Finance news

• Pre-holiday retail jitters sink US shares

  11-11-2015 23:36 via news.yahoo.com
  
  New York (AFP) - A $121 billion brewery mega-merger pumped up European shares on Wednesday, but dismal figures from top US retailer Macy's pulled Wall Street down on fears over coming holiday sales.
  
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• Moody's sees Puerto Rico defaulting on some debt payments due Dec. 1

  11-11-2015 23:16
  SAN JUAN, Nov 11 (Reuters) - Moody's Investor Service on
  Wednesday said Puerto Rico is likely to default on at least some
  of its $355 million in debt payments due Dec. 1, citing growing
  liquidity...
  
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• Apple in talks with U.S. banks for person-to-person payment service: WSJ

  11-11-2015 23:06 via news.yahoo.com
  
  (Reuters) - Apple Inc is in talks with U.S. banks to develop a person-to-person mobile payment service, the Wall Street Journal reported. The talks are ongoing and it is unclear if any of the banks have signed an agreement with Apple, the Journal said, citing people familiar with the matter. The service, which would compete with PayPal Inc's popular Venmo, would allow users to transfer funds from their checking accounts through Apple devices, the Journal reported on Wednesday.
  
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• Wall Street ends lower as oil and retailers weigh

  11-11-2015 22:42 via news.yahoo.com
  
  U.S. stocks finished lower on Wednesday after investors sold oil companies and dumped brick-and-mortar retailers after a disappointing forecast from Macy's. Energy stocks were bogged down by a more than 3 percent drop in oil prices to their lowest since mid-September on worries about growing U.S. stockpiles. "The market has internalised the fact that there is going to be a rate increase," said Donald Selkin, chief market strategist at National Securities in New York, which has about $3 billion i
  
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• US STOCKS-Wall Street ends lower as oil and retailers weigh

  11-11-2015 22:40 via news.yahoo.com
  
  U.S. stocks finished lower on Wednesday after investors sold oil companies and dumped brick-and-mortar retailers after a disappointing forecast from Macy's. Energy stocks were bogged down by a more than ...
  
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• Women better at stewarding 401k plans too: James Saft

  11-11-2015 22:25
  (Reuters) - Add it the list: women are better than men at stewarding their retirement accounts, at least if we define better as “more likely to be in the game.”
  
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• Court move deepens Spanish standoff over Catalan secession

  11-11-2015 22:04 via news.yahoo.com
  
  By Andrés González and Elisabeth O'Leary MADRID (Reuters) - Spain's Constitutional Court blocked Catalonia's attempted secession process on Wednesday by agreeing to hear a Spanish government appeal against it, deepening a stand-off over the potential breakaway. Catalonia's regional parliament passed a resolution this week setting out a plan to establish a republic within 18 months in the highly industrialized and populous northeastern region which accounts for about a fifth of Spai
  
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• Data Visualizations: Fact Checking the GOP Debate

  11-11-2015 20:53 via news.yahoo.com
  
  During Tuesday night's GOP Debate, the candidates made a number of claims on the economy, Obamacare, and China. Below is a series of visualizations related to the following statements, which were put under scrutiny by the Associated Press.
  
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• Icahn hires property broker CBRE to sell Fontainebleau Las Vegas

  11-11-2015 20:11 via news.yahoo.com
  
  (Reuters) - CBRE Group Inc said it has been hired by billionaire investor Carl Icahn to sell Fontainebleau Resort Las Vegas, five years after taking control of the property. The Wall Street Journal reported the sale earlier on Wednesday and pegged the deal value at about $650 million. (http://on.wsj.com/1ROu8ru) Icahn, one of the industry's most closely watched activist investors, took ownership of the property in February 2010 after paying its bankrupt owner about $104.6 million in cash. ...
  
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• Pakistan hands land over to China for economic zone

  11-11-2015 19:32 via news.yahoo.com
  
  Pakistan handed hundreds of hectares of land over to China Wednesday for development of a special economic zone in the port of Gwadar, part of a $46 billion project giving Beijing greater access to the Middle East, Africa and Europe. The government of Baluchistan province -- Pakistan's poorest -- handed over about 280 hectares of a 923-hectare (2,300-acre) swathe of tax-exempt land that Beijing will develop under a 43-year lease. The rest of the land will be handed over under the agreement with
  
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• U.S.-based stock funds post biggest weekly outflows since 2011: ICI

  11-11-2015 18:41
  NEW YORK (Reuters) - Investors in U.S.-based mutual funds pulled $12.5 billion out of stock funds in the week ended Nov. 4, marking the biggest weekly withdrawals from the funds in over four years on...
  
