Finance news

• White House threatens veto of rule-based monetary policy bill

  17-11-2015 23:44 via news.yahoo.com
  
  By Jason Lange WASHINGTON (Reuters) - The White House on Tuesday issued a veto threat for a Republican-backed bill to make the Federal Reserve set interest rate policy using a mathematical rule, a proposal Fed Chair Janet Yellen said would "severely damage" the U.S. economy. The Obama administration opposes the proposal because it would hinder the Fed's ability to help the economy, the White House said in a statement. Lawmakers in the U.S. House of Representatives cleared the way on Tuesday for
  
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• In U.S. driver lawsuit, Uber must live with class action order for now

  17-11-2015 23:18 via news.yahoo.com
  
  By Dan Levine SAN FRANCISCO (Reuters) - A U.S. appeals court on Tuesday denied ride service Uber's request to immediately appeal an order approving class certification in a lawsuit filed by drivers who wish to be deemed employees. The ruling, from the 9th U.S. Circuit Court of Appeals in San Francisco, was made in a case in which drivers contend they are employees and entitled to reimbursement for expenses, including gas and vehicle maintenance. The results of Uber's legal battle could reshape t
  
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• Prospects dim for 2016 Pacific Rim trade vote in U.S. Congress

  17-11-2015 23:05 via news.yahoo.com
  
  By Richard Cowan WASHINGTON (Reuters) - A 12-nation Pacific Rim free-trade deal, facing stiff opposition from many Democrats and unexpected resistance from Republicans, is unlikely to be voted on by the U.S. Congress before President Barack Obama leaves office, according to some Republican lawmakers and aides. A veteran Senate Republican aide, who asked not to be identified, said Republican leaders intend to shelve the deal until after the November 2016 presidential election, which would dash ad
  
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• Wall Street gives up gains after Germany bomb scare

  17-11-2015 22:32 via news.yahoo.com
  
  All three major U.S. indexes had ventured into positive territory following upbeat earnings reports from Wal-Mart and Home Depot . Despite the broad market's reversal, Wal-Mart ended 3.54 percent higher and Home Depot climbed 4.42 percent, pushing the S&P 500 retail index up 1 pct. The healthy quarterly performance of Wal-Mart and Home Depot stood in contrast to results from department stores Macy's and Nordstrom last week that sent some retail stock sharply lower. "There's a shift in consum
  
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• Uber can't appeal class certification order in U.S. driver lawsuit

  17-11-2015 21:59 via news.yahoo.com
  
  By Dan Levine SAN FRANCISCO (Reuters) - A U.S. appeals court on Tuesday denied ride service Uber's request to immediately appeal an order approving class certification in a lawsuit filed by drivers who wish to be deemed employees. The ruling, from the 9th U.S. Circuit Court of Appeals in San Francisco, was made in a case in which drivers contend they are employees and entitled to reimbursement for expenses, including gas and vehicle maintenance. The results of Uber's legal battle could reshape t
  
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• Einhorn's Greenlight takes new long positions, exits some shorts: letter

  17-11-2015 21:57
  
  BOSTON (Reuters) - Billionaire investor David Einhorn, whose Greenlight Capital hedge fund is nursing a 17 percent loss this year, told investors on Wednesday that he made new bets on fashion company...
  
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• Top healthcare stock fund focuses on costs, orphan drugs in 2016

  17-11-2015 21:55
  
  NEW YORK (Reuters) - Healthcare companies that can either contain costs or develop medications to treat rare diseases, known as orphan drugs, will be the most likely to outperform in the coming year,...
  
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• Markets hack away at Cyber Security ETF

  17-11-2015 21:46
  
  NEW YORK (Reuters) - One year after a set of high-profile cyber attacks and a hot market for trendy exchange traded funds propelled the PureFunds ISE Cyber Security ETF to one of the most successful...
  
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• Wall Street loses gains after Germany bomb report

  17-11-2015 20:52 via news.yahoo.com
  
  (Reuters) - U.S. stocks erased gains on Tuesday after a report that a soccer match between Germany and Netherlands was called off due to concerns of a bomb attack.
  
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• U.S. pursuing criminal cases against RBS, JPMorgan executives-WSJ

  17-11-2015 20:36 via news.yahoo.com
  
  Federal prosecutors are pursuing criminal cases against executives from the Royal Bank of Scotland Group and JPMorgan Chase & Co for allegedly selling flawed mortgage securities, the Wall Street Journal ...
  
