Finance news

• Canada's new Liberal PM Trudeau wins broad mandate for change

  20-10-2015 23:36 via news.yahoo.com
  
  By Allison Lampert and Randall Palmer MONTREAL/OTTAWA (Reuters) - Canada's Prime Minister-designate Justin Trudeau, who came from behind to trounce his Conservative rivals and snatch a majority mandate, now has to deliver on pledges from tackling climate change to boosting the economy and legalizing marijuana. Trudeau, who campaigned on a promise of change, toppled Stephen Harper's Conservatives on Monday, giving him the freedom to start implementing his campaign pledges largely unimpeded. The 4
  
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• Yahoo signs ad pact with Google; earnings and revenue miss

  20-10-2015 23:31 via news.yahoo.com
  
  (Reuters) - Yahoo Inc said on Tuesday it had signed a search advertising deal with Google Inc, providing a potential boost to Marissa Mayer's efforts to turn around the company, which also reported revenue and profit that fell short of market estimates. The deal with Google, a unit of Alphabet Inc, builds on an existing search partnership Microsoft Corp under which Yahoo gets a percentage of revenue from ads displayed on its sites. Yahoo, whose shares were down slightly in after-hours trading, h
  
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• Wall Street ends down with healthcare, IBM; United Tech rises

  20-10-2015 23:12 via news.yahoo.com
  
  U.S. stocks ended slightly lower on Tuesday as a decline in healthcare and biotech stocks offset gains in United Technologies and Verizon. The stock hit a five-year intraday low at $140.28 after it reported a bigger-than-expected decline in quarterly revenue and cut its full-year profit forecast. The S&P healthcare sector fell 1.5 percent, while the Nasdaq Biotech Index dropped 3.2 percent.
  
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• Ferrari faithful rev IPO price to top of range

  20-10-2015 23:09
  
  (Reuters) - Ferrari NVpricing its initial public offering at the top of expectations on Tuesday, raising $893 million, as drivers enamored with the luxury sports car maker snapped up its shares...
  
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• Canada's Liberals eye seven candidates for finance minister

  20-10-2015 23:08 via news.yahoo.com
  
  By David Ljunggren and Randall Palmer OTTAWA/MONTREAL (Reuters) - Former Canadian Finance Minister Ralph Goodale is among seven contenders to run the department in the new Liberal government that was elected on Monday, a senior advisor to Prime Minister-designate Justin Trudeau said on Tuesday. Choosing a cabinet will be one of Trudeau's top priorities before he and his ministers are sworn in sometime over the next two to three weeks. Another top candidate is Bill Morneau, 53, former chief of th
  
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• Bridgewater's $70 billion 'All Weather Fund' down 6 percent in 2015: sources

  20-10-2015 23:01
  
  NEW YORK (Reuters) - The $70 billion Bridgewater All Weather Fund, managed by hedge fund titan Ray Dalio, was down 1.9 percent in September and is down 6 percent through the first nine months of the...
  
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• Wall St. dips as healthcare, biotech lag

  20-10-2015 22:03 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks ended down slightly Tuesday as a drop in healthcare and biotech stocks offset gains in United Technologies and Verizon.
  
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• Co-owner of Russia's S7 agrees to buy at least 51 pct of Transaero - S7 spokeswoman

  20-10-2015 21:28
  MOSCOW, Oct 20 (Reuters) - A co-owner of Russia's S7
  Airlines, Vladislav Filev, has signed an agreement to buy at
  least 51 percent of airline Transaero, a spokeswoman
  for S7 said on Tuesday.
  
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• Exchanges, Schwab criticize SEC market structure committee

  20-10-2015 21:20
  
  NEW YORK (Reuters) - The New York Stock Exchange, Nasdaq and brokerage Charles Schwab Corp have criticized a committee the U.S. Securities and Exchange Commission formed to advise on the equity...
  
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• JPMorgan close to selling most of Highbridge's PE business: WSJ

  20-10-2015 21:12
  
  (Reuters) - JPMorgan Chase & Cois close to finalizing a deal to sell the majority of Highbridge Capital Management LLC's private equity business, the Wall Street Journal reported, citing people...
  
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• FedEx, TNT say no EU antitrust objections to $5 billion merger

  20-10-2015 20:54
  
  BRUSSELS (Reuters) - EU antitrust regulators have no objections to FedEx's 4.4 billion euro ($5 billion) acquisition of Dutch peer TNT Express, the companies said on Tuesday, confirming what two...
  
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• Wall Street hit by healthcare slump; U.S. yields rise

  20-10-2015 20:49 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - U.S. Treasury yields rose on Tuesday on signs of improvement in the U.S. housing market, while Wall Street was mostly lower after a slump in healthcare and biotech stocks. The euro rebounded against the dollar after falling for three straight sessions, bolstered by solid regional economic data and comments from ECB officials suggesting further monetary easing may not be imminent.
  
