Finance news

• Tinder Looks To Set Date With Stock Market

  09-11-2015 23:13 via news.yahoo.com
  
  Tinder's parent company Match Group Inc has said it plans to raise more than half a billion dollars from the NASDAQ stock exchange. Tinder is a dating app which lets users in 196 different countries swipe left or right on potential connections based on whether they like the look of their pictures or not. Match, which also owns dating sites OKCupid and PlentyofFish, recorded revenue in excess of three quarters of a billion dollars for the first nine months of 2015.
  
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• REFILE-UPDATE 2-Citron turns spotlight on Mallinckrodt, shares plunge

  09-11-2015 22:59
  Nov 9 (Reuters) - Shares of Mallinckrodt Plc closed down 17 percent after short-seller Citron Research called the drugmaker "a far worse offender of the reimbursement system" in a tweet.
  
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• World stocks fall on China worries; oil extends decline

  09-11-2015 22:54 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - World equity indexes dropped on Monday as disappointing trade data in world No. 2 economy China stoked concerns over weakening global growth, while oil prices extended losses for a fourth day. Data showed China's October exports fell for a fourth month, while imports also dropped, leaving it with a record high trade surplus of $61.64 billion. The United States is one of China's biggest trade partners.
  
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• Wall St. indexes drop 1 percent as rate hike looms

  09-11-2015 22:38 via news.yahoo.com
  
  (Reuters) - The S&P 500 index suffered its worst loss in six weeks on Monday as Wall Street braced for an interest-rate hike and fretted about weak Chinese trade data.
  
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• Wall Street indexes drop 1 percent as rate hike looms

  09-11-2015 22:36 via news.yahoo.com
  
  The S&P 500 index suffered its worst loss in six weeks on Monday as Wall Street braced for an interest-rate hike and fretted about weak Chinese trade data. "There are short-term myopic concerns about a Fed rate hike,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa.
  
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• US stocks end lower as traders worry about global growth

  09-11-2015 22:21 via news.yahoo.com
  
  NEW YORK (AP) — The stock market had its biggest fall in two weeks as investors worried that the global economy could be slowing.
  
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• Cuba planning new oil exploration in Gulf of Mexico

  09-11-2015 22:10 via news.yahoo.com
  
  Cuba is organizing a new search for oil in the Gulf of Mexico after four earlier exploratory wells failed to make commercially viable finds, a state official said Monday. The new round of drilling in Cuba's exclusive economic zone in the Gulf of Mexico is set to begin in late 2016 or early 2017, said Osvaldo Lopez, head of offshore exploration at state oil company Cupet.
  
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• World stocks fall on China worries; oil ends lower

  09-11-2015 21:19 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - World equity indexes dropped on Monday as disappointing trade data in world No. 2 economy China stoked concerns over weakening global growth, while oil prices slipped. Data showed China's October exports fell for a fourth month, while imports also dropped, leaving the nation with a record high trade surplus of $61.64 billion. The United States is one of China's biggest trade partners.
  
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• Wall Street falls as rate hike looms and growth fears linger

  09-11-2015 20:46 via news.yahoo.com
  
  Nine of the 10 major S&P sectors were lower, led by consumer discretionary and energy stocks. U.S. companies face the prospect of higher borrowing costs if the Federal Reserve raises interest rates next month, as is widely expected after Friday's strong jobs report. "There are short-term myopic concerns about a Fed rate hike,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, which has about $50 million in assets under management.
  
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• UPDATE 2-Ackman says Valeant likely to pay down debt in the next 18 months

  09-11-2015 20:08
  Nov 9 (Reuters) - Bill Ackman, Valeant Pharmaceuticals International Inc's third-largest shareholder, said the Canadian drugmaker will likely use its free cash flow to pay down debt in the next 18...
  
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• Wall Street falls as rate hike looms, growth fears resurface

  09-11-2015 19:17 via news.yahoo.com
  
  U.S. stock indexes fell more than 1 percent on Monday afternoon, their biggest decline in six weeks, as investors braced for an increase in interest rates and fretted about weak Chinese trade data. Nine of the 10 major S&P sectors were lower, led by consumer discretionary and energy stocks. U.S. companies face the prospect of higher borrowing costs if the Federal Reserve raises interest rates next month, as is widely expected after Friday's strong jobs report.
  
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• London close: Fed hike expectations drag FTSE lower

  09-11-2015 19:00 via news.yahoo.com
  
  (ShareCast News) - Financials did best on Monday although by the end of trading the wider market was tracking the large losses on Wall Street - which some analysts linked to profit-taking - as government ...
  
