Finance news

• AdvisorHUB founder sentenced to 18 months in prison for tax evasion

  18-09-2015 23:40
  NEW YORK (Reuters) - Andrew Parish, founder of broker gossip website AdvisorHUB, was sentenced on Friday to 18 months in prison for not paying federal employment taxes for his workers at a separate...
  
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• Courts call the shots for budget-less Illinois

  18-09-2015 23:25 via news.yahoo.com
  
  By Karen Pierog CHICAGO (Reuters) - Caught in a political stalemate that has forced it to operate for nearly three months without a budget, Illinois' spending decisions are increasingly being made by courts and at a rate that is further deepening the state’s fiscal woes. In the weeks since fiscal 2016 began on July 1, U.S. and state judges have ordered Illinois to pay its workers and adhere to federal consent decrees mandating certain healthcare and social service programs. The courts have
  
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• Oil prices drop as Fed worries about global economy

  18-09-2015 23:16 via news.yahoo.com
  
  Oil prices sank Friday after the US Federal Reserve expressed doubts about the strength of the global economy as it held off from an interest rate hike. US benchmark West Texas Intermediate for delivery in October dropped $2.22 to $44.68 a barrel from Thursday's close. The Federal Reserve held its key interest rate locked near zero Thursday, citing worries about how the slowdown in China will hit the US economy.
  
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• Renzi gambles on EU backing Italy bumper budget

  18-09-2015 22:51 via news.yahoo.com
  
  Italian Prime Minister Matteo Renzi on Friday presented his cabinet with a draft budget which could inject 27 billion euros into the country's sickly economy next year -- if he can get it past Brussels -- as Rome upped growth predictions. The plan for an ambitious programme of tax cuts and investment financed partly through an increased deficit represents Renzi's biggest challenge yet to the way in which the European Commission applies the eurozone's supposedly strict budget rules. Economists, h
  
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• Global stocks fall after Fed holds rates steady

  18-09-2015 22:50 via news.yahoo.com
  
  NEW YORK (Reuters) - Stocks on major markets slipped on Friday and bond prices rose, pushing yields sharply lower, after the U.S. Federal Reserve on Thursday clung to its near-zero interest rate policy with global economic growth slowing.
  
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• US stocks tumble as Fed decision weighs

  18-09-2015 22:41 via news.yahoo.com
  
  New York (AFP) - US stocks fell sharply Friday in the wake of the Federal Reserve's decision against raising interest rates because of worries about slowing global economic growth.
  
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• US STOCKS-Wall St ends down after Fed stokes global economic fears

  18-09-2015 22:34 via news.yahoo.com
  
  Wall Street stocks closed lower on Friday in heavy trading as the Federal Reserve's decision to keep interest rates near zero fueled concerns about the potential impact of continuing weak global growth ...
  
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• Goldman Sachs taps Snapchat for recruiting millennials

  18-09-2015 22:34 via news.yahoo.com
  
  By Angela Moon and Tariro Mzezewa NEW YORK (Reuters) - In its latest push to broaden its allure among millennials, Goldman Sachs Group Inc rolled out a series of quick-hit recruiting ads on Snapchat on Friday, becoming the first major Wall Street bank to turn to the instant-but-fleeting messaging app for potential hires. Goldman's 10-second recruitment clips appear between user-generated content segments. In the videos, Goldman says it is seeking a "Campus Environmental Leader," "Youth Sports Co
  
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• TSX drops on Fed comments, resource share weakness

  18-09-2015 22:08 via news.yahoo.com
  
  TORONTO (Reuters) - Canada’s main stock index fell on Friday as investors held on to the concerns raised by the U.S. Federal Reserve about global economic growth and selloffs in the prices of copper and oil pressured resource shares. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed down 140.26 points, or 1.02 percent, at 13,646.90. Six of the 10 main sectors on the index were in the red. (Reporting by John Tilak; Editing by Meredith Mazzilli)
  
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• Dividend payers get a break from Fed decision

  18-09-2015 21:54 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - The Federal Reserve's decision not to hike interest rates may have brought renewed volatility and a stock market selloff, but it also carved out breathing room for a couple of sectors: dividend payers and housing stocks. With 10-year Treasuries now yielding around 2.14 percent, the 2.2 percent dividend yield of the overall S&P 500 should appeal to income-hungry investors who are convinced interest rates will stay low for a while. Utilities and re
  
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• Ex-Wells CEO says Bank of America investors should back off

  18-09-2015 21:35
  
  (Reuters) - Former Wells Fargo chairman and chief executive Richard Kovacevich said that Bank of America shareholders are wrong to try to strip Bank of America CEO Brian Moynihan of his chairman...
  
