Finance news

• Royal Bank of Canada trading shift should lower volatility: CFO

  07-12-2015 23:50 via news.yahoo.com
  
  By John Tilak TORONTO (Reuters) - Royal Bank of Canada's shift to put more emphasis on corporate investment banking and reduce its reliance on trading should lower the volatility of its capital markets business, one of its top executives told Reuters on Monday. The volatility of trading revenue was highlighted during the summer, when worries about China’s economic growth sent global markets into a spin. RBC, Canada's most valuable company by market capitalization, would be comfortable if i
  
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• Wall Street slides as oil prices tumble to near seven-year low

  07-12-2015 22:43 via news.yahoo.com
  
  U.S. stocks fell on Monday, led by the S&P energy index's biggest one-day percentage drop since late August as oil prices slid to their lowest point in nearly seven years. "The fast and frenetic selling of the morning finally got exhausted and it seems like everything got too stretched to the downside," said Stephen Massocca, chief investment officer at Wedbush Equity Management LLC in San Francisco.
  
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• Oil plunges to seven-year low, Wall St. down

  07-12-2015 22:39 via news.yahoo.com
  
  NEW YORK (Reuters) - Oil prices skidded to their lowest level in nearly seven years on Monday, knocking down shares of major oil companies on Wall Street as a global glut showed no signs of abating.
  
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• Oil plunges to seven-year low, Wall Street down

  07-12-2015 22:38 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - Oil prices skidded to their lowest level in nearly seven years on Monday, knocking down shares of major oil companies on Wall Street as a global glut showed no signs of abating. Brent crude prices fell to $40.60, the lowest since February 2009, after a meeting of members of the Organization of the Petroleum Exporting Countries Friday ended in disagreement over production cuts and without a reference to its output ceiling. Brent crude was last down $2.26, or 5
  
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• Oil price drops to lowest since 2009, sinking energy stocks

  07-12-2015 22:08 via news.yahoo.com
  
  NEW YORK (AP) — Energy companies are closing sharply lower, leading a broad decline on the stock market, after the price of oil dropped to its lowest point in nearly seven years.
  
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• Proposed Law Would Cut Back on Food Waste From Farm to Fridge

  07-12-2015 21:36 via news.yahoo.com
  
  It has been nearly four years since the Natural Resources Defense Council published its landmark study on food waste in the United States. The number was cited again on Monday as Rep. Chellie Pingree, D-Maine, announced, at a press conference in Portland, federal legislation aimed at reducing food waste throughout the economy. "Wasted food costs us over $160 billion a year in this country," Pingree said in a statement.
  
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• Illinois Senate sends piecemeal funding bill to governor

  07-12-2015 21:14
  CHICAGO, Dec 7 (Reuters) - Another piece of Illinois' unfinished fiscal 2016 budget fell into place on Monday with the state Senate's unanimous passage of a bill to send $3.1 billion to local...
  
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• BTG Pactual-backed BR Pharma says to move ahead with capital plan

  07-12-2015 21:06
  SAO PAULO, Dec 7 (Reuters) - Brasil Pharma SA, the Brazilian drugstore chain backed by embattled investment bank Grupo BTG Pactual SA, is going ahead with a plan to raise as much as 600 million reais...
  
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• Venezuela opposition savors long-craved triumph, unity now key

  07-12-2015 20:54
  CARACAS, Dec 7 (Reuters) - In a side room of an affluent Caracas hotel, the wife of jailed opposition leader Leopoldo Lopez locked hands with the spouses of other detained politicians on Sunday night...
  
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• UPDATE 1-Ukraine "in process" of resuming power supplies to Crimea - Ukrenergo

  07-12-2015 20:49
  
  KIEV, Dec 7 (Reuters) - Ukraine is resuming electricity supplies to Russian-annexed Crimea, a state energy official said on Monday, more than two weeks after unknown saboteurs blew up power lines to...
  
