Finance news

• China worries and sinking drugmakers slam stock market

  28-09-2015 23:31 via news.yahoo.com
  
  NEW YORK (AP) — Ongoing worries about the health of the Chinese economy and another big sell-off in drugmakers pushed the stock market back toward its lowest level of the year.
  
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• Wall Street drops as anxious investors eye China

  28-09-2015 23:22 via news.yahoo.com
  
  U.S. stocks finished sharply lower on Monday and were on track for their worst quarter in four years as investors worried about the health of China's economy and its potential impact on the timing of a U.S. interest rate increase. The Nasdaq composite lost 3 percent and S&P 500 dropped more than 2 percent. Much of the damage came from pharmaceutical and biotech stocks after Democratic lawmakers on Monday attacked "massive" price increases of two heart drugs from Canada's Valeant Pharmaceutic
  
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• UPDATE 2-U.S. House Democrats slam Valeant's drug price hikes; shares sink

  28-09-2015 22:54
  Sept 28 (Reuters) - Democratic lawmakers on Monday attacked "massive" price increases of two heart drugs from Canada's Valeant Pharmaceuticals International Inc, fueling a rout in drugmaker shares on...
  
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• US stocks end sharply lower; S&P 500 -2.6%

  28-09-2015 22:48 via news.yahoo.com
  
  New York (AFP) - US stocks fell sharply Monday, joining European equities in retreat after poor Chinese industrial data deepened worries about the world's second-biggest economy.
  
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• UPDATE 2-Facebook.com back in service after second outage

  28-09-2015 22:48
  Sept 28 (Reuters) - Facebook Inc restored access to its social media website for most users on Monday afternoon, after its second outage in less than a week.
  
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• US stocks end sharply lower; S&P 500 -2.57%

  28-09-2015 22:18 via news.yahoo.com
  
  New York (AFP) - US stocks fell sharply Monday, joining European equities in retreat after poor Chinese industrial data deepened worries about the world's second-biggest economy.
  
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• Global stocks, commodities pulled lower on growth worry

  28-09-2015 22:14 via news.yahoo.com
  
  NEW YORK (Reuters) - Global equity markets and commodities slumped on Monday, pulled lower by worry over the economic health of China and other big emerging markets in a week filled with key economic data.
  
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• Germany's Gabriel doubts U.S., EU will make trade breakthrough this year

  28-09-2015 21:39 via news.yahoo.com
  
  German Economy Minister Sigmar Gabriel expressed doubts on Monday that the European Union and the United States would reach an agreement in trade talks by Chancellor Angela Merkel's December target date. Merkel has said Berlin aimed to reach a political framework for the so-called Transatlantic Trade and Investment Partnership (TTIP), the world's biggest trade pact, by the end of this year. Gabriel, leader of the Social Democrats, Merkel's coalition partners, questioned whether a deal would be d
  
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• US stocks fall sharply on China growth worries

  28-09-2015 21:19 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks are sharply lower in afternoon trading as investors worry about weakness in China's economy.
  
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• Oil down nearly 3 percent on Wall Street, China; Cushing draw limits loss

  28-09-2015 21:10 via news.yahoo.com
  
  Oil prices fell nearly 3 percent on Monday, pressured by tumbling equities on Wall Street and weak Chinese economic data, although an estimated drawdown in crude stocks at the key U.S. storage hub appeared to limit losses, traders said. Gyrations in U.S. equity prices and the dollar from bets on the timing of the first U.S. rate hike in nearly a decade have fed volatility in oil prices, which have swung up to 8 percent a day over the past month. Wall Street's S&P 500 index was down 2.2 perce
  
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• Wall Street drops as China data rattles investors

  28-09-2015 21:04 via news.yahoo.com
  
  (Reuters) - U.S. stocks fell sharply in afternoon trading on Monday and were set for their worst third-quarter performance in four years as investors worried about the health of China's economy and its potential impact on the timing of a U.S. interest rate increase.
  
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• China growth worry drags down stocks, commodities

  28-09-2015 19:24 via news.yahoo.com
  
  NEW YORK (Reuters) - Global equity markets and commodities dropped on Monday, weighed by concerns over the economic health of China and other big emerging markets in a week filled with key economic data.
  
