Finance news

• Tsipras to back Greek bailout with Tsakalotos as finance minister

  22-09-2015 23:52 via news.yahoo.com
  
  By Renee Maltezou and Lefteris Papadimas ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras appointed two respected bailout negotiators to head his economic team on Tuesday, moving to assure wary European partners that the new government will not backtrack on its cash-for-reform deal. Tsipras reappointed Euclid Tsakalotos as finance minister and made George Chouliarakis deputy finance minister. Tsakalotos, a low-key Oxford University-trained Marxist economist, was at the finance helm when Gr
  
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• Wall Street slides with commodity-related stocks, autos

  22-09-2015 23:51 via news.yahoo.com
  
  (Reuters) - U.S. stocks dropped on Tuesday as a selloff in commodities dragged down materials companies while Volkswagen suppliers' shares dropped following the German carmaker's emissions scandal.
  
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• Metlife boosts share buyback program to $1 billion

  22-09-2015 23:08 via news.yahoo.com
  
  Metlife had about $261 million pending under its existing buyback program, the company said in a filing on Tuesday. Chief Executive Steven Kandarian said the new authorization was consistent with the company's capital management strategy as it awaited clarity on the capital rules for federally regulated life insurers. MetLife is challenging its designation as being systemically important to the economy, often referred to as "too big to fail".
  
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• BofA shareholders allow CEO Moynihan to remain chairman

  22-09-2015 22:52
  
  BOSTON/NEW YORK (Reuters) - Bank of America Corp shareholders voted to allow Chief Executive Brian Moynihan to remain as chairman, handing a victory to a CEO who has been slowly turning the bank...
  
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• Resource stocks tumble, taking TSX down 2 percent

  22-09-2015 22:35 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index tumbled more than 2 percent on Tuesday as a sell-off in commodities walloped resource stocks, leading across-the-board declines in volatile trade. The fall followed roughly 1 percent gains on both Monday and Friday after the Federal Reserve held U.S. interest rates steady last week and as investors continued to fret about Chinese economic growth. "This sort of activity is like a waltz, you're going back and forth," said Irwin Michae
  
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• Atlantic City escapes tax rise in 2015 budget approved by state

  22-09-2015 22:31 via news.yahoo.com
  
  Atlantic City, New Jersey's struggling gambling hub, won state approval on Tuesday to adopt a 2015 budget balanced without tax increases. The state's Local Finance Board unanimously approved the budget, which relies on at least $33 million of redirected casino revenues included in state legislation that Governor Chris Christie could still veto. Atlantic City Mayor Don Guardian told the board that the city's property tax rate had risen 50 percent over two years.
  
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• Exclusive: BBA Aviation eyes acquisition of Landmark Aviation - sources

  22-09-2015 22:19
  (Reuters) - British aircraft services company BBA Aviation Plcis in talks to acquire U.S. competitor Landmark Aviation, which could be valued at more than $2 billion, including debt, according to...
  
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• Brent up slightly, U.S. down 2 percent; pipeline news limits losses

  22-09-2015 22:13 via news.yahoo.com
  
  Brent settled up while U.S. crude finished down 2 percent but off its lows after a partial pipeline outage and bets of positive U.S. inventory data helped oil offset some of Tuesday's skittish sentiment caused by weak Wall Street stocks. Traders also took in their stride early market jitters from the impending expiry of the front-month contract in U.S. crude and a near two-week high in the dollar. Brent futures fell more than 2 percent earlier on Tuesday and U.S. crude tumbled over 3 percent as
  
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• Hedge fund launches on slower pace in 2015: HFR data

  22-09-2015 22:06
  BOSTON (Reuters) - The hedge fund sector is on pace for far fewer start-ups in 2015 than in the last four years, data released on Tuesday showed, illustrating the difficulty of launching a fund even...
  
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• Puerto Rico utility PREPA says reaches deal with lenders

  22-09-2015 22:04
  Sept 22 (Reuters) - Puerto Rico's power authority PREPA has
  reached a deal with its lenders to restructure $700 million in
  matured debt, a significant step in turning around the utility
  after it...
  
