Finance news

• UPDATE 1-KaloBios to wind down operations, liquidate assets

  13-11-2015 23:45
  Nov 13 (Reuters) - KaloBios Pharmaceuticals Inc is winding down its operations, a week after the drug developer said it was looking at strategic options.
  
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• Wall Street drops, posts worst week since August

  13-11-2015 23:37 via news.yahoo.com
  
  "The geopolitical aspect is always out there, and anything that brings that back into the headlines will pull the buy orders fairly quickly," said Alan Lancz, president, Alan B. Lancz & Associates Inc, a Toledo, Ohio-based investment advisory firm. It was the second-biggest drag on the S&P 500 and the Nasdaq, weighing on shares of tech heavyweights, including Apple and Facebook . Nordstrom lowered its full-year forecast on Thursday, spooking investors already on edge after Macy's cut its
  
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• Nasdaq in talks to buy Chi-X Canada for about $100 million: Report

  13-11-2015 23:22 via news.yahoo.com
  
  (Reuters) - Nasdaq Inc is in talks to buy the Canadian unit of alternative equities trading platform, Chi-X Global Holdings, according to a Bloomberg report that appeared on The Globe and Mail. A deal would value Chi-X Canada at about $100 million, the report said, citing people familiar with the matter. Chi-X Canada declined to comment.
  
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• Pfizer-Allergan deal refocuses market on U.S. tax-inversion rules

  13-11-2015 23:15
  
  WASHINGTON (Reuters) - Pfizer Inc'sbuyout bid for Allergan Plchas financial markets on edge over a possible new move by the U.S. Treasury Department against tax-inversion deals, but the outlook...
  
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• Investors face quagmire of falling earnings, higher rates

  13-11-2015 23:08 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Investors may wade into unknown territory next month as the Federal Reserve readies the first rate hike in nearly a decade amid a corporate earnings recession. S&P 500 earnings are on track to close their first reporting season of negative growth since the Great Recession and estimates call for sub-zero growth in the current quarter as well. "We can't think of any instances when the Fed was hiking during an (earnings) recession," said Joseph Zidle, port
  
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• Retail gets slammed as stocks have second-worst week of year

  13-11-2015 23:05 via news.yahoo.com
  
  NEW YORK (AP) — The stock market slumped to its second-biggest weekly loss of the year Friday, breaking a streak of six consecutive weeks of gains. Fears that the holiday shopping season will be a dud tanked retail stocks.
  
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• Exclusive: Commodity trader Cargill restructures, cuts jobs - sources

  13-11-2015 22:56 via news.yahoo.com
  
  By Sarah McFarlane LONDON (Reuters) - Cargill Inc [CARG.UL], one of the world's largest privately held corporations, has launched a restructuring that includes job cuts, one company source and four industry sources said on Friday, the latest casualty of a downturn in the farm economy. The 150-year-old company, a top commodities trader, is also closing offices, two of the industry sources said. The cutbacks at the Minnesota-based company come as global agricultural companies are under pressure fr
  
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• Staples, Office Depot in talks to transfer corporate contracts: WSJ

  13-11-2015 22:41
  
  (Reuters) - Staples Incand Office Depot Inc , which have agreed to merge, are in talks with wholesaler Essendant Incto transfer about $600 million of corporate contracts to satisfy U.S antitrust...
  
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• Wall Street drops, ends worst week since August

  13-11-2015 22:37 via news.yahoo.com
  
  It was the second-biggest drag on the S&P and the Nasdaq and pulled down shares of tech heavyweights including Apple and Facebook. Nordstrom lowered its full-year forecast on Thursday, spooking investors already on edge after Macy's cut its forecast on Wednesday.
  
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• Kerry promises more support for 'shining example' Tunisia

  13-11-2015 21:30 via news.yahoo.com
  
  By David Brunnstrom TUNIS (Reuters) - U.S. Secretary of State John Kerry promised more support for security, economic reforms, and democratization in Tunisia on Friday and said he had signed an agreement to start negotiations on a third U.S. loan guarantee for the country. Kerry said after talks in Tunis that U.S. military officials would visit in about two weeks for talks about provision of helicopters, and intelligence-gathering using drones. “To preserve and protect Tunisia’s emer
  
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• GM to import Chinese-made Buick Envision to U.S.