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• Stocks move higher following encouraging retail results

  17-11-2015 20:12 via news.yahoo.com
  
  Encouraging quarterly results from Wal-Mart Stores, Home Depot and other big retailers helped nudge stocks slightly higher in afternoon trading Tuesday. The major stock indexes pared some of their gains from earlier in the day but were on course to close higher for the second day in a row. Investors also weighed new economic data on inflation, manufacturing and homebuilding.
  
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• In San Francisco Bay Area, tech companies still lag on gender diversity

  17-11-2015 19:41
  
  SAN FRANCISCO (Reuters) - Gender diversity in the San Francisco Bay Area technology sector has improved over the last five years, but the region's most gender-diverse businesses are in the retail,...
  
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• Wall Street higher after retail earnings

  17-11-2015 19:20 via news.yahoo.com
  
  U.S. stocks rose on Tuesday as better-than-expected earnings from Wal-Mart and Home Depot allayed some concerns about consumer spending ahead of the holiday shopping season. Wal-Mart , up 4.5 percent at $60.50, and Home Depot , 3.8 percent higher at $125.48, provided the biggest boost to the Dow and the S&P. Positive results from the big-box retailers lifted the S&P 500 retail index by 1.35 pct. Home Depot rival Lowe's , which reports on Wednesday, was up 2.9 percent, and Target 1.6 perc
  
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• Wall St. higher after retail earnings

  17-11-2015 19:19 via news.yahoo.com
  
  (Reuters) - U.S. stocks rose on Tuesday as better-than-expected earnings from Wal-Mart and Home Depot allayed some concerns about consumer spending ahead of the holiday shopping season.
  
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• Yellen opposes GOP proposal to boost Fed oversight

  17-11-2015 19:03 via news.yahoo.com
  
  WASHINGTON (AP) — Federal Reserve Chair Janet Yellen says legislation supported by House Republicans to make the Federal Reserve more transparent and accountable would be a "grave mistake" that could harm the U.S. economy by decreasing its political independence.
  
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• Lasry's Avenue Capital continues Puerto Rico bond-buying

  17-11-2015 18:57
  
  (Reuters) - Avenue Capital Group continues to buy municipal bonds from Puerto Rico, believing it would be difficult to lose money on the already distressed securities, its co-founder said on...
  
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• White House threatens to veto Senate challenge of power plant rule

  17-11-2015 18:46 via news.yahoo.com
  
  The White House issued a veto threat on Tuesday for a resolution from the Republican-led U.S. Senate that would nullify new regulations to cut carbon emissions from power plants, the central piece of President Barack Obama's climate plan. The Senate sponsors of the motion have said the Environmental Protection Agency regulation, which is also being challenged in U.S. federal court by 26 states and more than a dozen industry groups, would hurt jobs in coal-dependent regions. The White House said
  
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• China inks $15 billion nuclear deal with Argentina

  17-11-2015 18:45 via news.yahoo.com
  
  A Chinese state-owned company will finance and build two nuclear power plants in Argentina, the enterprise said, in a deal estimated to be valued at nearly $15 billion. China National Nuclear Corp will work with Argentina's state-owned company Nucleoelectrica to build the South American nation's fourth and fifth reactors, CNNC said Monday in a statement posted on its website. The Argentine government estimates the project will require $15 billion in financing, Economy Minister Axel Kicillof said
  
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• U.S. inflation turning corner; factory output rises

  17-11-2015 17:54 via news.yahoo.com
  
  U.S. consumer prices increased in October after two straight months of declines as the cost of healthcare and other services rose, evidence of firming inflation that further supports views that the Federal Reserve will raise interest rates next month. The economic outlook also got a boost from other data on Tuesday showing a fairly solid increase in manufacturing output in October after dropping for two consecutive months. Inflation is starting to turn a corner and manufacturing production remai
  
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• Global shares rise after strong earnings; euro hits seven-month low

  17-11-2015 17:52 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - Shares in major markets rallied on Tuesday, fueled by strong corporate reports in the United States and Europe, while the U.S. dollar and Treasury yields rose as firming inflation backed expectations of an impending interest rate hike. Better-than-expected results from retailers Home Depot and Wal-Mart Stores pushed the S&P 500 index higher, shoring up some confidence in the sector after weak economic data and earnings last week sparked concerns about
  
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• Global shares rise after strong earnings; euro hits 7-month low