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• Ivory Coast opposition calls for new electoral commission

  28-09-2015 19:18 via news.yahoo.com
  
  Ivory Coast's opposition leaders rallied at the state television station and electoral commission on Monday to call for a new electoral body to replace one they said is biased in favor of President Alassane Ouattara's government. Ouattara is tipped to win a second term at the Oct. 25 election after presiding over rapid economic growth in the wake of civil wars in 2002 and 2010, but his bid has been met with some unrest. Around 500-700 people including five of 10 presidential candidates attended
  
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• Oil prices drop with focus on China, US

  28-09-2015 19:12 via news.yahoo.com
  
  US benchmark West Texas Intermediate for delivery in November slid $1.09 to $44.61 a barrel compared with Friday's close. Profits at China's major industrial companies saw their biggest declines in four years last month, official data showed Monday, the latest sign of weakness in the world's second-largest economy. Focus this week "is likely to remain on China... and on the US ahead of the employment report on Friday", Capital Economics said in a market commentary.
  
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• Trump unveils tax plan that would lower taxes for millions

  28-09-2015 18:54 via news.yahoo.com
  
  NEW YORK (AP) — Republican presidential front-runner Donald Trump on Monday proposed eliminating income taxes for millions of Americans, and lower rates for the highest-income earners, as part of a plan he said would grow the U.S. economy at a pace not seen in years.
  
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• Fed to 'probably' hike this year, hit inflation target by 2016 -Dudley

  28-09-2015 18:21 via news.yahoo.com
  
  By Howard Schneider and Richard Leong NEW YORK (Reuters) - New York Federal Reserve Bank President William Dudley said on Monday the Fed remains on track for a likely rate hike this year and could reach its inflation target next year, faster than many other policymakers anticipate. Dudley said the first hike could come as soon as October as policymakers take stock of an improving economy. "If the economy continues on its trajectory ... it's a pretty strong case for liftoff," with the Oct. 27 to
  
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• EU's Moscovici says VW crisis won't limit German influence in Brussels

  28-09-2015 18:19 via news.yahoo.com
  
  The scandal surrounding Volkswagen's cheating on diesel emissions tests has damaged the image of the company but will not undermine German influence in Brussels, Europe's Economic Commissioner Pierre Moscovici said on Monday. Asked about the impact of the scandal at a conference in Berlin, Moscovici said: "It does damage to the image of the company itself, it raises questions about broader issues ... but it will not limit German influence at all in Brussels." He said he was certain that VW would
  
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• Germany investigates VW's ex-boss over fraud allegations

  28-09-2015 18:04 via news.yahoo.com
  
  German prosecutors launched an investigation on Monday into fraud allegations against former Volkswagen boss Martin Winterkorn, showing their determination to get quickly to the bottom of a scandal over rigged emissions tests that has rocked the global car industry. The German company also suspended three top engineers, sources familiar with the matter told Reuters, as it tries to get to grips with a crisis that has knocked more than a third off its market value and could harm Germany's economy.
  
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• Oil down 2 percent on Wall Street, China; Cushing draw limits loss

  28-09-2015 18:00 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices fell more than 2 percent on Monday, pressured by tumbling equities on Wall Street and weak Chinese economic data, although an estimated drawdown in crude stocks at the key U.S. storage hub appeared to limit losses, traders said. Gyrations in U.S. equity prices and the dollar from bets on the timing of the first U.S. rate hike in nearly a decade have fed volatility in oil prices, which have swung up to 8 percent a day over the past month. New Yor
  
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• US stocks drop in early trading on China growth worries

  28-09-2015 17:27 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks fell sharply on Monday morning amid ongoing worries about the outlook for global growth. Materials companies were the biggest decliners. The slump kept the stock market on track for its worst quarterly performance in four years.
  
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• Some 22,000 South Africa mining jobs under threat: union

  28-09-2015 17:26 via news.yahoo.com
  
  About 22,000 jobs are under threat in South Africa's beleaguered mining industry, the National Union of Mineworkers (NUM) said on Monday, accusing companies of attacking the government politically through the layoffs. South Africa’s mining ministry has held many rounds of talks with companies and unions over planned job cuts, as President Jacob Zuma’s government frets over high unemployment ahead of key elections next year. Firms in the mining industry, which contributes around 7 per
  
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• TSX falls more than 1 percent as financials, resources drag

  28-09-2015 17:23 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock index fell more than 1 percent on Monday, extending Friday's losses, as weighty financial names and resources fell sharply, hurt by sliding commodity prices. Ongoing investor uneasiness about the economic stability in China, among the world's biggest resource consumers, and other big emerging economies dominated market sentiment. Related anxiety over commodity prices spilled over ahead of what is expected to be a busy week in key economic data. [MKTS/GLOB]
  