  13-11-2015 21:13 via news.yahoo.com
  
  General Motors Co. plans to start importing Chinese-made Buick Envision SUVs to the U.S., starting in 2016, according to a report in the Wall Street Journal. It would be the first automaker to import cars made in China to the U.S. About 30,000 cars would be imported next year. The Envision is made in GM's plant in Shandong, a joint venture with a Chinese partner that until now has made vehicles for the domestic market.
  
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• Tech and retailers pull Wall Street sharply lower

  13-11-2015 21:09 via news.yahoo.com
  
  U.S. stock indexes fell sharply on Friday, weighed down by a selloff in technology companies after a disappointing forecast from Cisco, while department stores dropped on concerns about the key holiday shopping season. Dow component Cisco fell 6.4 percent after it gave a weak forecast, citing a slowdown in orders and weak spending outside the United States. It was the second-biggest drag on the S&P and the Nasdaq and pulled down shares of tech heavyweights including Apple and Oracle.
  
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• Higher spend on essentials, online bargains hit U.S. dept stores

  13-11-2015 21:03 via news.yahoo.com
  
  Trouble at Nordstrom - seen as head-and-shoulder above rivals such as Macy's Inc and cheaper retailers including Kohl's Corp in terms of style, quality and customer service - may indicate a permanent shift in the way people shop and what they buy, analysts said. "The confusing disconnect between the seemingly strong health of the high-end U.S. consumer on paper and actual retailer results is much more a reflection of the tectonic shifts across the retail landscape," Evercore analysts said in a n
  
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• U.S. economy seen expanding 2.3 percent in fourth-quarter: Atlanta Fed

  13-11-2015 21:00 via news.yahoo.com
  
  The U.S. economy is on track to grow 2.3 percent in the fourth quarter as signs of an improving labor market are offset by an expected drop in inventory investment, the Atlanta Federal Reserve's GDPNow forecast model showed on Friday. This was unchanged from the regional Fed's prior estimate on Nov. 4, the Atlanta Fed said on its website. The model estimated fourth-quarter real growth improved to 2.9 percent after the robust October payrolls report.
  
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• Perrigo shareholders snub drugmaker Mylan's $26 billion hostile bid

  13-11-2015 20:18
  
  (Reuters) - Perrigo Co Plc'sshareholders rejected Mylan NV's$26 billion hostile bid, ending the Netherlands-based generic drug maker's seven-month pursuit of its smaller rival.
  
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• Commodities tumble as gloom spreads

  13-11-2015 20:03 via news.yahoo.com
  
  Commodity markets took a tumble this week on the strong dollar and Chinese demand fears, with major lows for copper, gold, crude oil and zinc. The prices of many raw materials were hit by concerns over flagging demand arising from weak economic growth in key consumer China. "What we have seen lately is that market concerns about US monetary tightening, dollar strength and China’s slowdown trump concerns about tightening supply-side fundamentals," said UniCredit analysts in a note to client
  
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• Global stocks slip, copper hits six-year low on China worries

  13-11-2015 19:38 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - Global stock indexes fell on Friday amid a ream of disappointing corporate results and forecasts, while copper slid to a six-year low on persisting worries over a supply glut and slowing economic growth in China. Oil prices extended recent losses as supply concerns persisted. The decline in copper follows data out of China this week that pointed to economic weakness, including industrial output hitting a seven-month low in October.
  
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• UPDATE 3-Perrigo shareholders snub drugmaker Mylan's $26 bln hostile bid

  13-11-2015 19:23
  * Perrigo shares fall as much as 10 pct (Adds analysts comments, background; updates shares)
  
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• Weak retail sales suggest moderate fourth-quarter economic growth

  13-11-2015 19:21 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. retail sales rose less than expected in October amid a surprise decline in automobile purchases, suggesting a slowdown in consumer spending that could temper expectations of a strong pickup in fourth-quarter economic growth. "The weak reports will provide some cause for caution at the Fed, and while they are unlikely to change the prevailing bias for a December 'liftoff,' they could add to the case for a shallower tightening path thereafter," said Mi
  
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• Weak eurozone data depress European stocks further

  13-11-2015 19:14 via news.yahoo.com
  
  London (AFP) - European stock markets were in the red Friday, as traders reacted to weak eurozone data and lingering concerns over China.
  