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• Croatia's likely kingmaker wants all key parties in new government

  11-11-2015 18:33 via news.yahoo.com
  
  By Igor Ilic ZAGREB (Reuters) - The head of Croatia's new reformist party, which is likely to hold the balance of power in forming a new government, said on Wednesday it wanted a government of national unity that included itself and the two major parties. "We opened today talks with both HDZ and SDP," the head of Most, Bozo Petrov, told a news conference. "Our priority is the economy, and we think we need unity to deal with economic problems.
  
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• BAE nears sale of U.S. manpower and services businesses: sources

  11-11-2015 18:14
  
  (Reuters) - Britain's BAE Systems Plcis in advanced talks to sell its U.S. manpower and services businesses to private equity firm Veritas Capital Management LLC for more than $1 billion, according...
  
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• UniCredit, feeling squeeze from low rates, cuts 18,200 jobs

  11-11-2015 17:58 via news.yahoo.com
  
  Italy's top bank UniCredit announced plans Wednesday to shed over 18,000 jobs in an effort to stay profitable as low interest rates and the weak economy weigh on earnings. A third of the 18,200 jobs are to go as UniCredit sells off a bank in Ukraine and a joint venture between its Pioneer unit and Santander. The rest is to be achieved through cuts in Italy, Germany and Austria, leaving the bank with 111,000 employees in 2018.
  
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• Turkey's Erdogan puts Syria, Iraq on G20 leaders' agenda

  11-11-2015 17:57 via news.yahoo.com
  
  By Ece Toksabay ANKARA (Reuters) - President Tayyip Erdogan said on Wednesday he wanted world leaders to discuss conflicts in Syria and Iraq at a G20 summit in Turkey this weekend and is ready to take "stronger steps" in the region after polls this month strengthened the ruling party, Leaders of the Group of 20 major economies (G20), including the United States, China, Japan, Russia, Canada, Australia and Brazil, are to meet on Sunday and Monday in the Mediterranean resort of Antalya primarily t
  
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• No direct impact seen from Fed rate hike on euro area: ECB's Constancio

  11-11-2015 17:52 via news.yahoo.com
  
  The European Central Bank does not see any significant direct impact for the euro area from a potential U.S. interest rate hike next month, the ECB's Vice President Vitor Constancio said on Wednesday. Speaking in Madrid after a meeting of euro area and Latin American central bankers, Constancio said the fallout from a rate hike in emerging markets could have an indirect impact on the economy and trade, however. "We think there will not be any significant direct impact, indirectly (it could have
  
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• Wall Street slightly lower as energy and retail stocks sag

  11-11-2015 17:50 via news.yahoo.com
  
  Wall Street was slightly lower in choppy trading on Wednesday, as a drop in oil prices weighed on energy stocks and disappointing results from Macy's pummeled retailers. Oil prices slipped more than 2 percent after data showed an increase in U.S. stockpiles.
  
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• Fed 'liftoff' in December: no shock, but may be market rocket fuel

  11-11-2015 17:26 via news.yahoo.com
  
  An interest rate rise from the U.S. Federal Reserve next month would surprise no-one involved in financial markets but could still drive up volatility, coming as it would in the least liquid month of the year. If anything qualifies as a market-moving event, it's the Fed's first rate hike since June 2006, even though market participants have had months - some might say years - to prepare for it. As if that's not enough, the European Central Bank is widely expected to move in the opposite directio
  
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• Exclusive: ECB mulls buying debt of cities and regions - sources

  11-11-2015 17:02 via news.yahoo.com
  
  The European Central Bank is examining whether to buy municipal bonds of cities such as Paris or regions like Bavaria, according to people with knowledge of a possible extension of its one-trillion-euro-plus money printing scheme. The ECB declined to comment. Despite the ECB's scheme of quantitative easing (QE) to buy chiefly state bonds, the euro zone's economy is growing only modestly and the central bank is urgently considering what more it can do to improve it and stagnant price inflation.
  
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• Investors, bankers wrestle for stock listing pricing power

  11-11-2015 16:19
  LONDON (Reuters) - Companies planning stock market listings before next year are having to lower their expectations or postpone their flotations as the power to determine the price on initial public...
  
