Finance news

• Wall Street ekes out small gain to cap strongest week of year

  09-10-2015 23:08 via news.yahoo.com
  
  The S&P 500 had a weekly gain of 3.3 percent, its best week since Dec. 2015, as investors regained some optimism after a period of heavy volatility since late August on concerns about global growth and uncertainty about U.S. interest rates. "We've had a very good week and a very good start to the fourth quarter," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. Financial stocks were among the worst performers Friday as investors read further signs of dovish
  
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• Ontario to raise up to C$1.87 billion in Hydro One IPO

  09-10-2015 22:41
  TORONTO (Reuters) - The Canadian province of Ontario expects to raise as much as C$1.87 billion ($1.44 billion) through the sale of a 15 percent stake in its electric utility Hydro One Ltd, according...
  
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• Stocks close out best week of the year with a small gain

  09-10-2015 22:29 via news.yahoo.com
  
  NEW YORK (AP) — The stock market closed out its best week this year with a modest gain on Friday, helped by airlines and industrial companies.
  
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• Wall Street ends best week of year with slight gain

  09-10-2015 22:04 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks closed higher on Friday, ending the benchmark S&P's best week of the year on a quiet note as investors waited for U.S. companies to report third-quarter earnings.
  
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• S&P down slightly, led by energy and financials; Dow, Nasdaq up

  09-10-2015 21:34 via news.yahoo.com
  
  The S&P financial sector was the second biggest decliner as investors bet the Federal Reserve would not be inclined to raise interest rates soon. Investors saw further signs of dovishness in the release on Thursday of minutes from the Fed's September meeting, which showed that policymakers decided to hold interest rates steady as they sought evidence a global economic slowdown would not knock the U.S. economy off course. U.S. stocks ended higher on Thursday after the Fed minutes were release
  
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• Banks take spotlight as earnings season heats up

  09-10-2015 21:16 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - The financial sector, recently a weak performer in the stock market, will garner the majority of investor attention next week as a number of big banks post their quarterly results. Goldman Sachs Group Inc, Bank of America Corp, Wells Fargo & Co, Citigroup and JPMorgan Chase & Co - the five biggest U.S. banks by market cap - are due to report results as the sector has trailed the market in recent weeks and earnings estimates have fallen. In the la
  
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• Wall Street little changed in choppy trading; financials weigh

  09-10-2015 21:08 via news.yahoo.com
  
  Wall Street was little changed in choppy trading on Friday as investor optimism due to fading chances of an interest rate hike this year was offset by a fall in energy and financial stocks. Minutes from the Federal Reserve's September meeting showed policymakers were worried about a global economic slowdown weighing on the economy, which investors took to mean that rates would stay at near-zero levels this year. "The fact that we had a correction in August gives the market some room to move," sa
  
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• EU regulators wave through UK nuclear waste clean-up price plan

  09-10-2015 21:01 via news.yahoo.com
  
  By Barbara Lewis and Foo Yun Chee BRUSSELS (Reuters) - Britain won EU regulatory approval on Friday for a pricing model to set the cost of disposing of nuclear waste that environmentalists say is too generous to nuclear power plant operators and punishing for taxpayers. Nuclear energy is a sensitive political issue in Europe that pits the European Union's biggest economy Germany - and its plans to phase out atomic energy and pin costs on its utilities - against supporters of the energy source, s
  
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• Ivory Coast leader launches re-election bid with pledge on justice

  09-10-2015 20:54 via news.yahoo.com
  
  By Ange Aboa ABIDJAN (Reuters) - Ivory Coast's President Alassane Ouattara pledged on Friday to improve citizens' access to justice as he launched his bid for re-election in an Oct. 25 poll he hopes will cement the country's economic recovery following a brief civil war. Ouattara, who is widely expected to win a second term, is presenting himself as the guardian of stability and the new-found prosperity in French-speaking West Africa's largest economy. Nobody expects a repeat of the civil war th
  
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• One killed in Iraq's Kurdistan region as protest turns violent

  09-10-2015 20:39 via news.yahoo.com
  
  One man was killed when a protest in Iraq's Kurdistan region turned violent on Friday, two officials told Reuters, in the most sustained display of street discontent there since 2011. Five other people were wounded in the city of Qaladize following a week of strikes and demonstrations that threaten to shake Kurdistan's stability while it is at war with Islamic State militants. The protests are being fueled by an economic crisis that has left the Kurdistan regional government unable to pay employ
  
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• Intel to secure EU's okay for $16.7 billion Altera deal: sources

  09-10-2015 20:22
  
  (Reuters) - World No. 1 chipmaker Intel Corpwill be given the go-ahead from the EU for its $16.7 billion bid for Altera Corp , its largest ever deal, two people familiar with the matter said on...
  
