Finance news

• Alberta reaches out to industry for economic advice

  14-10-2015 23:37 via news.yahoo.com
  
  Alberta's left-leaning New Democratic Party (NDP) government said on Wednesday it was reaching out to prominent energy and other industry executives for advice to revamp the western Canadian province's struggling economy. Alberta, home to Canada's oil sands and the largest source of U.S. crude imports, has been hammered by tumbling global oil prices over the past 12 months that have led energy companies to lay off thousands of local workers.
  
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• Exclusive: Albertsons delays IPO amid weak demand - sources

  14-10-2015 23:22 via news.yahoo.com
  
  (Reuters) - U.S. grocery retailer Albertsons Companies Inc postponed the pricing on Wednesday of what it was hoping would be a $2 billion initial public offering amid weaker than expected demand from investors, according to people familiar with the matter. Albertsons is now hoping to price its IPO on Thursday, the people said. First Data Corp was also looking to price its IPO on Wednesday, raising as much as $3.7 billion in this year's biggest stock market flotation. The sources asked not to be
  
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• China's latest building binge: the education factory

  14-10-2015 23:17 via news.yahoo.com
  
  Today, a new kind of project is blooming in China's countryside: the vocational education park. Cities around China are carving out tracts of land for school parks - dubbed "education factories" - designed to train hundreds of thousands of students. Fuelling their drive are generous government subsidies and targets to increase the number of skilled workers, part of Beijing's push to redirect China's economy away from its investment-led past toward a more innovative, high-tech future.
  
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• US stocks drop; Wal-Mart slumps on weak guidance

  14-10-2015 23:04 via news.yahoo.com
  
  NEW YORK (AP) — Weak earnings guidance from Wal-Mart and a couple of tepid reports on the economy pushed stocks lower on Wednesday.
  
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• UK opposition leader Corbyn suffers first rebellion in parliament

  14-10-2015 22:56 via news.yahoo.com
  
  By William James LONDON (Reuters) - Britain's newly-elected opposition leader, socialist Jeremy Corbyn, suffered the first rebellion against his leadership on Wednesday in a parliamentary vote that exposed divisions over his economic strategy and policymaking process. A group of Labour lawmakers defied strict instructions to vote against a plan put forward by the Conservative government to enshrine into law a commitment to get rid of the deficit and target a budget surplus. The vote was set up b
  
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• Argentina's Macri backs farmers' protest in hunt for presidential votes

  14-10-2015 22:48 via news.yahoo.com
  
  Mauricio Macri, Argentina's main opposition challenger in the presidential race, on Wednesday threw his support behind an anti-government protest staged by farming groups, hunting for extra votes to ensure this month's ballot goes to a run-off. Macri, who has lost ground in past weeks to the ruling party candidate Daniel Scioli, pledges to unwind controls on the economy that include hefty export taxes and quotas on grains exports imposed by the outgoing president, Cristina Fernandez. In the run-
  
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• Oil prices edge lower amid poor China, US economic data

  14-10-2015 21:42 via news.yahoo.com
  
  Oil prices edged lower Wednesday, extending losses a third day, with markets still concerned about signs of global economic weakness. US benchmark West Texas Intermediate for delivery in November finished off two cents at $46.64 per barrel. Brent North Sea crude for November dipped nine cents to $49.15 in London.
  
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• It’s not the buybacks, it’s the issuance: James Saft

  14-10-2015 21:27
  
  (Reuters) - Investors appear to be getting wise to the buyback illusion, looking not just at shares being extinguished but at the greater number being created.
  
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• US growth 'modest', strong dollar weighs: Fed report

  14-10-2015 20:39 via news.yahoo.com
  
  The strong dollar weighed on manufacturing and tourism spending in the US while the economy continued "modest" expansion in recent weeks, the Federal Reserve said in a report Wednesday. Eleven of the central bank's 12 districts reported growth, according to the Beige Book survey of recent economic conditions.
  
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• U.S.-based bond funds post 11th straight week of outflows: ICI

  14-10-2015 20:38
  NEW YORK (Reuters) - Investors in U.S.-based mutual funds pulled $5.8 billion out of bond funds in the week ended Oct. 7, marking the 11th straight week of outflows, on mom and pop investors' fear of...
  
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• Fed says consumer spending, auto sales boost US growth

  14-10-2015 20:25 via news.yahoo.com
  
  WASHINGTON (AP) — The Federal Reserve says steady consumer spending and an improving housing market spurred modest U.S. economic growth in the late summer, though factory output was sluggish in part because of the strong dollar.
  
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• Is Sanders Too Soft on Defense for Mainstream Democrats?