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• BRIEF-Management board and insolvency administrator of Alphaform to apply for entire delisting of Alphaform shares

  11-11-2015 16:18
  * Management board and insolvency administrator of Alphaform
  AG decide to apply for entire delisting of Alphaform shares
  
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• China's Postal Savings Bank nears $8 billion stake sale ahead of IPO: IFR

  11-11-2015 16:16
  
  HONG KONG (Reuters) - State-owned Postal Savings Bank of China (PSBC) is expected to unveil soon the sale of a 15 percent stake to a group of investors for about $8 billion, ahead of a planned IPO in...
  
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• Anadarko says Apache rejected all-stock buyout offer

  11-11-2015 16:12
  
  (Reuters) - Anadarko Petroleum Corpconfirmed on Wednesday that it had offered to buy oil producer Apache Corp , which rejected its all-stock bid without discussion.
  
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• TSX steady as banks offset energy share decline

  11-11-2015 16:06 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock index was little changed on Wednesday as broad gains in financials and other major sectors were offset by weakness in shares of energy companies. A decline in oil prices, with U.S. crude dropping 1.2 percent, fueled the retreat in the energy sector. Suncor Energy Inc lost 1.1 percent to C$38.69, and Canadian Natural Resources Ltd gave back 1.1 percent to C$32.11. Investors also processed mixed economic data from China. While industrial production growth in
  
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• STMicro has no plans for M&A until growth revives: CEO

  11-11-2015 15:57
  BARCELONA (Reuters) - Europe's largest chipmaker STMicroelectronicsreiterated on Wednesday that mergers and acquisitions were not a priority for now as its focuses on boosting sales and...
  
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• Wall Street opens higher after Chinese data

  11-11-2015 15:37 via news.yahoo.com
  
  REUTERS - Wall Street opened slightly higher on Wednesday after data from China appeared to make the case for further stimulus measures from Beijing, even as investors brace for a possible U.S. interest rate hike in December. The Dow Jones industrial average was up 23.38 points, or 0.13 percent, at 17,781.59, the S&P 500 was up 4.01 points, or 0.19 percent, at 2,085.73 and the Nasdaq Composite index was up 14.88 points, or 0.29 percent, at 5,098.13. (Reporting by Sai Sachin R in Bengaluru)
  
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• Thomson Reuters says exploring options for IP & Science business

  11-11-2015 15:29
  
  (Reuters) - Thomson Reuters Corp said on Wednesday it was exploring strategic options for its Intellectual Property & Science business, which had revenue of about $1 billion in 2014.
  
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• Kroger to buy Roundy's to expand in Midwest

  11-11-2015 15:15
  
  (Reuters) - Supermarket operator Kroger Cosaid it would buy smaller chain Roundy's Incfor $800 million including debt to expand in Wisconsin and the Chicago area.
  
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• AB InBev launches SAB bid, to sell MillerCoors stake

  11-11-2015 14:55
  
  BRUSSELS/LONDON (Reuters) - Anheuser-Busch InBev , the world's biggest brewer, launched its $100 billion-plus offer for nearest rival SABMilleron Wednesday and agreed to sell the latter's stake in...
  
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• Serbian PM visits Srebrenica after mob attack; pledges investment

  11-11-2015 14:26 via news.yahoo.com
  
  By Maja Zuvela SREBRENICA, Bosnia (Reuters) - Serbian Prime Minister Aleksandar Vucic returned to Srebrenica on Wednesday for the first time since being chased away from the town by an angry mob, his visit reflecting increased cooperation between Serbia and Bosnia to ease the town's economic troubles. Accompanied by Bosnia's top government officials and welcomed by survivors, Vucic laid flowers at a joint cemetery for the victims of the massacre at Srebrenica of over 8,000 Muslim men and boys by
  
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• Books covered for ABN Amro listing - sources

  11-11-2015 13:47
  LONDON (Reuters) - Books are covered for the stock market listing of Dutch lender ABN Amro, two sources familiar with the matter said on Wednesday, just one day after a price range was given for the...
  
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• Tullett to buy ICAP's voice broking business

  11-11-2015 13:45
  (Reuters) - British interdealer brokers Tullett Prebon Plcand ICAP Plchave agreed to combine their voice broking businesses in a 1.11 billion-pound ($1.68 billion) deal to better compete in a...
  
