Finance news

• FedEx profit beats forecasts as margins rise; shares jump

  16-12-2015 23:52 via news.yahoo.com
  
  By Nick Carey CHICAGO (Reuters) - Package delivery company FedEx Corp on Wednesday reported a better-than-expected quarterly net profit, saying higher margins, cost-cutting and a lower effective tax rate offset weak industrial production and global trade. The news sent FedEx stock up 5 percent in after-market trading. Often seen as a bellwether of U.S. economic activity, Memphis, Tennessee-based FedEx reiterated its fiscal 2016 earnings forecast between $10.40 and $10.90 per share.
  
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• Migrants making mark in global workforce: ILO

  16-12-2015 23:41 via news.yahoo.com
  
  Migrants are increasingly participating in a globalised economy, notably in the services sectors, according to a report released Wednesday by the ILO. The International Labour Organization shed light on new data which quantifies for the first time the extent to which a global migrant workforce estimated at 150.3 million people -- 44 percent of them women -- is carving a professional niche in the countries receiving them. At a time when mass migration, heightened by the conflict in Syria and econ
  
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• Katy Perry and Andrea Bocelli; Hedge funds party despite losses

  16-12-2015 23:34
  
  NEW YORK (Reuters) - Hedge fund managers faced a tricky question this holiday season: how to thank employees but not offend disappointed clients.
  
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• Hilton to spin off hotel properties into REIT: source

  16-12-2015 23:16 via news.yahoo.com
  
  (Reuters) - Hotel operator Hilton Worldwide Holdings Inc plans to spin off its hotel properties into a REIT, a person familiar with the matter told Reuters on Wednesday. The spinoff will be tax free and the company has already sought the blessing of the Internal Revenue Service, the person said. Hilton, which owns the Waldorf Astoria and Conrad hotel chains, was not immediately available to comment.
  
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• CORRECTED-UPDATE 1-Hilton to spin off hotel properties into REIT -source

  16-12-2015 23:10
  
  Dec 16 (Reuters) - Hotel operator Hilton Worldwide Holdings Inc plans to spin off its hotel properties into a REIT, a person familiar with the matter told Reuters on Wednesday.
  
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• Economists see next Fed rate increase in first quarter of 2016 - Reuters poll

  16-12-2015 23:08 via news.yahoo.com
  
  Wall Street's top banks expect the Federal Reserve to next raise U.S. interest rates in the first quarter of next year, according to a Reuters poll conducted on Wednesday, after the Fed raised rates for the first time in more than nine years. A total of 13 of 21 primary dealers, brokerages that deal directly with the Federal Reserve, say the Fed will next raise rates in the first quarter, after it raised the range of its benchmark interest rate by a quarter of a percentage point to between 0.25
  
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• Stocks jump after Fed finally raises interest rates

  16-12-2015 22:58 via news.yahoo.com
  
  NEW YORK (AP) — Stocks climbed Wednesday after the Federal Reserve raised interest rates, a long-expected vote of confidence in the U.S. economy. At the same time investors were encouraged that the Fed emphasized that further increases will be gradual.
  
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• Fitch cuts Brazil's credit rating to junk

  16-12-2015 22:58 via news.yahoo.com
  
  Fitch cut Brazil's sovereign debt rating to junk status Wednesday, the second downgrade for the world's seventh economy as it struggles through a deep recession and a damaging political crisis. The rating agency lowered Brazil's status from "BBB-" to "BB+", the first step into "speculative" or "junk" territory. Brazilian President Dilma Rousseff is currently fighting calls for her impeachment, and the economy is mired in a worse-than-expected recession.
  
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• UPDATE 1-Oracle profit beats Street on strong cloud-based software sales

  16-12-2015 22:47
  
  Dec 16 (Reuters) - Business software maker Oracle Corp reported a better-than-expected quarterly profit, helped by strong sales from its cloud services.
  