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• India and US renew ever closer strategic partnership

  22-09-2015 21:52 via news.yahoo.com
  
  The world's largest democracies, India and the United States, agreed measures to deepen their security and economic cooperation on Tuesday, part of an ambitious drive to boost trade between them five-fold. Senior officials expressed optimism after two days of talks dubbed the "US-Indian Strategic and Commercial Dialog," launched in January by President Barack Obama and Prime Minister Narendra Modi. It came on the day China's President Xi Jinping arrived in the United States for a visit of his ow
  
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• Impact of China slowdown bigger than expected: IMF chief

  22-09-2015 21:52 via news.yahoo.com
  
  The impact of China's economic slowdown on the global economy is bigger than previously thought, the head of the International Monetary Fund said Tuesday. The slowdown of Chinese growth has "probably more spillover effects in the region in particular than what was anticipated," Christine Lagarde said in a speech at the Brookings Institution, a Washington think tank. According to Lagarde, the Chinese cooling has "downside risks... greater than they were estimated." "Growth is lower," she said, re
  
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• Arch Coal needs to burn more coal than cash to avoid Chapter 11

  22-09-2015 21:45
  CHICAGO, Sept 22 (Reuters) - After a string of smaller
  bankruptcies in the depressed coal sector, the second-largest
  U.S. coal miner, Arch Coal Inc, could be next to file
  for Chapter 11 protection if...
  
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• Chicago mayor pushes massive tax hike over crippling cuts

  22-09-2015 21:23 via news.yahoo.com
  
  Chicago Mayor Rahm Emanuel on Tuesday laid out a stark choice for the cash-strapped city as he proposed a 2016 budget aimed at resolving a financial crisis linked to unfunded pensions -- either slash vital public safety and other services, or enact the biggest-ever property tax increase. In a half-hour speech to Chicago's 50 aldermen, Emanuel said spending cuts would mean reducing 20 percent of the police force, closing 48 fire stations and laying off 40 percent of the city's firefighters. Emanu
  
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• Blackstone talks to buy NCR in peril: sources

  22-09-2015 21:23
  (Reuters) - Private equity firm Blackstone Group LPhas so far not been able to reach a deal to acquire NCR Corpor find a partner to help fund a bid worth up to $10 billion, including debt, people...
  
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• Activist hedge fund Marcato takes stake in LPL Financial

  22-09-2015 20:40
  BOSTON (Reuters) - Activist hedge fund Marcato Capital Management on Tuesday unveiled a new target when it said it now owns roughly 6 million shares in brokerage firm LPL Financial Holdings Inc.
  
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• UPDATE 1-Blackhawk wins Patriot Coal bankruptcy auction

  22-09-2015 20:17
  Sept 22 (Reuters) - Patriot Coal said Blackhawk Mining won a
  bankruptcy auction for the majority of its assets but did not
  disclose the terms.
  
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• Taps may sound for New York Military Academy, Trump's alma mater

  22-09-2015 20:15
  NEW YORK, Sept 22 (Reuters) - New York Military Academy, a
  126-year-old preparatory school that counts billionaire Donald
  Trump among its graduates, faces the prospect of shutting its
  doors for good...
  
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• U.S. stocks sell off amid fall in commodity prices

  22-09-2015 20:13 via news.yahoo.com
  
  Wall Street was more than 1 percent lower on Tuesday afternoon amid a decline in commodity prices and continuing uncertainty about when the Federal Reserve will raise interest rates. All 10 major S&P sectors were lower, led by a 2.2 percent drop in the materials index and a 1.9 percent fall in technology stocks. Copper prices hit a three-week low, while oil was down about 2 percent on persistent worries about demand, especially in China.
  
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• U.S. states order return of $400 million to investors for 2014

  22-09-2015 20:13
  (Reuters) - U.S. state securities regulators ordered wrongdoers to return more than $400 million to investors in 2014, a year marked by ongoing fraud against the elderly, a regulatory group said on...
  
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• Global equities drop as commodities tumble, dollar up

  22-09-2015 20:08 via news.yahoo.com
  
  By Michael Connor NEW YORK (Reuters) - Falling commodities prices and worries about China's economy pulled stocks sharply lower on Tuesday, while bond yields declined and the dollar rose to a two-week high on bets U.S. officials will soon hike interest rates. Copper prices were down 3.9 percent at three-week lows, while oil was off 2 percent. "The volatility will continue until we get some clarity from the Fed and China." The U.S. Federal Reserve last week kept rates near zero, citing turbulence
  
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• India and US seek to deepen economic ties

  22-09-2015 20:01 via news.yahoo.com
  
  The world's two largest democracies, India and the United States, held talks Tuesday to deepen their strategic and economic ties and perhaps better counterbalance great power rival China. The senior US and Indian officials meeting in Washington did not single out Beijing by name, but China loomed over the talks as the United States prepares to host India's Prime Minister Narendra Modi, on the heels of a state visit by Chinese President Xi Jinping.
  