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• Canada Conservatives pledge surpluses, jobs data a challenge

  09-10-2015 20:22 via news.yahoo.com
  
  By Julie Gordon RICHMOND, British Columbia (Reuters) - Canada's ruling Conservatives on Friday pledged to run a series of modest budget surpluses if they retain power in an Oct. 19 election, seeking to portray themselves as the best economic stewards in a race that looks too tight to call. The Conservatives - who say opposition parties will wreck the economy if they take office - predicted surpluses of C$1.67 billion ($1.29 billion) in 2016/17, C$1.42 billion in 2017/18, C$947.8 million in 2018/
  
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• SABMiller declares new savings goal in defense against AB InBev

  09-10-2015 20:19
  
  LONDON (Reuters) - Brewer SABMiller Plcannounced an expanded cost-cutting plan on Friday, stepping up its defense against an unsolicited $100 billion takeover offer from bigger rival Anheuser-Busch...
  
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• EMC-Dell talks highlight Elliott's clout across tech sector

  09-10-2015 20:10
  
  (Reuters) - Acquisition talks between EMC Corp. and Dell Inc. are significant not just for the size of the potential transaction but also for a common element behind this and dozens of other major...
  
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• Dell confidentially files for IPO of cybersecurity unit - WSJ

  09-10-2015 20:08 via news.yahoo.com
  
  REUTERS - Dell Inc, the third-largest personal computer maker, has filed confidentially for an initial public offering of its cybersecurity unit, the Wall Street Journal reported. Dell filed papers for an IPO of Dell SecureWorks Inc over the summer and has been working with banks including Bank of America Corp and Morgan Stanley on the potential deal, the Journal reported, citing people familiar with the matter. (Reporting By Lehar Maan in Bengaluru; Editing by Savio D'Souza)
  
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• Dow Jones discloses data breach

  09-10-2015 20:07 via news.yahoo.com
  
  REUTERS - Dow Jones & Co disclosed on Friday a breach of its systems that put payment card and contact information of about 3,500 individuals at risk. The publisher of the Wall Street Journal said its review had not uncovered any "direct evidence" that information was stolen and that it had taken steps to stop the breach. (http://on.wsj.com/1Mivruj) Based on the investigation, Dow Jones, a unit of Rupert Murdoch's News Corp, said there was unauthorized access to its systems at certain times
  
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• Commodity surge boosts world equities; dollar falls

  09-10-2015 19:59 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - Major world stock markets were poised for their biggest weekly advance since 2011 on Friday, as greater investor appetite for riskier assets propelled gains in equities and a surge in commodities and crude oil prices. Declines in the dollar, a bullish oil forecast and giant miner Glencore's pledge Friday to slash world zinc output by 4 percent have lifted beaten-down commodities, with Brent crude oil headed for its biggest weekly rise since March 200
  
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• NY Fed chief: Rate hike likely this year but hinges on data

  09-10-2015 19:21 via news.yahoo.com
  
  WASHINGTON (AP) — The head of the Federal Reserve Bank of New York said Friday that a Fed rate hike remains likely this year but that a final decision will depend on how the economy performs.
  
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• Wall St. little changed in choppy trading; financials weigh

  09-10-2015 19:16 via news.yahoo.com
  
  Minutes from the Federal Reserve's September meeting showed policymakers were worried about a global economic slowdown weighing on the economy, which investors took to mean that rates would stay at near-zero levels this year. "The fact that we had a correction in August gives the market some room to move," said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas. At 13:05 ET the Dow Jones industrial average was up 7.38 points, or 0.04 percent, at 17,
  
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• European stock markets climb on Fed, miners

  09-10-2015 19:14 via news.yahoo.com
  
  Europe's major stock markets advanced Friday after gains across Asia thanks to growing hints that US interest rates will not rise until next year. Shares in mining companies meanwhile surged after an announcement from Glencore that it will slash zinc production. The Federal Reserve postponed a move to hike US interest rates as it was worried about a global slowdown, concerns over the strong dollar and listless US inflation, minutes from its last monetary policy meeting revealed Thursday.
  