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• CORRECTED-UPDATE 3-TransCanada says to keep pushing Keystone; investors skeptical

  09-11-2015 18:44
  CALGARY, Alberta, Nov 6 (Reuters) - TransCanada Corp said on Friday it will keep pressing to build the Keystone XL oil pipeline from Canada to the United States despite the Obama administration's...
  
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• Global stocks fall on China worries; oil loses ground

  09-11-2015 18:38 via news.yahoo.com
  
  NEW YORK (Reuters) - World equity indexes dropped on Monday as disappointing trade data in world No. 2 economy China stoked concerns over weakening global growth, while oil prices slipped.
  
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• UPDATE 3-Yahoo hires McKinsey to help with reorganization - Re/code

  09-11-2015 18:30
  Nov 9 (Reuters) - Yahoo Inc has appointed management consulting firm McKinsey & Co to help with the reorganization of its core businesses, technology news website Re/code reported on Monday.
  
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• US rate hike talk weighs on global stock markets

  09-11-2015 18:26 via news.yahoo.com
  
  Mounting expectations that the United States will raise interest rates in December for the first time in nine years dominated world financial markets Monday, weighing on stocks but underpinning the dollar. European stock markets fell as brokers pondered the impact of higher US rates. London's FTSE dipped 0.7 percent, Frankfurt's DAX 30 eased 1.3 percent and Paris' CAC 40 dropped 1.5 percent.
  
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• Presidential candidate Carson pushes 15 percent flat tax, end to all deductions

  09-11-2015 18:13 via news.yahoo.com
  
  U.S. Republican presidential candidate Ben Carson said on Monday he favored a flat 15 percent tax rate and an end to all tax deductions, among other steps, in an effort to boost the U.S. economy and balance the budget. Carson said he would also trim the federal government spending by between 2 percent and 3 percent while also increasing revenue by repatriating corporate income from abroad. "I am in favor of a flat tax," Carson told Fox Business Network.
  
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• Oil down on growing U.S. stockpile worries, weak Wall Street

  09-11-2015 18:07 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices edged lower on Monday after data showing fresh builds at the delivery point for U.S. crude futures and lower Wall Street share prices offset bullish OPEC demand projections. Crude futures have fallen about $4 a barrel over the past three sessions, partly on concerns that stockpiles of refined U.S. oil products like heating oil were also growing as refineries ramp up output as they emerge from maintenance season amid milder-than-usual weather. Th
  
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• Weaker miners and utilities push FTSE to 3-week low

  09-11-2015 18:02
  LONDON Nov 9 (Reuters) - Britain's top share index hit a three-week low on Monday, with Intercontinental Hotels Group falling after saying it was not considering a potential sale or merger move and...
  
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• Here’s Why Wall Street Bonuses Will Be Smaller This Year

  09-11-2015 17:56 via news.yahoo.com
  
  Year-end bonuses on Wall Street are expected to be 5 percent to 10 percent lower than last year, according to a new analysis by New York-based compensation consulting firm Johnson Associates. “Given the up and down year Wall Street is experiencing this year, smaller year-end incentives across the industry should come as no surprise,” Johnson Associates managing director Alan Johnson said in a statement. Last year, the average bonus in the New York Securities Industry was more than $1
  
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• Wall St. falls more than 1 percent on global growth fears

  09-11-2015 17:48 via news.yahoo.com
  
  The selloff was broad based, with all the 10 major S&P sectors in the red, led by a decline in consumer discretionary and energy stocks. The Organisation for Economic Co-operation and Development cut its 2015 global growth forecast again. "We've had a rally up and I think we're just about done for now, at least for the next couple of weeks," said Gary Kaltbaum, president of Kaltbaum & Associates in Orlando, Florida.
  
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• Equity markets drop on China worries; U.S. oil slips

  09-11-2015 17:30 via news.yahoo.com
  
  World equity indexes fell and U.S. oil prices weakened on Monday as disappointing trade data in world No. 2 economy China stoked concerns over weakening global growth. Data showed China's October exports fell for a fourth month, while imports also dropped, leaving the nation with a record high trade surplus of $61.64 billion. The United States is one of China's biggest trade partners.
  
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• FTSE hits three-week low as miners and utilities fall

  09-11-2015 17:15
  LONDON Nov 9 (Reuters) - Britain's top share index hit a three-week low on Monday, with Intercontinental Hotels Group falling after saying it was not considering a potential sale or merger move and...
  