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• UPDATE 3-Venezuelan dollar bonds rise after opposition beats Socialists

  07-12-2015 20:33
  LONDON, Dec 7 (Reuters) - Venezuelan dollar bonds rose strongly on Monday after the opposition beat the ruling Socialists in a parliamentary election at the weekend, raising hope of at least some...
  
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• Brazil's Caixa to cut mortgage lending amid funding dry-up, source says

  07-12-2015 20:29
  SAO PAULO, Dec 7 (Reuters) - State-controlled Caixa Econômica Federal, Brazil's largest mortgage lender, plans to further limit disbursements of home loans amid a severe reduction in outstanding...
  
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• Triumphant Venezuela opposition looks to boost economy, free prisoners

  07-12-2015 20:23 via news.yahoo.com
  
  By Andrew Cawthorne and Eyanir Chinea CARACAS (Reuters) - Venezuela's opposition vowed on Monday to revive the OPEC nation's troubled economy and free jailed political activists after winning control of the legislature for the first time in 16 years of Socialist rule. By afternoon, some results from Sunday's election were not yet in, but the Democratic Unity coalition had already won a commanding majority in the 167-member National Assembly. Opposition leaders said final tallies showed they reac
  
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• Why the Best Gifts Don’t Come in a Box

  07-12-2015 20:18 via news.yahoo.com
  
  Researchers have concluded that materialistic people aren’t as happy as their peers, as The Wall Street Journal reported last year. One 1992 study found that “more-materialistic people feel less satisfied both with their lives as a whole and with the amount of fun and enjoyment they get out of day-to-day life,” as The Journal put it.
  
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• Ukraine "in process" of resuming power supplies to Crimea - Ukrenergo

  07-12-2015 20:09
  KIEV, Dec 7 (Reuters) - Ukrainian energy utility Ukrenergo is in the process of resuming electricity supplies to Russian-annexed Crimea, company regional head Igor Boska said on Monday.
  
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• Wall Street drops with oil near seven-year low; Europe stocks up

  07-12-2015 20:07 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - Oil prices skidded to their lowest level in nearly seven years on Monday, hurting the shares of major oil companies on Wall Street as a global glut showed no signs of abating, while European stocks benefited from a weaker euro. Oil majors Exxon , down 3 percent, and Chevron , which fell 2.9 percent, were the biggest drags on the U.S. Dow and benchmark S&P 500 indexes. "As a result of the collapse in oil and gas prices today, the market is worried that you
  
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• UPDATE 1-Report slams Illinois' unsound budgeting practices

  07-12-2015 20:00
  CHICAGO, Dec 7 (Reuters) - Illinois has bent or broken every sound budgeting practice and should adopt reforms to help dig its way out of a huge pile of debt, according to a report released by the...
  
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• Wall St. drops with oil near seven-year low; Europe stocks up

  07-12-2015 19:55 via news.yahoo.com
  
  NEW YORK (Reuters) - Oil prices skidded to their lowest level in nearly seven years on Monday, hurting the shares of major oil companies on Wall Street as a global glut showed no signs of abating, while European stocks benefited from a weaker euro.
  
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• GLOBAL MARKETS-Wall St drops with oil near 7-year low; Europe stocks up

  07-12-2015 19:51
  
  NEW YORK, Dec 7 (Reuters) - Oil prices skidded to their lowest level in nearly seven years on Monday, hurting the shares of major oil companies on Wall Street as a global glut showed no signs of...
  
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• CORRECTED-U.S. appeals court rejects Harbinger claims in LightSquared case

  07-12-2015 19:51
  Dec 7 (Reuters) - A federal appeals court on Monday upheld a decision rejecting claims of fraud by Harbinger Capital Partners, the equity owner of bankrupt wireless venture LightSquared, against...
  
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• UK's Osborne says Western troops no solution for Syria

  07-12-2015 19:47
  
  NEW YORK, Dec 7 (Reuters) - The deployment of British or U.S. ground troops to Syria would not be a solution to the problem posed by Islamic State insurgents, British finance minister George Osborne...
  