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• Canadian unemployment rate hits 1-1/2-year high ahead of election

  09-10-2015 18:46 via news.yahoo.com
  
  By Leah Schnurr OTTAWA (Reuters) - Canada added jobs in September but the unemployment rate rose to its highest level since February 2014, adding to a string of woes for Prime Minister Stephen Harper in the final days of a neck-and-neck race to the federal election. The employment numbers, the last major piece of economic data before the Oct. 19 ballot, showed job creation failed to keep up with the growing workforce. Harper's ruling Conservatives have campaigned on their economic management in
  
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• Canada Conservatives pledge modest balanced budgets if reelected

  09-10-2015 18:23 via news.yahoo.com
  
  By Julie Gordon RICHMOND, British Columbia (Reuters) - Canada's ruling Conservatives on Friday pledged to run a series of modest budget surpluses if they retain power in an Oct 19 election, seeking to portray themselves as the best economic stewards in a race that looks too tight to call. The Conservatives - who say opposition parties will wreck the economy if they take office - predicted surpluses of C$1.67 billion ($1.29 billion) in 2016/17, C$1.42 billion in 2017/18, C$947.8 million in 2018/1
  
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• China concerns leave central banks in difficult spot

  09-10-2015 17:57 via news.yahoo.com
  
  By Jonathan Cable LONDON (Reuters) - The coming week will provide clues on whether the global economy is escaping from its lackluster growth rut, amid growing concerns of another downturn which central banks have few tools left to fight. China has become the focal point for economists as they fear a hard landing there could send countries that have only just escaped from the doldrums reeling back into recession. The deluge of data from China in coming weeks is likely to point to further weakness
  
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• Celebration of Peru's economic boom comes late

  09-10-2015 17:55 via news.yahoo.com
  
  LIMA, Peru (AP) — The world's top finance officials lavished praise on Peru's "economic miracle" this week, lauding it for cutting poverty by half during a decade-long bonanza of record-high prices for gold, copper and other metals it mines.
  
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• Wall Street up; S&P on track for best week in 2015

  09-10-2015 17:41 via news.yahoo.com
  
  Minutes of the Fed's September meeting, released on Thursday, indicated further signs of dovishness and concerns among policymakers about a global economic slowdown weighing on the economy, even before weak September jobs data. "The fact that we had a correction in August gives the market some room to move," said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas. The Fed could hike rates as early as this month, New York Fed President William Dudley
  
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• Fed official still favors 2015 hike but notes dimmer outlook

  09-10-2015 17:19 via news.yahoo.com
  
  NEW YORK (AP) — A voting member of the Federal Reserve's policy committee said Friday that he still thinks an interest-rate increase will be appropriate by year's end. But he acknowledged that the outlook for the economy appears cloudier than it did a few weeks ago.
  
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• New airline in DRCongo aims to overhaul internal air transport

  09-10-2015 16:44 via news.yahoo.com
  
  A new airline was launched in the Democratic Republic of Congo on Friday, a bid to revolutionise air transport within the vast country where flights are currently operated only by the UN and small carriers blacklisted by the EU. Two Airbus jets belonging to Congo Airways left the capital Kinshasa's Ndjili international airport after a ceremony attended by President Joseph Kabila. "The launch of Congo Airways is the symbol of the economic and financial independence of the DRC," Transport Minister
  
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• Zambia to nearly halve budget deficit, sees higher 2016 GDP growth

  09-10-2015 16:43 via news.yahoo.com
  
  By Chris Mfula LUSAKA (Reuters) - Zambia plans to nearly halve its budget deficit in 2016 as economic growth edges up although it will face continued external challenges including weak commodity prices, Finance Minister Alexander Chikwanda said on Friday. Presenting a 53 billion kwacha ($4.5 billion) 2016 budget to parliament, Chikwanda said the government would slash the budget deficit to 3.8 percent of GDP next year from 6.9 percent and limit domestic borrowing to 1.2 percent. Economic growth
  
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• IMF says Iceland has repaid its remaining debt

  09-10-2015 16:41 via news.yahoo.com
  
  LONDON (AP) — The International Monetary Fund says Iceland has repaid all of its remaining obligations — ahead of schedule — as the island nation presses on with its recovery following its economic collapse seven years ago.
  
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• A Cautious Fed Sets Stage for Epic 'Santa Claus' Rally

  09-10-2015 16:35 via news.yahoo.com
  
  The past week has unleashed a fresh stock market uptrend for the first time in months, as large-cap stocks have rallied in seven of the last eight sessions and the Dow Jones Industrial Average has climbed back above 17,000. The rebound is no surprise, given soft September payroll data and continued vulnerability in China — there is simply less and less justification for the Federal Reserve to raise rates this year. The stimulus junkies on Wall Street just got an early Christmas present.
  