  14-10-2015 19:45 via news.yahoo.com
  
  The self-described Democratic socialist has startled the political world with his strong challenge to former Secretary of State Hillary Rodham Clinton, largely on the strength of his populist salvos against Wall Street and repeated demands for income equality for the middle class. It didn’t help that he was bracketed on the debate stage by Clinton, the hawkish former secretary of state, and former Sen. Jim Webb of Virginia, a decorated Marine and one-time Navy Secretary who repeatedly boas
  
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• BlackRock profit falls in third quarter but tops expectations

  14-10-2015 19:31 via news.yahoo.com
  
  Investors piled into BlackRock Inc bond ETFs and paid more in hedge fund fees in the third quarter, helping the world's largest asset manager beat Wall Street's earnings forecasts and offsetting a higher tax hit that cut profits 8 percent from a year earlier. Rough-and-tumble markets saw BlackRock trim core investment advice and administration fees by $12 million from 2014 and give up 5 percent of assets under management from the second quarter. "We had a great quarter because our positioning as
  
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• EU leaders postpone talks on euro zone future until December

  14-10-2015 19:20 via news.yahoo.com
  
  By Jan Strupczewski BRUSSELS (Reuters) - European Union leaders have postponed a deeper discussion of the future of the euro zone until December because of divergent views in the biggest countries and because of the more pressing migration issue, diplomats said. EU leaders, who meet on Thursday in Brussels, were to talk about fleshing out a report on the future of the Economic and Monetary Union (EMU) prepared by the 28-nation bloc's top five officials in June -- the so-called five presidents' r
  
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• Dow slumps as Wal-Mart hammered after weak forecast

  14-10-2015 19:09 via news.yahoo.com
  
  The S&P 500 fluctuated following mixed bank results and disappointing economic data from the United States and China. "The major theme, not only today but through the balance of the earnings season, is going to be the revisions to fourth quarter and 2016 earnings," said Bill Northey, chief investment officer of the private client group at U.S. Bank. Wal-Mart sank almost 10 percent to $60.18, poised for its worst one-day performance in more than 17 years, after it forecast a drop of up to 12
  
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• How good (or bad) is your employer's health plan?

  14-10-2015 19:00
  NEW YORK (Reuters) - When it comes to employee benefits, perks like free snacks in the break room might do a lot for employee morale, but nothing beats a generous health plan for keeping workers...
  
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• IndiGo to launch up to $400 million IPO on Oct. 26 - sources

  14-10-2015 18:41 via news.yahoo.com
  
  By Sumeet Chatterjee MUMBAI (Reuters) - The operator of top Indian airline IndiGo is set to launch an initial public offering worth up to $400 million on Oct. 26, three sources directly involved in the deal said, in what would be the country's biggest stock market debut in three years. The share offering by InterGlobe Aviation Ltd, set to be the first airline listing in nine years, will close on Oct. 28, said the sources, who declined to be named as the information is not yet public. The low-cos
  
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• Wall St lower on bank earnings; Wal-Mart hammered

  14-10-2015 17:41 via news.yahoo.com
  
  U.S. stocks retreated on Wednesday as investors absorbed mixed earnings from major banks and Wal-Mart's weak forecast wiped more than $20 billion off the retailer's market value. Weak economic data from the United States and China added to worries about the health of the global economy even as investors' focus shifted to company results. "The major theme, not only today but through the balance of the earnings season, is going to be the revisions to fourth quarter and 2016 earnings," said Bill No
  
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• Wall Street lower on bank earnings; Wal-Mart hammered

  14-10-2015 17:38 via news.yahoo.com
  
  Weak economic data from the United States and China added to worries about the health of the global economy even as investors' focus shifted to company results. "The major theme, not only today but through the balance of the earnings season, is going to be the revisions to fourth quarter and 2016 earnings," said Bill Northey, chief investment officer of the private client group at U.S. Bank. Wal-Mart sank 8.6 percent to $60.99, on track for its worst one-day performance in more than 17 years, af
  
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• South African trade union body opposes SABMiller deal

  14-10-2015 17:15 via news.yahoo.com
  
  (Reuters) - South Africa's Congress of South African Trade Unions (COSATU) said the government, regulators and pension funds should not agree to the $106 billion takeover of SABMiller Plc by Anheuser-Busch InBev SA over concerns that jobs and tax revenue would be lost. COSATU said it supported the stance taken by the Food and Allied Workers Union (FAWU), which said on Tuesday that it would oppose the merger. "We will never allow a situation where the South African offices of SABMiller are reloca
  
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• Tanzania cuts power production after drought hits hydro plants