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• UPDATE 5-JAB-led investor group to acquire K-cup maker Keurig for $13.9 bln

  07-12-2015 19:34
  
  * Coca-Cola to cash out of 17.4 percent stake (Adds context and analyst quotes, updates share price)
  
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• New York prosecutors offer deals to ex-Dewey & LeBoeuf execs

  07-12-2015 19:34
  
  NEW YORK, Dec 7 (Reuters) - The former chairman of U.S. law firm Dewey & LeBoeuf is nearing a deal with New York prosecutors to avert a retrial on fraud charges stemming from the firm's collapse, and...
  
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• Long-delayed Heathrow decision likely to slip again - source

  07-12-2015 19:33 via news.yahoo.com
  
  By Kate Holton and Sarah Young LONDON (Reuters) - Prime Minister David Cameron is unlikely to give final approval for expanding Heathrow Airport as expected this month, further delaying the politically charged decision which has been 25 years in the making, an industry source said. Cameron had promised a decision on whether to back the 23 billion-pound expansion programme by the end of the year but the person familiar with the process said this was now likely to come next year, possibly only aft
  
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• Mexico's central bank sells $200 million in third auction

  07-12-2015 19:26
  MEXICO CITY, Dec 7 (Reuters) - Mexico's central bank on Monday said it sold all of $200 million offered in a supplementary auction after a sharp slump in the peso currency.
  
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• Taiwan November exports post steepest drop in 6 years

  07-12-2015 19:23 via news.yahoo.com
  
  Taiwan's exports in November posted their steepest year-on-year drop in more than six years as demand failed to recover due to a weak global economy, figures showed Monday. Shipments last month fell 16.9 percent from November 2014, the most since August 2009 when exports plunged 24.6 percent, according to the Ministry of Finance. Exports of electronic products -- which accounts for more than 30 percent of all shipments -- fell 11.5 percent from a year earlier due to excess inventories in the tec
  
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• Mexico sells $149 mln to support peso, calls fresh auction

  07-12-2015 19:21
  MEXICO CITY, Dec 7 (Reuters) - Mexico's central bank on Monday said it sold $149 million out of $200 million offered in an auction, and called a supplementary auction for another $200 million after...
  
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• Looking past rate hike, some fund managers bet on rising inflation

  07-12-2015 19:21
  
  NEW YORK (Reuters) - As Wall Street readies for the first Federal Reserve interest rate increase in nearly a decade, some mutual fund managers and strategists are aiming at a trade that many see as a...
  
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• Wall St slides as oil prices near seven-year low

  07-12-2015 19:01 via news.yahoo.com
  
  Wall Street fell on Monday as energy and raw material stocks took a hit, with oil prices falling to their lowest in nearly seven years. Brent crude and U.S. crude extended their decline and fell as much as 5 percent, after OPEC's meeting last week failed to address a growing supply glut. Oil majors Exxon and Chevron fell about 3 percent and were the biggest drags on the S&P and among the stocks weighing on the Dow.
  
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• LightSquared's fraud claims rejected days after FCC blessing

  07-12-2015 18:52
  Dec 7 (Reuters) - A federal appeals court on Monday upheld a
  decision rejecting claims of fraud by bankrupt wireless venture
  LightSquared and its equity owner Harbinger Capital Partners
  against Deere...
  
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• After opposition election win, U.S. urges Venezuelan parties to talk

  07-12-2015 18:43 via news.yahoo.com
  
  The United States urged all Venezuelan political parties on Monday to follow up on the country's elections with a dialogue to deal with the country's economic and social challenges, saying Washington is ready to support such an effort. U.S. Secretary of State John Kerry congratulated Venezuelans on Sunday's legislative elections, in which the ruling Socialists lost their majority in the National Assembly. The United States has long had an acrimonious relationship with Venezuela, which under Pres
  
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• Triumphant Venezuelan opposition looks to free prisoners

  07-12-2015 18:37 via news.yahoo.com
  
  By Andrew Cawthorne and Eyanir Chinea CARACAS (Reuters) - Triumphant opposition leaders vowed on Monday to use their new majority in Venezuela's legislature to free jailed opponents of the Socialist government, but also promised not to go after political foes. The Democratic Unity coalition won more than twice the number of National Assembly seats as the Socialists in Sunday's vote that punished President Nicolas Maduro's government for deep economic and social crisis in the oil-producing countr
  
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• No talks with Russia over $3 bln bond payment - Ukraine deputy fin min

  07-12-2015 18:37
  LONDON, Dec 7 (Reuters) - Ukraine has had no contact of any kind with Russia over a $3 billion bond held by Moscow and due for repayment on Dec. 20, Ukraine's deputy finance minister said on Monday.
  