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• Futures rise as more China stimulus seen after weak data

  11-11-2015 13:41 via news.yahoo.com
  
  (Reuters) - Stock futures pointed to a higher start for Canada's main stock index on Wednesday after weak economic data from China led to expectations of further stimulus from Beijing. China's factory output growth hit a 7-month low in October while investment expansion slipped to its weakest pace since 2000, signs that further government policy support may be needed to shore up slowing demand in the world's second biggest economy. December futures on the S&P TSX index were up 0.34 percent a
  
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• Futures rise as investors look past China factory data

  11-11-2015 13:27 via news.yahoo.com
  
  (Reuters) - U.S. stock index futures were higher on Wednesday after mixed economic data out of China suggested that Beijing may need to provide further stimulus to kickstart growth, even as investors brace for a possible rise in U.S. interest rates next month.
  
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• Nigeria's Buhari names banker as finance minister, swears in cabinet

  11-11-2015 13:19 via news.yahoo.com
  
  By Felix Onuah ABUJA (Reuters) - Nigeria's President Muhammadu Buhari appointed former investment banker Kemi Adeosun as finance minister on Wednesday as he swore in 36 members of his long-awaited cabinet. Buhari has worried investors with the five-month wait to name ministers, at a time when Africa's largest economy is facing its worst crisis in years, hammered by a fall in oil prices and an Islamist insurgency in the northeast. Buhari also appointed Emmanuel Ibe Kachikwu, head of state oil fir
  
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• IMF team in Zambia to review economy as kwacha slides

  11-11-2015 13:03 via news.yahoo.com
  
  An International Monetary Fund (IMF) mission arrived in Zambia on Wednesday to meet officials for a scheduled review of the economy as it grapples with a sliding currency tracking falling copper prices. Zambia's kwacha fell to a low on Tuesday but recovered slightly to trade up 1.44 percent at 13.6900 against the dollar by 1000 GMT. The country's dollar bonds also fell across the curve as copper prices edged towards a six-year low on concerns about flagging demand in top consumer China.
  
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• Nigeria's president appoints banker Kemi Adeosun as finance minister

  11-11-2015 13:00 via news.yahoo.com
  
  ABUJA (Reuters) - Nigeria President Muhammadu Buhari appointed former investment banker Kemi Adeosun as finance minister on Wednesday, putting her in charge of Africa's biggest economy.
  
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• UK jobless rate falls, but wages rise more slowly than forecast

  11-11-2015 12:55 via news.yahoo.com
  
  By William Schomberg and Ana Nicolaci da Costa LONDON (Reuters) - Britain's unemployment rate fell to its lowest level since early 2008 but earnings grew more slowly than expected, showing why the Bank of England is in no hurry to raise interest rates. Britain's unemployment rate dipped to 5.3 percent in the third quarter, its lowest level since the three months to April 2008, before the financial crisis hammered the economy. The unemployment rate, which rose as high as 8.5 percent in 2011, has
  
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• Ghana Oct consumer inflation unchanged at 17.4 pct yr/yr

  11-11-2015 12:55 via news.yahoo.com
  
  Ghana's annual consumer price inflation remained unchanged at 17.4 percent in October compared to the previous month due in part to a stabilisation of the local currency, the statistics office said on Wednesday. The figure reflects fiscal problems facing the West African nation, which is following a three-year aid programme with the International Monetary Fund aimed at restoring economic stability. "The October index was partly driven by the relative stability in the exchange rate of the cedi, r
  
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• Global shares shrug off mixed China data, copper teeters near six-year low

  11-11-2015 12:54 via news.yahoo.com
  
  Copper prices teetered near a six-year low on Wednesday as the dollar pulled back slightly, after mixed Chinese data showed growth in the world's second-biggest economy was still in low gear. China's October industrial production growth cooled to 5.6 percent year-on-year, slightly lower than the 5.8 percent gain economists polled by Reuters had expected, though it was cushioned by a just-above-forecast 11 percent jump in retail sales. Chinese shares saw a late rally to end the day marginally hig
  
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• Shareholder advisor Glass Lewis recommends backing D.Wohnen-Vonovia merger

  11-11-2015 12:36
  FRANKFURT (Reuters) - Shareholder advisor Glass Lewis is recommending approval of German real estate group Vonovia'splanned acquisition of peer Deutsche Wohnen .
  
