Finance news

• Canada's Morneau: figures reinforce need for economic investments

  04-12-2015 23:52 via news.yahoo.com
  
  Disappointing Canadian economic figures reinforce the need for significant government investments to boost growth, Canada's new finance minister said on Friday after the release of weak jobs and trade data. "We heard today some statistics that reinforced our concerns around the growth of the economy," Bill Morneau told reporters.
  
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• Canada's new government pledges fiscal plan suited to tough times

  04-12-2015 23:45 via news.yahoo.com
  
  By Randall Palmer and David Ljunggren OTTAWA (Reuters) - Canada's Liberal government, unveiling its plans at the start of the new Parliament, promised on Friday to pursue a fiscal plan "that is responsible, transparent and suited to challenging economic times." The formal announcement, delivered just hours after fresh data showed the economy was struggling, made no mention of whether the Liberals would stick to their campaign pledge to limit budget deficits to C$10 billion ($7.5 billion) a year.
  
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• Prosecutors will not retry former Dewey & LeBoeuf chairman-source

  04-12-2015 23:31
  
  Dec 4 (Reuters) - Manhattan prosecutors will not retry
  Steven Davis, the former chairman of defunct U.S. law firm Dewey
  & LeBoeuf, after an earlier trial ended in a hung jury, a person
  familiar with...
  
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• US stocks surge 2% on strong jobs report

  04-12-2015 23:24 via news.yahoo.com
  
  Wall Street equities jumped two percent on a strong US jobs report Friday that underscored the differences between the sturdy US economy and sluggish growth elsewhere. With markets around the world in the red -- including 2.2 percent plunges in Japan and Brazil and a 0.6 percent drop in London -- Wall Street headed in the opposite direction even though the official November employment report raised the likelihood that the Federal Reserve will decide to begin increasing interest rates at its Dece
  
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• Strong US jobs report points to Fed rate hike

  04-12-2015 23:06 via news.yahoo.com
  
  Strong hiring across the US economy in November lent fresh support Friday to the Federal Reserve embarking on a long-awaited series of interest rate hikes later this month. Analysts said it was near certain that the Fed, after keeping policy on hold for months awaiting more evidence of economic strength, would undertake its first rate increase in more than nine years at its upcoming meeting. While the strong November employment data hid some signs of naggingly persistent slack in the market, Fed
  
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• European bank head Draghi says he's ready to do more

  04-12-2015 23:05 via news.yahoo.com
  
  NEW YORK (AP) — European Central Bank President Mario Draghi said Friday the bank is ready to expand its economic stimulus program if need be, just a day after the bank's surprisingly modest steps to shore up the region's economy sent shudders through global financial markets.
  
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• U.S. fund manager accused of faking own death is convicted of fraud

  04-12-2015 22:58 via news.yahoo.com
  
  Moazzam Ifzal "Mark" Malik, 33, from Lahore, Pakistan, was convicted on all 28 counts he faced, including grand larceny and securities fraud, after a 2-1/2-week trial in the state supreme court in Manhattan. The U.S. Securities and Exchange Commission filed related civil charges against him in February. Authorities said Malik from 2011 to 2015 lured investors to hedge funds under the names Wall Street Creative Partners, Seven Sages Capital, American Bridge Investments and most recently Wolf Hedg
  
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• Strong job gains send US stock market sharply higher

  04-12-2015 22:53 via news.yahoo.com
  
  NEW YORK (AP) — The stock market surged to its biggest gain since early September Friday after another strong month of hiring by U.S. employers.
  
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• Wall Street gains 2 percent; U.S. jobs data underscores economic strength

  04-12-2015 22:50 via news.yahoo.com
  
  By Caroline Valetkevitch (Reuters) - U.S. stocks rallied on Friday, giving the S&P 500 its biggest gain since early September, as U.S. jobs data suggested the economy was strong enough to sustain a Federal Reserve rate hike this month. Financials, which benefit from higher borrowing costs, led the rally. The S&P financial index jumped 2.7 percent. JPMorgan Chase rose 3.2 percent to $67.89 after European antitrust regulators dropped charges against the bank on blocking exchanges from deri
  
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• U.S. employment report a green light for Fed interest rate rise

  04-12-2015 22:36 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. employment increased at a healthy pace in November, in another sign of the economy's resilience, and will most likely be followed by the first Federal Reserve interest rate rise in a decade later this month. Nonfarm payrolls rose 211,000 last month, the U.S. Labor Department said on Friday. The jobless rate is in a range many Fed officials see as consistent with full employment and has dropped seven-tenths of a percentage point this year.
  
