Finance news

• AmerisourceBergen to buy PharMEDium for $2.58 billion

  06-10-2015 23:57
  (Reuters) - Drug distributor AmerisourceBergen Corp agreed to buy PharMEDium Healthcare Holdings Inc for $2.58 billion from private equity firm Clayton, Dubilier & Rice, expanding its business of...
  
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• EU lawmakers want brand names for local goods

  06-10-2015 23:56 via news.yahoo.com
  
  EU lawmakers on Tuesday said the bloc should extend the use of geographic brand names from agricultural goods to manufactured products to give local economies a boost. Up to now, the 28-nation European Union has designated well known foods and drinks with what is known as a "Geographical Indication" to highlight their local source and economic and cultural importance. Among the latest put on the list, one can find for example 'Citron Menton,' lemons from the southern French city, or 'Cappellacci
  
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• Bill Ackman says short-term money driving market volatility

  06-10-2015 23:39
  
  NEW YORK (Reuters) - William Ackman, head of hedge fund firm Pershing Square Capital Management, said on Tuesday that financial market volatility was being driven by short-term money without regard...
  
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• Puerto Rico House bankruptcy bill adds co-sponsors

  06-10-2015 23:25
  NEW YORK, Oct 6 (Reuters) - A bill to allow Puerto Rico's
  distressed public agencies to access Chapter 9 bankruptcy laws
  has drawn several Democratic co-sponsors but is not a partisan
  move, the U.S....
  
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• Big palm oil's pledge to preserve forests vexes Indonesia

  06-10-2015 23:12 via news.yahoo.com
  
  By Michael Taylor JAKARTA (Reuters) - The Indonesian government is asking major palm oil companies to row back on the historic “no deforestation” pledges they made at last year’s United Nations climate change summit, officials and company sources say. Major palm oil companies were invited to a series of meetings at the economics ministry last week, where officials expressed concern the pledges the plantation companies made are causing big problems for smaller palm oil firms in
  
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• Wall Street dips as third-quarter earnings season kicks off

  06-10-2015 22:36 via news.yahoo.com
  
  A surge in DuPont's stock helped keep the Dow Jones industrial average in positive territory but the S&P 500 and Nasdaq lost ground, with a sharp drop in biotech stocks. The S&P health index lost 2.33 percent, the worst performer among the ten major S&P sectors. The Nasdaq biotechnology index ended down 3.77 percent, recovering from deeper losses of around 6.6 percent.
  
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• Crude gains on output forecast; U.S. stocks fall

  06-10-2015 22:36 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Crude oil surged 5 percent on Tuesday after the United States cut output forecasts, while global equity markets mostly rose on expectations the Fed will not raise interest rates this year, though Wall Street fell on slumping biotech stocks. News that non-OPEC producer Russia and key OPEC member Saudi Arabia discussed the oil market last week helped boost oil prices. The countries plan to continue exchanging views on demand, production and shale oil, Russian E
  
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• Clinton to announce plan to rein in Wall Street 'abuses'

  06-10-2015 21:52 via news.yahoo.com
  
  By Luciana Lopez and Amanda Becker DAVENPORT, Iowa/WASHINGTON (Reuters) - U.S. Democratic presidential candidate Hillary Clinton said Tuesday that she will lay out her plan to rein in Wall Street "abuses" within the next week. "I'm going to be proposing in the next week what I think will be the best way to go after Wall Street abuses and rein in the too-big-to-fail banks and other institutions," Clinton said at an Iowa campaign stop. Clinton said her plan would focus on more than banks, taking i
  
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• Crude surges on output forecast; U.S. stocks fall

  06-10-2015 21:31 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Crude oil jumped about 5 percent on Tuesday after the United States cut output forecasts, while global equity markets mostly rose on expectations the Fed will not raise interest rates this year, although Wall Street fell on slumping biotech stocks. Helping crude was news that non-OPEC producer Russia and key OPEC member Saudi Arabia discussed the oil market last week and plan to continue exchanging views on demand, production and shale oil, Russian Energy Min
  
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• Wall Street lower, investors eye upcoming quarterly reports

  06-10-2015 21:15 via news.yahoo.com
  
  U.S. stocks fell on Tuesday as healthcare companies lost ground and investors eyed upcoming quarterly reports that are expected to show a dip in corporate earnings. A surge in DuPont's stock helped keep the Dow Jones industrial average in positive territory but the S&P 500 and Nasdaq lost ground, with a sharp drop in biotech stocks. The S&P health index lost 2.2 percent, the worst performer among the ten major S&P sectors.
  