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• Wall Street bonuses expected to fall as much as 10 percent: report

  09-11-2015 17:07 via news.yahoo.com
  
  Year-end compensation will be lower by 5 percent to 10 percent broadly throughout the financial services industry, the report said on Monday, with fixed-income traders experiencing an even larger drop as bond trading revenue continues to be weak. Payouts to investment bankers who advise companies on mergers could rise 15 percent to 20 percent as the global market for dealmaking remains strong. Compensation for debt traders, meanwhile, could fall as much as 20 percent from a year ago as doubts ab
  
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• UPDATE 1-Peabody reaches deal with New York AG on climate disclosures

  09-11-2015 17:03
  Nov 9 (Reuters) - Peabody Energy Corp, the biggest U.S. coal miner, said on Monday it had reached an agreement with the New York Attorney General's office to amend its climate change disclosures,...
  
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• Poland's anti-climate rhetoric seen as more hot air than reality

  09-11-2015 16:53 via news.yahoo.com
  
  By Agnieszka Barteczko and Barbara Lewis WARSAW/BRUSSELS (Reuters) - Poland's bid to block global efforts to slow climate change is likely to struggle to gain traction as it risks alienating European partners and as top emitters China and the United States dominate the international debate. Ahead of U.N. talks in Paris on a new climate pact, Poland's president vetoed an amendment to the Kyoto protocol on greenhouse gas emissions, saying Warsaw needed more time to assess the economic impact, a ge
  
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• Peabody reaches agreement on climate change disclosures

  09-11-2015 16:24
  Nov 9 (Reuters) - Coal miner Peabody Energy Corp said it reached an agreement with the New York Attorney General's office to amend its climate change disclosures, bringing to an end an eight-year...
  
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• Fund of hedge funds battle to convince clients they are worth it

  09-11-2015 16:18
  LONDON/BOSTON (Reuters) - Funds which charge investors to pick out successful hedge fund bets are struggling to reinvent themselves and convince their clients they are worth the fees.
  
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• Warburg Pincus, General Atlantic in talks to invest in UAE payments firm

  09-11-2015 15:58 via news.yahoo.com
  
  By Tom Arnold DUBAI, Nov 9 (Reuters) - Private equity firms Warburg Pincus and General Atlantic are expected to announce a joint deal this week to invest in United Arab Emirates-based payments provider Network International, according to sources. One of the sources said the stake would be purchased from Abraaj Group, which holds a 49 percent stake in the company. Private equity firm Abraaj hired investment bank Moelis & Co to advise it on options for selling its stake in the company, either
  
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• Go green to save the world and the world economy: OECD

  09-11-2015 15:37 via news.yahoo.com
  
  The OECD urged Monday nations to step up environmental investments to ward off not only catastrophic climate change but to give the global economy a much-needed boost as China struggles to rebalance its economy. With a critical UN summit opening in Paris later this month that aims to get an agreement on cutting back greenhouse gas emissions enough to limit the increase in global temperatures to a safe level, the OECD said action could also support the global economy. "Addressing climate change i
  
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• Wall Street opens lower on global demand worries

  09-11-2015 15:36 via news.yahoo.com
  
  REUTERS - U.S. stocks opened lower on Monday as concerns about weakening global demand increased following lackluster trade data from China and after the OECD cut its 2015 global growth forecast. The Dow Jones industrial average fell 83.64 points, or 0.47 percent, to 17,826.69. The S&P 500 lost 8.92 points, or 0.42 percent, to 2,090.28 and the Nasdaq Composite index dropped 23.50 points, or 0.46 percent, to 5,123.62. (Reporting by Sai Sachin R in Bengaluru; Editing by Savio D'Souza)
  
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• Nigeria's Stanbic IBTC cuts 2015 loan growth forecast to 3 pct

  09-11-2015 15:29 via news.yahoo.com
  
  Nigeria's Stanbic IBTC has cut its 2015 forecast for loan growth to 3 percent from 10 percent, citing the impact of slowing economic activities on businesses, the local unit of South Africa's Standard Bank said on Monday. Africa's biggest economy posted its lowest output growth for five years in August with its economy expanding 2.35 percent in the second quarter against 6.54 percent a year ago. Stanbic said the slowdown continued in the third quarter.
  
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• Wells Fargo says no immediate plans to buy a UK-based asset manager

  09-11-2015 15:25
  
  LONDON (Reuters) - Wells Fargo has no immediate plans to buy an asset manager in Britain, the U.S. bank's regional president said, after a newspaper report said it was considering moves for several...
  