  14-10-2015 17:00 via news.yahoo.com
  
  DAR ES SALAAM (Reuters) - Tanzania has cut its power generation by up to 250 megawatts, resulting in electricity rationing, after water levels in its hydro dams dropped following a drought, the energy ministry said on Wednesday.     Businesses say frequent power outages are hurting productivity and are a barrier to growth in East Africa's No. 2 economy.     "We initially had a deficit of around 450 megawatts, but have reduced it to between 200 and 250 megawatts afte
  
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• China, US send markets gyrating

  14-10-2015 16:57 via news.yahoo.com
  
  Resurgent worries over China's slowdown sent stocks lower, only for them to recover later Wednesday as disappointing data out of the United States rekindles hopes for a delay in a US interest rate hike. Asian shares tumbled on data showing that China's consumer price index (CPI) inflation rate rose 1.6 percent year-on-year in September. Fears of a sharp slowdown in China had sent global stock markets plunging in August, and a mini-rally was brought to a halt Tuesday on news that China's imports
  
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• BofA's cost cuts cushion blow from weak rates, muted trading

  14-10-2015 16:48 via news.yahoo.com
  
  Bank of America Corp reported a profit for the third quarter, compared with a year-earlier loss, as Chief Executive Brian Moynihan's cost-cutting efforts helped the bank mitigate the impact of weak revenue in three of its four main businesses. BofA has been slashing billions of dollars in costs in its commercial lending, investment banking and wealth management businesses as overnight fund rates remain near zero and worries about China's economy and uncertainty over the timing of a U.S. rate hik
  
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• After T-Mobile breach, millennials may care about ID theft

  14-10-2015 16:21
  NEW YORK (Reuters) - Jihan Antoine is fed up. The 28-year-old social media publicist, a T-Mobile customer, found out last week that her data may have been compromised in a breach, and she immediately...
  
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• US stockpiles unchanged in August; sales fall

  14-10-2015 16:13 via news.yahoo.com
  
  WASHINGTON (AP) — U.S. businesses kept their stockpiles unchanged and registered lower sales in August, numbers that could weigh on third-quarter economic growth.
  
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• U.S. business inventories unchanged, sales fall

  14-10-2015 16:10 via news.yahoo.com
  
  The Commerce Department said on Wednesday the unchanged reading in August's inventories followed a downward revision to July's data. Inventories are a key component of gross domestic product. The economy is currently going through a period of so-called inventory correction after inventories increased by more than $100 billion in each of the last two quarters, a record back-to-back rise that was seen as unsustainable.
  
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• Wall Street higher as health stocks rise; banks in focus

  14-10-2015 16:08 via news.yahoo.com
  
  (Reuters) - Wall Street was slightly higher on Wednesday as investors assessed earnings from major U.S. banks and health care stocks bounced back.
  
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• A mixed start for US stocks as earnings reports roll in

  14-10-2015 15:41 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks are opening mixed as traders pore over the latest earnings reports for the third quarter.
  
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• Wall St opens flat after bank earnings, data

  14-10-2015 15:36 via news.yahoo.com
  
  (Reuters) - Wall Street opened little changed on Wednesday as investors assessed earnings reports from major U.S. banks and data showed a weaker-than-expected rise in September U.S. retail sales. The Dow Jones industrial average fell 15.07 points, or 0.09 percent, to 17,066.82, the S&P 500 gained 0.13 points, or 0.01 percent, to 2,003.82 and the Nasdaq composite index added 6.60 points, or 0.14 percent, to 4,803.21. (Reporting By Darshana Sankararaman in Bengaluru; Editing by Saumyadeb Chakr
  
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• Nigeria revamps oil exploration firms in first step to reform

  14-10-2015 15:35 via news.yahoo.com
  
  By Julia Payne ABUJA (Reuters) - Nigerian President Muhammadu Buhari has taken his first steps towards overhauling the troubled state oil firm by giving its exploration joint ventures control over their own budgets as a way to overcome chronic cash shortages.     Corruption and mismanagement at the Nigerian National Petroleum Corporation have hampered an industry that provides 70 percent of state income. NNPC has been accused of failing to account for tens of billions of dollars,
  
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• Wells Fargo's earnings edge up 1 percent to $5.4 billion

  14-10-2015 15:19 via news.yahoo.com
  
  NEW YORK (AP) — Wells Fargo reported a slight gain in third-quarter earnings on Wednesday, helped by an increase in borrowing from consumers and businesses.
  