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• UPDATE 3-Triumphant Venezuelan opposition looks to free prisoners

  07-12-2015 18:34
  
  CARACAS, Dec 7 (Reuters) - Triumphant opposition leaders vowed on Monday to use their new majority in Venezuela's legislature to free jailed opponents of the Socialist government, but also promised...
  
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• MONEY MARKETS-U.S. bill rates jump on Fed rate-hike bets

  07-12-2015 18:29
  NEW YORK, Dec 7 (Reuters) - Interest rates on U.S. Treasury bills rose on Monday, with the six-month T-bill rate hitting its highest in more than seven years as a solid November payrolls report...
  
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• London to outstrip New York growth by 2030 - research

  07-12-2015 18:21 via news.yahoo.com
  
  London is to grow more quickly than New York over the next 15 years as the British capital benefits more from growth in the global economy, a report showed on Monday. London's economy will grow by an average of 2.9 percent a year between now and 2030, ahead of New York's 2.6 percent, according to forecasts drawn up by Oxford-based consultancy Oxford Economics. "A global outlook gives an unrivalled opportunity for enjoying growth from wherever it comes," Oxford Economics Head of Global Cities Res
  
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• Brazil's Rousseff seeks speedy vote on impeachment bid

  07-12-2015 18:19 via news.yahoo.com
  
  By Anthony Boadle BRASILIA (Reuters) - Brazil's President Rousseff urged Congress on Monday to cancel its summer recess in January and deal swiftly with a request for her impeachment to nip in the bud an attempt to unseat her that she called undemocratic and legally flawed. Rousseff's opponents are seeking to impeach her for allegedly breaking budget laws as she ramped up economic stimulus during her re-election campaign last year. Rousseff's aides have said she has enough votes to block impeach
  
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• U.S., others ready to support dialogue among Venezuelan parties

  07-12-2015 17:54
  WASHINGTON, Dec 7 (Reuters) - Dialogue is needed among all parties in Venezuela to confront its economic and social challenges, and the United States is ready to support this along with others in the...
  
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• GLOBAL MARKETS-Oil slump to near 7-year low weighs on U.S. shares

  07-12-2015 17:40
  * Weaker euro helps boost European shares (Updates prices to open of U.S. markets)
  
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• Ford's Russia unit looks to exports to offset slump in home market

  07-12-2015 17:03 via news.yahoo.com
  
  By Gleb Stolyarov and Alexander Winning MOSCOW (Reuters) - U.S. carmaker Ford's Russian unit is considering expanding exports as weak sales in its home market look set to continue for another year at least, its chief executive told Reuters. Russia's auto industry is a major casualty of the economic crisis precipitated by the collapse in oil prices and Western sanctions over the Ukraine conflict. "Export is something we're looking at," said Mark Ovenden, president and CEO of Ford Sollers, Ford's
  
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• EasyProperty To Sell Big Stake To Toscafund

  07-12-2015 16:40 via news.yahoo.com
  
  The online estate agent backed by Sir Stelios Haji-Iaonnou, the easyJet founder, is to raise nearly £15m from a top City investor in a deal that will take the company's value through the £100m milestone. Sky News has learnt that Toscafund, which has made a string of successful investments in innovative consumer-facing companies such as esure, the motor insurer, is investing about £14m in return for a stake of roughly 15% in easyProperty. It (Other OTC: ITGL - news) will co
  
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• Plunging oil prices drag down Wall Street

  07-12-2015 15:57 via news.yahoo.com
  
  Brent crude prices fell to $38.80, while a stronger dollar made it more expensive to hold crude positions. A fall in oil prices erased earlier advances in stock futures that looked to build on Friday's gains after a strong jobs report last week. The solid November employment report showed that the economy was strong enough to absorb an interest rate hike, which is widely expected to be raised when the Federal Reserve meets on Dec. 15-16.
  