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• Exclusive: Petco begins merger talks with PetSmart - sources

  18-09-2015 21:29
  
  NEW YORK (Reuters) - Petco Holdings Inc is exploring the possibility of being acquired by PetSmart Inc, according to people familiar with the matter, in a merger that could create a company that...
  
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• U.S. crude tumbles 5 percent; Wall Street selloff offsets rig data

  18-09-2015 21:16 via news.yahoo.com
  
  Oil prices tumbled on Friday, with U.S. crude falling 5 percent, after a selloff in Wall Street equities offset positive impact to crude from a third weekly decline in the U.S. oil rig count. Oil services firm Baker Hughes's report on the weekly U.S. oil rig count showed a drop of eight rigs this week. It was the third weekly decline in the rig count, a sign that the renewed decline in crude prices since July may be slowing some drillers from returning to the well pad in a bigger way.
  
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• US STOCKS-Wall St falls as Fed highlights weak global economy

  18-09-2015 21:01 via news.yahoo.com
  
  Wall Street stocks fell in late afternoon trading on Friday as the Federal Reserve's decision to keep interest rates near zero stoked concerns about the potential impact of continuing weak global growth on U.S (Other OTC: UBGXF - news) . Apart from the state of the world economy, the Fed cited financial market volatility and sluggish inflation at home in its decision on Thursday, while leaving the door open for a modest policy tightening later this year.
  
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• Procter & Gamble breaks ground on $500M West Virginia plant

  18-09-2015 20:36 via news.yahoo.com
  
  CHARLESTON, W.Va. (AP) — Procter & Gamble broke ground Friday on a $500 million plant that will improve its access to East Coast customers and create hundreds of jobs as one of the largest economic development projects in West Virginia history.
  
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• US stocks slump as investors mull Fed's rate decision

  18-09-2015 20:19 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks dropped in early afternoon trading Friday a day after the Federal Reserve held off raising interest rates. Investors interpreted the Fed's decision as a signal that the global economy is weak. Bonds rose and the price of oil fell, pushing down energy stocks. Financial stocks, which would benefit from higher rates, also dropped.
  
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• Bayer's Covestro aims to fetch 2.5 billion euro in IPO

  18-09-2015 20:17
  FRANKFURT (Reuters) - Bayer'splastics division Covestro aims to raise about 2.5 billion euros ($2.84 billion) in an initial public offering (IPO), it said on Friday, announcing what could become...
  
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• Oil bull Hall's fund up slightly in August, riding late crude rally

  18-09-2015 20:11
  (Reuters) - Oil trader Andy Hall, well-known for his calls for higher crude prices even in an oversupplied market, put his hedge fund into the black in August after a late market rally helped him...
  
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• White House defends new Cuba rules as advancing U.S. interests

  18-09-2015 19:51 via news.yahoo.com
  
  WASHINGTON (Reuters) - The White House defended its new regulations opening up business activity with Cuba on Friday as advancing U.S. interests in the region and empowering the Cuban people, something it said five decades of economic embargo failed to do. "The United States remains committed to our enduring objective of promoting a more prosperous Cuba that respects the human rights and fundamental freedoms of all its people," said White House spokesman Josh Earnest. ...
  
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• Exclusive: Hutchison's $16 billion UK deal faces full-scale EU probe - sources

  18-09-2015 19:49
  
  BRUSSELS/LONDON (Reuters) - Hutchison Whampoa is set to face an extensive EU investigation over its bid for Telefonica's British unit and is prepared to sell network capacity and frequencies to head...
  