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• Asia private equity funds hurt Morgan Stanley's third-quarter profit

  20-10-2015 20:47
  
  HONG KONG (Reuters) - A dramatic fall in the value of Morgan Stanley's Asian private equity funds hit the bank's quarterly earnings, highlighting the risks of such investing at a time when rivals are...
  
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• Market overview: BofA pushes back ECB QE2 call

  20-10-2015 20:45 via news.yahoo.com
  
  (ShareCast News) - 1630:Close Stocks edged lower, tracking the selling pressure on Wall Street amid a small retreat in Gilts (although they outperformed) and a mixed performance by commodities. Copper ...
  
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• Lexus is top brand in Consumer Reports' reliability survey

  20-10-2015 20:05 via news.yahoo.com
  
  DETROIT (AP) — Elaborate new transmissions are helping automakers meet rising fuel economy standards, but they're also requiring more trips to the repair shop.
  
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• Italy post office IPO attracts 270,000 retail investors - source

  20-10-2015 19:57
  
  ROME/MILAN (Reuters) - Around 270,000 retail investors and more than 23,000 employees have subscribed to the Italian Post Office's initial public offering (IPO), a source close to the situation said...
  
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• New U.S. ETFs to shield China stock investors from currency swings

  20-10-2015 19:24 via news.yahoo.com
  
  By Trevor Hunnicutt NEW YORK, Oct 20 (Reuters) - Two exchange-traded funds (ETFs) launched in the United States on Tuesday will provide investors with access to China's onshore stock market while tamping down swings in the yuan. After a year that saw the unexpected slide of the Chinese yuan slice into foreign investors' returns, the two funds become the first so-called currency-hedged ETFs to track stocks traded within China, according to FactSet Research Systems Inc. The funds - Deutsche X-trac
  
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• Like its cars, Ferrari shares won't come cheap or easily

  20-10-2015 19:09 via news.yahoo.com
  
  By Agnieszka Flak MILAN (Reuters) - Alessia Scipione played in Ferrari bumper cars as a child, avidly follows her favourite team during Formula One races and when the Italian sportscar maker goes public on Wall Street on Wednesday she may get a chance to own a small piece of it. Or so she hopes, because like its sportscars with the prancing horse logo, the shares will not be cheap or easy to buy with Ferrari enthusiasts worldwide clamouring to buy into a brand with a cult-like status. "I will pr
  
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• Wall St. slightly lower as healthcare stocks dip

  20-10-2015 19:06 via news.yahoo.com
  
  (Reuters) - Wall Street was slightly lower on Tuesday as healthcare and biotech stocks fell, offsetting gains by Verizon and United Technologies.
  
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• Factbox - From racing roots to Wall Street debut: Ferrari

  20-10-2015 19:06 via news.yahoo.com
  
  (Reuters) - Ferrari will debut on Wall Street on Wednesday. Fiat Chrysler Automobiles (FCA) is offering a stake of up to 10 percent in Ferrari at $48-$52 a share. Below are some facts about the maker of sports cars with the prancing horse logo: * Founded by Enzo Ferrari (1898-1988) who attended his first race at the age of 10.
  
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• Fragmented post-recession Europe harder to govern

  20-10-2015 18:50 via news.yahoo.com
  
  By Paul Taylor BRUSSELS (Reuters) - From Portugal to Sweden, European countries are becoming harder to govern, and economic reforms more difficult to implement, as a prolonged financial crisis bequeaths a fragmented political landscape with weaker and more divided governments. The arrival of a wave of refugees and migrants fleeing war, repression and poverty in the Middle East, Asia and Africa may even amplify those political trends, boosting anti-immigration populists and sapping the traditiona
  
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• IBM, China data weigh on global shares

  20-10-2015 18:47 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - U.S. Treasury yields rose on Tuesday on signs of improvement in the U.S. housing market, while Wall Street was mostly lower as IBM shares dropped on weak results. Gains in Verizon and United Technologies after strong results helped offset IBM's drop. "There is still the legacy of the weak Chinese data that is hanging over parts of the market today," said Hantec Markets' analyst Richard Perry.
  
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• Exclusive: EU set to clear FedEx, TNT deal unconditionally - sources

  20-10-2015 18:31
  
  BRUSSELS (Reuters) - FedEx is poised to gain unconditional EU approval for its 4.4 billion euro ($5 billion) acquisition of Dutch peer TNT, two people familiar with the matter said on Tuesday, making...
  