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• Fed to 'probably' hike this year, hit inflation target by 2016: Dudley

  28-09-2015 17:20 via news.yahoo.com
  
  New York Federal Reserve Bank President William Dudley said on Monday the Fed remains on track for a likely rate hike this year and could reach its inflation target next year, faster than many other policymakers anticipate. "If the economy continues on its trajectory ... it's a pretty strong case for liftoff," with the Oct. 27 to 28 session "live" for the rate hike debate, Dudley said at an event sponsored by the Wall Street Journal in New York. The Fed also meets Dec. 15 to 16.
  
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• Anti-India protests erupt in Nepal as fuel rationing bites

  28-09-2015 17:19 via news.yahoo.com
  
  By Ross Adkin KATHMANDU (Reuters) - Nepal's cable federation said it would suspend Indian television channels and protesters marched in Kathmandu carrying an effigy of India's prime minister on Monday, accusing their neighbor of imposing an economic blockade and meddling in internal politics. Tension between the South Asian nations has spiked since Nepal adopted a new constitution last week, upsetting southern minority groups who fear being marginalized in a new federal structure. Indian oil tru
  
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• US open: Dow slides 120 points as Chinese data disappoints yet again

  28-09-2015 16:56 via news.yahoo.com
  
  (ShareCast News) - US equity markets fell early on Monday, as Wall Street remained wary of the slowdown in the Chinese economy.
  
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• MIDEAST STOCKS-Foreigners boost Egypt as it reopens after Eid; Gulf mixed

  28-09-2015 16:28 via news.yahoo.com
  
  * Egypt index confirm positive technical pattern * Amer surges on regulatory approval for reorganisation * CIB strong after NBK Capital's "buy" call * Weak oil prices dampen Gulf * Dubai trading volume rises but still low By Andrew Torchia DUBAI, Sept 28 (Reuters) - Egypt's stock market climbed on the back of buying by foreign investors as it reopened on Monday after a long Eid al-Adha holiday, while Gulf bourses were narrowly mixed as oil prices stayed low. The main Cairo index rose 0.9 percent
  
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• Wall Street lower after data, Dudley comments

  28-09-2015 16:17 via news.yahoo.com
  
  U.S. stocks were lower in early trading on Monday after data showed a better-than-expected increase in consumer spending in August, adding to the case for an interest rate increase this year. New York Federal Reserve President William Dudley added to the expectations of an early rate increase, suggesting the central bank could pull the trigger as soon as in October. Federal Reserve Chair Janet Yellen has said she expects rates to be raised this year.
  
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• Oil prices fall as China data rekindles economy worries

  28-09-2015 16:16 via news.yahoo.com
  
  Oil prices fell on Monday, erasing some of last week's 2 percent gain, after data rekindled concern about China's economy, outweighing an increase in U.S. investors' crude holdings. Heavy oversupply and concern about growth in demand in emerging markets and elsewhere have sent the oil price skidding 50 percent over the last year and kept it below $50 a barrel for most of the past nine weeks. Data showing that profits earned by industrial companies in China, the world's largest commodities consum
  
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• US pending home sales fall in August

  28-09-2015 16:12 via news.yahoo.com
  
  WASHINGTON (AP) — Fewer Americans signed contracts to buy homes in August, as pending sales slumped amid broader concerns about the U.S. stock market and global economy.
  
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• Qatar sovereign fund plans $35 billion in US investments

  28-09-2015 16:06 via news.yahoo.com
  
  DUBAI, United Arab Emirates (AP) — Qatar's government investment fund is making a big bet on the U.S. economy.
  
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• Wall Street opens lower on data, Dudley comments

  28-09-2015 15:38 via news.yahoo.com
  
  U.S. stock index futures were lower on Monday after data showed a better-than-expected increase in consumer spending in August, adding to the case for an interest rate increase this year. New York Federal Reserve President William Dudley added to the expectations of an early rate increase, suggesting the central bank could pull the trigger as soon as in October.
  