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• Oakland lawsuit accuses Wells Fargo of mortgage discrimination

  22-09-2015 19:58 via news.yahoo.com
  
  The City of Oakland, California has sued Wells Fargo & Co, accusing the largest U.S. mortgage lender of steering minorities into high-cost mortgage loans that allegedly led to foreclosures, abandoned properties and neighborhood blight. The complaint is a sign that U.S. municipalities are not relenting in a push to hold big banks liable for economic damages following the 2007 foreclosure crisis. Similar lawsuits accusing banks of mortgage discrimination have been dismissed, though a federal a
  
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• China's president arrives in Seattle to meet tech titans, start U.S. visit

  22-09-2015 19:57 via news.yahoo.com
  
  By Michael Martina and Eric M. Johnson SEATTLE (Reuters) - Chinese President Xi Jinping arrived in the Seattle area on Tuesday to kick off a week-long U.S. visit that will include meetings with U.S. business leaders, a black-tie state dinner at the White House hosted by President Barack Obama and an address at the United Nations. U.S. government and business leaders aim to strike a balance between forging agreements and improving relations with the world's second-largest economy, while sending s
  
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• Venezuela pet shops, like supermarkets, struggle to stock shelves

  22-09-2015 19:54 via news.yahoo.com
  
  By Deisy Buitrago CARACAS (Reuters) - Venezuelan pet shops are struggling to stock shelves with food and medicine due to economic crisis, forcing dog and cat owners to stretch feed and police to ration food for canine units. Pet owners are facing the same problems because feed manufacturers have had to slow or halt operations for lack of dollars to import raw materials such as white corn and soy. "I only have two or three kilos (of dog food) left," said Maura Morales, 41, as she searched Caracas
  
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• Stocks sell off amid fall in commodity prices

  22-09-2015 19:28 via news.yahoo.com
  
  Copper prices hit a three-week low, while oil was down about 2 percent on persistent worries about demand, especially in China. The Fed last week kept rates at near-zero levels, citing the turbulence in a tightly linked global economy, including slowing growth in China. Trading has remained volatile as investors try and gauge the timing of a rate hike.
  
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• Goldman CEO Blankfein says has 'highly curable' form of cancer

  22-09-2015 19:27 via news.yahoo.com
  
  The veteran Wall Street boss, who navigated the U.S. investment bank through the financial crisis, told employees and shareholders he would undergo chemotherapy for lymphoma over the next several months in New York. While Blankfein, 61, is undergoing treatment, other senior bank officials, including his top deputy, Chief Operating Officer Gary Cohn, will assume some of his responsibilities in dealing with the public, a person familiar with the matter said. Cohn, who is seen as the most likely su
  
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• Blackhawk Mining wins bankruptcy auction for Patriot Coal

  22-09-2015 19:18
  Sept 22 (Reuters) - Blackhawk Mining LLC won a bankruptcy
  auction for the majority of the assets of Patriot Coal Corp,
  according to a statement from Patriot.
  
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• Oil down with Wall Street; nervous trade before U.S. contract expiry

  22-09-2015 19:03 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices fell on Tuesday after a one-day rally, with U.S. crude pulled down more than 2 percent by weaker stocks on Wall Street and skittish sentiment ahead of the expiry of the spot futures contract. The dollar's rise to a near 2-week high also weighed on oil, as crude and other dollar-denominated commodities became less affordable to users of the euro and other currencies. Losses in oil were limited though by a Reuters survey showing U.S. crude invento
  
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• Bankrupt Patriot Coal seeks end to retiree healthcare plans

  22-09-2015 18:52
  Sept 22 (Reuters) - Bankrupt Patriot Coal Corp asked a U.S.
  judge to allow it to end its obligation for retiree healthcare
  for its non-union employees, saying no potential buyer of its
  assets would...
  