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• Wall St. jumps, dollar gains after U.S. jobs report

  04-12-2015 22:29 via news.yahoo.com
  
  Stocks on Wall Street rallied on Friday after strong jobs data made it almost certain the Federal Reserve would raise interest rates in two weeks, while a surprise move by major oil exporters to keep pumping near-record output pushed crude prices down. The dollar rose, gold climbed about 2 percent and base metals, including copper, gained after the U.S. jobs report for November paved the way for the Fed to raise rates for the first time in nearly a decade at a two-day meeting that ends Dec. 16.
  
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• Wall Street jumps, dollar gains after U.S. jobs report

  04-12-2015 22:27 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Stocks on Wall Street rallied on Friday after strong jobs data made it almost certain the Federal Reserve would raise interest rates in two weeks, while a surprise move by major oil exporters to keep pumping near-record output pushed crude prices down. The dollar rose, gold climbed about 2 percent and base metals, including copper, gained after the U.S. jobs report for November paved the way for the Fed to raise rates for the first time in nearly a decade at
  
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• Trudeau government promises fiscal plan suited to tough times

  04-12-2015 22:09 via news.yahoo.com
  
  Canada's Liberal government, unveiling its plans at the start of the new Parliament, promised on Friday to pursue a fiscal plan "that is responsible, transparent and suited to challenging economic times." The formal announcement, delivered just hours after fresh data showed the economy was struggling, made no mention of whether the Liberals would stick to their campaign pledge to limit budget deficits to C$10 billion ($7.5 billion) a year. Liberal leader Justin Trudeau won a parliamentary majori
  
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• New York City mayor urges city pension funds to divest gun stocks

  04-12-2015 22:00
  
  NEW YORK (Reuters) - New York City Mayor Bill de Blasio urged the city's pension funds on Friday to divest their holdings in stocks of gun makers after this week's mass shooting in San Bernardino,...
  
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• Report links Paris militant group to Britain, police cautious

  04-12-2015 21:33 via news.yahoo.com
  
  LONDON (Reuters) - The militant network behind last month's attacks in Paris had links to people in Britain, the Wall Street Journal has said in a report that British police described on Saturday as "...
  
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• Paris militant group had links to Britain - Wall Street Journal

  04-12-2015 21:33 via news.yahoo.com
  
  LONDON (Reuters) - The militant network behind last month's attacks in Paris had links to people in Britain, the Wall Street Journal said on Friday, citing Western officials. Several pe...
  
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• Another month of solid US hiring clears way for Fed hike

  04-12-2015 21:03 via news.yahoo.com
  
  WASHINGTON (AP) — If the Federal Reserve needed any final evidence that the economy is ready for higher interest rates, it got it on Friday.
  
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• Venezuelan oil hits seven-year low ahead of key vote

  04-12-2015 21:02 via news.yahoo.com
  
  Venezuelan oil hit a seven-year low of $34.05 a barrel this week, the government said Friday, as the country headed for crunch legislative elections largely fought over the dismal state of the oil-dependent economy. The 2.5-percent drop also came as the Organization of the Petroleum Exporting Countries (OPEC) decided against cutting its output to lift prices -- continuing to defy outvoted member Venezuela's pleas to curb production. "Crude prices ended down this week due mainly to the dollar's g
  
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• Finnish PM sees no return to labor reform talks, unions hint strikes

  04-12-2015 20:56 via news.yahoo.com
  
  Finland's prime minister on Friday ruled out restarting talks with trade unions on revamping working conditions, setting up a confrontation with labor leaders over measures to boost the recession-hit economy. Talks over a "social contract" to cut unit costs and boost export competitiveness ended without agreement earlier this week, meaning the government was set would go forward with its plan to reduce holidays, holiday bonuses and sickness benefits despite opposition from the unions. Prime Mini
  
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• Draghi: ECB to intensify actions to boost inflation if necessary

  04-12-2015 20:15 via news.yahoo.com
  
  Mario Draghi said Friday that the European Central Bank would intensify efforts to support the eurozone economy and boost inflation toward its two percent goal if necessary. Speaking one day after the ECB's moves to expand stimulus fell short of market expectations, the central bank president said that he was confident of returning to that level of inflation "without undue delay". "But there is no doubt that if we had to intensify the use of our instruments to ensure that we achieve our price st
  
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• Lured by low pump prices, U.S. motorists care less about fuel efficiency

  04-12-2015 20:10 via news.yahoo.com
  
  The average fuel economy of new cars sold in the U.S. in November dropped by 0.1 mile per gallon, continuing a trend that began in August of last year when pump prices began to fall, according to new data by the University of Michigan Transportation Research Institute. New cars sold in November got an average of 25 miles per gallon (mpg), down 0.8 from the peak reached in August of 2014, but still up from 4.9 mpg since October of 2007, when the university began tracking sales. The U.S. governmen
  
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• U.S. Supreme Court agrees to hear Puerto Rico restructuring appeal

  04-12-2015 20:04
  WASHINGTON, Dec 4 (Reuters) - The U.S. Supreme Court on
  Friday agreed to hear Puerto Rico's bid to reinstate a law that
  would allow restructuring of the U.S. territory's public
  agencies as the island...
  