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• VW ex-boss Winterkorn investigated over fraud allegations

  28-09-2015 15:35 via news.yahoo.com
  
  By Andreas Cremer BERLIN (Reuters) - German prosecutors launched an investigation on Monday into fraud allegations against former Volkswagen boss Martin Winterkorn over the carmaker's rigging of diesel emissions tests. The German company also suspended three top engineers as it tried to get to grips with a scandal which has knocked more than a third off its market value, threatens to rock the global car industry and could damage Germany's economy. Volkswagen has admitted cheating diesel emission
  
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• Asian shares lower on China fears, Singapore in bear market

  28-09-2015 15:25 via news.yahoo.com
  
  Singapore entered a bear market as Asian stock markets slumped Monday on fears about faltering China growth and the prospect of higher US interest rates. The benchmark Straits Times Index ended down 1.4 percent -- at its lowest in over three years and down 21 percent from an April peak -- after data showed profits at China's industrial companies fell 8.8 percent year-on-year in August. China is the largest trading partner for Singapore, a major trading centre for commodities whose worldwide pric
  
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• China, commodity worries rip back through markets

  28-09-2015 15:13 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - Renewed concerns about the stability of China and other big emerging economies and related worries about commodity prices swept through global markets on Monday ahead of what should be telling economic data this week. An 8.8 percent drop in Chinese industrial firms' profits and a 30 percent plunge miner Glencore's London-traded stocks triggered the latest round of jitters, sending copper , which had stabilized somewhat, back below $5,000 a tonne. Zambia, where Gl
  
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• Egypt's president plans shift to value-added tax regime

  28-09-2015 15:02 via news.yahoo.com
  
  CAIRO (AP) — The Egyptian president plans to have his government introduce a value-added tax regime as part of major economic reforms, according to remarks published Monday.
  
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• U.S. consumer spending rises; core inflation firms slightly

  28-09-2015 14:58 via news.yahoo.com
  
  U.S. consumer spending grew briskly in August and a key measure of inflation firmed a bit, signs of strength in America's domestic economy that could lead the Federal Reserve to tighten interest rates despite weakness abroad. The Commerce Department said on Monday consumer spending increased 0.4 percent after an upwardly revised 0.4 percent rise in July. The data suggests the strong consumer spending that bolstered the economy in the second quarter carried over into the third.
  
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• Karl Marx is 'back in fashion', key ally of Britain's Labour leader says

  28-09-2015 14:39 via news.yahoo.com
  
  The hard-left finance spokesman for Britain's opposition Labour Party said on Monday that Karl Marx, co-author of "The Communist Manifesto", is back in fashion because his ideas offer a definitive way to analyse the capitalist foundations of the modern Western economy. After winning Labour's top job by a landslide earlier this month, Jeremy Corbyn appointed John McDonnell - a former trade unionist who backs renationalising banks and imposing wealth taxes - as his finance minister-in-waiting. "If
  
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• Volkswagen scandal could hit German economy: deputy finance minister

  28-09-2015 14:23 via news.yahoo.com
  
  BERLIN (Reuters) - A scandal over rigged emissions tests at German carmaker Volkswagen has the potential to damage Europe's largest economy, Deputy Finance Minister Jens Spahn said on Monday.
  
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• Oil prices drop with China, US in focus

  28-09-2015 13:31 via news.yahoo.com
  
  US benchmark West Texas Intermediate for delivery in November dropped 89 cents to $44.81 a barrel compared with Friday's close. Brent North Sea crude for November slid 90 cents to stand at $47.71 a barrel around midday in London. Profits at China's major industrial companies saw their biggest declines in four years last month, official data showed Monday, the latest sign of weakness in the world's second-largest economy.
  
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• EU pushes China on greater financial transparency

  28-09-2015 13:06 via news.yahoo.com
  
  By Ben Blanchard BEIJING (Reuters) - China needs to be more transparent in explaining its financial policies to the world following a stock market tumble over the summer, and be aware of risks from new financial instruments, a senior European Union official said on Monday. World financial markets have been watching closely since Chinese stock markets collapsed in mid-June following a long bull run, in turn dragging down indices across the globe. Speaking after a high-level EU-China economic and
  
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• Shipping group Hapag-Lloyd to raise $500 million in float

  28-09-2015 12:56 via news.yahoo.com
  
  FRANKFURT (Reuters) - Container shipping group Hapag-Lloyd is planning to raise $500 million (£329 million) in a stock market flotation, the company said on Monday, joining a swathe of initial public...
  
