Finance news

• European equities rebound, US gains muted

  25-11-2015 23:43 via news.yahoo.com
  
  European stocks rebounded Wednesday on receding worries about Russian-Turkish tensions, while US gains were muted following a stream of economic data ahead of the Thanksgiving Day holiday.
  
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• Canadian Oil Sands in early-stage talks with potential bidders

  25-11-2015 23:32
  
  TORONTO (Reuters) - Canadian Oil Sands , which is trying to attract a white knight following a hostile bid from Suncor Energy , needs more time to review options as more than two dozen parties have...
  
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• Oil giants Venezuela, Qatar sign energy deals

  25-11-2015 23:30 via news.yahoo.com
  
  Major oil producers Qatar and Venezuela signed energy, trade and finance agreements on Wednesday during a visit Wednesday by the ruler of the Gulf State to Caracas. "We are signing eight agreements to continue developing our relations in energy, economy, trade, finance and transport between cities such as Doha and Caracas," said Venezuelan President Nicolas Maduro at a meeting with Qatar's Sheikh Tamim bin Hamad Al-Thani.
  
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• Australia's OzForex grants Western Union due diligence after $644 million approach

  25-11-2015 23:23
  
  SYDNEY (Reuters) - Australian online money transfer company OzForex Group Ltdsaid it will grant exclusive due diligence to larger U.S. rival Western Union Cofollowing its indicative takeover...
  
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• Euro off as ECB seen easing further; Wall Street ends flat

  25-11-2015 23:11 via news.yahoo.com
  
  By Rodrigo Campos and Dion Rabouin NEW YORK (Reuters) - The U.S. dollar gained and the euro briefly hit a seven-month low on Wednesday in a volatile session on views the European Central Bank will ease monetary policy further, including buying more debt and charging banks for hoarding cash. U.S. Treasury debt prices were supported by record low yields for German government bonds and data that underscored the view of muted domestic inflation.
  
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• Euro off as ECB seen easing further; Wall St. ends flat

  25-11-2015 23:10 via news.yahoo.com
  
  By Rodrigo Campos and Dion Rabouin NEW YORK (Reuters) - The U.S. dollar gained and the euro briefly hit a seven-month low on Wednesday in a volatile session on views the European Central Bank will ease monetary policy further, including buying more debt and charging banks for hoarding cash. U.S. Treasury debt prices were supported by record low yields for German government bonds and data that underscored the view of muted domestic inflation.
  
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• Ball offers EU to sell 11 plants for Rexam deal approval: sources

  25-11-2015 22:41
  
  BRUSSELS/NEW YORK (Reuters) - U.S. drinks can maker Ball Corp is ready to sell 11 European plants to get EU antitrust regulators to approve its 4.43 billion pound ($6.69 billion) acquisition of...
  
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• US-trained bankers pack new Argentine cabinet: press

  25-11-2015 22:40 via news.yahoo.com
  
  Argentina's president-elect Mauricio Macri has named US-educated bankers and big business executives to key posts in a cabinet he vows will revive the economy, officials and media reports said Wednesday. Like Macri, he went to school at the elite Cardinal Newman College in Buenos Aires.
  
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• Wall Street indexes flat in pre-holiday lull; health, consumer up

  25-11-2015 22:30 via news.yahoo.com
  
  "The news this morning was a little better than worse, so the market went up," said Peter Costa, president of Empire Executions Inc, citing mixed economic data. The Dow Jones industrial average rose 1.2 points, or 0.01 percent, to 17,813.39, the S&P 500 lost 0.27 points, or 0.01 percent, to 2,088.87 and the Nasdaq Composite added 13.34 points, or 0.26 percent, to 5,116.14.
  
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• Mark Whitehead to head equity income at Martin Currie

  25-11-2015 22:22
  (Reuters) - Equity manager Martin Currie, part of U.S.-based Legg Mason Inc, said it named Mark Whitehead head of equity income, effective Nov. 26.
  
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• China's chip crusade to intensify sector's record M&A run

  25-11-2015 22:19
  
  TAIPEI/TOKYO (Reuters) - China's unabashed interest in foreign chipmakers in an already record year of deals has been quickly read by rivals as a sign that mergers and acquisitions (M&As) will get...
  
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• Fed gives largest U.S. banks extra year for debt rule calculation

  25-11-2015 21:58
  
  NEW YORK (Reuters) - The Federal Reserve said on Wednesday that bigger U.S. banks would have an extra year to calculate a capital requirement known as the supplementary leverage ratio for stress...
  