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• U.S. import prices point to smaller drag on inflation

  09-10-2015 16:26 via news.yahoo.com
  
  U.S. import prices barely declined in September, with oil prices rebounding and the drag on prices from a weak global economy appearing to moderate, Labor Department data showed on Friday. The 0.1 percent decline in import prices might lay a bit of groundwork for an eventual interest rate hike by the Federal Reserve because a smaller downward push on inflation from imports could alleviate the Fed's concerns that inflation is too low.
  
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• Fed official criticizes fiscal 'drama' in Congress

  09-10-2015 16:22 via news.yahoo.com
  
  A top Federal Reserve policymaker waded into the political debate over a possible U.S. default or government shutdown, saying on Friday that such fiscal "drama" in Washington hurts confidence in the economy. "To have a lot of drama around our fiscal affairs - that either a government shutdown or, even worse, a default on national debt is even possible - is not good for confidence," Atlanta Fed President Dennis Lockhart told journalists and students in New York.
  
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• Analysis - Soft UK interest rate take-off could unnerve Britons

  09-10-2015 16:22 via news.yahoo.com
  
  By Ana Nicolaci da Costa LONDON (Reuters) - When British interest rates finally go up for the first time in nearly 10 years, the impact risks unsettling consumers who are driving the economy even if the Bank of England tries to make the take-off as gentle as possible. Eight years after the start of the financial crisis, many British consumers remain stretched and household debt is high in a country where many are saddled with heavy property mortgages. With lending rates historically low, househo
  
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• European stocks climb on Fed, miners

  09-10-2015 16:17 via news.yahoo.com
  
  Europe's major stock markets advanced Friday after gains across Asia thanks to growing hints that US interest rates will not rise until next year. Shares in mining companies meanwhile surged after an announcement from Glencore that it will slash zinc production. The Federal Reserve last month postponed a move to hike US interest rates as it was worried about a global slowdown, concerns over the strong dollar and listless US inflation, minutes from the meeting revealed Thursday.
  
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• Wall Street rises as chances of 2015 rate hike fade

  09-10-2015 15:58 via news.yahoo.com
  
  Wall Street opened slightly higher on Friday, keeping the S&P 500 on track for its best week this year, as investors bet the Federal Reserve would not move interest rates off near-zero levels this year. The minutes of the Fed's September meeting, released on Thursday, indicated further signs of dovishness, with policymakers concerned about a global economic slowdown weighing on America, even before weak September jobs data. "It was more a case of an abundance of caution rather than worry," s
  
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• Wall St. rises as chances of 2015 rate hike fade

  09-10-2015 15:56 via news.yahoo.com
  
  (Reuters) - Wall Street opened slightly higher on Friday, keeping the S&P 500 on track for its best week this year, as investors bet the Federal Reserve would not move interest rates off near-zero levels this year.
  
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• Wall St opens up after 'dovish' Fed minutes

  09-10-2015 15:54 via news.yahoo.com
  
  (Reuters) - Wall Street opened slightly higher on Friday, with the S&P 500 on track for its best week this year, after minutes from the Federal Reserve's September meeting indicated slim chances of a hike in interest rates this year.
  
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• G20 ministers endorse crackdown on corporate tax avoidance: OECD

  09-10-2015 15:52 via news.yahoo.com
  
  Finance ministers from the world's leading economies gave the green light Friday to a new plan to crack down on tax evasion by multi-national corporations, which costs countries at least $100 billion a year. The so-called Base Erosion and Profit Shifting (BEPS) plan, which seeks to close the loopholes multi-nationals use to avoid taxes, was adopted by finance ministers from the G20 group of leading industrialized and emerging economies, said the Organisation for Economic Cooperation and Developm
  
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• Fed's Lockhart still sees 2015 rate hike despite recent red flags

  09-10-2015 15:49 via news.yahoo.com
  
  A U.S. interest rate hike is still probably coming in October or December despite some conflicting economic signals, a top Federal Reserve official said on Friday, reinforcing the central bank's message over the last few weeks. Atlanta Fed President Dennis Lockhart, a well-respected centrist and a voter on the Fed's monetary policy committee this year, said an international slowdown and last month's weak U.S. jobs report show there is "a touch more downside risk" to the U.S. economy. "The econom
  
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• Fed official still looking at 2015 rate hike

  09-10-2015 15:49 via news.yahoo.com
  
  NEW YORK (AP) — A voting member of the Federal Reserve's policy committee said Friday that he believes the economy is on a satisfactory track and that an increase in interest rates is likely to be appropriate in either October or December.
  