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• White House says does not see long extension for budget

  18-09-2015 19:48 via news.yahoo.com
  
  WASHINGTON (Reuters) - The White House said on Friday Republicans in Congress have put off budget talks for so long that it will be hard to reach an agreement before the deadline but it does not anticipate a long extension of current funding levels. "I would not envision a long extension of funding at current levels, but rather enough time for Congress to finally convene the talks, reach an agreement and implement it, thereby avoiding a government shutdown but also insuring that our national sec
  
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• Wall St. falls as Fed highlights weak global economy

  18-09-2015 19:08 via news.yahoo.com
  
  Wall Street was lower in afternoon trading on Friday as the Federal Reserve's decision to keep interest rates near zero fueled concerns about global growth, muddying the outlook for stocks. Apart from the state of the world economy, the Fed cited financial market volatility and sluggish inflation at home in its decision on Thursday, while leaving the door open for a modest policy tightening later this year. The Fed's decision suggested a global economic environment that is unlikely to foster the
  
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• Obama chips away at Cuba embargo, easing business and travel rules

  18-09-2015 19:07 via news.yahoo.com
  
  By Susan Heavey and Matt Spetalnick WASHINGTON (Reuters) - The Obama administration announced wide-ranging new rules on Friday to ease trade, travel and investment restrictions with Cuba, the latest effort to chip away at the long-standing U.S. economic embargo amid a diplomatic thaw between the two former Cold War foes. The regulatory changes will allow certain U.S. companies to establish offices on Cuba for the first time in decades, expand banking activities and eliminate limits on the amount
  
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• Wall Street falls as Fed highlights weak global economy

  18-09-2015 19:06 via news.yahoo.com
  
  Wall Street was lower in afternoon trading on Friday as the Federal Reserve's decision to keep interest rates near zero fueled concerns about global growth, muddying the outlook for stocks. Apart from the state of the world economy, the Fed cited financial market volatility and sluggish inflation at home in its decision on Thursday, while leaving the door open for a modest policy tightening later this year. The Fed's decision suggested a global economic environment that is unlikely to foster the
  
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• Delaware ruling signals tougher line on 'merger tax' class actions

  18-09-2015 19:00
  WILMINGTON, Del (Reuters) - A Delaware judge signaled on Thursday that the rules are changing for shareholder class actions challenging corporate mergers, which are widely criticized for reaping...
  
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• US stocks drop as investors mull Fed's rate decision

  18-09-2015 18:38 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks dropped in midday trading Friday as investors interpreted the Federal Reserve's decision to hold off raising interest rates as a signal of that global economy is remains weak. Bonds rose and the price of oil fell, pushing down energy stocks. Financial stocks, which would benefit from higher rates, also dropped.
  
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• FTSE ends lower on concerns about health of global economy

  18-09-2015 18:01
  LONDON, Sept 18 (Reuters) - Britain's top share index fell sharply on Friday, led lower by commodities stocks, after the U.S. Federal Reserve left interest rates unchanged on concerns about the...
  
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• Maturing AT1 market loses lustre

  18-09-2015 17:50
  LONDON, Sept 18 (IFR) - Banks looking to sell the riskiest
  form of debt could be in for something of a wake-up call as
  investors, increasingly spoilt for choice, stop chasing every
  new deal.
  
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• Wall Street slumps as Fed fuels global growth concerns

  18-09-2015 17:49 via news.yahoo.com
  
  Wall Street fell sharply on Friday after the Federal Reserve's decision to keep interest rates near zero fueled concerns about global growth, muddying the outlook for stocks. Apart from the state of the world economy, the Fed cited financial market volatility and sluggish inflation at home in its decision on Thursday, while leaving the door open for a modest policy tightening later this year. An economic environment in which the Fed feels it can't end the era of near-zero interest rates is not o
  
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• Desperate 2.3 million Indians apply for 368 low-level government jobs

  18-09-2015 17:39 via news.yahoo.com
  
  By Sharat Pradhan LUCKNOW, India (Reuters) - Overwhelmed Indian officials are struggling to sift through applications after 2.3 million people applied for a few hundred low-level government jobs, a worrying sign that too many people are chasing too little work in Asia's third-largest economy. Prabhat Mittal, the hiring manager for the jobs in Uttar Pradesh, a northern state with a population bigger than Brazil's, said he was stunned by the volume of applications. The jobs pay 16,000 rupees ($243
  
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• Wall St. slumps as Fed fuels global growth concerns

  18-09-2015 17:34 via news.yahoo.com
  
  Apart from the state of the world economy, the Fed cited financial market volatility and sluggish inflation at home in its decision on Thursday, while leaving the door open for a modest policy tightening later this year. An economic environment in which the Fed feels it can't end the era of near-zero interest rates is not one likely to foster the kind of earnings growth needed to support stocks at their current, above-average valuations. Despite recent declines, the S&P 500 is still trading
  
