Finance news

• American Apparel sees bright future after bankruptcy

  15-10-2015 23:58
  WILMINGTON, Del, Oct 15 (Reuters) - If American Apparel gets
  the bankruptcy turnaround it envisions, the fashion chain will
  soon have its most profitable years ever, according to court
  documents...
  
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• UPDATE 3-PTC says DMD drug data supports U.S. approval despite trial failure

  15-10-2015 23:54
  * Stock falls 16 pct after market, before reversing course (Updates with shares reversing course)
  
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• Opposing Fed views reflect economy's cross currents: Mester

  15-10-2015 23:44 via news.yahoo.com
  
  Federal Reserve policymakers are publicly expressing different views on monetary policy because of the "cross currents" in the economic data, Cleveland Fed President Loretta Mester said on Thursday. While Fed Chair Janet Yellen and most U.S. central bankers, including Mester, expect to raise interest rates this year, others including two Federal Reserve board governors have urged patience. Mester said the Fed is trying to be as clear as it can on its rationale for policy.
  
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• Wall Street jumps to eight-week high on financials, healthcare

  15-10-2015 23:33 via news.yahoo.com
  
  (Reuters) - A tame inflation reading and strong earnings from Citigroup led investors to pile back into stocks on Thursday, pushing Wall Street to its best level in eight weeks.
  
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• Foreign direct investment in Latin America plunges 21%

  15-10-2015 23:21 via news.yahoo.com
  
  Foreign direct investment in Latin America dived 21 percent in the first half of 2015, a UN commission said Thursday, the latest bad news for a region facing recession this year. FDI to 16 countries in the region fell to $88.7 billion in the six months through June from the same period last year, said the UN's Economic Commission for Latin America and the Caribbean (ECLAC). The commission warned earlier this month that Latin America's economies will contract 0.3 percent this year, in line with f
  
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• U.S. stocks up on earnings; data lifts dollar, bond yields

  15-10-2015 22:53 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - U.S. stocks rebounded from two days of losses to close higher on Thursday, helped by financial sector earnings, while stronger-than-expected economic data boosted the dollar and bond yields. The data also pushed up U.S. Treasuries yields slightly, as it renewed some hopes for a 2015 Federal Reserve interest rate hike. Unemployment claims were very good at the lowest in 42 years, suggesting the labor market is OK," said Daisuke J. Nakajima, managing director a
  
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• UPDATE 1-Judge declines to declare mistrial in Dewey & Leboeuf criminal trial

  15-10-2015 22:53
  Oct 15 (Reuters) - The attorney representing Joel Sanders,
  the former chief financial officer of bankrupt law firm Dewey &
  LeBoeuf, renewed his call for a mistrial on Thursday, saying he
  was worried...
  
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• Fed's Mester renews call for U.S. rate hike

  15-10-2015 22:51 via news.yahoo.com
  
  The Federal Reserve should begin to hike rates because the U.S. economy has virtually reached full employment and inflation is gradually rebounding, a top Fed official said on Thursday. Repeating a message she has delivered for months, Cleveland Fed President Loretta Mester said delaying the long-anticipated policy tightening only risks having to hike rates aggressively down the line. Mester, who also said she recently edged down her prediction for "neutral" long-run interest rates, is in the ha
  
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• US budget gap for 2015 at $439 billion, lowest in 8 years

  15-10-2015 22:47 via news.yahoo.com
  
  WASHINGTON (AP) — The U.S. budget deficit in 2015 fell to its lowest level in eight years, spurred by gains in tax revenue that outpaced greater government spending.
  
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• Judge declines to declare mistrial in Dewey & Leboeuf criminal trial

  15-10-2015 22:19
  Oct 15 (Reuters) - The attorney representing Joel Sanders,
  the former chief financial officer of bankrupt law firm Dewey &
  LeBoeuf, renewed his call for a mistrial on Thursday, saying he
  was worried...
  
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• The skew view - the latest signal of stock-market doom?