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• Serbia sets Croatia deadline to lift border blockade or face retaliation

  22-09-2015 18:49 via news.yahoo.com
  
  BELGRADE (Reuters) - Serbia gave Croatia an end-Wednesday deadline to fully lift a blockade on cargo traffic or face retaliatory measures, as relations between the ex-Yugoslav neighbors sour over the flow of migrants across their joint border. Serbian Prime Minister Aleksandar Vucic said his government had readied political, legal and economic measures against European Union member Croatia. He said he would continue talks with his Croatian counterpart, Zoran Milanovic, in hope of reaching a deal
  
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• Chicago mayor urges aldermen to approve massive tax increase

  22-09-2015 18:35 via news.yahoo.com
  
  Chicago Mayor Rahm Emanuel on Tuesday urged the city council to approve an unprecedented property tax hike, calling it a last resort as he proposed a 2016 budget to dodge a financial crisis linked to unfunded pensions. In a half-hour speech to Chicago's 50 aldermen, Emanuel said spending cuts were not an option as the third-largest U.S. city tries to overcome years of chronic deficit spending. Emanuel, who was elected to a second term in February, has proposed a $543 million increase in property
  
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• US stocks drop as oil and other commodities sink

  22-09-2015 18:32 via news.yahoo.com
  
  NEW YORK (AP) — The U.S. stock market swung lower on Tuesday as falling commodity prices pulled raw-material producers and oil companies down. Drugmakers also dropped, adding to their losses from Monday.
  
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• US rejects protections for greater sage grouse across West

  22-09-2015 18:28 via news.yahoo.com
  
  BILLINGS, Mont. (AP) — The greater sage grouse, a ground-dwelling bird whose vast range spans 11 Western states, does not need federal protections, the Interior Department said Tuesday, following a costly effort to reverse the species' decline without reshaping the region's economy.
  
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• French groups bid for German nursing home firm Casa Reha: sources

  22-09-2015 18:01
  FRANKFURT (Reuters) - French nursing home operators Korian and DomusVi are bidding for German peer Casa Reha as they seek to increasetheir presence in Europe's biggest economy, people familiar with...
  
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• The latest U.S. corporate perk? Student loan help

  22-09-2015 17:56
  
  NEW YORK (Reuters) - Not so long ago, employers competed for younger workers with unlimited snacks and foosball tables. But with total student debt now at more than a trillion dollars in the United...
  
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• Wall Street slumps amid fall in commodity prices

  22-09-2015 17:43 via news.yahoo.com
  
  Trading has remained volatile as investors try and gauge the timing of a rate hike. "The potential that the Fed may delay rate hikes until next year will provide even more angst for the markets ... the longer the delay, the greater the potential for an accelerating rate hike schedule," said Tom Stringfellow, chief investment officer at Frost Investment Advisors. The S&P 500 index, which is 9 percent lower than its record-high in May, has seen moves of at least 1 percent in more than 12 sessi
  
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• U.S. to warn China against quick fixes for economy

  22-09-2015 17:43 via news.yahoo.com
  
  The United States will press China during a state visit by President Xi Jinping to avoid "quick fixes" for its economy, such as devaluing its currency to boost exports, White House chief economist Jason Furman said on Tuesday. Furman said China's recent loosening of controls on the yuan currency caused turmoil in global financial markets and that U.S. officials would also raise the issue of China's volatile stock market.
  
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• Pimco: Fed 'may find it impossible' to escape lower bound of rates

  22-09-2015 17:37 via news.yahoo.com
  
  By Jennifer Ablan NEW YORK (Reuters) - Bond fund giant Pacific Investment Management Co said on Tuesday the pace of Federal Reserve interest-rate increases is likely to be even more gradual than the firm expected in March and that the U.S. central bank may find it impossible to escape the effective lower bound of policy rates. Pimco said in its quarterly Cyclical Forum outlook report that it cut its forecast for U.S. economic growth in the next 12 months to between 2.25 percent and 2.75 percent,
  
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• Stocks slide on commodities' tumble, dollar up

  22-09-2015 17:20 via news.yahoo.com
  
  By Michael Connor NEW YORK (Reuters) - Falling commodities prices and worries about China's economy pulled stocks sharply lower on Tuesday, while bond yields declined and the dollar rose to a near two-week high on bets U.S. officials will soon hike interest rates. Copper prices were down 3.9 percent at two-week lows, while oil was off 2 percent. "The volatility will continue until we get some clarity from the Fed and China." The U.S. Federal Reserve last week kept rates near zero, citing turbule
  
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• How to pick a health plan for the kids

  22-09-2015 17:19
  
  NEW YORK (Reuters) - Choosing health insurance for a family used to be easier, with fewer options and fewer households where parents were each covered by their own workplace plans instead of picking...
  