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• U.S. retail sales edge up; producer prices hint at disinflation

  14-10-2015 15:19 via news.yahoo.com
  
  U.S. retail sales barely rose in September as cheaper gasoline weighed on service station receipts, but gains in purchases of automobiles and other goods pointed to solid domestic demand that could shield the economy from slowing global growth. The combination of soft retail sales and weak inflation cast more doubt on whether the Federal Reserve will raise interest rates this year. "The softness of September's figures supports our view that the Fed probably isn't going to hike interest rates unt
  
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• Bentleys and Bordeaux: Chinese newcomers drive Vancouver's luxury market

  14-10-2015 15:17 via news.yahoo.com
  
  At a luxury car dealership in Vancouver, a 19-year-old college student recently traded in his 2014 Ferrari for a 2016 Bentley that cost C$350,000 ($268,446). MCL Motor Cars Manager Scott Warren says the teen was his typical customer: young, Chinese and eager to swap a relatively new car for an even newer, trendier model. While Vancouver is often called the gateway to Asia and has been a top destination for wealthy Chinese immigrants for some time, the boon for luxury retailers this year is parti
  
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• BofA posts profit as cost cuts offset weak revenue

  14-10-2015 15:10 via news.yahoo.com
  
  Bank of America Corp reported a profit for the third quarter as Chief Executive Brian Moynihan's cost-cutting efforts helped the bank offset the impact of weak revenue in three of its four main businesses. BofA has been slashing billions of dollars in costs in its commercial lending, investment banking and wealth management businesses as overnight fund rates remain near zero and worries about China's economy and uncertainty over the timing of a U.S. rate hike keep traders from making big bets. C
  
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• Futures little changed as investors assess bank results

  14-10-2015 15:08 via news.yahoo.com
  
  (Reuters) - Wall Street looked set to open little changed on Wednesday as investors assessed earnings from JPMorgan and Bank of America and data showed U.S. retail sales barely rose in September.
  
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• Zambia's 2015 copper output seen down 15 pct on low demand

  14-10-2015 15:02 via news.yahoo.com
  
  Zambia is expected to produce 600,000 tonnes of copper this year, down 15 percent from 708,000 tonnes in 2014 due to low copper demand and prices, coupled with electricity constraints, a government official said on Wednesday. Copper output in Africa's second largest producer should recover to 700,000 tonnes in 2016, permanent secretary for economic and budget affairs Pamela Kabamba told reporters. The Zambia Chamber of Mines said the current state of the mining sector Zambia was grave and called
  
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• Shares, dollar slip as China inflation cools

  14-10-2015 15:01 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - World shares fell for a second day running and the dollar dropped to its lowest in almost a month on Wednesday following new signs of a slowdown in China's economy. Limp inflation figures from China, volatility in other major emerging markets and more falls in commodities all combined to dampen buying, although there were signs the mood was gradually lifting ahead of Wall Street's restart. It was expected to open a shade higher and MSCI's 45-country, All World st
  
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• World shares, dollar slip as China inflation cools

  14-10-2015 15:00 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - World shares fell for a second day running and the dollar dropped to its lowest in almost a month on Wednesday following new signs of a slowdown in China's economy. Limp inflation figures from China, volatility in other major emerging markets and more falls in commodities all combined to dampen buying, although there were signs the mood was gradually lifting ahead of Wall Street's restart. It was expected to open a shade higher and MSCI's 45-country, All World st
  
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• Oil edges above $49 but oversupply, China concern weigh

  14-10-2015 14:52 via news.yahoo.com
  
  By Alex Lawler LONDON (Reuters) - Oil edged up from near $49 a barrel on Wednesday as the prospect a supply glut could ease in coming months was balanced by concern demand will slow as economic growth moderates in No. 2 consumer China. U.S. shale production will fall by the most on record in November, the government forecast on Tuesday, suggesting the drop in oil prices since 2014 is curbing higher-cost supplies that have contributed to a current surplus. "Non-OPEC supply will probably decrease
  
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• Saudi bourse regulator tightens curbs on anonymous investors

  14-10-2015 14:34 via news.yahoo.com
  
  By Tom Arnold and Hadeel Al Sayegh DUBAI, Oct 14 (Reuters) - Saudi Arabia's market regulator has further tightened its restrictions on anonymous investors trading shares through brokers, citing the need to prevent money laundering and financing of militant groups. The Capital Market Authority (CMA) told licensed brokers last week that they would have to open an account in the name of each client rather than using the name of the broker or someone else, according to a CMA circular seen by Reuters
  
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• Global stocks extend losses as China concerns persist

  14-10-2015 14:25 via news.yahoo.com
  
  LONDON (AP) — Global stock markets extended losses Wednesday as investors fretted over the prospect of Chinese deflation, though the selling was kept in check amid hopes of a further stimulus from Beijing.
  