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• Clinton Seizes Control of the Democratic Campaign

  20-10-2015 18:23 via news.yahoo.com
  
  Three new surveys released on Tuesday confirm that Hillary Clinton crushed it during last week’s Democratic presidential debate. The new polls -- from the Wall Street Journal-NBC News, the Washington Post-ABC News and the Morning Consult -- show Clinton surging ahead of Sen. Bernie Sanders of Vermont, her chief rival for the nomination, and indicate that Vice President Joseph Biden may have waited too long to decide whether to make a late entry into the Democratic presidential contest. Bid
  
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• BNY Mellon's cost-cutting drive hit by software outage

  20-10-2015 18:19
  
  BOSTON (Reuters) - Bank of New York Mellon Corp on Tuesday reported third-quarter results that beat expectations, but said its cost-cutting drive was interrupted by a summertime software outage that...
  
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• Why optimism about the US economy's strength has dimmed

  20-10-2015 18:17 via news.yahoo.com
  
  WASHINGTON (AP) — Consumers, fueled by job growth, cheaper gas and higher home values, would drive the U.S. economy through a global slump.
  
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• IBM, China data weigh on shares; U.S. yields rise

  20-10-2015 18:14 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - U.S. Treasury yields rose on Tuesday on signs of improvement in the U.S. housing market, while Wall Street was mostly lower as IBM shares dropped on weak results. IBM fell 5.5 percent, putting a damper on the benchmark U.S. S&P 500 index and the Dow, a day after reporting a bigger-than-expected fall in quarterly revenue. Gains in Verizon and United Technologies after strong results helped offset IBM's drop.
  
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• Hedge funds suffer biggest quarterly drop in assets since 2008: data

  20-10-2015 18:12
  
  BOSTON (Reuters) - Hedge funds suffered their biggest quarterly loss in assets since the financial crisis during the three months that ended in September, data released on Tuesday showed, putting the...
  
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• Lockheed, United Tech say close to finalizing Sikorsky deal

  20-10-2015 17:53
  
  WASHINGTON (Reuters) - Lockheed Martin Corpand United Technologies Corpon Tuesday said they expected to finalize Lockheed's acquisition of Sikorsky Aircraft by the end of the year.
  
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• AmSurg proposes merger, TeamHealth rejects

  20-10-2015 17:46
  (Reuters) - AmSurg Corpproposed a $5.3 billion merger with TeamHealth Holdings Incas it looks to add heft to its business that provides doctors to hospitals and other healthcare services.
  
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• BRIEF-Sintesi court in Milan postpones decision on suspension of dissolution to Nov. 9

  20-10-2015 17:44
  Oct 20 (Reuters) - Sintesi Societa di Investimenti e Partecipazioni SpA :
  
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• Ferrari IPO price expected as high as $53: CNBC

  20-10-2015 17:41
  
  (Reuters) - Luxury carmaker Ferrari'sinitial public offering could be priced as high as $53 per share, CNBC reported, citing sources.
  
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• Madoff trustee seeks release of $1.5 billion for fraud victims

  20-10-2015 17:38
  
  NEW YORK (Reuters) - The trustee recouping money for victims of Bernard Madoff's multibillion-dollar Ponzi scheme sought approval on Tuesday to release $1.5 billion from legal reserves, potentially...
  
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• Wall St. little changed as earnings gain momentum

  20-10-2015 17:25 via news.yahoo.com
  
  (Reuters) - U.S. stocks were little changed on Tuesday as Verizon and United Technologies rose after strong quarterly results, limiting the losses caused by IBM's disappointing results and lowered forecast.
  
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• Angola's opposition calls for transparency in public spending

  20-10-2015 17:21 via news.yahoo.com
  
  By Herculano Coroado LUANDA (Reuters) - Angola's main opposition political party has asked President José Eduardo dos Santos to explain why the state was not using strategic oil funds from oil revenue to help the ailing economy in its response to last week's state of the nation address. Angola's Vice President Manuel Vicente said last Thursday the economy will grow more slowly than expected this year, as subdued oil prices sap public spending, hobble the currency and push up debt lev
  
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• Miners talk with South Africa on empowerment outside of court case

  20-10-2015 17:16 via news.yahoo.com
  
  By Clara Denina VIENNA (Reuters) - The black economic empowerment legal battle engulfing South Africa's mining industry could be resolved outside the court room, as miners hold private talks with government, the head of the Chamber of Mines said on Tuesday. Empowerment goals set by the mining charter a decade ago to readdress the exclusion of 'disadvantaged' South Africans from the mining industry, required that black partners own 26 percent of companies by 2014. Data from South Africa's Departm
  
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• Harley-Davidson plans job cuts after earnings miss

  20-10-2015 17:09 via news.yahoo.com
  
  NEW YORK (AP) — Harley-Davidson Inc. plans to cut an unspecified number of jobs and ship fewer motorcycles than it had planned for the year after reporting third-quarter earnings and revenue that fell short of Wall Street expectations.
  
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• Kinder Morgan, BP form fuel storage JV

  20-10-2015 17:05
  (Reuters) - BP Plcwill sell 15 fuel storage terminals in the United States to pipeline company Kinder Morgan Incin a $350 million deal, as it sheds assets to pay for liabilities arising from its...
  