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• BRIEF-Kerdos Group files for bankruptcy with liquidation of assets

  13-11-2015 19:02
  * Says that due its insolvency is not able to pay back debts
  of unit Dayli Polska Sp. z o.o.
  
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• Macri runs confident campaign in Argentina's run-off election

  13-11-2015 18:55 via news.yahoo.com
  
  By Richard Lough BUENOS AIRES (Reuters) - After turning Argentina's presidential race on its head, opposition challenger Mauricio Macri is the new favorite to win, confident enough to stand firm even on economic policies that have alienated some voters. It is a stark contrast to bruised ruling party candidate Daniel Scioli, who has resorted to attack ads against Macri while offering a torrent of last-gasp policy pledges ahead of the Nov. 22 run-off vote. Defying polls that showed him in a distan
  
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• German Economy Minister calls for cultural change at Volkswagen

  13-11-2015 18:24 via news.yahoo.com
  
  German Economy Minister Sigmar Gabriel has called for far-reaching cultural change at Volkswagen following revelations it manipulated diesel and carbon dioxide emissions. Europe's largest carmaker has been making slow progress in finding out who had knowledge of the rigging of diesel emissions tests two months after the manipulations became public in the United States. Earlier this month, it also admitted to cheating on carbon dioxide emissions certifications.
  
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• J.C. Penney a case of 'good results, bad timing' as shares plunge

  13-11-2015 18:11 via news.yahoo.com
  
  Data on Friday showed that U.S. retail sales rose just 0.1 percent in October, less than expected, suggesting a slowdown in consumer spending that could dampen expectations of a strong pickup in economic growth in the quarter. Macy's Inc and Nordstrom Inc , whose customers tend to be more affluent than Penney's, both cut their full-year forecasts this week after reporting disappointing results. J.C. Penney's gross margin rose by 70 basis points to 37.3 percent, helped by improved clearance and p
  
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• Mizuho has probably sold out of BofA: sources

  13-11-2015 18:01
  
  (Reuters) - Japan's Mizuho Financial Group Inchas probably sold the bulk of its shares in Bank of America Corp , capital markets sources said on Friday.
  
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• Mexico moves closer to possible minimum wage hike

  13-11-2015 17:50 via news.yahoo.com
  
  A committee in Mexico's lower house of Congress voted overwhelmingly in favor of a measure that moves Latin America's No. 2 economy a step closer to increasing its low minimum wage, which has fallen in real terms over more than three decades. The measure, which would decouple the minimum wage from how some fines, levies and contributions are calculated, is part of President Enrique Pena Nieto's bid to boost economic growth and the purchasing power of low-income Mexicans. The current daily minimu
  
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• FTSE hits six-week low as G4S and Rolls-Royce fall

  13-11-2015 17:50
  LONDON Nov 13 (Reuters) - Britain's top share index slid to a six-week low on Friday as Rolls-Royce stayed on a losing streak and security group G4S was hit by a broker's target-price cut.
  
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• TSX falls, pressured by crude oil weakness, U.S. data

  13-11-2015 17:43 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's main stock index fell to a fresh six-week low on Friday as extended losses for crude oil and softer-than-expected U.S. retail sales data weighed on the economic outlook, although stocks trimmed earlier losses. It's a "sea of red," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier "mainly driven by what's going on in the U.S. I mean, U.S. retail sales were disappointing." U.S. retail sales rose less than expected in Octobe
  
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• Global stocks fall, copper hits six-year low on China worries

  13-11-2015 17:21 via news.yahoo.com
  
  Global stock indexes fell on Friday as copper slid to a six-year low on increasing worries over slower economic growth in China and a glut in supply. Weaker-than-expected October retail sales weighed on U.S. stocks in early trading, while U.S. Treasuries yields fell to their lowest in a week after the retail data. Oil prices extended recent losses as supply concerns persisted.
  
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• FSB sets TLAC roadmap but national implementation key

  13-11-2015 17:16
  LONDON, Nov 13 (IFR) - The Financial Stability Board set out
  a new bank capital regime designed to end the problem of
  too-big-to-fail banks this week. But market participants were
  unanimous in saying...
  