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• Wall Street and Its Workers Are Rolling in Dough Again

  06-10-2015 20:53 via news.yahoo.com
  
  The stock market may not have gained much over the first six months of the year, but Wall Street’s banks still posted their strongest first half since 2011, generating $11.3 billion in profits — a 29 percent jump from 2014 levels, according to a new report by New York State Comptroller Thomas P. DiNapoli. Wall Street workers are doing well, too, as salaries have catapulted to record highs. Wall Street bonuses reached an average of $172,900 — a level surpassed only by the two ye
  
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• IMF sees silver lining in EU migrant crisis

  06-10-2015 20:39 via news.yahoo.com
  
  The massive arrival of migrants in the European Union will burden member states' budgets in the short term but ultimately fuel economic growth, the IMF's chief economist said Tuesday. The arrival of hundreds of thousands of migrants in the EU, many fleeing the civil war in Syria, has unleashed a crisis for the bloc, but in the long term it will help its economies by expanding the labor force, said Maurice Obstfeld, the International Monetary Fund's new economic research director. The influx has
  
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• Alcatel's strategic undersea cables unit to be swallowed by Nokia

  06-10-2015 20:34
  
  PARIS (Reuters) - Alcatel-Lucent said on Tuesday it will not sell its undersea cables unit, meaning the strategic business which underpins the global Internet will be taken by Nokia once it completes...
  
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• Patriot Coal delays bankruptcy plan hearing for creditor talks

  06-10-2015 20:05
  RICHMOND, Va., Oct 6 (Reuters) - Bankrupt Patriot Coal Corp
  continued to negotiate with creditors on Tuesday and postponed a
  key U.S. Bankruptcy court hearing until Wednesday to try to
  reach a deal...
  
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• SABMiller rejects 'informal' offer from AB InBev as too low: Bloomberg

  06-10-2015 20:02
  
  LONDON (Reuters) - Brewer SABMiller has rejected an "informal" takeover offer from Anheuser-Busch InBev of about $100 billion as being too low, a media report said on Tuesday, pushing down its share...
  
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• Mass immigration damaging Britain, says May

  06-10-2015 19:58 via news.yahoo.com
  
  By William James MANCHESTER, England (Reuters) - Mass immigration is damaging British society, Conservative interior minister Theresa May said on Tuesday, promising a tough approach on an issue that will influence Britons' choice of whether or not to leave the European Union. "When immigration is too high, when the pace of change is too fast, it's impossible to build a cohesive society," May, seen as a possible future leader, told a party conference in the northern city of Manchester. Mass immig
  
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• Crude jumps on output forecast; U.S. stocks slip

  06-10-2015 19:56 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Crude oil jumped more than 4 percent on Tuesday after the United States cut output forecasts, while global equity markets mostly rose on expectations the Fed will not raise interest rates this year, although Wall Street fell on slumping biotech stocks. A weakening dollar added support for oil, while the U.S. Energy Information Administration projected in a monthly forecast that the country's crude output will fall through mid-2016. West Texas Intermediate, th
  
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• Faint corporate praise greets TPP trade deal

  06-10-2015 19:41 via news.yahoo.com
  
  By Jane Wardell and Robert-Jan Bartunek SYDNEY/BRUSSELS (Reuters) - Early industry reaction to a long-sought trade agreement reached between 12 Pacific Rim countries on Monday amounted to faint praise that it could have been worse and umbrage that the United States appeared to be the biggest winner. Negotiations between the European Union and the United States on a similar deal, which proponents say could deliver some $100 billion of economic gains, appear stalled as negotiators clash over issue
  
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• U.S. disappointed by EU court ruling striking down data share deal

  06-10-2015 19:22 via news.yahoo.com
  
  The United States is "deeply disappointed" by a ruling from the highest EU court on Tuesday that struck down a transatlantic data share deal used by thousands of companies, the U.S. Secretary of Commerce said in a statement. "We are deeply disappointed in today’s decision from the European Court of Justice, which creates significant uncertainty for both U.S. and EU companies and consumers, and puts at risk the thriving transatlantic digital economy," Penny Pritzker said in a statement on T
  
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• White House concerned about European court ruling on privacy

  06-10-2015 19:20 via news.yahoo.com
  
  WASHINGTON (Reuters) - The White House said on Tuesday it is concerned about the economic consequences of a European court ruling regarding online privacy rights. White House spokesman Josh Earnest said the United States is reviewing the decision that said the European-U.S. agreement on data transfer is invalid. Earnest said the United States will work with the European Commission to release an updated framework. (Reporting by Julia Edwards; Editing by Bill Trott)
  
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• Wall Street lower as health care stocks slump

  06-10-2015 19:20 via news.yahoo.com
  
  A surge in DuPont's stock helped limit losses on the Dow and, to some extent, on the S&P, but the Nasdaq fell more than 1 percent following a sharp drop in biotech stocks. The Nasdaq biotechnology index was down 5 percent. The International Monetary Fund cut its global growth forecasts for a second time this year, citing weak commodity prices and a slowdown in China.
  
