Finance news

• JPMorgan earnings lifted by tax benefits

  13-10-2015 23:51 via news.yahoo.com
  
  US banking giant JPMorgan Chase reported a jump in third-quarter earnings Tuesday, as a large tax gain offset weaker performance in bond trading and some other businesses. JPMorgan, the biggest US bank by assets, said earnings in the corporate and investment bank segment fell 12.9 percent. Chief financial officer Marianne Lake said there was "reasonably broad-based market turbulence" in the third quarter due to worries about the slowing Chinese economy and uncertainty about when the US Federal R
  
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• Renaissance Technologies to shut small hedge fund: sources

  13-10-2015 23:08
  BOSTON (Reuters) - Renaissance Technologies LLC, one of the world's most prominent hedge funds, with roughly $27 billion in assets, told investors on Tuesday that it is closing its Renaissance...
  
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• Global stocks weak on Chinese data, Fed uncertainty; oil falls

  13-10-2015 23:00 via news.yahoo.com
  
  NEW YORK (Reuters) - A gauge of stocks in major markets fell on Tuesday for the first session in 10 after Chinese trade data reinforced views that the world's second-largest economy continues to lose momentum, while further clouding the market's view on U.S. interest rates.
  
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• US stocks drop as investors assess earnings, deals

  13-10-2015 22:51 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks dropped on Tuesday for the first day in five as investors assessed company earnings and the latest corporate deal news. More evidence of weakness in China's economy also unsettled the market.
  
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• FINRA to propose investment rules to protect elderly

  13-10-2015 22:45
  
  NEW YORK (Reuters) - A U.S. securities regulator, aiming to protect elderly clients from scams and their own diminished mental capacity, will propose rules requiring brokers to identify - when an...
  
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• Wall St. fall on worries about China growth, earnings

  13-10-2015 22:07 via news.yahoo.com
  
  (Reuters) - U.S. stocks edged lower on Tuesday on renewed fears of slowing growth in China and worries about upcoming earnings reports.
  
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• Indiana governor unveils $1 billion plan for roads and bridges

  13-10-2015 22:06 via news.yahoo.com
  
  (Reuters) - Indiana Governor Mike Pence on Tuesday announced a $1 billion, partly bond-funded, four-year plan to fix roads and bridges. The Republican governor said the money would be in addition to the $3.2 billion the state's transportation department was already planning to spend on projects over the next five years. “These additional funds will help INDOT make future maintenance and repairs as the interstate system comes of age, and will help ensure that our roads can support the econo
  
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• Bank of Italy extends special administration for Banca Marche -source

  13-10-2015 21:58
  ROME, Oct 13 (Reuters) - The Bank of Italy will keep
  mid-sized lender Banca Marche in special administration until
  mid-December - two months more than previously planned, a source
  close to the matter...
  
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• UPDATE 3-Ex-Anglo Irish Bank CEO held in Boston pending bail hearing

  13-10-2015 21:46
  BOSTON, Oct 13 (Reuters) - The former head of Anglo Irish
  Bank must remain in custody ahead of a bail hearing while a U.S.
  court decides whether to send him back to Ireland to face 33
  criminal counts...
  
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• Fed's Tarullo against 2015 rate hike amid Fed split over timing

  13-10-2015 21:41 via news.yahoo.com
  
  Tarullo, who rarely comments in public on monetary policy, is the second Fed governor this week to urge caution on the timing of rate hikes. Fed Chair Janet Yellen and Vice Chair Stanley Fischer have recently said they support raising rates this year, but an increasingly vocal group of policymakers warn a global economic chill could weigh heavily on the U.S. economy.
  
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• Ex-Dewey & LeBoeuf executives acquitted on some counts, jury stuck on others

  13-10-2015 21:38
  (Reuters) - A Manhattan jury on Tuesday acquitted three former executives of bankrupt law firm Dewey & LeBoeuf of several criminal charges but remained deadlocked on most of the charges, including...
  
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• UPDATE 3-Ex-Dewey & LeBoeuf execs acquitted on some counts, jury stuck on others

  13-10-2015 21:36
  Oct 13 (Reuters) - A Manhattan jury on Tuesday acquitted
  three former executives of bankrupt law firm Dewey & LeBoeuf of
  several criminal charges but remained deadlocked on most of the
  charges,...
  