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• NXP wins U.S. antitrust approval to buy Freescale Semiconductor

  25-11-2015 21:53
  
  WASHINGTON (Reuters) - NXP Semiconductors N.V. has won U.S. antitrust approval to buy Freescale Semiconductor Ltd, a deal worth $11.8 billion, on condition that it sell its radio frequency power...
  
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• Pimco, others sue Citigroup over billions in mortgage debt losses

  25-11-2015 21:24
  
  (Reuters) - Pacific Investment Management Co and other investors have sued Citigroup Inc over the bank's alleged failure to properly monitor toxic securities backed by more than $13.8 billion of...
  
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• Hong Kong auctioneers optimistic ahead of sales season

  25-11-2015 21:20 via news.yahoo.com
  
  From rare wines to Chinese paintings and expensive jewels, Hong Kong's auction houses are gearing up for sales season, with the mood buoyant despite China's economic downturn. The seasonal sales come after mega-buys by Hong Kong and Chinese bidders grabbed international headlines this month. Hong Kong billionaire Joseph Lau spent a record $48.4 million on a 12.03-carat diamond dubbed "Blue Moon" for his daughter in a Sotheby's auction in Geneva.
  
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• Wall Street up slightly, led by health, consumer sectors

  25-11-2015 21:15 via news.yahoo.com
  
  While investors cited good conditions for consumers, they were also cautious about global security issues and the impact from the first U.S. interest rate hike since 2006, which is expected in December. "With market valuations where they're at right now, there's potential downside if the next data point or global political event is negative," said Jeff Morris, head of U.S. equities at Standard Life Investments in Boston. The Dow Jones industrial average rose 19.64 points, or 0.11 percent, to 17,
  
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• US-trained bankers in new Argentine cabinet: press

  25-11-2015 20:42 via news.yahoo.com
  
  Argentina's president-elect Mauricio Macri has named US-educated bankers and executives to key posts in a cabinet he vows will revive the economy, media reported Wednesday. As budget minister he reportedly named Alfonso Prat-Gay, 50, a US-trained economist who worked from 1994 for J.P. Morgan in London and New York and later served as president of Argentina's Central Bank. Juan Jose Aranguren, former president of the Argentine division of the British-Dutch oil giant Shell, was lined up as energy
  
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• Deere sees weak equipment sales in 2016 as farm economy remains soft

  25-11-2015 20:38 via news.yahoo.com
  
  Deere & Co on Wednesday reported a drop in quarterly earnings that was not as steep as Wall Street expected and gave a less dire outlook than analysts had feared, saying it was well-positioned to weather a worsening slump in demand for its farm equipment. Shares of the maker of John Deere tractors were up 4 percent at $79.40 in afternoon trading. Chief Financial Officer Raj Kalathur told analysts on a conference call that while the company forecasts its third straight year of declines in sal
  
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• Hungary to issue yuan bonds with Chinese blessing

  25-11-2015 20:32 via news.yahoo.com
  
  Hungary said on Wednesday it will issue bonds denominated in yuan, a first for any central or eastern European country. Hungary hopes the move, based on a memorandum of understanding signed in Beijing by Prime Minister Viktor Orban and Bank of China president Tian Guoli, will help raise money from investors in Asia, especially China. The Hungarian economy ministry said that the "major milestone" will also lay the foundation for firms and banks in Hungary and eastern Europe to issue bonds in the
  
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• Bolivia's Morales, once leftist climate pact foe, turns pragmatic

  25-11-2015 19:57 via news.yahoo.com
  
  By Rosalba O'Brien LA PAZ (Reuters) - Bolivia's President Evo Morales leaves no doubt about who he blames for global warming. "Capitalism is like a cancer for Mother Earth," he declared in October to an audience of indigenous groups and farmers, environmental groups and UN Secretary-General Ban Ki-moon at a conference on climate change in the Bolivian town of Tiquipaya. Indicting capitalism for causing climate change is a message that resonates with hardcore eco-activists who argue only a transf
  
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• Puerto Rico Governor loses support of mayors as debt crisis bites

  25-11-2015 19:53 via news.yahoo.com
  
  As Puerto Rico's debt crisis takes its toll on the U.S. territory's economy, Governor Alejandro Garcia Padilla is losing support within his own party, increasing the chances he won't seek reelection next November.     His public approval ratings are dire – just 12 percent in a recent poll by newspaper El Nuevo Dia - but more detrimental to his campaign plan is the growing number of mayors and other local politicians from his Popular Democratic Party (PPD) who have
  
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• Average US rate on 30-year mortgage slides to 3.95 percent

  25-11-2015 19:36 via news.yahoo.com
  
  WASHINGTON (AP) — Average long-term U.S. mortgage rates slipped this week after they climbed recently on expectations that the Federal Reserve may soon raise its key short-term interest rate.
  