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• Why Earnings Will Sink At Antofagasta plc, Burberry Group plc, Johnson Matthey PLC And WM Morrison Supermarkets PLC In 2016

  09-11-2015 15:18 via news.yahoo.com
  
  Royston Wild explains why the near-term outlooks for Antofagasta plc (LON: ANTO), Burberry Group plc (LON: BRBY), Johnson Matthey PLC (LON: JMAT) and WM Morrison Supermarkets PLC (LON: MRW) are less than ...
  
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• MIDEAST STOCKS-Egyptian market keeps sliding on FX fears; Gulf rebounds

  09-11-2015 14:38 via news.yahoo.com
  
  * Egyptians fear one-off devaluation, interest rate hike * Blow to Sinai tourism could increase pressure * Alexandria Containers surges in heavy trade * Saudi index bounces from technical support * Dubai's Amanat weak after nine-month earnings By Andrew Torchia DUBAI, Nov 9 (Reuters) - Egypt's stock market went on sliding on Monday because of fears of a currency devaluation and higher interest rates, while most major Gulf markets rebounded. The Egyptian equities index, which sank 2.6 percent on
  
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• Dollar pauses for breath as firming Fed bets push up yields

  09-11-2015 14:30 via news.yahoo.com
  
  The dollar took a breather on Monday after surging to a seven-month high, while emerging, commodity and bond markets were jittery after strong U.S. jobs data boosted bets for a December rate hike by the U.S. Federal Reserve. European and Asian shares both started the week in a subdued mood as a fresh batch of soft Chinese trade data added to the uncertainty surrounding what is increasingly expected to be the Fed's first hike in almost a decade. Wall Street was expected to start 0.3 percent lower
  
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• India's Modi urged to engage rivals after state poll drubbing

  09-11-2015 14:00 via news.yahoo.com
  
  By Rupam Jain Nair and Douglas Busvine NEW DELHI (Reuters) - Indian Prime Minister Narendra Modi will have to reverse course and engage with opposition leaders if he is to salvage his economic reform program, senior aides said on Monday, after he suffered a humiliating state election defeat. Modi's nationalist Bharatiya Janata Party (BJP) was hammered in Bihar by a regional alliance, even though the 65-year-old leader addressed more than 30 rallies across the poor eastern state of 104 million pe
  
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• Kenya's remittances rise 0.9 pct in Sept from year ago

  09-11-2015 13:57 via news.yahoo.com
  
  NAIROBI (Reuters) - Money sent home by Kenyans living abroad increased 0.9 percent to $128.4 million in September compared to the same month last year, the central bank said on Monday. Known as remittances, the cash is a major source of foreign exchange for east Africa's biggest economy alongside tea, horticulture and tourism. Kenyans abroad typically send money to help their families and to invest in projects like real estate. (Editing by Drazen Jorgic; Editing by Catherine Evans)
  
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• Mauritius lowers key repo rate to 4.40 pct, cuts growth forecast

  09-11-2015 13:46 via news.yahoo.com
  
  Mauritius central bank cut its key repo rate on Monday for the first time since June 2013, trimming it by 25 basis points to 4.40 percent due to concerns about economic growth in the small Indian Ocean island. Bank of Mauritius said in a statement it had lowered the 2015 economic growth forecast to 3.4 percent from 3.7 percent estimate made in July.
  
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• New reformist party could be kingmaker after inconclusive Croatia election

  09-11-2015 13:37 via news.yahoo.com
  
  By Igor Ilic ZAGREB (Reuters) - A new party that favors radical economic reforms may hold the key to Croatia's next government after the main conservative opposition won Sunday's parliamentary election by only a slim majority that raises the prospect of lengthy coalition talks. The conservative Croatian Democratic Union (HDZ) and its allies won 59 seats in the 151-seat parliament, while the outgoing center-left coalition led by the Social Democrats won 56 seats, according to preliminary election
  
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• Tunisia ruling party lawmakers resign from parliament

  09-11-2015 13:26 via news.yahoo.com
  
  By Tarek Amara TUNIS (Reuters) - Thirty two Tunisian lawmakers accused President Beji Caid Essebsi's son of meddling and resigned from the ruling party bloc in parliament on Monday, allowing Islamist rivals to become the largest party. Tunisia has enjoyed a period of political stability following its transition to democracy after its 2011 uprising ousted autocrat Zine Abidine Ben Ali, but earlier this month brawling broke out between two factions of the Nidaa Tounes party over what critics say w
  
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• US rate hike talk dominates markets

  09-11-2015 12:50 via news.yahoo.com
  
  Rising expectations that the United States will raise interest rates in December for the first time in nine years dominated world financial markets Monday, boosting the dollar while capping gains for stocks. European stock markets were mostly lower in morning deals as brokers pondered the impact of higher US rates. Stock markets across in Asia had a fairly solid showing despite further weak trade data out of China.
  