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• SEC prepares civil charges against Mondelez in Cadbury probe - WSJ

  13-10-2015 21:29 via news.yahoo.com
  
  (Reuters) - The Securities and Exchange Commission is preparing to file civil charges against Oreo cookies maker Mondelez International Inc in connection with a long-running investigation of payments its Cadbury unit made in India, the Wall Street Journal reported, citing people familiar with the matter. Mondelez is unlikely to face any criminal bribery charges under the Foreign Corrupt Practices Act because no evidence has emerged connecting suspicious payments to the United States, the Journal
  
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• China Continues to Eat More and More Meat—and That Matters for Everyone

  13-10-2015 21:16 via news.yahoo.com
  
  As the world’s most populous country, China consumes a lot of food. As an emerging economic powerhouse, even despite recent financial woes, China consumes a lot of foods in greater quantities than it did three or four decade ago—meat, in particular. The report, released Monday, is mainly concerned with the economic effects of China’s changing diet, but the rise of meat consumption—and increasing dependence on imported animal feed required to meet that demand—are tie
  
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• GE Capital aims to apply in first-quarter 2016 to shed SIFI status: CEO

  13-10-2015 21:11
  (Reuters) - GE Capital wants to apply in the first quarter of next year to shed a key U.S. regulatory designation it gained in the wake of the 2008 financial crisis, the head of General Electric Co's...
  
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• Beer merger advisers land mega-deal by telling clients when to say no

  13-10-2015 20:48
  
  LONDON (Reuters) - The tiny boutique firm that landed the two biggest merger deals of the year may well have won them because of the deals it advised clients not to make.
  
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• Global stocks weak on Chinese data, oil slips

  13-10-2015 20:23 via news.yahoo.com
  
  NEW YORK (Reuters) - A gauge of stocks in major markets fell on Tuesday for the first session in 10 after Chinese trade data reinforced views that the world's second-largest economy continues to lose momentum, while crude futures lost steam after early gains.
  
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• France in deals worth $10 bn with Saudi Arabia

  13-10-2015 20:21 via news.yahoo.com
  
  France on Tuesday announced a series of deals worth 10 billion euros ($11.4 billion) with Saudi Arabia, reinforcing growing ties between the two countries. Prime Minister Manuel Valls confirmed the agreements, some still to be finalised, during a visit to Riyadh. The agreements include contracts and letters of intent between the countries whose economic and political relations have grown under President Francois Hollande.
  
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• Fortress says Novogratz to exit at year end, buys back his shares

  13-10-2015 20:20
  
  BOSTON (Reuters) - Fortress Investment Group said on Tuesday one-time star investor Michael Novogratz, who runs the firm's struggling global macro hedge fund, will leave at the end of the year and...
  
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• Illinois governor eyes sale of landmark Chicago state building

  13-10-2015 20:13 via news.yahoo.com
  
  By Karen Pierog and Dave McKinney CHICAGO (Reuters) - Illinois will seek to auction off its main building in Chicago, Governor Bruce Rauner said on Tuesday, adding that the Thompson Center is inefficient and that the sale will save the state money and generate property tax revenue for Chicago. Rauner declined to indicate the market value of the building, which houses 2,000 government workers and which he said will likely be demolished by new owners. Both Chicago and the state of Illinois are mir
  
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• LVMH says China stock market collapse affected third-quarter sales

  13-10-2015 19:58 via news.yahoo.com
  
  LVMH on Tuesday became the first major luxury goods provider to say that the stock market collapse in China over the summer had affected sales, particularly at its flagship Louis Vuitton brand. "The Chinese stock market collapse has taken its toll and we expect this to have an impact only for a few months," LVMH Chief Financial Officer Jean-Jacques Guiony told an investor conference call on third-quarter sales, published on Monday. "We are seeing more Chinese tourists but they are spending a lit
  
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• Denison, Fission cancel merger as investor support falls short

  13-10-2015 19:54
  (Reuters) - Canadian uranium companies Denison Mines Corpand Fission Uranium Corpsaid on Tuesday they have terminated their C$483 million ($371.71 million) merger agreement due to opposition from...
  
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• Marco Polo raises Pirelli stake to 87 percent after tender offer

  13-10-2015 19:50
  MILAN (Reuters) - An investment vehicle controlled by China National Chemical Corp (ChemChina) raised its stake in Pirellito around 87 percent after a tender offer for the shares in the tiremaker...
  
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• Wall St slips as China concerns weigh

  13-10-2015 19:23 via news.yahoo.com
  
  Wall Street was lower in muted trading on Tuesday on renewed fears of slowing growth in China and a drop in financial stocks ahead of the start of bank earnings. "(News from) overseas seems to be drawing most of the attention here and we'll see what the U.S. does to counteract that," said Paul Springmeyer, senior portfolio manager at the private client reserve at U.S. Bank in Minneapolis. Both the Dow and the S&P 500 have gained in nine of the last 10 sessions as investors bet on the Federal
  
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• New Barclays CEO faces early challenge to fix wealth arm

  13-10-2015 19:21
  
  LONDON (Reuters) - The new chief executive of British bank Barclays, expected to be former JPMorgan banker Jes Staley, faces an early challenge in deciding what to do in wealth management after a...
  