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• Wall Street clings to meagre gains ahead of Thanksgiving

  25-11-2015 19:13 via news.yahoo.com
  
  Wall Street held onto meagre gains in subdued trading on Wednesday, underpinned by healthcare and consumer stocks after a flood of data suggested the U.S. economy was growing modestly. The data left intact expectations that the Federal Reserve will raise interest rates for the first time since 2006 when it meets for the last time this year on Dec. 15-16. Worries about the fallout from the downing of a Russian warplane by Turkey, which weighed on stocks on Tuesday, eased as traders looked forward
  
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• Petco’s buyout financing joins $14 billion U.S. leveraged loan pipeline

  25-11-2015 19:09
  
  NEW YORK (Reuters) - A debt financing of around US$3bn backing CVC Capital Partners and the Canada Pension Plan Investment Board’s US$4.6bn acquisition of Petco Animal Supplies is joining a US$14bn...
  
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• Wall Street clings to meager gains ahead of Thanksgiving

  25-11-2015 19:03 via news.yahoo.com
  
  The data left intact expectations that the Federal Reserve will raise interest rates for the first time since 2006 when it meets for the last time this year on Dec. 15-16. Worries about the fallout from the downing of a Russian warplane by Turkey, which weighed on stocks on Tuesday, eased as traders looked forward to Thursday's Thanksgiving holiday.
  
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• Euro falls; strong dollar weighs on oil

  25-11-2015 18:59 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - The dollar gained and the euro fell as far as a seven-month low on Wednesday following a Reuters report that the European Central Bank is weighing further easing monetary policy soon, including buying more debt and charging banks for hoarding cash. The policy divergence between the ECB and the Federal Reserve, which is seen raising rates as soon as next month, helped propel the dollar index to its highest level since March, which pushed oil and commodity pr
  
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• U.S. data points to moderate fourth-quarter growth

  25-11-2015 18:52 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer spending barely rose in October as households took advantage of rising incomes to boost savings to their highest level in nearly three years, pointing to moderate economic growth in the fourth quarter. Anemic consumer spending did little do change expectations that the Federal Reserve will raise interest rates next month as other data on Wednesday showed a surge in business spending plans in October and a drop in new applications for unemplo
  
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• Rise of carbon emissions almost stalled in 2014: study

  25-11-2015 18:10 via news.yahoo.com
  
  A rise in world carbon dioxide emissions almost stalled last year for the first time in almost two decades without a recession, in a promising step towards cleaner economic growth, a study showed on Wednesday. World carbon emissions from fossil fuel use and cement production rose 0.5 percent last year, the report by the PBL Netherlands Environmental Assessment Agency and the European Commission's Joint Research Center said. At the same time, the world economy grew by three percent in 2014, it sa
  
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• Osborne uses tax forecast to soften spending cuts

  25-11-2015 18:09 via news.yahoo.com
  
  By William Schomberg and David Milliken LONDON (Reuters) - Chancellor George Osborne took advantage of stronger forecasts for tax revenues to drop an unpopular plan to scrap some benefits for low-earners and ease other deep cuts, but he stuck to a target for budget surplus in 2020. In one of several surprise budget moves, Osborne spared Britain's police from the spending reductions that will hit other government departments, a nod to concern about security after the attacks in Paris earlier this
  
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• Wall Street inches higher as health, consumer stocks gain

  25-11-2015 17:58 via news.yahoo.com
  
  Wall Street was slightly higher in quiet trading on Wednesday morning, led by healthcare and consumer stocks after a flood of data that suggested that the U.S. economy was growing modestly.The data left intact expectations that the Federal Reserve will raise interest rates for the first time since 2006 when it meets for the last time this year on Dec. 15-16. "The data that's already come out is going to be the key and I think the markets are probably going to be fairly lackluster today," said Mi
  
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• Paris tourism recovering after attacks: minister

  25-11-2015 17:52 via news.yahoo.com
  
  Tourism in Paris is starting to recover, French Economy Minister Emmanuel Macron said on Wednesday, after hotel bookings slumped following the Nov. 13 attacks that killed 130 people. Daily occupancy at hotels in Paris fell 24 percentage points on average in the week after the attacks claimed by Islamic State militants, according to figures given by the Office du Tourisme et des Congres de Paris on Wednesday. "The situation is improving, a return to normal is underway this week," Macron said duri
  