  17-11-2015 17:51 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - Shares in major markets rallied on Tuesday, fueled by strong corporate reports in the United States and Europe, while the U.S. dollar and Treasury yields rose as firming inflation backed expectations of an impending interest rate hike. Better-than-expected results from retailers Home Depot and Wal-Mart Stores pushed the S&P 500 index higher, shoring up some confidence in the sector after weak economic data and earnings last week sparked concerns about
  
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• Shares rise after strong earnings; euro hits seven-month low

  17-11-2015 17:50 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - Shares in major markets rallied on Tuesday, fueled by strong corporate reports in the United States and Europe, while the U.S. dollar and Treasury yields rose as firming inflation backed expectations of an impending interest rate hike. Better-than-expected results from retailers Home Depot and Wal-Mart Stores pushed the S&P 500 index higher, shoring up some confidence in the sector after weak economic data and earnings last week sparked concerns about
  
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• Yellen urges rejection of rule-based monetary policy proposal

  17-11-2015 17:47 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen on Tuesday condemned a proposal in the U.S. Congress that would require the central bank to tie interest rate policy to a mathematical rule, arguing this would "severely damage the U.S. economy." Under the type of policy rule envisioned by lawmakers, the Fed would commit to moving interest rates up or down depending on the readings of economic indicators like the jobless rate and inflation. In a letter to lawmakers, Yellen said the proposed law, which could see
  
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• Martin Currie says buys $167 million RIT PK Japan hedge fund

  17-11-2015 17:46
  LONDON (Reuters) - Equity manager Martin Currie, part of U.S.-based Legg Mason, said on Tuesday it had agreed to buy long-short hedge fund RIT PK Japan Fund, which has $167 million in assets, for an...
  
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• How bread-winning women are driving alimony reform

  17-11-2015 17:34
  NEW YORK (Reuters) - When alimony reform comes to Florida, it may be too late for Tarie MacMillan, a 65-year-old who runs a jewelry business near Tampa.
  
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• Wall St. edges higher after retail earnings

  17-11-2015 17:31 via news.yahoo.com
  
  (Reuters) - U.S. stocks rose on Tuesday as better-than-expected earnings from Wal-Mart and Home Depot allayed some concerns about consumer spending ahead of the holiday shopping season.
  
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• Yellen urges lawmakers to reject rule-based monetary policy proposal

  17-11-2015 17:12 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen on Tuesday condemned a proposal in the U.S. Congress that would require the central bank to tie interest rate policy to a mathematical rule, arguing this would "severely damage the U.S. economy." In a letter to lawmakers, Yellen said the proposed law, which could see a vote in the House of Representatives after Wednesday, would hamstring the Fed's ability to respond to crises and would also be an intrusion on its independence. This would "likely lead to an incr
  
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• Nigeria's economic growth slows to 2.84 pct in Q3 2015

  17-11-2015 17:02 via news.yahoo.com
  
  LAGOS (Reuters) - Nigeria's economic growth slowed to 2.84 percent in the third quarter of 2015 from 6.23 percent a year earlier as a result of lower oil prices, the Nigerian Bureau of Statistics (NBS) said on Tuesday. The NBS said oil production was 2.17 million barrels per day in the third quarter of the year, higher than 2.05 million barrels recorded in the second quarter. (Reporting by Chijioke Ohuocha Editing by Jeremy Gaunt)
  
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• South Africa's Eskom says selling utility will be foolish

  17-11-2015 17:00 via news.yahoo.com
  
  By Peroshni Govender JOHANNESBURG (Reuters) - South Africa's cash-strapped utility Eskom will be cash positive by 2025, Chief Executive Brian Molefe told Reuters, making it "foolish" for any privatisation to be considered just as it grapples with a host of problems. Eskom, which the political opposition and Eskom's critics often suggest should be sold off, produces virtually all of the power in Africa's most industrialised economy, but faces power shortages, political pressures and a funding sho
  
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• Exclusive: U.S. executives pledge stock for loans, raise margin call concern

  17-11-2015 16:59
  
  BOSTON (Reuters) - U.S. corporate executives and directors have pledged at least $15 billion of their own company stock holdings to secure personal loans, in spite of recent examples of these...
  