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• U.S. stocks jump, dollar gains after U.S. jobs report

  04-12-2015 20:01 via news.yahoo.com
  
  Stocks on Wall Street jumped on Friday after strong jobs data made it almost certain the Federal Reserve would raise interest rates in two weeks, while a surprise move by major oil exporters to keep pumping near-record volumes pushed crude prices down. The dollar rose, gold rallied about 2 percent and base metals, including copper, gained after the U.S. jobs report for November paved the way for the Fed to raise rates at an impending two-day meeting for the first time in nearly a decade. The U.S
  
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• Wall Street rebounds on jobs data

  04-12-2015 19:53 via news.yahoo.com
  
  Wall Street equities rebounded Friday on data showing the US economy created jobs at a solid clip in November, heightening expectations the Federal Reserve will raise interest rates this month. "The 'data dependent' Fed will be reassured that the economy is showing no sign of succumbing to worries about the global outlook," said Chris Williamson, chief economist at Markit. In midday trading, the Dow Jones Industrial Average stood up 1.3 percent, with the broad-based S&P 500 and the tech-rich
  
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• Wall Street rallies as jobs data points to strong economy

  04-12-2015 19:53 via news.yahoo.com
  
  The Dow Jones industrial average rose about 2 percent on Friday, its biggest gain in three months, after U.S. jobs data suggested the economy was robust enough for the Federal Reserve to raise interest rates for the first time in nearly a decade. The S&P 500 and the Nasdaq Composite were up about 1.8 percent in early afternoon trading. Nine of the 10 major S&P 500 sectors were higher.
  
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• OPEC decides against cutting oil output: Nigeria

  04-12-2015 19:07 via news.yahoo.com
  
  The Organization of the Petroleum Exporting Countries has decided against cutting its oil output to lift prices, its president and Nigerian oil minister Emmanuel Ibe Kachikwu said following a meeting here Friday. OPEC, whose members together pump out more than one third of world oil, is currently producing above its official target of 30 million barrels per day. "Given the present position of the economy of countries that are purchasing (oil) and the worldwide economy, we will retain production
  
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• Sturdy U.S. employment report a green light for December rate hike

  04-12-2015 19:00 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. employment increased strongly in November in a show of the economy's resilience, which most likely paves the way for the Federal Reserve to raise interest rates this month for the first time in nearly a decade. Nonfarm payrolls rose 211,000 last month, the Labor Department said on Friday. The jobless rate is in a range many Fed officials see as consistent with full employment and has dropped seven-tenths of a percentage point this year.
  
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• S&P holds South Africa's credit rating; downgrades outlook to negative

  04-12-2015 18:30 via news.yahoo.com
  
  Standard & Poor's kept South Africa's credit rating at BBB- on Friday but changed its outlook to negative from stable, saying this reflected the view that economic growth might be lower than expected. In a statement, S&P said it expected GDP growth in 2016 to remain around 1.6 percent and only increase above 2 percent from 2017 as the capacity of electricity supply improved. "The negative outlook reflects our view that GDP growth might be lower than we currently expect, or that fiscal fl
  
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• South African stocks fall to 3-1/2 month low, rand firms

  04-12-2015 18:17 via news.yahoo.com
  
  South African stocks fell by more than 2 percent on Friday as investors priced in a possible downgrade from ratings agencies, while the rand rallied as the greenback failed to make meaningful gains. Standard & Poor's kept South Africa's credit rating at BBB- on Friday but changed its outlook to negative from stable, saying this reflected the view that economic growth might be lower than expected. Fitch, which was due to issue its rating statement later, rates South Africa at "BBB" with a neg
  
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• No easy way to trade in a more dangerous world

  04-12-2015 18:09
  LONDON (Reuters) - The list of geopolitical risks worrying fund managers is growing; potential investment responses are proving slow to evolve.
  