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• Mao's Little Red Book makes surprise appearance in parliament chamber

  25-11-2015 17:17 via news.yahoo.com
  
  Chairman Mao's "Little Red Book" made a surprise appearance in Britain's parliament on Wednesday when the Labour Party finance spokesman brandished a copy as he mocked the government's reliance on Chinese investment. A debate on Britain's economy and the Conservative government's plan for the next five years broke down into howls of laughter when John McDonnell, Labour's finance spokesman, read out some "advice" from the book, a pocket-sized collection of Mao Zedong's quotations first published
  
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• Six mistakes people make when giving to charity

  25-11-2015 17:02
  
  LOS ANGELES (Reuters) - Here is a helpful rule of thumb for donating to charities this holiday season: Take your time.
  
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• Nigeria rate cut triggers stock rise; bonds, naira fall

  25-11-2015 16:13 via news.yahoo.com
  
  By Oludare Mayowa and Chijioke Ohuocha LAGOS (Reuters) - Nigeria naira and bond yields fell sharply on Wednesday while stocks rose, a day after the central bank announced a surprise interest rate cut aimed to stimulate lending in Africa's biggest economy, traders said. Nigeria's central bank cut benchmark interest rate to 11 percent from 13 percent on Tuesday, its first reduction in the cost of borrowing in more than six years.
  
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• US stocks rise a bit on mixed data

  25-11-2015 16:08 via news.yahoo.com
  
  New York (AFP) - US stocks rose slightly in early trade Wednesday following a stream of economic data in the last trading session ahead of the Thanksgiving holiday.
  
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• U.S. consumer spending slowing, but business investment poised to rise

  25-11-2015 15:25 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer spending barely rose in October as households took advantage of rising incomes to boost savings to their highest level in nearly three years, pointing to moderate economic growth in the fourth quarter. Anemic consumer spending will probably do little do change expectations that the Federal Reserve will raise interest rates next month as other data on Wednesday showed a surge in business spending plans in October and a drop in new application
  
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• Argentine president-elect to name ex-cenbank chief as finance minister -adviser

  25-11-2015 14:47 via news.yahoo.com
  
  By Jorge Otaola and Sarah Marsh BUENOS AIRES (Reuters) - Argentine President-elect Mauricio Macri will name former central bank chief Alfonso Prat-Gay as his finance minister tasked with rebooting the stalled economy, a close adviser said on Wednesday. Macri, who won Sunday's presidential election, has promised to end more than a decade of free-spending leftist populism and lift a wall of protectionist trade and currency controls that have stunted foreign investment and hobbled growth. The centr
  
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• U.S. consumer spending tepid; savings near three-year high

  25-11-2015 14:45 via news.yahoo.com
  
  WASHINGTON, Nov 25 (Reuters) - - U.S. consumer spending barely rose in October as households took advantage of rising incomes to boost savings to their highest level in nearly three years, pointing to moderate economic growth in the fourth quarter. The Commerce Department said on Wednesday consumer spending edged up 0.1 percent after a similar increase in September. The tepid rise in consumer spending could combine with an anticipated drag on the economy from an ongoing inventory reduction to ho
  
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• Special Report: Greek shipowners talk up their role to protect tax breaks

  25-11-2015 14:43 via news.yahoo.com
  
  On the day he took office as Greece's shipping minister in June 2012, Kostis Moussouroulis received a visit from a 90-year-old shipowner. Shipowners have resisted any effort to ditch the tax breaks they enjoy, and no government has dared touch them. "Shipping is a pillar of the Greek economy," says the Union of Greek Shipowners, the ocean-going industry's main association.
  
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• Nigeria stocks recover from 9-month low after rate cut

  25-11-2015 14:33 via news.yahoo.com
  LAGOS (Reuters) - Nigerian stocks recovered from a nine-month low on Wednesday to gain 0.24 percent after the central bank announced a surprise interest rate cut aimed at stimulating lending in Africa's biggest economy. The stock market, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, erased seven days of losses to climb to 27,662 points. The index is down 20.4 percent this year. The index shed 3.3 percent in the seven-days before the central bank's decisio
  
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• Stocks rise with eye on Mideast, Thanksgiving holiday

  25-11-2015 14:09 via news.yahoo.com
  
  LONDON (AP) — Stock markets mostly rose Wednesday as investors kept a wary eye on developments in the Middle East after Turkey shot down a Russian warplane. Trading was light ahead of the U.S. Thanksgiving holiday on Thursday.
  