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• EU regulators conditionally approve Equinix's purchase of Telecity

  13-11-2015 16:44 via news.yahoo.com
  
  BRUSSELS (Reuters) - European regulators on Friday said they had approved U.S data center operator Equinix's $3.7 billion purchase of Telecity Group on condition it sold off data centers in Amsterdam, Frankfurt and London. "With the ever growing economic importance of 'cloud' services, it is crucial to maintain competition between data centers," Competition Commissioner Margrethe Vestager said in a statement. "The Commission is satisfied that the commitments offered by Equinix will ensure that c
  
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• U.S. retail sales weak; inflation pressures remain subdued

  13-11-2015 16:28 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. retail sales rose less than expected in October amid a surprise decline in automobile purchases, suggesting a slowdown in consumer spending that could temper expectations of a strong pickup in fourth-quarter economic growth. Weak inflation and signs of slowing consumer spending could complicate the Federal Reserve's decision next month whether to raise interest rates. "Even though we continue to expect personal spending to remain a key source of supp
  
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• Despite tail winds, eurozone economy loses momentum

  13-11-2015 16:23 via news.yahoo.com
  
  LONDON (AP) — Without the consumer, the eurozone economy would have struggled to grow at all in the third quarter.
  
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• FTSE reaches six-week low as G4S and Rolls-Royce fall

  13-11-2015 16:11
  LONDON Nov 13 (Reuters) - Britain's top share index slid to a six-week low on Friday as Rolls-Royce stayed on a losing streak and security group G4S was hit by a broker's target-price cut.
  
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• Penney sales beat, but stock drops amid broader retail worries

  13-11-2015 16:04 via news.yahoo.com
  
  (Reuters) - J.C. Penney Co Inc reported better-than-expected quarterly net sales and a smaller-than-expected loss, helped by demand for home products and footwear and a strong performance by the growing number of Sephora beauty shops in its stores. Data on Friday showed that U.S. retail sales rose just 0.1 percent in October, less than expected, suggesting a slowdown in consumer spending that could dampen expectations of a strong pickup in economic growth in the quarter. Penney's results capped
  
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• Artist Jamal Joseph gets prize for his own third act

  13-11-2015 15:57
  
  CHICAGO (Reuters) - The sound of gunshots in Harlem in 1997 was nothing new to Jamal Joseph, who was then a 44-year-old filmmaker living in the New York City neighborhood.
  
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• NYSE asks SEC to let it flag 'aberrant' trading in ETFs

  13-11-2015 15:47
  
  (Reuters) - The New York Stock Exchange has asked U.S. federal regulators to let it flag "aberrant" pricing of exchange-traded funds, according to a filing on Thursday.
  
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• Ghana to stick to 2016 deficit target as economy picks up: FinMin

  13-11-2015 15:03 via news.yahoo.com
  
  Ghana's economy will pick up speed next year even as the government ensures it abides by a budget deficit target set by the International Monetary Fund, Finance Minister Seth Terkper said on Friday. Ghana will hold presidential and parliamentary polls next year. The fund's deficit target is 5.3 percent of GDP.
  
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• US producer prices drop in latest sign of tame inflation

  13-11-2015 14:48 via news.yahoo.com
  
  WASHINGTON (AP) — The prices charged by farmers, manufacturers and other producers fell in October for the second straight month, fresh evidence that there is little sign of inflation in the U.S. economy.
  
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• Exclusive: French compromise snubbed as Renault-Nissan pursues shake-up - sources

  13-11-2015 14:37 via news.yahoo.com
  
  France has offered to limit its voting rights at Renault in a bid to end its power struggle with the carmaker and partner Nissan, but their combined CEO Carlos Ghosn remains determined to push through changes that would give the Japanese company more say over the alliance, sources said. The government overture, and its chilly reception, suggest the standoff with Ghosn may have slipped beyond the control of Economy Minister Emmanuel Macron. The row became public in April when Macron increased Fra
  
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• European shares hammered after commodity rout

  13-11-2015 13:49 via news.yahoo.com
  
  European shares were set for their biggest weekly fall since September on Friday after commodity prices tumbled to multi-year lows on worries over a glut in supply and slower global economic growth. Commodity prices showed some signs of stabilization, although they remained near multi-year lows.
  