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• Sturdy U.S. employment report a green light for Dec rate hike

  04-12-2015 18:08 via news.yahoo.com
  
  U.S. employment increased strongly in November in a show of the economy's resilience, which most likely paves the way for the Federal Reserve to raise interest rates this month for the first time in nearly a decade. Nonfarm payrolls rose 211,000 last month, the Labor Department said on Friday. The jobless rate is in a range many Fed officials see as consistent with full employment and has dropped seven-tenths of a percentage point this year.
  
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• Madoff trustee begins $1.19 billion payout to victims

  04-12-2015 17:29
  
  NEW YORK (Reuters) - The trustee liquidating Bernard Madoff's firm on Friday began distributing another $1.19 billion to victims of the swindler's Ponzi scheme.
  
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• Weak Canada jobs, trade data discouraging for fourth quarter growth

  04-12-2015 17:08 via news.yahoo.com
  
  By Leah Schnurr and David Ljunggren OTTAWA (Reuters) - Canada shed more jobs than expected in November, while exports tumbled in October, suggesting the economy was off to a weak start in the final quarter of 2015 after just recently emerging from a mild recession. The country lost 35,700 jobs last month, Statistics Canada data showed on Friday, though the decline was mostly due to the erasure of a temporary boost the labor market had received from the general election in October. "We're effecti
  
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• BRIEF-Platfields updates on provisional liquidation of co

  04-12-2015 16:49
  * Provisional liquidation and renewal of cautionary
  announcement
  
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• Fed rate hike backed by strong US jobs report

  04-12-2015 16:31 via news.yahoo.com
  
  Strong hiring across the US economy in November lent fresh support Friday to the Federal Reserve embarking on a long-awaited series of interest rate hikes later this month. The US economy pumped out 211,000 new jobs last month, and the previous two months were significantly better than previous estimates, the Labor Department reported. The unemployment rate was unchanged at 5.0 percent, the lowest level in seven years and down from 5.8 percent a year ago, as the US economy continues to fend off
  
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• ECB under fire over 'timidity' of policy moves

  04-12-2015 16:28 via news.yahoo.com
  
  The ECB was under fire Friday for failing to act as decisively as expected to rekindle inflation, with some market players suspecting divisions among the bank's top brass stopping it from doing more. European Central Bank watchers accused bank chief Mario Draghi of undermining the bank's credibility and even jeopardising the ability of the eurozone economy to get back on its feet as the policy measures announced at a meeting on Thursday fell short of the high expectations the ECB officials had t
  
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• US trade deficit grows as exports hit 3-year low

  04-12-2015 16:17 via news.yahoo.com
  
  The US trade deficit widened in October as exports fell to their lowest level in three years amid a slowing global economy and a strong dollar, official data showed Friday. The trade gap widened to $43.9 billion in October from an upwardly revised September reading of $42.5 billion. Exports fell faster than imports, another sign of the cause of weakness in the struggling US manufacturing sector, as the strong dollar makes exports relatively more expensive and lackluster global growth weakens dem
  
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• EU scraps derivatives case vs 13 banks, continues Markit, ISDA probe

  04-12-2015 16:05
  
  BRUSSELS (Reuters) - EU antitrust regulators have dropped charges against 13 banks including Citigroup and Deutsche Bank for blocking exchanges from derivatives markets, but will continue their case...
  
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• Fed names regional bank chairs for 2016

  04-12-2015 16:04
  
  WASHINGTON (Reuters) - The Federal Reserve Board on Friday named the chairs and deputy chairs of the 12 regional Federal Reserve Banks for 2016. The Fed's Washington-based board appoints three of the...
  
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• China announces $60 bn 'funding support' for Africa

  04-12-2015 16:02 via news.yahoo.com
  
  Chinese President Xi Jinping announced $60 billion of assistance and loans for Africa at a summit in Johannesburg on Friday, signalling China's commitment to the continent despite a recent fall in investment. China's economic growth has taken a dip this year, triggering a global commodities slump and causing Beijing to slash investment in Africa by more than 40 percent in the first six months of 2015. "China is greatly concerned about the poor harvest caused by El Nino in many African countries
  
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• Gold sinks to five-year low as Fed rate hike looms

  04-12-2015 16:01 via news.yahoo.com
  
  The price of gold collapsed this week close to five-year lows, punished by mounting speculation of a US Federal Reserve rate hike later this month. "Gold has been taking a hammering on increasing expectations of a December rate rise in the United States," Sucden analyst Kash Kamal told AFP. The US economy pumped out 211,000 new jobs in November, the Labor Department said, a solid figure that supports the Fed starting to raise rates this month.
  