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• Brazil's Temer says not a presidential candidate for 2018

  17-11-2015 16:52 via news.yahoo.com
  
  By Anthony Boadle BRASILIA (Reuters) - Brazil's Vice President Michel Temer said on Tuesday he is not seeking to run for president in 2018, though his PMDB party is keen to launch its own candidate and has released a pro-business economic agenda as its platform. The PMDB, the largest party in Brazil's ruling coalition, has clashed repeatedly with President Dilma Rousseff and her leftist Worker's Party this year over the handling of the worst recession since the 1930s, and plans to leave her gove
  
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• More Thanksgiving travelers; don't get stuck at the airport

  17-11-2015 16:26 via news.yahoo.com
  
  NEW YORK (AP) — A stronger economy and lower gas prices mean Thanksgiving travelers can expect more congested highways this year.
  
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• Greece and creditors in deal to release more bailout cash

  17-11-2015 16:15 via news.yahoo.com
  
  ATHENS, Greece (AP) — Greece struck a deal with European creditors Tuesday on economic measures it needs to make to get its next batch of bailout money, including a 10 billion-euro ($10.7 billion) cash injection for its crippled banks.
  
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• US open: Wall Street opens on a flat note after CPI data

  17-11-2015 16:05 via news.yahoo.com
  
  (ShareCast News) - US equities were flat early on Tuesday, as investors digested inflation data and a report on industrial production.
  
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• Wall Street little changed as energy stocks weigh

  17-11-2015 16:02 via news.yahoo.com
  
  U.S. stocks were little changed on Tuesday morning as a dip in crude oil prices dragged down the energy sector, overshadowing better-than-expected earnings from Wal-Mart and Home Depot. The S&P energy sector was down 1.23 percent - easily the worst performer of the 10 major S&P sectors - as crude prices slipped on concerns of a supply glut. Data showed U.S. consumer prices rose 0.2 percent in October, in line with expectations, a sign that the drag on inflation from a strong dollar and l
  
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• European stocks extend global rebound

  17-11-2015 16:01 via news.yahoo.com
  
  European stock markets rose sharply Tuesday, mirroring gains across most of Asia, as investors continued to show resilience after Friday's deadly terror attacks in Paris. Frankfurt's DAX 30 index advanced 1.8 percent, and London's FTSE 100 also won 1.8 percent despite data showing negative British inflation for October. "It’s clear that, at least for now, the majority of stocks globally remain unfazed by last week’s terrorist attacks in Paris," said analyst Tony Cross at traders Trus
  
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• Thanks, but no thanks: Investment banks cull clients

  17-11-2015 15:53 via news.yahoo.com
  
  At many investment banks the top 100 clients can account for 40 percent of revenues and the top 1,000 may contribute more than 80 percent of income, leaving thousands of smaller customers who contribute little revenue but suck up resources and capital. "A major challenge is finding a way to reprice or find a cheaper operating model for a long tail of smaller clients," said Roger Rudisuli, a partner in McKinsey's corporate and investment banking practice in New York. Investment banks are taking a
  
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• Wal-Mart earnings beat expectations; shares up

  17-11-2015 15:12 via news.yahoo.com
  
  (Reuters) - Wal-Mart Stores Inc reported slightly stronger-than-expected quarterly earnings on Tuesday as it booked its fifth straight gain in U.S. same-store sales, sending its shares up nearly 3 percent. Wal-Mart's earnings have been under pressure from costs from boosting entry-level wages, although the company says those investments are translating into better customer service and helping to lift sales. Greg Foran, head of the U.S. operations, said in a prerecorded call that the company had
  
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• Wall St. set to open higher after Wal-Mart results

  17-11-2015 15:06 via news.yahoo.com
  
  Shares of Wal-Mart rose 1.8 percent to $58.90, while Home Depot was up 2.8 percent at $124.18 in premarket trading. The modest rise in inflation could bolster chances of the Federal Reserve raising interest rates next month. Retail stocks were hammered last week after weak economic data and earnings from retailers such as Macy's rekindled concerns about slowing retail spending ahead of the crucial holiday shopping season.
  
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• Wall Street set to open higher after Wal-Mart results

  17-11-2015 15:05 via news.yahoo.com
  
  Wall Street looked set to open higher on Tuesday as better-than-expected earnings from Wal-Mart and Home Depot allayed some concerns after last week's sharp selloff in retail stocks. Shares of Wal-Mart rose 1.8 percent to $58.90, while Home Depot was up 2.8 percent at $124.18 in premarket trading. The modest rise in inflation could bolster chances of the Federal Reserve raising interest rates next month.
  