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• Stock futures drop ahead of retail sales, consumer sentiment data

  13-11-2015 13:36 via news.yahoo.com
  
  * Wall Street suffered its worst session in over a month on Thursday as lower commodity prices weighed on energy and materials stocks and comments by a Federal Reserve policymaker hinted at an approaching interest-rate hike. * The Dow and S&P 500 closed below their 200-day moving averages, which some traders believe portends additional declines. * Concerns of a global economic slowdown continued to weigh on commodity prices on Friday, but crude prices recovered slightly from a sharp drop on
  
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• Deputy head of China securities regulator probed for graft

  13-11-2015 13:36 via news.yahoo.com
  
  A deputy head of China's securities regulator is being investigated for suspected "serious breaches of discipline", the ruling Communist Party's anti-graft watchdog said on Friday, using the usual euphemism for corruption. The brief statement by the Central Commission for Discipline Inspection gave no further details of the probe into Yao Gang, a vice chairman of the China Securities Regulatory Commission (CSRC). China's financial regulators have been under heavy pressure since stock markets col
  
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• Ghana forecasts economic growth of 5.4 pct in 2016: Finance Minister

  13-11-2015 13:29 via news.yahoo.com
  
  Ghana's economy will grow by 5.4 percent in 2016, up from 4.1 percent this year, while inflation will fall slightly to 10.1 percent from 11.5 percent in 2015, Finance Minister Seth Terkper said on Friday. In a budget presentation before parliament, he said the government was targeting a budget deficit of 5.3 percent of GDP, in line with requirements of an International Monetary Fund programme and down from 7.3 percent in 2015.
  
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• Low industrial growth, rising inflation drag Indian equities

  13-11-2015 13:26 via news.yahoo.com
  
  New Delhi, Nov 13 (IANS) The double whammy of a fall in the industrial output growth and rising retail inflation dragged key Indian stock market indices on Friday to their lowest level in six weeks. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened lower at 25,724.09 points, against the previous close at 25,866.95. The situation was similar at the National Stock Exchange.
  
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• Nigeria does not want MTN "to die" from $5.2 bln fine

  13-11-2015 13:11 via news.yahoo.com
  
  By Julia Payne and Camillus Eboh ABUJA (Reuters) - Nigeria does not want MTN to quit the country because of a $5.2 billion fine imposed last month, its new communications minister said, suggesting the African mobile phone giant may have found a sympathetic ear in its bid to reduce the penalty. The deadline for paying falls on Monday with little clarity as to whether the South Africa-listed company can, or will, pay the fine imposed by the Nigerian Communications Commission for failing to cut off
  
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• Higher spend on essentials, online bargains hit U.S. department stores

  13-11-2015 13:11 via news.yahoo.com
  
  Trouble at Nordstrom - seen as head-and-shoulder above rivals such as Macy's Inc and cheaper retailers including Kohl's Corp in terms of style, quality and customer service - may indicate a permanent shift in the way people shop and what they buy, analysts said. "The confusing disconnect between the seemingly strong health of the high-end U.S. consumer on paper and actual retailer results is much more a reflection of the tectonic shifts across the retail landscape," Evercore analysts said in a n
  
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• China to double deposit for stock margin trading: exchange

  13-11-2015 12:40 via news.yahoo.com
  
  China will double the deposit required for investors to borrow funds to trade stocks –- known as margin trading -- the Shanghai stock exchange said Friday, as authorities seek to limit a practice that created a massive market bubble. Both the Shanghai and Shenzhen stock exchanges will increase the minimum requirement for margin trading to 100 percent from 50 percent, the Shanghai bourse said on its official microblog. Margin trading was behind a stock market rally that sent the Shanghai in
  
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• European stocks hit by weak eurozone data

  13-11-2015 12:27 via news.yahoo.com
  
  London (AFP) - European stock markets fell Friday, extending the previous session's heavy slides, as traders reacted to weak eurozone data and lingering concerns over China.
  
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• Syngenta rejects $42 billion ChemChina offer: Bloomberg

  13-11-2015 12:26
  
  (Reuters) - The world's largest agrichemicals company, Syngenta AG , has rejected a $42 billion takeover offer by state-owned China National Chemical Corp, Bloomberg reported on Thursday, lifting...
  
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