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• Ferrari workers get 5,000 euro bonus after share sale

  04-12-2015 15:47 via news.yahoo.com
  
  Luxury carmaker Ferrari is giving its employees a Christmas treat, awarding them a 5,000 euro ($5,450) bonus each to thank them for this year's financial results and a successful Wall Street debut, a spokesman said on Friday. Ferrari, based in the northern Italian town of Maranello, has more than 2,850 staff. The sale of a 10 percent stake in Ferrari raised $982 million for the parent, while the overall windfall from the listing and spin-off is seen at more than $4 billion.
  
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• Weak Canada job, trade reports discouraging for fourth quarter growth

  04-12-2015 15:45 via news.yahoo.com
  
  By Leah Schnurr and David Ljunggren OTTAWA (Reuters) - Canada shed more jobs than expected last month, while exports tumbled in October, suggesting the economy was off to a weak start in the final quarter of the year. "We're effectively back to square one," said Doug Porter, chief economist at BMO Capital Markets. Separately, the country's trade deficit unexpectedly jumped to C$2.76 billion ($2.08 billion) in October as exports to the U.S. market dropped by the most in almost two-and-a-half year
  
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• German recon planes to arrive in Turkey soon to combat Islamic State: Davutoglu

  04-12-2015 15:27 via news.yahoo.com
  
  ANKARA (Reuters) - German reconnaissance planes will soon arrive in Turkey's Incirlik air base to support the U.S.-led coalition's fight against Islamic State, Turkish Prime Minister Ahmet Davutoglu said on Friday. Speaking to reporters after a trip to Azerbaijan, Davutoglu also said the government was considering structural measures to compensate for the economic impact of Russian sanctions and that it could support affected companies in sectors including tourism and agriculture. ...
  
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• Solid U.S. employment report a green light for Dec rate hike

  04-12-2015 15:11 via news.yahoo.com
  
  U.S. job growth increased solidly in November in a show of the economy's resilience, which most likely paves the way for the Federal Reserve to raise interest rates this month for the first time in nearly a decade. The jobless rate is in a range many Fed officials see as consistent with full employment and has dropped seven-tenths of a percentage point this year. The Fed was looking for some positive movement on wages, and we got a little bit of that.
  
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• Denmark's 'No' holds a lesson for Britain's Cameron: Beware complacency

  04-12-2015 15:10 via news.yahoo.com
  
  By Guy Faulconbridge LONDON (Reuters) - If there is a lesson for Prime Minister David Cameron from Denmark's 'No' vote, it may be that complacency could allow Britain to drop out of the European Union when voters decide on membership in a referendum likely next year. Denmark's voters ignored advice from politicians, business leaders and the media, and said "No" to more EU laws aimed at fighting cross-border crime, underscoring a broader disenchantment across Europe after years of crisis and slug
  
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• Bond yields jump on 'Goldilocks' U.S. jobs report

  04-12-2015 15:10 via news.yahoo.com
  
  By Jamie McGeever LONDON (Reuters) - Bond yields jumped and U.S. stock futures extended gains on Friday after U.S. employment data for November appeared to set the seal on an interest rate increase later in the month. The U.S. economy created 211,000 jobs last month, more than the expected 200,000, while previous months were revised higher too. "Judging by the market reaction, specifically 2-year yields, the market is very much expecting that this will only bolster a Fed hike this month," said B
  
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• Exclusive: Viacom should end non-voting stock, give vote to all investors - California fund

  04-12-2015 15:07
  
  BOSTON/NEW YORK (Reuters) - An official for the second-largest U.S. public pension system on Thursday urged Viacom Inc to do away with its dual-class share structure, the latest call from an investor...
  
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• Oil prices trim gains after U.S. jobs data top forecasts

  04-12-2015 14:40 via news.yahoo.com
  
  Oil prices trimmed gains to hold in positive territory on Friday after data showed the U.S. economy created more jobs than forecast in November, cementing expectations for the first U.S. interest rate rise in nearly a decade this month. Brent crude futures were last up 78 cents on the day at $44.62 a barrel by 1333 GMT, compared with around $44.70 before the data and with a session high of $44.82. U.S. crude futures were up 47 cents on the day at $41.55 a barrel, having traded around $41.76 prio
  
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• U.S. trade deficit widens as exports hit three-year low

  04-12-2015 14:39 via news.yahoo.com
  
  WASHINGTON, Dec 4 (Reuters) - - The U.S. trade deficit widened unexpectedly in October as exports fell to a three-year low, suggesting that trade could again weigh on economic growth in the fourth quarter.
  
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