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• Nigeria central bank to hold interest rate on Sept 22

  18-09-2015 17:21 via news.yahoo.com
  
  By Vuyani Ndaba JOHANNESBURG (Reuters) - Nigeria's central bank will wait until November to hike interest rates in Africa's biggest economy, but analysts say it needs to ease the cash reserve ratio on commercial banks first to free up liquidity and kick-start money market trading as soon as possible. A Reuters poll on Friday showed 17 of 20 analysts predict the Central Bank of Nigeria (CBN) will leave its monetary policy rate unchanged at 13 percent on Tuesday when the committee concludes its tw
  
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• Central banks fret stimulus efforts are falling short

  18-09-2015 17:14 via news.yahoo.com
  
  By William Schomberg LONDON (Reuters) - The world's leading central banks are facing the risk that their massive efforts to revive economic growth could be dragged down again, with some officials arguing for bold new ideas to counter the threat of slow growth for years to come. A day after the U.S. Federal Reserve kept interest rates at zero, citing risks in the global economy, the Bank of England's chief economist said central banks had to accept that interest rates might get stuck at rock bott
  
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• Oil down awaiting U.S. rig count; worry over high global supply

  18-09-2015 16:56 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices fell on Friday, with U.S. crude down about 3 percent, as investors and traders waited to see if the U.S. oil rig count will drop further while OPEC members indicated they would do little to slash output. Falling share prices on Wall Street, which have provided guidance to oil of late, also pressured crude futures, along with reduced political tensions in the Middle East from U.S-Russia talks on Syria. The dollar rebounded to keep a lid on oil an
  
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• China steps up crackdown on unruly stock market with fines

  18-09-2015 16:55 via news.yahoo.com
  
  China's top stock market regulator said Friday nearly 20 companies would be fined for "illegal market activities," as it struggles to restore confidence after a months long share price rout. The China Securities Regulatory Commission (CSRC) will fine 18 companies and more than a dozen individuals around 1.1 billion yuan ($173 million) for violations including "market manipulation," it said. China is struggling to restore confidence in its stock markets, intervening on a broad scale amid months o
  
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• Index of US economy shows small 0.1 percent gain in August

  18-09-2015 16:45 via news.yahoo.com
  
  WASHINGTON (AP) — An index of future U.S. economic health edged up slightly in August after a flat reading in July. The outcome in both months signaled economic growth could be moderating.
  
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• UPDATE 2-Ailing steelmaker SSI halts UK production; 2,000 jobs at risk

  18-09-2015 16:25
  * UK steelmakers say steel sector at tipping point(Adds details, quotes, rewrites throughout)
  
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• U.S. opens up business with Cuba, eases embargo

  18-09-2015 16:23 via news.yahoo.com
  
  By Susan Heavey WASHINGTON (Reuters) - The United States on Friday issued regulations easing restrictions on American companies seeking to do business in Cuba and opening up travel in the latest action to weaken the U.S. trade embargo amid warming relations with the Communist country. The rules, which take effect on Monday, Sept. 21, target travel, telecommunications, Internet-based services, business operations and banking, and allow U.S. companies to establish a presence in Cuba. "A stronger,
  
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• FTSE falls sharply as Fed holds rates on economy concerns

  18-09-2015 16:21
  LONDON, Sept 18 (Reuters) - Britain's top share index fell sharply on Friday, led lower by commodities stocks, after the U.S. Federal Reserve left interest rates unchanged on concerns about the...
  
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• Wall Street falls as Fed fuels global growth concerns

  18-09-2015 15:58 via news.yahoo.com
  
  U.S. stocks opened sharply lower on Friday after the Federal Reserve's decision to hold interest rates exacerbated worries about the health of the global economy. Apart from the state of the world economy, the Fed cited financial market volatility and sluggish inflation at home in its decision to leave rates unchanged, but left the door open for a modest policy tightening later this year. "Investors are wrestling with how concerned they should be regarding global growth," said Jeremy Zirin, chie
  
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• Wall St. falls as Fed fuels global growth concerns

  18-09-2015 15:58 via news.yahoo.com
  
  Apart from the state of the world economy, the Fed cited financial market volatility and sluggish inflation at home in its decision to leave rates unchanged, but left the door open for a modest policy tightening later this year. "Investors are wrestling with how concerned they should be regarding global growth," said Jeremy Zirin, chief equity strategist at UBS Wealth Management.
  
