surging China, it must cope with saturation in a slowing economy where shoppers are beginning to tighten their belts. At the same time, smaller rival JD.com Inc's growing market share is cause for concern - especially as it's
  
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• Tanzania's current account gap narrows 16 pct in year to July: central bank

  17-09-2015 17:47 via news.yahoo.com
  
  Tanzania's current account deficit narrowed 16 percent in the year to July, helped by more tourism income and a decline in oil imports, its central bank said on Thursday. The gap narrowed to $4.44 billion in the 12 months to July from $5.29 billion in the same period last year, the central bank said. "This development came from both an increase in the export of goods and services and a decrease in goods import," the Bank of Tanzania said in its latest monthly economic report.
  
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• Wall St. slightly higher in thin trading ahead of Fed

  17-09-2015 17:42 via news.yahoo.com
  
  The Fed will announce the outcome of its policy meeting and release its latest economic projections at 2 p.m. ET, followed by a news conference by Chair Janet Yellen at 2:30 p.m. An increase in the Fed's benchmark rate, which has been held near zero since the depths of the financial crisis in December 2008, would be the first since 2006. "If the Fed does raise today, the market will sell off but that is not going to last because the U.S. consumer is very strong," said Philip Blancato, chief exec
  
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• Average US rate on 30-year mortgage rises to 3.91 percent

  17-09-2015 17:26 via news.yahoo.com
  
  WASHINGTON (AP) — For the second straight week, average long-term U.S. mortgage rates inched up this week as financial markets awaited the Federal Reserve's crucial decision on interest rates.
  
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• Ukraine parliament backs crucial debt write-off deal

  17-09-2015 17:22 via news.yahoo.com
  
  Ukraine's parliament on Thursday backed a crucial debt restructuring agreement that will save Kiev billions of dollars and keep the war-torn country from falling into an unmanaged default. A financial pact signed last month with the former Soviet republic's biggest commercial lenders concerns nearly $19 billion in bonds that come due over the next four years. Cash-starved Ukraine has been suffering through a severe economic depression since a devastating war broke out with pro-Russian insurgents
  
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• South African oil firms to meet Iranians to discuss crude imports

  17-09-2015 17:17 via news.yahoo.com
  
  South African oil companies will meet Iranian officials in October to discuss the resumption of crude imports, the deputy energy minister said on Thursday. International sanctions on Iran could start to be lifted as early as spring next year as Tehran and the West rebuild their ties and potentially open up billions of dollars of trade deals. Iran was once the biggest oil supplier to South Africa, exporting around 380,000 barrels per day that powered up the continent's most advanced economy.
  
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• Ballooning refugee costs threaten Germany's cherished budget goals

  17-09-2015 17:01 via news.yahoo.com
  
  By Matthias Sobolewski BERLIN (Reuters) - The unexpected cost of looking after a record influx of refugees in Germany could scupper Finance Minister Wolfgang Schaeuble's cherished goal of achieving a balanced budget for the next five years, coalition sources said on Thursday. Germany is shouldering most of the burden of the continent's biggest refugee crisis since World War Two and expects at least 800,000 asylum seekers this year alone. Local authorities in Europe's largest economy are clamorin
  
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