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• NY comptroller: Wall Street profits hit $11.3B in 6 months

  06-10-2015 19:14 via news.yahoo.com
  
  ALBANY, N.Y. (AP) — The securities industry in New York City tallied $11.3 billion in profits during the first half of 2015, higher than in the past three years, while also adding jobs last year for the first time since 2011, the state comptroller reported Tuesday.
  
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• Gávea funds rise in September as bets on Brazil currency pay off

  06-10-2015 19:11
  SAO PAULO/NEW YORK (Reuters) - Two hedge funds run by Brazilian investment firm Gávea Investimentos Ltda rose in September, rebounding from losses last year, as bets on declining Brazilian and Asian...
  
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• Canada's trade deficit widens in August, weak oil hits exports

  06-10-2015 18:59 via news.yahoo.com
  
  By Leah Schnurr OTTAWA (Reuters) - Canadian exports fell by the most in 3-1/2 years in August as cheaper commodity prices took a bite out of the energy sector, although the data did not dispel expectations that economic growth picked up in the third quarter. Canada's trade deficit widened to C$2.53 billion ($1.93 billion), data from Statistics Canada showed on Tuesday, surpassing the C$1.20 billion deficit economists had forecast. The drop in oil prices put Canada in a mild recession in the firs
  
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• Wall Street moves lower as global growth worries resurface

  06-10-2015 18:57 via news.yahoo.com
  
  The S&P and the Nasdaq fell on Tuesday morning as worries about economic growth resurfaced at U.S. companies begin to report quarterly results, while a surge in DuPont helped the Dow move higher. DuPont rose 11.1 percent to $56.96 after CEO Ellen Kullman said she would step down. The stock gave the biggest boost to the S&P and the Dow, where it added nearly 38 points.
  
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• Fitch considers Ukraine in partial debt default

  06-10-2015 18:53 via news.yahoo.com
  
  Fitch ratings agency said Tuesday it now considers Ukraine to be in partial default after it failed to make payment on bonds the country has been trying to restructure with its creditors. "Fitch... judges Ukraine to be in default on its sovereign eurobond obligations" after not having made payment following a 10-day grace period on $500 million in bonds, the agency said in a statement downgrading the country's main credit rating to "restricted default". Cash-strapped Ukraine has been struggling
  
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• Exclusive - Lanxess flags third-quarter profit gain, says China worries overdone

  06-10-2015 18:07 via news.yahoo.com
  
  By Ludwig Burger and Patricia Weiss FRANKFURT (Reuters) - The head of German speciality chemicals group Lanxess believes investor concerns about weaker business in China are overdone, flagging a 10 percent rise in third-quarter earnings he does not see reflected in the share price. Business in China is weakening in the second half as expected but the company's view of the market, which accounts for about 13 percent of group sales, has not deteriorated since August, Chief Executive Matthias Zache
  
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• Argentina repays $5.9 billion in debt

  06-10-2015 18:01 via news.yahoo.com
  
  Argentina repaid $5.9 billion of its debt Monday in keeping with its repayment schedule, though a longstanding dispute with US hedge funds remains. Since its economic collapse in 2001, Argentina, the third-largest Latin American economy, has renegotiated its debt with 93 percent of its creditors, but a handful of US-based hedge funds have held out for full repayment and refused debt restructuring. A US court decision requires Argentina to repay those creditors in full, which Buenos Aires has cal
  
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• Nigeria arrests oil tycoon as corruption probe widens

  06-10-2015 17:50 via news.yahoo.com
  
  By Julia Payne and Felix Onuah ABUJA (Reuters) - Nigeria has arrested the chairman of a local oil firm, a security official said on Tuesday, as part of a widening graft investigation in Africa's biggest petroleum producer that has also netted former oil minister Diezani Alison-Madueke. Days after British police detained Alison-Madueke, one of Africa's most powerful women, the official said their counterparts in Nigeria's Economic and Financial Crimes Commission (EFCC) had arrested Atlantic Energ
  
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• European stocks finish higher

  06-10-2015 17:50 via news.yahoo.com
  
  London (AFP) - Europe's main stock markets closed higher Tuesday, with London's benchmark FTSE 100 index of top companies ending the day 0.43 percent higher at 6,326.16 points.
  