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• Rosneft beats expectations and crude prices to boost profits

  25-11-2015 12:38 via news.yahoo.com
  
  Cost cutting helped Russian oil company Rosneft beat both low crude prices and analyst expectations to post Wednesday sharply higher third quarter earnings. "Despite a challenging economic environment, the company keeps improving its efficiency," said Rosneft's chief executive Igor Sechin. "This is demonstrated by keeping operating costs in ruble terms at a sustainable level" despite a 12.0 percent increase in industrial prices in the Russian economy, he added.
  
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• China securities body finds $166 billion error in CITIC Sec reports

  25-11-2015 12:28 via news.yahoo.com
  
  CITIC Securities Co , China's biggest brokerage, overstated some of its financial derivatives by more than 1 trillion yuan ($166 billion) in monthly reports from April to September, the country's securities association said. The Securities Association of China (SAC) said that CITIC reported inaccurate numbers in statistical reports on over-the-counter equity swap deals partly carried out during the summer's stock market rout. The SAC, a quasi-regulatory body supervised by the China Securities Re
  
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• Ghana producer inflation falls to 2.8 pct in Oct

  25-11-2015 11:37 via news.yahoo.com
  
  ACCRA (Reuters) - Ghana's producer price inflation fell to 2.8 percent in October from a revised 4.8 percent in September, continuing a downward trend, the statistics office said on Wednesday. The fall reflects apparent progress for the West African country in stabilizing its economy. Ghana is following an International Monetary Fund aid programme to resolve problems that include consumer inflation persistently above target. (Reporting by Kwasi Kpodo; Editing by Matthew Mpoke Bigg)
  
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• China dreams of electric sheep at robot conference

  25-11-2015 11:09 via news.yahoo.com
  
  Vehicles with automated gun turrets sat alongside drink-serving karaoke machines at the World Robot Conference, as manufacturers sought new buyers for their "jiqiren" -- "machine people" in Chinese. President Xi Jinping issued a letter of congratulations for the conference, and the industry is name-checked in the draft version of the country's new five-year plan, the policy document that guides national economic development. The world's second-largest economy is already the leading market for in
  
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• US Takata employees warned of airbag issues: report

  25-11-2015 10:39 via news.yahoo.com
  
  Employees at crisis-hit Takata, which was fined earlier this month in the United States for providing inaccurate information on airbag safety devices, warned of evasive practices as early as 2000, the Wall Street Journal reported. The defect is responsible for the death of eight people -- seven in the United States -- and has injured hundreds. Now it appears employees in the United States had warned of company transgressions as early as 2000.
  
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• MIDEAST STOCKS-CIB helps Egypt rebound; Saudi market flat

  25-11-2015 10:19 via news.yahoo.com
  
  DUBAI, Nov 25 (Reuters) - A bounce in shares of Commercial International Bank (CIB) helped Egypt's stock market rebound from near technical support early on Wednesday, while Saudi Arabia's market was flat. CIB, a traditional favourite of foreign investors, is down 22 percent from its level three weeks ago, hit by concern that Egypt might soon devalue its currency. Tourism revenues there are sagging in the wake of last month's apparent bombing of a Russian pasenger jet over the Sinai. However, th
  
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• Asia airlines hit as Turkish jet strike sparks geopolitical fear

  25-11-2015 09:38 via news.yahoo.com
  
  Asian stock markets retreated Wednesday, with airlines taking a hit as dealers fret over increased geopolitical tensions following the downing of a Russian jet by Turkey. The losses tracked a sell-off in tourism-linked firms in the United States and Europe as already delicate nerves were frayed on trading floors after Turkey shot down the Russian warplane on the Syrian border. While Ankara said it acted after the jet entered its airspace, Russian President Vladimir Putin called it a "stab in the
  
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• Muted earnings for Daejan Holdings

  25-11-2015 09:30 via news.yahoo.com
  
  (ShareCast News) - A disappointing period for Daejan Holdings, as the property investment firm reported muted earnings in its half-year report on Wednesday.
  
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• China set to pledge more aid to Africa ahead of Xi's trip

  25-11-2015 08:34 via news.yahoo.com
  
  By Sui-Lee Wee BEIJING (Reuters) - China is set to announce new aid to African nations when President Xi Jinping visits Zimbabwe and South Africa next month, a senior Chinese official said on Wednesday. The trip is likely to boost China's relations with Africa, which supplies oil and raw materials such as copper and uranium to the world's second-largest economy. China is Africa's largest trading partner and the trade volume between them amounted to $220 billion in 2014, according to China state
  
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