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• Canadian dollar weakens with crude oil, hits new 11-year low

  07-12-2015 15:50 via news.yahoo.com
  
  The Canadian dollar hit its weakest level in more than 11 years on Monday, pressured by further slippage in crude oil and the likely start of U.S. Federal Reserve tightening next week. Oil prices edged closer to 2015 lows after the Organization of the Petroleum Exporting Countries (OPEC) ended its policy meeting on Friday without agreeing to lower production. U.S. crude prices were down 3.35 percent to $38.63 a barrel, while Brent crude lost 2.65 percent to $41.86.[O/R] On Friday, Canadian data
  
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• Technology helps fight against theft of packages

  07-12-2015 15:16
  
  NEW YORK (Reuters) - Gordon Harris was in Washington state when he got a text alert from the Nest webcam at the front door of his home in Scottsdale, Arizona.
  
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• Renault and France on collision course over Nissan

  07-12-2015 15:12 via news.yahoo.com
  
  Renault is drawing up proposals to relinquish some power over its partner Nissan , sources said, and is shoring up support ahead of a likely boardroom clash with the French government. Renault remains on collision course with its biggest shareholder in a dispute running since April, when French Economy Minister Emmanuel Macron raised the government's stake in the carmaker to boost its corporate clout. Since its 1999 rescue by Renault, Nissan has outgrown its French partner and under the combined
  
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• Five apps to organize your financial life

  07-12-2015 15:03
  
  LOS ANGELES (Reuters) - Earlier this year a tax pro mentioned the FileThis organizing app to me. Within seconds of installing it, I wondered, "Where has this been all my life?"
  
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• Joyous Venezuela opposition shatters Socialists' hegemony

  07-12-2015 14:57 via news.yahoo.com
  
  By Andrew Cawthorne and Girish Gupta CARACAS (Reuters) - Ecstatic opposition leaders vowed on Monday to use their new majority in Venezuela's legislature to free jailed opponents of the Socialist government but also said they would not move to dismantle popular welfare policies. The opposition Democratic Unity coalition won more than twice the number of National Assembly seats as the Socialists in elections on Sunday that punished President Nicolas Maduro's government for the country's deep econ
  
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• Merkel preaches benefits of migration at 'guest worker' party

  07-12-2015 14:27 via news.yahoo.com
  
  By Paul Carrel BERLIN (Reuters) - Immigration can enrich Germany and even jog Germans to learn more about Christianity, Chancellor Angela Merkel said on Monday, shrugging aside the growing unease in her coalition over the influx of nearly a million migrants this year. Speaking a day after the far-right National Front pulled off a historic win in neighboring France, Merkel lauded the contribution to Germany's economy and society of the "Gastarbeiter" (guest workers) who came in the postwar decade
  
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• South Africa's credit rating under threat after downgrade, will hurt growth

  07-12-2015 14:23 via news.yahoo.com
  
  By Stella Mapenzauswa JOHANNESBURG (Reuters) - South Africa's investment grade credit rating is under serious threat after a downgrade last Friday and it could struggle to fund crucial infrastructure projects and help put the economy on a more robust growth path. Fitch downgraded the rating of Africa's most industrialised economy by one notch to BBB-, the lowest investment grade category, citing the slowing economy, which the government expects to grow just 1.5 percent this year, and rising debt
  
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• VTB yet to decide on purchase of Elga shares from Mechel - bank's CEO

  07-12-2015 14:17
  
  MOSCOW, Dec 7 (Reuters) - Russia's VTB bank has
  not yet decided whether to buy a stake in indebted steelmaker
  Mechel's Elga coal mine project together with
  Gazprombank, VTB's head Andrei Kostin said...
  
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