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• Wall Street profits rise by nearly a third in first half of 2015: report

  06-10-2015 17:48 via news.yahoo.com
  
  Wall Street broker-dealers posted profits of $11.3 billion in the first half of 2015, up 29 percent from the same period last year and the strongest first half since 2011, a New York financial watchdog said on Tuesday. "After a very strong first half of the year, the securities industry faces volatile financial markets and an unsteady global economy," DiNapoli said in the report. The report said a recent return to jobs growth in the industry could be undermined in the remaining months of the yea
  
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• Wall Street little changed; DuPont boosts Dow and S&P

  06-10-2015 17:34 via news.yahoo.com
  
  U.S. stocks were little changed in morning trading, with a surge in DuPont helping the Dow inch higher and a decline in health care stocks weighing on the Nasdaq. The S&P was little changed after having gained 5.6 percent over the past five days, its best 5-day run since 2011. DuPont rose 10.6 percent to $56.74 after it said CEO Ellen Kullman would step down.
  
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• IMF trims growth forecast for advanced economies

  06-10-2015 17:17 via news.yahoo.com
  
  The International Monetary Fund forecast Tuesday modest economic growth in the advanced economies through next year, stronger in the United States and Britain and tentative in the eurozone and Japan. The group of advanced economies -- which includes the US, four countries in the eurozone, Japan, Britain and Canada -- is projected to grow 2.0 percent in 2015 and 2.2 percent in 2016, the IMF said in its new World Economic Outlook. Overall, the IMF slightly lowered its outlook for the advanced econ
  
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• South Africa central bank does not expect recession: governor

  06-10-2015 17:14 via news.yahoo.com
  
  By Daniel Bases NEW YORK (Reuters) - South African Reserve Bank Governor Lesetja Kganyago said on Tuesday the economy, while weak, will not go into recession this year and that expectations inflation will rise above its target range in 2016 are unlikely to draw a monetary policy response. "Our expectation is that next year, in the first quarter and in the fourth quarter, inflation will be outside of our target range. We think that is temporary," Kganyago said in an interview.
  
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• BRIEF-Martinsa Fadesa liquidation plan accepted by judge

  06-10-2015 17:13
  Oct 6 (Reuters) - Martinsa Fadesa SA :* Liquidation plan presented on May 12 is accepted by judgeSource text for Eikon:Further company coverage:
  (Gdynia Newsroom)
  
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• IMF gloomy on world economy as China slows

  06-10-2015 17:11 via news.yahoo.com
  
  The International Monetary Fund cut its growth forecasts for the world economy Tuesday, warning of increasing risks from the slowdown in China, which is dragging other emerging markets down with it. The global economy will expand just 3.1 percent this year and 3.6 percent next year, the IMF predicted, revising downward its previous forecasts by 0.2 percentage points in both cases. "The holy grail of robust and synchronized global expansion remains elusive," said the IMF's new chief economist, Ma
  
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• Canada's trade deficit widens in August, exports slump

  06-10-2015 17:03 via news.yahoo.com
  
  Canadian exports fell by the most in 3-1/2 years in August as cheaper commodity prices took a bite out of the energy sector, although the data did not dispel expectations that economic growth picked up in the third quarter. Canada's trade deficit widened to C$2.53 billion ($1.93 billion), data from Statistics Canada showed on Tuesday, handily surpassing the C$1.20 billion deficit economists had forecast. Oil prices have fallen by more than half since last summer.
  
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• Deutsche Bahn hires Lazard to look at Arriva options

  06-10-2015 17:01 via news.yahoo.com
  
  FRANKFURT, Oct (HKSE: 3366-OL.HK - news) 6 (Reuters) - Deutsche Bahn has hired investment bank Lazard to explore options for its Arriva passenger transport business, including a possible stock market listing. "By finding investors we aim to support growth in our two international business units (Arriva and Schenker) and to strengthen the financial stability of the group," a Deutsche Bahn spokesman said on Tuesday, adding that it had turned to Lazard for its capital markets expertise. The appoint
  
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• Islamic halal economy set to grow: experts

  06-10-2015 16:58 via news.yahoo.com
  
  The halal economy is set to grow as the world's Muslim population expands and more products are certified to comply with Islamic sharia law, experts said on Tuesday. The range of halal products, from goods not containing pork or alcohol to financial and tourism services, is rising as the global Muslim population grows. Islam is the fastest growing religion," said Muhammad Chaudry, president of the Islamic Food and Nutrition Council of America.
  