  15-10-2015 22:09 via news.yahoo.com
  
  Wall Street is forever on the lookout for ever more exotic indicators of impending doom for the stock market, and the latest measure to catch eyeballs is the CBOE Skew index which recently flashed panic signals like never before. The options-based index tracks the implied volatility of deep out-of-the-money options - that is, options that are not profitable yet - on the S&P 500 to measure the market's expectations for large declines in the index. "This is one of the cases where just looking
  
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• US budget deficit falls to 8-year low in 2015

  15-10-2015 22:03 via news.yahoo.com
  
  The US government's budget deficit fell to an eight-year low in fiscal 2015, dropping to $439 billion, the Treasury Department announced Thursday. The cut in the finance gap -- which was $1.4 trillion in 2009 -- brought the deficit down to 2.5 percent of gross domestic product, the lowest level since 2007. The achievement marked a long effort by the administration of President Barack Obama to pare back the budget shortfall after it soared when the economy plunged into crisis in 2008.
  
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• U.S. fiscal year budget deficit narrows to $439 billion

  15-10-2015 21:38 via news.yahoo.com
  
  The U.S. budget deficit narrowed to $439 billion in fiscal 2015, the lowest level since 2008, as the economy continued to recover from the financial crisis and revenue growth outpaced a rise in spending, the Treasury Department said on Thursday. The 2015 deficit fell to 2.5 percent of gross domestic product, the lowest since 2007 and less than the average of the last 40 years.
  
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• Prudential's Peters says expects no Fed rate hike in December

  15-10-2015 21:02 via news.yahoo.com
  
  The U.S. Federal Reserve will likely not raise benchmark interest rates in December, according to one of Wall Street's most widely followed investors. "I think their window has closed on them," said Greg Peters, who helps manage more than $550 billion in assets as senior portfolio manager at Prudential Fixed Income, a unit of Prudential Investment Management. Most economists expect the Fed to raise rates for the first time in nearly a decade before the end of this year, but fresh signs of a weak
  
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• Spain star economist urges reforms to lock in recovery

  15-10-2015 20:26 via news.yahoo.com
  
  Spain must overhaul its labour market and education system and fight cronyism to seal its recovery, an economic expert recruited by a key party in December's general election said Thursday. With the economy growing again after a double recession, Spain's government is claiming victory over the crisis. Garicano, 48, was taken on by the centrist party Ciudadanos, a key rival of the governing Popular Party (PP) in the December 20 election, to draw up its economic programme.
  
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• Obama, South Korea's Park, to discuss North Korea threat: White House

  15-10-2015 19:53 via news.yahoo.com
  
  WASHINGTON (Reuters) - U.S. President Barack Obama and South Korean President Park Geun-hye will discuss the threat posed by North Korea during Park's visit to Washington on Friday, the White House said. White House spokesman Josh Earnest on Thursday told reporters that Obama and Park will also discuss the economic cooperation between their two countries and climate change. (Reporting by Julia Edwards; Editing by Susan Heavey)
  
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• South Africa will consider national interest in beer merger

  15-10-2015 19:39 via news.yahoo.com
  
  LONDON (AP) — South Africa's National Treasury says it will consider the economic impact of a proposal by the world's biggest beer maker to buy SABMiller — a company with South African roots.
  
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• Indonesian president to court tech giants on U.S. trip

  15-10-2015 19:30 via news.yahoo.com
  
  By Randy Fabi and Kanupriya Kapoor JAKARTA (Reuters) - Indonesia's president will court tech giants Apple and Google during his first trip to the United States this month, seeking investment for sustainable mining and greater internet access, a senior cabinet minister told Reuters. President Joko Widodo will travel to Washington and San Francisco on a five-day trip starting Oct. 25 in the hope of attracting much-needed foreign investment to revive growth in Southeast Asia's largest economy. Wido
  
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• ECB official says inflation 'clearly' below target

  15-10-2015 19:27 via news.yahoo.com
  
  Inflation in the eurozone is "clearly" below target, a European Central Bank board member said Thursday, as markets speculate over the chances of further action to boost economic activity in the region. Eurozone inflation fell to negative 0.1 percent in September, feeding concerns over the risk of a deflationary spiral in which consumers delay purchases in the hope of lower prices, in turn prompting companies to hold off investment and hiring. "One has to say that we're clearly missing our (infl
  
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• UPDATE 5-Citigroup profit soars as lower costs trump revenue fall

  15-10-2015 19:26
  * Shares rise as much as 4.3 pct (Adds details from conference call; updates shares)
  
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• Wall Street rises as financials recover after Citi results

  15-10-2015 19:10 via news.yahoo.com
  
  U.S. stocks looked set to snap a two-day losing streak on Thursday after Citigroup led a recovery in financial stocks and investors absorbed mixed economic data. Nike rose 2.2 percent to $128.60 after the world's largest sportswear maker said it expects revenue growth to be faster over the next five years.
  