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• China industrial output growth at six-month low, adding to woes

  11-11-2015 11:49 via news.yahoo.com
  
  Industrial production growth in China fell to a six-month low in October, official data showed Wednesday, the latest figures to suggest entrenched weakness in the world's second-largest economy. Output at factories, workshops and mines rose 5.6 percent last month from a year ago, the National Bureau of Statistics (NBS) said, the smallest increase since March's identical figure and edging down from a 5.7 percent rise in September. It was also below the median forecast of a 5.8 percent increase in
  
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• UPDATE 2-Cement firm default shows China more willing to let firms fail

  11-11-2015 11:22
  * Firms says default certain for repayments on $500 mln 2020
  bonds
  
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• Shares shrug off mixed China data, copper teeters near six-year low

  11-11-2015 11:15 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - Copper prices teetered near a six-year low on Wednesday as the dollar pulled back slightly, after mixed Chinese data showed growth in the world's second-biggest economy was still in low gear. China's October industrial production growth cooled to 5.6 percent year-on-year, slightly lower than the 5.8 percent gain economists polled by Reuters had expected, though it was cushioned by a just-above-forecast 11 percent jump in retail sales. Chinese shares saw a late ra
  
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• Uber to relaunch premium taxi service in S. Korea

  11-11-2015 11:12 via news.yahoo.com
  
  Ride-sharing app Uber said Wednesday it would relaunch its premium taxi-hailing service in South Korea as regulators eased restrictions that had limited the firm's growth in Asia's fourth-largest economy. The UberBLACK service resumes later this year in the capital Seoul, the company said in a statement, after the city council allowed more taxi drivers to offer premium services. The previous UberBLACK service could only work with limousine companies, which mainly served the elderly, the disabled
  
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• China splurges on world's biggest online shopping spree

  11-11-2015 10:46 via news.yahoo.com
  
  Chinese Internet users spent billions of dollars in the planet's biggest online shopping splurge Wednesday, as "Singles Day" hit new heights, despite slowing growth in the world's second-largest economy. The cumulative national bill for the day-long orgy of commerce dwarfed what Americans spent online over the five-day frenzy from Thanksgiving to Cyber Monday last year. Singles Day is not a traditional Chinese festival, but e-commerce giant Alibaba has been pushing November 11 -- a date heavy on
  
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• UK unemployment rate falls, but wages rise more slowly

  11-11-2015 10:34 via news.yahoo.com
  
  Britain's unemployment rate fell to its lowest level since early 2008 but earnings grew more slowly than expected, showing why the Bank of England is in no hurry to raise interest rates. Britain's unemployment rate dipped to 5.3 percent in the third quarter, its lowest level since the three months to April 2008, before the financial crisis hammered the economy. The unemployment rate, which rose as high as 8.5 percent in 2011, has plunged over the past couple of years and in 2015 it has again fal
  
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• Dialog backs Atmel deal despite Elliott resistance

  11-11-2015 10:03
  FRANKFURT (Reuters) - Anglo-German chipmaker Dialog Semiconductorsaid it was sticking with its plan to buy U.S. peer Atmel , rebuffing activist hedge fund Elliott, which is seeking to rally...
  
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• South Africa's rand firmer, stocks to open higher

  11-11-2015 09:48 via news.yahoo.com
  
  South Africa's rand traded firmer early on Wednesday as emerging assets shrugged off fears of a looming rate hike in the United States, finding relief in encouraging economic data from China. Stocks were on track to open at least 126 points higher with the equity futures on South Africa's blue-chip Top-40 index, considered a precursor of the actual index, rising 0.27 percent. Bonds also gained as yields fell, with the benchmark government issue shedding 3.5 basis points to 8.555 percent.
  
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• MIDEAST STOCKS-Egypt's fall slows, Saudi Telecom dividend plan lifts Riyadh

  11-11-2015 09:48 via news.yahoo.com
  
  DUBAI, Nov 11 (Reuters) - The slide of Egypt's stock market slowed early on Wednesday after three days of big falls, while a dividend plan announced by Saudi Telecom boosted Riyadh's market. The Egyptian index tumbled 9.5 percent over the past three days because of fears of a currency devaluation or an interest rate hike, after a U.S. interest rate rise in December began to look likely and the Russian plane crash in the Sinai threatened Egypt's tourism revenues. ...
  
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