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• Outsourcer Equiniti To Raise £350m From Float

  28-09-2015 12:50 via news.yahoo.com
  
  An outsourcing group which oversees shareholdings for about half of the FTSE-100 index is to unveil plans this week for a stock market listing expected to value it at about £1bn. Sky News understands that Equiniti, which is owned by the buyout firm Advent International, will announce its intention to float before the stock market opens on Wednesday. It will be the latest outsourcer to float in London, joining peers such as Capita Group, Outsourcery and Serco.
  
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• Shipping group Hapag-Lloyd to raise $500 mln in float

  28-09-2015 12:22 via news.yahoo.com
  
  Container shipping group Hapag-Lloyd is planning to raise $500 million in a stock market flotation, the company said on Monday, joining a swathe of initial public offerings in Germany. The world's fourth largest container liner is planning to sell new shares worth $400 million, while two existing shareholders, Kuehne Maritime and CSAV are placing cornerstone orders of $50 million each. "This move will give us better access to the capital markets which will enable us to further invest in our busi
  
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• Egypt tourism industry expects moderate growth in 2015

  28-09-2015 11:55 via news.yahoo.com
  
  By Asma Alsharif CAIRO (Reuters) - Egypt's tourism industry, hit by years of political upheaval and militant violence, is expected to post moderate growth this year and hopes a global advertising campaign will revive the sector vital for economic recovery, the tourism minister said. Last year, 9.9 million tourists visited Egypt, a far cry from the 14.7 million that visited in 2010, before an uprising the following year triggered turmoil in the land of ancient sites and sea resorts. President Abd
  
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• China industrial profits fall at sharpest rate in four years

  28-09-2015 11:36 via news.yahoo.com
  
  Profits at China's major industrial companies saw their biggest declines in four years last month, official data showed Monday, the latest sign of weakness in the world's second-largest economy. The figures came after a string of poor data showing the slowing pace of the traditional drivers of China's growth sent shockwaves through markets worldwide. "Market demand for industrial products was rather weak," said He Ping, an analyst at China's National Bureau of Statistics.
  
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• Global stocks, dollar subdued at start of heavy data week

  28-09-2015 11:24 via news.yahoo.com
  
  World stocks and the dollar saw cautious starts on Monday to a week that will that provide readings on the health of the U.S. jobs market, China's economy and Europe's efforts to kick-start inflation. Europe's main bourses dipped early on as a 10 percent slump in miner Glencore the collapse of takeover talks for Vodafone added to the subdued mood. Spanish financial markets rallied after secessionists in Catalonia on Sunday won a majority of seats in parliament but were not seen to have a clear m
  
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• Global stocks lower ahead of China, US data

  28-09-2015 10:18 via news.yahoo.com
  
  BEIJING (AP) — Global stocks were mostly lower Monday following Wall Street's loss last week as investors looked ahead to Chinese and U.S. economic data.
  
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• Atlassian's U.S.-listing plan deals blow to Australia's tech sector

  28-09-2015 08:53 via news.yahoo.com
  
  By Jane Wardell SYDNEY (Reuters) - A decision by Australia's biggest tech company, Atlassian, to pursue a $3 billion listing in the United States is a blow to Australia's ambitions to make technology a driver of the economy, a tech executive said on Monday. Atlassian's defection comes just weeks after the elevation of tech-savvy Malcolm Turnbull as prime minister was cheered by the business community, particularly funding-starved startups that are hoping for a more amenable investment climate. A
  
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• China industrial profits suffer biggest drop since 2011 in Aug

  28-09-2015 08:15 via news.yahoo.com
  
  By Xiaoyi Shao and Jason Subler BEIJING (Reuters) - Profits earned by Chinese industrial companies declined at the sharpest rate in four years in August as costs kept rising and product prices kept falling, according to official data that adds to signs of weakness in the world's second largest economy. Also hurting firms was China's stock market slump, which cut investment returns while fluctuations of the yuan increased companies' financial expenditures, the National Bureau of Statistics (NBS)
  
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• China industrial profits suffer biggest drop since 2011 in August

  28-09-2015 08:07 via news.yahoo.com
  
  By Xiaoyi Shao and Jason Subler BEIJING (Reuters) - Profits earned by Chinese industrial companies declined at the sharpest rate in four years in August as costs kept rising and product prices kept falling, according to official data that adds to signs of weakness in the world's second largest economy. Also hurting firms was China's stock market slump, which cut investment returns while fluctuations of the yuan increased companies' financial expenditures, the National Bureau of Statistics (NBS)
  
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