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• Chinese firm unveils first portion of new South African 'city'

  22-09-2015 17:19 via news.yahoo.com
  
  China's Shanghai Zendai Property on Tuesday launched the first phase of an 87 billion rand ($6.4 billion) new city project in South Africa, saying the slowdown in the world's second-largest economy would not affect construction. Asked if the project would be affected by cooling Chinese growth, Shanghai Zendai's local chief executive, Anthony Diepenbroek, said "No, not at all ... we also raised local financing. While Chinese companies have been building roads and infrastructure across sub-Saharan
  
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• South Africa considers building refinery to process Iranian crude

  22-09-2015 17:11 via news.yahoo.com
  
  By Peroshni Govender JOHANNESBURG (Reuters) - South Africa is considering building an oil refinery that will process Iranian crude to bolster its petrol supply and reduce its dependence on foreign companies, a government official said on Tuesday. Plans for the new refinery were being "conceptualised" Tseliso Maqubela, the deputy director general for petroleum and petroleum products regulation at the energy ministry, said. Pretoria has said it will resume oil imports from Tehran "tomorrow" if san
  
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• Wednesday preview: Smiths Group CEO reports final full-year earnings

  22-09-2015 16:58 via news.yahoo.com
  
  (ShareCast News) - Smiths Group chief executive Philp Bowman will report his last set of annual results on Wednesday before stepping down after eight years at the FTSE 100 technology company.
  
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• Chicago mayor to present massive tax hike in 2016 budget

  22-09-2015 16:53 via news.yahoo.com
  
  Chicago Mayor Rahm Emanuel will present to a skeptical city council on Tuesday his 2016 budget proposal with an unprecedented property tax hike as he tries to dodge a financial crisis linked to unfunded pensions. Emanuel, who was elected to a second term in February, is asking the city's 50 aldermen to approve a $543 million increase in property taxes - between now and 2018 - to cover police and fire pensions. The stakes are high for Emanuel, as the third-largest U.S. city tries to overcome year
  
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• Brazilian real hits all-time low against dollar

  22-09-2015 16:39 via news.yahoo.com
  
  The Brazilian real hit an all-time low Tuesday, dipping in value to 4.03 against the dollar within minutes of the market's opening amid snowballing fears over a deepening economic crisis. The currency has depreciated 33 percent against the greenback this year, as the economy entered recession and a corruption scandal at state oil giant Petrobras engulfed the political system. Analysts attributed the latest slide to President Dilma Rousseff's difficulties in putting in place a plan to revive the
  
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• Wall Street down 1 percent as commodity prices slide

  22-09-2015 16:06 via news.yahoo.com
  
  (Reuters) - Wall Street fell more than 1 percent in early trading on Tuesday due to a fall in oil and copper prices on concerns about the outlook for the Chinese economy.
  
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• Petrobras says in final talks with Mitsui over gas unit stake

  22-09-2015 15:55
  
  BRASILIA (Reuters) - Brazil's Petróleo Brasileiro SA said on Tuesday it is in the last stages of talks to sell a minority stake in a natural gas distribution holding company to Japan's Mitsui & Co...
  
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• Morocco central bank holds key rate steady at 2.5 pct

  22-09-2015 15:43 via news.yahoo.com
  
  RABAT (Reuters) - Morocco's central bank held its benchmark interest rate stable at 2.5 percent, and said economic growth for next year was expected to slow to 2.4 percent from an estimated 4.6 percent this year.
  
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• China grants Aberdeen Asset Management business licence

  22-09-2015 15:35 via news.yahoo.com
  
  British-based fund firm Aberdeen Asset Management has been granted a business licence to operate in China, the British government said on Tuesday during an official visit to the country aimed at fostering trade and investment links. The licence was issued to a newly-created Aberdeen subsidiary and will enable it to set up an office in China under a pilot free-trade scheme, Britain's business department said. Aberdeen, which holds top 10 shareholding positions in Asia-focused banks Standard Chart
  
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