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• UPDATE 4-Twitter announces layoffs as CEO Dorsey looks to revive growth

  13-10-2015 19:06
  * Shares rise as much as 6.7 pct (Adds analyst comment, links to graphics; updates shares)
  
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• REFILE-FACTBOX-AB InBev-SABMiller merger would be among largest in corporate history

  13-10-2015 19:04
  (Fixes garble in spelling of Warner-Lambert) BRUSSELS, Oct 13 (Reuters) - Brewer SABMiller accepted on Tuesday a takeover proposal from Anheuser-Busch InBev , the world's largest brewer. If...
  
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• Bernanke says student debt no threat to U.S. financial system

  13-10-2015 19:00
  
  BOSTON (Reuters) - Ben Bernanke, who as Federal Reserve chairman steered the United States through its worst financial crisis in modern times, said on Tuesday that ballooning U.S. student loans do...
  
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• UPDATE 1-Puerto Rico says financial control board bill to be filed this week

  13-10-2015 18:47
  Oct 13 (Reuters) - Legislation to create a financial control
  board for heavily indebted Puerto Rico will be filed on Thursday
  or Friday, the U.S. territory's government affairs secretary
  Jesus Manuel...
  
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• Beer merger fails to put European markets in party mood

  13-10-2015 18:43 via news.yahoo.com
  
  The world's third-largest merger of brewers SABMiller and Anheuser-Busch InBev failed to induce revelling on European markets on Tuesday, as disappointing data out of economic powerhouses China and Germany caused renewed concern about the global economy. Foster's maker SABMiller was a major gainer, with its shares jumping 9.0 percent to £39.48 after it announced that it had agreed a takeover by Anheuser-Busch InBev, the world's biggest beer producer, for $122 billion (£80 billion, 10
  
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• US stocks are mixed as investors assess earnings, deals

  13-10-2015 18:26 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks are mixed on Tuesday as investors assess the latest deal news and company earnings reports. Twitter rose after announcing that it would lay off staff as it strives to turn a profit. Ryder System, a transportation company, fell sharply after lowering its profit forecast for the third quarter.
  
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• Puerto Rico control board legislation to be filed this week-official

  13-10-2015 18:19
  Oct 13 (Reuters) - Legislation to create a financial control
  board for Puerto Rico will be filed on Thursday or Friday, the
  U.S. territory's government affairs secretary Jesus Manuel Ortiz
  said on...
  
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• Johnson & Johnson third-quarter sales miss mark, hurt by strong dollar

  13-10-2015 18:17 via news.yahoo.com
  
  Johnson & Johnson reported third-quarter sales well below Wall Street estimates, hurt by the stronger dollar and disappointing demand for its Remicade arthritis drug and its Xarelto blood clot preventer. J&J shares fell 0.7 percent, even though the company also said on Tuesday it planned to buy back up to $10 billion (7 billion pound) worth of its common stock.. The repurchases, to be financed with debt and to have no time limit, would remove about 3.8 percent of the company's outstandin
  
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• Jury in criminal trial of Ex-Dewey & LeBoeuf execs deadlocked on most counts

  13-10-2015 18:08
  Oct 13 (Reuters) - Jurors in the criminal trial of three
  former executives of bankrupt law firm Dewey & LeBoeuf, who are
  accused of defrauding lenders and investors, on Tuesday reported
  for the...
  
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• World stocks weak on China data, oil bounces after selloff

  13-10-2015 18:00 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - A gauge of stocks in major markets fell on Tuesday for the first session in 10 after Chinese trade data reinforced views that the world's second-largest economy continues to lose momentum, but healthcare stocks kept Wall Street afloat. "There’s no hawkish tone to monetary policy, you get a firmer commodity complex, that’s helping markets stabilize and not follow the move in global markets overnight," said Art Hogan, chief market strategist at Wu
  
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• Stocks weak on China data, oil bounces after selloff

  13-10-2015 17:58 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - A gauge of stocks in major markets fell on Tuesday for the first session in 10 after Chinese trade data reinforced views that the world's second-largest economy continues to lose momentum, but healthcare stocks kept Wall Street afloat. "There’s no hawkish tone to monetary policy, you get a firmer commodity complex, that’s helping markets stabilize and not follow the move in global markets overnight," said Art Hogan, chief market strategist at Wu
  
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• End of an era: Mutual fund companies no longer a market bright spot

  13-10-2015 17:49
  NEW YORK (Reuters) - The era of making a broad bet on mutual fund companies as a way to play America's self-funded retirement boom appears to have ended.
  