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• Best week ever for Glencore shares hides investor wariness

  09-10-2015 15:49 via news.yahoo.com
  
  By Alistair Smout LONDON (Reuters) - Glencore's stock market ride has put it on track for its best week ever, with a gain of 40 percent. The global commodities trader and mining company has fallen around 60 percent over the last 12 months, dropping as much as 30 percent in one day in September. Glencore's weight on the blue-chip UK FTSE 100 equity index has more than halved to 0.9 percent from 2.2 percent over the past year, according to FTSE figures.
  
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• Wall Street opens up after 'dovish' Fed minutes

  09-10-2015 15:35 via news.yahoo.com
  
  REUTERS - Wall Street opened slightly higher on Friday, with the S&P 500 on track for its best week this year, after minutes from the Federal Reserve's September meeting indicated slim chances of a hike in interest rates this year. The Dow Jones industrial average rose 30.33 points, or 0.18 percent, to 17,081.08. The S&P 500 gained 1.76 points, or 0.09 percent, to 2,015.19 and the Nasdaq composite index added 2.36 points, or 0.05 percent, to 4,813.15. (Reporting by Darshana Sankararaman
  
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• U.S. import prices barely decline in September

  09-10-2015 15:17 via news.yahoo.com
  
  U.S. import prices barely declined in September, with oil prices rebounding and the drag on prices from a weak global economy appearing to moderate, Labor Department data showed on Friday. The 0.1 percent decline in import prices could help lay the groundwork for an interest rate hike by the Federal Reserve because a smaller drag on inflation from imports could alleviate concerns at the central bank that inflation is too low. Non-oil import prices declined only 0.2 percent in September, which wa
  
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• High-frequency trading gives rise to 'liquidity mirage': N.Y. Fed

  09-10-2015 14:53
  NEW YORK (Reuters) - The growth of the high-frequency trading in U.S. Treasuries has made it more difficult to gauge real-time liquidity to trade U.S. government debt in futures and cash exchanges,...
  
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• Canada adds 12,100 jobs in September as unemployment rises again

  09-10-2015 14:33 via news.yahoo.com
  
  (Reuters) - Canada's economy added 12,100 jobs in September even as the unemployment rate unexpectedly rose to 7.1 percent, pushed up by more people looking for work, Statistics Canada data showed on Friday. The unemployment rate inched up for the second month in a row as more people joined the labor force.
  
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• Post-marriage ruling, U.S. LGBT clients still have unique needs

  09-10-2015 14:04
  
  (Reuters) - The U.S. Supreme Court’s June decision to legalize same-sex marriage did not eliminate the unique financial planning needs of lesbian, gay, bisexual and transgender (LGBT) clients.
  
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• Futures flat day after Fed minutes spark rally

  09-10-2015 13:24 via news.yahoo.com
  
  * The minutes of the Fed's September meeting, released on Thursday, indicated further signs of dovishness, with policymakers worried about a global economic slowdown weighing on America, even before weak September jobs data. * "Investors love these Fed minutes because they signal a strong economy and low rates," said Jasper Lawler, market analyst at CMC Markets in London. Profits of S&P 500 companies are expected to have fallen 4.5 percent in the third quarter, the biggest drop in six years,
  
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• Global stocks rally on expectations of Fed rate hike delay

  09-10-2015 13:23 via news.yahoo.com
  
  LONDON (AP) — Global stock markets are on Friday closing out a solid week on a strong note as minutes to the U.S. Federal Reserve's last policymaking meeting raised expectations that the central bank will keep interest rates at record lows for longer than anticipated.
  
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• European stocks markets climb on Fed, miners

  09-10-2015 13:00 via news.yahoo.com
  
  Europe's major stock markets advanced Friday after gains across Asia and on Wall Street thanks to growing hints that US interest rates will not rise until next year. Shares in mining companies meanwhile surged as an announcement from Glencore that it will slash zinc production sent metals prices surging. The Federal Reserve last month postponed a move to hike US interest rates as it worried about a global slowdown, concerns over the strong dollar and listless US inflation, minutes from the meeti
  
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• Hungry? China's food delivery apps bite into Yum revival

  09-10-2015 12:45 via news.yahoo.com
  
  By Adam Jourdan SHANGHAI (Reuters) - As China's economy stutters, growing numbers of diners on a budget are tapping into smartphone applications to snap up meal delivery deals, spelling big trouble for fast food chains like Yum Brands Inc's KFC and Pizza Hut. People like Li Jiali, a 20-year-old Shanghai student, say they have all the dining options they need nestling in their phones, without needing to venture out of the house. Yum's shares dived this week after it said it's way behind target in
  
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