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• Wall St. rises as financials recover after Citi results

  15-10-2015 19:05 via news.yahoo.com
  
  (Reuters) - U.S. stocks looked set to snap a two-day losing streak on Thursday after Citigroup led a recovery in financial stocks and investors absorbed mixed economic data.
  
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• Fitch cuts Brazil rating over worsening economic picture

  15-10-2015 19:02 via news.yahoo.com
  
  Fitch dealt Brazil's credit rating a one-step cut on Thursday to just above a junk rating, saying the government faces increased fiscal pressures as the economy contracts. Fitch lowered the rating to BBB- from BBB, putting the country's bonds one notch above "speculative" or junk level, and appended an "outlook negative" warning that a further downgrade could be in store. "The rating downgrade reflects Brazil's rising government debt burden, increased challenges to fiscal consolidation and a wor
  
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• Italy goes for growth with expansionary budget

  15-10-2015 18:56 via news.yahoo.com
  
  Italy's centre-left government on Thursday approved an expansionary budget designed to ensure a fledgling economic recovery takes wing in 2016 at the cost of slowing the reduction of the country's massive 2.2-trillion-euro debt. Prime Minister Matteo Renzi described the theme of his growth-orientated package as "Italy with a plus sign". Instead of falling to 1.8 percent of gross domestic product (GDP), as forecast in the spring, or 1.4 percent as it would have done with a fiscally neutral budget
  
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• Indonesia bids to protect workers with new stimulus plan

  15-10-2015 18:50 via news.yahoo.com
  
  Indonesia on Thursday unveiled new measures designed to protect workers from exploitation and provide certainty for business as Southeast Asia's biggest economy tries to reverse a sharp slowdown. It is the fourth time fresh stimulus policies have been revealed in just over a month, as the government seeks to shore up its weak currency and spur the economy, which is growing at its slowest pace in six years. In the latest instalment, Chief Economics Minister Darmin Nasution announced new rules for
  
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• TeliaSonera rebuts Muddy Waters criticism over disclosure record

  15-10-2015 18:40
  STOCKHOLM, Oct 15 (Reuters) - Sweden's TeliaSonera has rejected what it called "serious criticism" from U.S.-based investment research firm Muddy Waters over the openness of its financial...
  
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• Gasoline weighs on U.S. consumer prices, but inflation set to rise

  15-10-2015 18:37 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer prices recorded their biggest drop in eight months in September as the cost of gasoline fell, but a steady pick-up in the prices of other goods and services suggested inflation was poised to rise. The very low level of layoffs and gradually firming underlying inflation could keep the door open to an interest rate increase from the Federal Reserve this year. "Today's reports strengthen our view that the U.S. economy remains on the right track
  
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• China bank lending up in September

  15-10-2015 18:28 via news.yahoo.com
  
  China's bank lending increased in September from a month ago, the central bank said Thursday, after authorities stepped up efforts to boost slowing growth in the world's second-largest economy. Chinese lenders extended 1.05 trillion yuan ($165.4 billion) in new loans last month, the People's Bank of China (PBoC) said in a statement, up from 809.6 billion yuan in August. Total social financing -- an alternative measure of credit in the real economy -- reached 1.30 trillion yuan in September, it s
  
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• South Africa says SABMiller takeover by AB InBev should comply with conditions

  15-10-2015 18:17
  
  JOHANNESBURG (Reuters) - The planned takeover of SABMiller by Anheuser-Busch InBevshould comply with conditions imposed by South Africa on SABMiller when it relocated its head office to Britain...
  
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• Mexican homebuilder Homex says its shares can trade again

  15-10-2015 18:12
  MEXICO CITY, Oct 15 (Reuters) - Mexican homebuilder Homex
  , which emerged from bankruptcy proceedings in July,
  said on Thursday that the national securities regulator CNBV has
  cleared its shares to...
  
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• US stocks advance; Citigroup gains on strong earnings

  15-10-2015 18:10 via news.yahoo.com
  
  NEW YORK (AP) — Stocks climbed on Thursday as investors responded to some positive earnings surprises. Financial stocks were boosted by a strong third-quarter earnings report from Citigroup. Hospital shares slumped after HCA said its earnings would fall short of projections.
  