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• TSX slumps on Fed rate decision, commodity price selloff

  18-09-2015 15:57 via news.yahoo.com
  
  Canada’s main stock index dropped sharply on Friday after the U.S. Federal Reserve revived concerns about global economic growth as it kept interest rates steady, sparking declines in the prices of oil and copper. Global economic risks and about inflationary pressure prompted the Fed to push back its plans to raise interest rates. “The Fed is taking a conservative approach and they’re going to take their time now,” said Benoit Gervais, senior vice president and portfolio
  
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• Turkey's Begendik to buy Tesco stores, looks at stock market listing

  18-09-2015 15:46 via news.yahoo.com
  
  * Turkish retail competitive market for foreigners * Local player Begendik to buy stores from Tesco * Talking to foreign funds, including in Iran By Ceyda Caglayan ISTANBUL, Sept 18 (Reuters) - Turkish food retailer Begendik plans to buy 10 stores from rival Tesco Kipa this year, its CEO said on Friday, part of expansion plans that could lead to a tie-up with a foreign investor, potentially from Iran, and a stock market listing. Turkey has been hobbled by slowing economic growth, political uncer
  
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• Pain in store for Greek pharmacists to farmers after vote

  18-09-2015 15:27 via news.yahoo.com
  
  From farmers to pharmacists, pain lies in store for Greeks across the board as whoever wins Sunday's election will have to raise taxes and rewrite the economic rule-book in line with tough reforms demanded by the country's international creditors. The controversial economic to-do list set to upend daily life was signed and sealed in July by former radical left premier Alexis Tsipras, in return for an 86-billion-euro ($96-billion) rescue by the lenders, the third EU-IMF rescue of Greece in five y
  
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• Nationwide strike brings parts of Finland to a halt

  18-09-2015 15:25 via news.yahoo.com
  
  COPENHAGEN, Denmark (AP) — A one-day strike in Finland halted public transportation and shut down ports nationwide on Friday as workers protested against government cutbacks aimed at trying to drag the Nordic country out of a three-year economic downturn.
  
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• Portugal election race still in dead heat, no majority win: poll

  18-09-2015 15:12 via news.yahoo.com
  
  By Axel Bugge LISBON (Reuters) - Portugal's election race remains in a dead heat, according to a poll published on Friday that showed neither the opposition Socialists nor the centre-right ruling coalition would gain a full majority in parliament. The Oct. 4 election is a key test of the country's ability to consolidate its economic gains after a debt crisis and bailout, which Portugal successfully exited last year. A stable, majority government would be key to maintaining the nascent recovery,
  
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• Oil falls after U.S. warns on health of global economy

  18-09-2015 14:55 via news.yahoo.com
  
  By Karolin Schaps LONDON (Reuters) - Oil prices fell on Friday after the U.S. central bank warned on the health of the global economy and bearish signs persisted that the world's biggest crude producers would keep pumping at high levels. The Federal Reserve decided against raising interest rates from historic lows on Thursday, saying uncertainty about global economic growth had forced its hand. The bearish sentiment sent European stock markets sharply lower on Friday, with London's FTSE 100 and
  
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• Canada inflation rate holds steady in August

  18-09-2015 14:38 via news.yahoo.com
  
  Canada's annual inflation rate held steady as expected in August as lower gasoline prices moderated the higher cost of other items such as food, Statistics Canada data showed on Friday. Core inflation, which strips out volatile items and is closely watched by the Bank of Canada, was less muted at an annual pace of 2.1 percent, though that was down from 2.4 percent the previous month. The Bank of Canada has cut interest rates twice this year to try to bolster an economy that was in mild recession
  
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• Freeport-McMoran files to sell additional shares worth $1 bln

  18-09-2015 14:30
  Sept 18 (Reuters) - Diversified U.S. miner and energy producer Freeport-McMoran Inc said it has filed to sell additional shares to raise up to $1 billion.
  
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• Antero Midstream to acquire water business for $1.05 billion

  18-09-2015 14:23
  (Reuters) - Antero Resources Corpsaid it would sell its business that delivers fresh water to the shale industry to its master limited partnership Antero Midstream Partners LPin a deal valued at...
  
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