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• Yellen touts importance of accurate economic data

  20-10-2015 17:02 via news.yahoo.com
  
  WASHINGTON (AP) — Federal Reserve Chairman Janet Yellen says an important bulwark of democracy is the public's right to receive economic statistics from the government that can be trusted.
  
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• Madoff trustee seeks release of $1.5 bln for fraud victims

  20-10-2015 16:48
  NEW YORK, Oct 20 (Reuters) - The trustee recouping money for
  victims of Bernard Madoff's multibillion-dollar Ponzi scheme
  sought approval on Tuesday to release $1.5 billion from legal
  reserves,...
  
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• Cracks appear in German industry's welcome smile to refugees

  20-10-2015 16:16 via news.yahoo.com
  
  German industry was initially eager to welcome the hundreds of thousands of refugees arriving into the country -- but sceptical voices are being raised about the potential costs of the huge influx to Europe's biggest economy. The head of Germany's construction industry association, Michael Knipper, is making waves with a letter addressed to the powerful BDI industry federation in which he accuses it of propagating a "one-sided" view of the issue. BDI's "emphasis is too much on the opportunities,
  
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• China's CICC to launch $800 million Hong Kong listing next week: IFR

  20-10-2015 16:01
  BEIJING/HONG KONG (Reuters) - China International Capital Corp (CICC), the country's top domestic investment bank, is set to launch an initial public offering (IPO) in Hong Kong next week, seeking to...
  
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• Ferrari shares expected to burn rubber on Wednesday IPO

  20-10-2015 15:42 via news.yahoo.com
  
  (ShareCast News) - Fuelled by strong retail investor interest in its initial public offer, Ferrari was expected to burn rubber when it made its Wall Street debut on Wednesday but analysts are divided on ...
  
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• Five financial numbers you need to know

  20-10-2015 15:29
  
  NEW YORK (Reuters) - Numbers matter in our finances, but some are more meaningful than others.
  
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• Demand for rental apartments boosts U.S. housing starts

  20-10-2015 15:09 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. housing starts rose solidly in September on soaring demand for rental apartments, a sign that the housing market continues to steadily improve even as economic growth has slowed. The Commerce Department said on Tuesday groundbreaking increased 6.5 percent to a seasonally adjusted annual pace of 1.21 million units. It was the sixth straight month that starts were above 1 million units, pointing to a sustainable housing recovery.
  
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• European stocks slip as China dents sentiment

  20-10-2015 15:00 via news.yahoo.com
  
  Europe's main stock markets sank Tuesday as investors continued to fret over the broader global impact of China's economic slowdown, dealers said. Around midday, London's benchmark FTSE 100 index slid 0.33 percent to 6,331.10 points, Frankfurt's DAX 30 index also dropped 0.33 percent to 10,130 points and the Paris CAC 40 shed 0.79 percent to 4,667.10. Markets had traded mixed on Monday as investors mulled news that China's economy expanded in the third quarter at its slowest rate since early 200
  
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• PMC-Sierra says Microsemi offer may lead to "superior proposal"

  20-10-2015 14:47
  (Reuters) - PMC-Sierra Incsaid Microsemi Corp's$2.2 billion unsolicited offer for the chipmaker could lead to a "superior proposal".
  
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• For many voters in Poland, economic growth is not enough

  20-10-2015 14:35 via news.yahoo.com
  
  By Justyna Pawlak and Marcin Goettig WARSAW (Reuters) - When Google opens an "innovation center" in a former vodka factory in a down-at-heel neighborhood of Warsaw next month, many Poles are unlikely to see it as a good sign. Combined with a string of scandals that has tarnished the ruling Civic Platform, it is driving a shift in Polish politics to the left after eight years of centrist-led rule. Voters may hand power to the eurosceptic Law and Justice party (PiS), which promises a bigger role f
  
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• Demand for rental apartments buoys U.S. housing starts

  20-10-2015 14:33 via news.yahoo.com
  
  U.S. housing starts rose more than expected in September on soaring demand for rental apartments, a sign that the housing market continues to steadily improve even as economic growth has slowed. Groundbreaking increased 6.5 percent to a seasonally adjusted annual pace of 1.21 million units, the Commerce Department said on Tuesday. It was the sixth straight month that starts remained above 1 million units, pointing to a sustainable housing recovery.
  
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• UK rolls out red carpet for China's Xi on contentious visit

  20-10-2015 14:18 via news.yahoo.com
  
  LONDON (AP) — Chinese President Xi Jinping was to address Britain's Parliament and dine with Queen Elizabeth II on Tuesday as he began a state visit to cement the close economic ties between the two countries — a trip that risks being overshadowed by concerns about the effects of Chinese competition on the British economy.
  
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