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• Wall Street bonuses likely to plunge as trading revenue drops

  15-10-2015 17:43 via news.yahoo.com
  
  Wall Street bankers and traders are likely to get smaller bonuses this year as trading revenue plunges. Goldman Sachs said on Thursday that it set aside 16 percent less money for compensation in the third quarter compared with the same period in 2014. The fourth quarter, when banks determine how much they will pay for holiday bonuses, may not bring much relief for employees.
  
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• Fed's Dudley opposed to a rule-based approach to rate policy

  15-10-2015 17:39 via news.yahoo.com
  
  The Federal Reserve must be clear about its plans for interest rate policy but should not be slave to mathematical formulas, New York Federal Reserve President William Dudley said on Thursday. For the Fed to effectively guide the economy, "households and businesses need to be able to anticipate how the Federal Reserve is likely to respond to evolving conditions," Dudley said in prepared remarks for a panel in Washington. Speaking alongside a top proponent of the idea that central banks should fo
  
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• Dudley would favor Dec. rate hike if economy meets his forecast

  15-10-2015 17:39 via news.yahoo.com
  
  WASHINGTON (Reuters) - New York Federal Reserve Bank President William Dudley said on Thursday he would be prepared to raise interest rates in December if the U.S. economy performs in line with his forecast of continued moderate growth.
  
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• Wall St. higher as investors digest results, data

  15-10-2015 17:37 via news.yahoo.com
  
  As the earnings season gathers steam, investors will be scrutinizing quarterly results and forecasts for signs of impact from a slowing global economy. "(The market reaction) points to not only the importance of earnings season and going beyond the reported numbers but, perhaps even more important, is the outlook and guidance that companies offer as we move through the remainder of third-quarter earnings," said Eric Weigand, senior portfolio manager for the Private Client Reserve of U.S. Bank. C
  
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• Average US rate on 30-year mortgage rises to 3.82 percent

  15-10-2015 17:36 via news.yahoo.com
  
  WASHINGTON (AP) — Average long-term U.S. mortgage rates rose this week yet remained below 4 percent for a 12th straight week.
  
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• Charles Schwab profit up 17 percent in third quarter

  15-10-2015 16:48 via news.yahoo.com
  
  By Jed Horowitz NEW YORK (Reuters) - Charles Schwab Corp, the discount brokerage pioneer that is expanding into fee-based advisory accounts, said on Thursday that third-quarter profit jumped 17 percent on higher trading commissions and interest revenue. The San Francisco-based company's net income totaled $376 million, or 28 cents a share, a penny higher than the average analyst estimate in a poll by Thomson Reuters I/B/E/S. Revenue was boosted by heavy trading in late August as global markets w
  
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• Angola cuts economic growth outlook as oil price bites

  15-10-2015 16:41 via news.yahoo.com
  
  By Herculano Coroado LUANDA (Reuters) - Angola's economy will grow more slowly than expected this year, Vice President Manuel Vincente said on Thursday, as subdued oil prices sap public spending, hobble the currency and push up debt levels in Africa's second largest crude exporter. Vincente, who was delivering the state of the nation address in the absence of President Jose Eduardo dos Santos, said sub-Saharan Africa's third largest economy would grow four percent this year, down from a previous
  
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• Fed's Bullard does not comment on policy, economic outlook

  15-10-2015 16:33 via news.yahoo.com
  
  (Reuters) - St. Louis Federal Reserve President James Bullard did not comment on the outlook for the economy or monetary policy in welcoming remarks prepared for delivery to the bank's fall conference.
  
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• World markets buoyed on hopes Fed will hold fire on rates

  15-10-2015 16:27 via news.yahoo.com
  
  Global equities moved ahead Thursday as another raft of weak US economic data reinforced expectations that the Federal Reserve will likely delay an interest rate hike. European and Asian stocks advanced from recent losses that had been sparked by concerns over the potential impact of China's economic slowdown. "It’s been a more positive start to the day on Thursday, with UK and European shares higher after three days of losses," said analyst Jasper Lawler at traders CMC Markets.
  