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• German exports rise, but September trade surplus narrows

  09-11-2015 12:15 via news.yahoo.com
  
  BERLIN (AP) — Germany's trade surplus narrowed slightly in September as imports grew faster than exports for Europe's largest economy.
  
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• UK steelmakers call for immediate EU action on Chinese imports

  09-11-2015 12:13 via news.yahoo.com
  
  By Maytaal Angel LONDON (Reuters) - British steelmakers urged business minister Sajid Javid to insist on immediate action against what they see as Chinese steel dumping when he meets European Union economy and industry ministers in Brussels on Monday. Britain requested the emergency meeting after nearly 4,000 of its steel jobs were lost in October - equivalent to about a fifth of the sector's workforce - with steelmakers and unions pinning much of the blame on China. "The U.S. and other countrie
  
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• Why Main Street’s Big Job Gains Could Really Rattle Wall Street

  09-11-2015 12:00 via news.yahoo.com
  
  What's worse, a December rate hike would worsen the dynamics that have weighed on corporate earnings growth, further worsening Wall Street's outlook. October payrolls added 271,000 workers (vs. the 190,000 expected and the 137,000 reported for September) while the unemployment rate fell a tick to 5.0 percent. Thus, Wall Street's mixed performance on Friday.
  
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• Greece wants political solution on bad debt dispute blocking review

  09-11-2015 11:59 via news.yahoo.com
  
  Greece said on Monday it would take a political decision to overcome a dispute with international lenders over the treatment of non-performing loans at Greek banks, an issue it says threatens less well-off homeowners. Athens insists resolving the issue should not result in thousands of poor Greeks at risk of losing their homes and says a deal may have to be taken by Europe's leaders to bridge the dispute. "The thorny issue is the distance that separates us on the issue of protecting primary resi
  
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• China's Xi calls for strengthening of reform and governance

  09-11-2015 11:46 via news.yahoo.com
  
  China must strengthen its reforms and modernize its system of governance over the next five years, President Xi Jinping told a meeting of a key Communist Party body on Monday, the official Xinhua news agency reported. The government will also push forward the construction of financial infrastructure and work on building advanced think tanks, Xinhua reported. The meeting was held nearly two weeks after the ruling Communist Party's key plenum meeting, at which Party leaders discussed the next five
  
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• South Africa's Lewis Group blames H1 profit dip on mining slowdown, drought

  09-11-2015 11:45 via news.yahoo.com
  
  South African furniture retailer Lewis Group on Monday reported a 13 percent drop in first-half profit, sending its shares falling, and blamed slow sales on a struggling mining sector and a drought. The mining sector in Africa's most industrialised economy has been hit by low global metal prices and power shortages that have led to shaft closures and job losses. The country is also in the grip of a drought that has seen crop output fall sharply.
  
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• Kenya's tea production drops 14 pct in nine months to September

  09-11-2015 11:19 via news.yahoo.com
  
  Kenya’s tea output dropped 14 percent in nine months to September due to drought that hit the country at the start of the year, data from the industry regulator showed. Kenya is the world's leading exporter of black tea and the commodity is a major foreign exchange earner for East Africa's biggest economy. Output of tea in the first nine months of 2015 fell to 271.4 million kilograms (kg) from 315.7 million kg in the same period last year, data from the Agriculture, Fisheries and Food Auth
  
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• China's Xi to attend Asia-Pacific summit amid sea disputes

  09-11-2015 11:11 via news.yahoo.com
  
  BEIJING/MANILA (Reuters) - Chinese President Xi Jinping will attend a summit of the Asia-Pacific Economic Cooperation (APEC) group next week, the Foreign Ministry said on Monday, amid tensions between China and the Philippines over the disputed South China Sea. The APEC meeting will take place in Manila from Nov. 17 to 19. APEC's members include the United States, China, Japan, South Korea, Indonesia and Canada, and together account for 57 percent of global production and 46.5 percent of world t
  
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