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• Wall St recovers but China concerns weigh

  13-10-2015 17:43 via news.yahoo.com
  
  Wall Street recovered from earlier losses in muted trading on Tuesday, helped by a rise in health care stocks, but gains were constrained by renewed fears of slowing growth in China. "(News from) overseas seems to be drawing most of the attention here and we'll see what the U.S. does to counteract that," said Paul Springmeyer, senior portfolio manager at the private client reserve at U.S. Bank in Minneapolis. At 11:23 a.m. ET (1523 GMT), the Dow Jones industrial average was up 22.25 points, or 0
  
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• GE to sell $30 billion specialty finance business to Wells Fargo

  13-10-2015 17:32
  
  (Reuters) - General Electric Cotook a big step on Tuesday in its plan to unload most of its financing operations, saying it has agreed to sell commercial lending and leasing businesses worth more...
  
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• US stocks edge up as investors assess earnings, deals

  13-10-2015 17:28 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks were mixed Tuesday morning as investors assessed the latest deal news and company earnings reports. Twitter climbed after announcing that it would lay off staff as it strives to turn a profit. Ryder System, a transportation company, fell sharply after lowering its profit forecast for the third quarter.
  
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• Ireland plans tax cuts, spending hikes as economy rebounds

  13-10-2015 17:28 via news.yahoo.com
  
  DUBLIN (AP) — Ireland announced Tuesday it will inject a further 1.5 billion euros ($1.7 billion) in tax cuts and spending hikes into its already fast-growing economy as the country accelerates its rebound from an international bailout and banking crisis.
  
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• The guide to raising child stars

  13-10-2015 17:19
  
  NEW YORK (Reuters) - The first rule of parenting: Everyone thinks their child is a superstar.
  
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• France signs deals worth $10 bn with Saudi Arabia

  13-10-2015 17:16 via news.yahoo.com
  
  France on Tuesday announced a series of deals worth 10 billion euros ($11.4 billion) with Saudi Arabia, reinforcing growing ties between the two countries. Prime Minister Manuel Valls announced the deals, some still to be finalised, on Twitter during a visit to Riyadh. The agreements include contracts and letters of intent between the two countries, whose economic and political ties have grown under President Francois Hollande.
  
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• Coffee Day raises $51 million from cornerstone investors

  13-10-2015 17:15 via news.yahoo.com
  
  MUMBAI (Reuters) - The company behind Cafe Coffee Day, India's biggest coffee chain, has raised 3.34 billion rupees ($51 million) from "cornerstone" investors ahead of the formal opening of the country's biggest stock market flotation in three years. Coffee Day Enterprises Ltd, which competes with Starbucks Corp among others in India, is backed by private equity firm KKR & Co. It will launch its share sale to retail and institutional investors on Wednesday. ...
  
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• UPDATE 3-Flight MH17 shot down by Russian-built Buk missile, Dutch report says

  13-10-2015 17:09
  * Warhead strike killed 3 crew instantly, caused plane to break up
  
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• European, US markets drop on Chinese, German data

  13-10-2015 17:00 via news.yahoo.com
  
  Europe's main stock markets lost ground Tuesday on disappointing data out of economic powerhouses China and Germany, traders said as Wall Street also took its downward cue at its opening bell. Focus was also on the brewing sector after Foster's maker SABMiller announced that it had agreed a takeover by Anheuser-Busch InBev, the world's biggest beer producer, for $122 billion (£80 billion, 107 billion euros) including debt. "A bigger than expected fall in Chinese imports has seen European m
  
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• Tunisia struggles to reform in face of protests

  13-10-2015 16:56 via news.yahoo.com
  
  By Tarek Amara TUNIS (Reuters) - Tunisia is under pressure to speed up economic reforms, especially after two deadly attacks this year on its tourism industry, but the government is struggling with internal splits and resistance from trade unions and political opponents. Since its 2011 revolution, the North African state has completed a transition to democracy, an achievement for which a quartet of organizations won the Nobel Peace Prize last week, but international lenders want more economic re
  
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• AB InBev wins over SABMiller at fifth attempt

  13-10-2015 16:54
  
  BRUSSELS/LONDON (Reuters) - The world's two biggest brewers agreed on Tuesday to create a company making almost a third of the world's beer after SABMillerreceived an improved offer worth more than...
  
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• TREASURIES-Prices rise on growth fears, bets on later Fed rate hike

  13-10-2015 16:50
  * Later Fed rate hike expectations underpin Treasuries prices
  
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• Egypt economy grew 4.1 pct in fiscal 2014-15: minister

  13-10-2015 16:50 via news.yahoo.com
  
  Egyptian Investment Minister Ashraf Salman said on Tuesday his country's economy grew by 4.1 percent in the financial year that ended in June and projected it would grow by 5 to 5.2 percent in the year to next June. Salman added in a speech at a lunch banquet sponsored by the American Chamber of Commerce that Egypt is targeting $10 billion in foreign direct investment for the current financial year.
  
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