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• Here’s Why Wall Street Has Little to Fear from Hillary Clinton

  17-11-2015 15:00 via news.yahoo.com
  
  During the Democratic debate last month, Hillary Clinton assured viewers she would be a president at least as tough on Wall Street as her main opponent for the nomination, Sen. Bernie Sanders. Clinton also proudly recalled that while serving as U.S. senator from New York she warned bankers early in the financial crisis about their dangerous practices. “I went to Wall Street in December of 2007 — before the big crash that we had,” Clinton said.
  
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• China state companies vie for German waste management firm: sources

  17-11-2015 14:27
  
  HONG KONG/FRANKFURT (Reuters) - At least three Chinese state-owned enterprises are bidding for a German waste management company, underscoring China's desire to acquire advanced technology to tackle...
  
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• Audax raises $2.25 billion private equity fund

  17-11-2015 14:27
  (Reuters) - Alternative asset management firm Audax Group has successfully raised its fifth private equity fund, amassing $2.25 billion and exceeding its $1.75 billion fundraising target, the firm...
  
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• Shrugging off Paris attacks, global shares and dollar rally

  17-11-2015 14:23 via news.yahoo.com
  
  Global shares gained convincingly on Tuesday, clawing back all the ground lost on the previous day as investors bet that Friday's attacks on Paris would have little lasting impact on the world economy. U.S. stock index futures also indicated a higher start on Wall Street, building on a surge the previous day that kicked off a global stock market rally. "Investors are showing resilience to the recent attacks in Paris despite mounting worries over security in Europe," said B Capital Wealth Managem
  
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• Rwandan senate votes to allow President Kagame more time in office

  17-11-2015 14:14 via news.yahoo.com
  
  By Clement Uwiringiyimana KIGALI (Reuters) - Rwanda's senate on Tuesday unanimously approved a draft constitution to allow President Paul Kagame to seek a third term in office, the head of the senate said, clearing the path for a referendum that is not expected to face much opposition. Kagame, in power since 2000, won widespread praise for ending a genocide in 1994 of some 800,000 people, most of them Tutsis and moderate Hutus, and for rebuilding the nation. While praising Rwanda's economic and
  
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• Japan economy doing OK, at least in working population terms: James Saft

  17-11-2015 14:03
  
  (Reuters) - The good news about Japan is that its economy is doing OK, in absolute terms, given the number of working-age people who live there.
  
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• Nigeria finalises fourth-quarter gasoline allocations as fuel queues return

  17-11-2015 13:54 via news.yahoo.com
  
  By Julia Payne ABUJA (Reuters) - Nigeria has issued its final allocations for subsidised gasoline imports for the fourth quarter at 1.41 million tonnes, traders and a senior source at the state-run fuel supply regulator said on Tuesday. The West African nation imports the bulk of its gasoline requirement because of its dilapidated refining system, which President Muhammadu Buhari is keen to revive, though delayed subsidy payments and the low availability of dollars in the economy has made it inc
  
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• Futures higher after Wal-Mart, Home Depot results

  17-11-2015 13:50 via news.yahoo.com
  
  (Reuters) - Stock futures pointed to a higher opening for Canada's main stock index on Tuesday as U.S. stock futures gained following better-than-expected earnings from Dow components Wal-Mart and Home Depot . December futures on the S&P TSX index were up 0.30 percent at 7:30 a.m. ET. No major economic events are scheduled for Tuesday. Canada's main stock index rallied on Monday, led by gains in heavyweight energy and banking stocks. Dow Jones Industrial Average e-mini futures were up 0.51 p
  
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• Ethiopian entrepreneurs struggle as command economy soars

  17-11-2015 12:22 via news.yahoo.com
  
  By Aaron Maasho ADDIS ABABA (Reuters) - In Ethiopia, where state spending rather than private enterprise has been the driving force behind double-digit economic growth, tech entrepreneurs like Araya Lakew feel stuck in the slow lane. "We try to optimise what we have as there are a lot of obstacles to growth." In a nation where the authorities have little tolerance of criticism, Ethiopian entrepreneurs are reluctant to blame the government or its agencies for the challenges they face. "The way th
  
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• Investor sentiment rebounds in Germany: ZEW

  17-11-2015 12:03 via news.yahoo.com
  
  Investor sentiment in Germany rebounded in November after seven consecutive falls thanks to still resilient economic data from Europe's top economy, a leading survey said Tuesday. The investor confidence index calculated by the ZEW economic institute rose to 10.4 points from just 1.9 points a month earlier, the think tank said in a statement. "The outlook for the German economy is brightening towards the end of the year," said ZEW president Professor Clemens Fuest in a statement.
  
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