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• Is Now The Time To Invest In Prudential plc, Aviva plc And Chesnara plc?

  14-10-2015 14:03 via news.yahoo.com
  
  Stock market turmoil could have uncovered value in Prudential plc (LON: PRU), Aviva plc (LON: AV) and Chesnara (LON: CSN)
  
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• Bosch sees diesel market so far unharmed by Volkswagen scandal

  14-10-2015 14:03 via news.yahoo.com
  
  German automotive supplier Robert Bosch [ROBG.UL] has not seen any change so far in the diesel car market as a result of an emissions scandal that has rocked Volkswagen , its chief executive said on Wednesday. "It will depend, though, on an active campaign for diesel to quickly dispel the current uncertainty that many consumers are feeling," Volkmar Denner told reporters at the opening of a new research center in the German town of Renningen near Stuttgart. German Economy Minister Sigmar Gabriel
  
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• OECD warns on fishing capacity as Asia share grows

  14-10-2015 13:52 via news.yahoo.com
  
  Years of overfishing have cut OECD countries' productive capacity while Chinese-led consumption growth has shifted production focus to Asia, a report by the Paris-based organisation said Wednesday. The fisheries trade share for the 34 member states of the Organisation for Economic Co-operation and Development has shrunk, while Asia's has spiked on soaring Chinese demand, a new OECD report said. Overall OECD fisheries production has slumped by two-fifths since 1988 because overfishing has squeeze
  
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• Germany trims 2015 growth outlook as emerging markets slow

  14-10-2015 13:49 via news.yahoo.com
  
  The German government Wednesday slightly trimmed its 2015 growth forecast due to the slowdown in emerging economies, but said domestic consumption would likely more than offset the external weakness. Output growth was now expected to reach 1.7 percent for 2015, and 1.8 percent for 2016, said Economy Minister Sigmar Gabriel, who six months ago had predicted growth for both years at 1.8 percent. Gabriel said the German economy was expected to power ahead as strong domestic consumption outweighs "g
  
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• Jaguar Land Rover says Tianjin blast to hit second-quarter earnings

  14-10-2015 13:40 via news.yahoo.com
  
  Jaguar Land Rover (JLR) said on Wednesday its second-quarter results would be affected by a blast at the Chinese port of Tianjin in August which destroyed or damaged thousands of its cars at the site. A chemical explosion at Tianjin port killed more than 160 people and also affected the supply of cars from a number of other automakers. JLR, owned by India's Tata Motors, said it was still assessing the damage done to its 5,800 vehicles at the site and that it would take time to work out the level
  
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• Jaguar Land Rover says Tianjin blast to hit Q2 earnings

  14-10-2015 13:39 via news.yahoo.com
  
  Jaguar Land Rover (JLR) said on Wednesday its second-quarter results would be affected by a blast at the Chinese port of Tianjin in August which destroyed or damaged thousands of its cars at the site. A chemical explosion at Tianjin port killed more than 160 people and also affected the supply of cars from a number of other automakers. JLR, owned by Tata Motors , said it was still assessing the damage done to its 5,800 vehicles at the site and that it would take time to work out the level of mon
  
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• TSX futures edge up as gold touches three month high

  14-10-2015 13:30 via news.yahoo.com
  
  (Reuters) - Stock futures pointed to a slightly higher opening for Canada's main stock index on Wednesday as three-month high gold prices offset weak commodities following limp China inflation data. December futures on the S&P TSX index were up 0.14 percent at 7:15 a.m. ET. TR IPSOS PCSI data for October is due at 11:00 a.m. ET. Consumer inflation in China cooled more than expected in September while producer prices extended their slide to a 43rd straight month, adding to concerns about defl
  
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• Germany's Gabriel backs incentives for electric cars

  14-10-2015 13:25 via news.yahoo.com
  
  German Economy Minister Sigmar Gabriel warned on Wednesday against condemning diesel technology as a whole due to the emissions scandal at Volkswagen but said Germany needed to do better in switching to alternative engines. "In the USA three types of motor were checked, of which two were manipulated by Volkswagen but for a third motor there were no concerns at all about it not keeping to the emissions values," he said.
  
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• China to invest $22 billion to extend broadband to 50,000 villages

  14-10-2015 13:15 via news.yahoo.com
  
  China will invest an estimated 140 billion yuan ($22 billion) by 2020 to expand broadband Internet to remote and underserved parts of the country, the government said Wednesday. The State Council, China's cabinet, said more than 30 million households will gain improved Internet service as part of the plan, which covers 98 percent the country's villages and includes some 50,000 villages which currently do not have access to broadband. The rollout targets were outlined in a memo published on Wedne
  
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