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• Exports to lead Canadian recovery, rates to stay on hold: Reuters poll

  15-10-2015 16:07 via news.yahoo.com
  
  The Canadian economy probably rebounded from a mild recession last quarter, helped by solid U.S. demand for its exports, but the recovery is not seen as strong enough to warrant an interest rate rise until 2017, according to a Reuters poll. After slumping in the first half from a plunge in the price of oil, one of Canada's biggest exports, the economy will grow at an annualized rate of 2.5 percent in the third quarter and 1.7 percent in the fourth quarter, the survey of nearly 50 economists show
  
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• Wall St. edges higher on results, data

  15-10-2015 15:52 via news.yahoo.com
  
  (Reuters) - U.S. stocks opened higher on Thursday, after two days of losses, as investors assessed economic data and earnings reports from major banks.
  
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• Factbox: Wall Street and commodity risk: Goldman risk falls

  15-10-2015 15:50 via news.yahoo.com
  
  (Reuters) - Goldman Sachs Group Inc's commodity market trading risk measure, known as Value-at-Risk (VaR), fell for a second quarter in the three months through September, the bank said on Thursday, as it reported a sharp yearly drop in fixed-income, currency and commodity trading performance. The Wall Street bank's VaR indicator was $17 million, or down $2 million from the prior quarter and down $6 million from the same period a year earlier. Quarterly revenue from fixed income, currency and co
  
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• Wall Street opens higher after results, data

  15-10-2015 15:33 via news.yahoo.com
  
  REUTERS - Wall Street opened higher on Thursday, rebounding from two days of losses, as investors assessed economic data and quarterly results of major U.S. banks. The Dow Jones industrial average rose 27.22 points, or 0.16 percent, to 16,951.97, the S&P 500 gained 4.74 points, or 0.24 percent, to 1,998.98 and the Nasdaq composite index added 15.44 points, or 0.32 percent, to 4,798.29. (Reporting By Darshana Sankararaman in Bengaluru; Editing by Saumyadeb Chakrabarty)
  
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• Angola cuts 2015 economic growth forecast to 4 pct from 6 pct

  15-10-2015 15:02 via news.yahoo.com
  
  LUANDA (Reuters) - Angola's economy will grow 4 percent this year, down from a previous target of 6 percent as low oil prices hit sub-Saharan Africa's third largest economy, Vice President Manuel Vincente told parliament on Thursday. Vincente said Angola's debt-to-GDP ratio would be around 46 percent this year, compared to around 32 percent last year. Africa's second biggest oil exporter has borrowed heavily from China to cover lower oil revenues.
  
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• Applications for US unemployment aid drop to 42-year low

  15-10-2015 14:52 via news.yahoo.com
  
  WASHINGTON (AP) — The number of Americans seeking unemployment aid fell last week, matching the lowest level in 42 years, strong evidence that employers remain confident enough in the economy to hold onto their staffs.
  
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• Goldman profit plunges as market turmoil hits bond trading

  15-10-2015 14:42 via news.yahoo.com
  
  Goldman Sachs Group Inc's profit plunged for the second straight quarter as bond trading revenue fell by a third amid market turmoil stemming from concerns about global growth. Revenue fell in all of the bank's major businesses except investment banking, which benefited from a surge in takeovers.The results are the latest example of how the grim trading environment is gutting profits on Wall Street.
  
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• Goldman Sachs earnings fall 38 percent, missing forecasts

  15-10-2015 14:40 via news.yahoo.com
  
  NEW YORK (AP) — Goldman Sachs posted as a 38 percent drop in earnings in the third quarter on Thursday, missing analysts estimates, as the Wall Street bank was hurt by recent market turbulence and lower commodity prices.
  
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• Citigroup's earnings surge 36 percent, beating estimates

  15-10-2015 14:33 via news.yahoo.com
  
  NEW YORK (AP) — Citigroup's earnings surged 36 percent in the third quarter as the bank continued to cut expenses and clean up its books from the mess of the financial crisis.
  
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• Vietnam's military-run mobile firm launches in Tanzania, invests $736 mln

  15-10-2015 14:05 via news.yahoo.com
  
  Vietnam's ambitious state-run telecoms operator Viettel launched mobile and internet services in Tanzania on Thursday after investing $736 million in East Africa's second-biggest economy.     Tanzania's mobile telecoms sector has grown rapidly over the past decade, driven by demand for third-generation (3G) mobile services. The number of mobile phone subscribers in Tanzania rose by 16 percent in 2014 to 31.86 million, according to the country's telecoms regulator. A statement issu
  
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