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• IMF trims eurozone growth forecast on Greek bailout concerns

  06-10-2015 16:55 via news.yahoo.com
  
  The International Monetary Fund trimmed its eurozone growth outlook Tuesday, warning that a modest recovery remains hostage to Greece's future under a third massive debt bailout. In its latest World Economic Outlook report, the IMF said growth in the 19-nation eurozone would be 1.5 percent this year, as forecast earlier. The IMF warned however that "potential growth remains weak", the result of the lingering effects of the eurozone debt crisis and a long-term fall in productivity.
  
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• UPDATE 3-PepsiCo profit beats as costs fall, N.America sales rise

  06-10-2015 16:49
  * North America non-carbonated beverage sales volumes up 10 percent
  
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• IMF lowers growth forecasts for Russia

  06-10-2015 16:48 via news.yahoo.com
  
  The International Monetary Fund has lowered its 2015 and 2016 economic growth forecasts for Russia, the Fund revealed in its World Economic Outlook published on Tuesday. The Fund now expects Russia's economy to contract by 3.8 percent in 2015 and by 0.6 percent in 2016, down from its previous forecasts of a 3.4 contraction this year and 0.2 percent growth next year. The revision brings the IMF into line with the World Bank, which has also recently lowered its Russian growth forecasts.
  
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• Britain's FTSE extends gains as commodities rally

  06-10-2015 16:47
  * SABMiller falls on report of deal rejection (Adds details, updates prices)
  
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• Wednesday preview: Tesco to report drop in first half earnings, no dividend, analysts say

  06-10-2015 16:45 via news.yahoo.com
  
  (ShareCast News) - Tesco reports its first half results on Wednesday with analysts expecting a drop in earnings and revenues amid a supermarket price war.
  
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• India set for faster growth than other emerging markets: IMF

  06-10-2015 16:42 via news.yahoo.com
  
  India's economy is set to grow faster than every other major emerging market this year, the International Monetary Fund forecast Tuesday, making it a standout performer at a time of stuttering global growth. While the Fund lowered its forecast for expansion in 2015, it predicted an acceleration next year thanks to a pickup in investment, policy reforms and lower commodity prices, which have dealt a windfall to Prime Minister Narendra Modi's government. "Growth in India is expected to rise above
  
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• IMF says Iran nuclear deal to boost Mideast economy

  06-10-2015 16:39 via news.yahoo.com
  
  Iran's landmark nuclear deal will lift economic growth in the war-plagued Middle East next year as the rolling back of sanctions brings a rebound in oil exports, the IMF said Tuesday. "The lifting of sanctions... should allow for a recovery in oil production and exports," it added, while predicting "a gradual improvement in the outlook for countries severely affected by conflicts, such as Iraq, Libya and Yemen". Oil exporters, which include the Gulf states, Iran, Iraq, Yemen, Libya and Algeria,
  
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• Brazil economy headed for steep contraction: IMF

  06-10-2015 16:39 via news.yahoo.com
  
  Brasília (AFP) - The International Monetary Fund predicts a three percent shrinkage in Brazil's economy this year, with a further one percent in 2016, reflecting deepening trouble for Latin America's biggest country. "In Brazil, business and consumer confidence continue to retreat in large part because of deteriorating political conditions, investment is declining rapidly, and the needed tightening in the macroeconomic policy stance is putting downward pressure on domestic demand," the IM
  
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• IMF warns of risk of 'stronger growth slowdown' in China

  06-10-2015 16:37 via news.yahoo.com
  
  China's growth slowdown could result in a hard landing and authorities should take steps to further open up the economy, the International Monetary Fund said Tuesday as it reaffirmed forecasts that expansion would weaken to a quarter-century low. The global impact of China's slowing economy is being felt worldwide, with commodity exporters from Angola to Australia feeling the pinch as the Asian giant switches from a high-growth investment model to one in which its increasingly wealthy consumers
  
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• UPDATE 2-Freeport trims board, reviews oil and gas; shares jump

  06-10-2015 16:27
  Oct 6 (Reuters) - Freeport-McMoRan Inc, under pressure from activist shareholder Carl Icahn and weak commodity prices, said on Tuesday it is slashing the size of its board and exploring a spinoff or...
  
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• U.S. stocks, Treasuries liquidity risk 'elevated': New York Fed

  06-10-2015 16:26
  NEW YORK (Reuters) - Liquidity risk on U.S. stocks and Treasuries seems "elevated" even as investors and traders can easily buy and sell these securities, a New York Federal Reserve blog released on...
  
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