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• Banks line up to advise Qatar on Valentino share offer - sources

  16-12-2015 22:43 via news.yahoo.com
  
  By Pamela Barbaglia LONDON (Reuters) - The Qatari owners of Italian fashion house Valentino have invited banks to pitch for the advisory roles on a stock market listing as they seek an exit from one of the world's most glamorous brands, sources familiar with the plan said. A decision on which bank will work on an initial public offering (IPO) in Milan is expected in January, the sources said. Mayhoola for Investments, an investment vehicle with close ties to Sheikha Mozah, the second wife of Qat
  
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• Wells Fargo eyes insurance brokerage acquisitions

  16-12-2015 22:34
  
  (Reuters) - Wells Fargo & Co is restarting efforts to expand its insurance brokerage business through acquisitions after previously announced M&A aspirations did not pan out.
  
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• US stocks leap more than 1% on Fed rate hike

  16-12-2015 22:33 via news.yahoo.com
  
  US stocks jumped more than one percent after the Federal Reserve announced the first interest rate hike in nine years Wednesday and promised a gradual approach to future rate increases. The broad-based S&P 500 rose 29.66 (1.45 percent) to 2,073.07, while the tech-rich Nasdaq Composite Index advanced 75.78 (1.52 percent) to 5,071.13. The Fed raised the benchmark federal funds rate, locked near zero for seven years to support recovery from the Great Recession, by a quarter point to 0.25-0.50 p
  
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• Yellen says US economy 'source of strength' for others

  16-12-2015 22:23 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen conceded Wednesday the Fed's rate increase could hurt some emerging economies, but that it represents a strong US economy that is good for global growth. "There can be negative spillovers through capital flows, but remember, there are also positive spillovers from a strong US economy," Yellen said shortly after announcing the Fed's first rate increase in over nine years.
  
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• Fed raises interest rates, citing ongoing U.S. recovery

  16-12-2015 22:21 via news.yahoo.com
  
  The Federal Reserve hiked interest rates for the first time in nearly a decade on Wednesday, signaling faith that the U.S. economy had largely overcome the wounds of the 2007-2009 financial crisis. The U.S. central bank's policy-setting committee raised the range of its benchmark interest rate by a quarter of a percentage point to between 0.25 percent and 0.50 percent, ending a lengthy debate about whether the economy was strong enough to withstand higher borrowing costs. "With the economy perfo
  
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• 'Star Wars: The Force Awakens' among AFI's best films of 2015

  16-12-2015 22:20 via news.yahoo.com
  
  By Piya Sinha-Roy LOS ANGELES (Reuters) - "Star Wars: The Force Awakens" racked up its first award on Wednesday when the American Film Institute named it as one of the 10 best films of the year. "The Force Awakens," opening in theaters across the world this week, was included in a list alongside awards front-runners such as Wall Street misdeeds comedy "The Big Short" and lesbian romance drama "Carol." The American Film Institute's top films of the year are selected by critics, scholars, TV and f
  
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• Wall Street rallies on gradual Fed tightening, improving economy

  16-12-2015 22:19 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks rallied on Wednesday after the Federal Reserve announced it is raising its key policy rate for the first time in nearly a decade in a sign of confidence in the U.S. economy.
  
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• With rate hike, Yellen places her firm stamp on Fed policy

  16-12-2015 22:14 via news.yahoo.com
  
  In deciding to raise a key interest rate that has remained near zero for seven years, Federal Reserve Chair Janet Yellen has taken a risky step into unknown territory. The 0.25 percentage point increase seems small but it marks a dramatic shift in US monetary policy and a huge decision for the 69-year-old Yellen, the first woman to preside over the US central bank and arguably the most powerful person in global finance. Diminutive in size but a large force in the field of economics, Yellen, lead
  
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• Wall Street rallies on Fed rate hike

  16-12-2015 22:07 via news.yahoo.com
  
  (Reuters) - U.S. stocks rallied on Wednesday after the Federal Reserve announced it is raising its key policy rate for the first time in nearly a decade in a sign of confidence in the U.S. economy.
  
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• Black presence on U.S. boards shrinks, hedge funds cited by some

  16-12-2015 21:51
  
  BOSTON (Reuters) - African-Americans have become a shrinking presence in the boardrooms of the biggest U.S. companies in recent years, setting back a push by pension funds for greater...
  
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• Clinton proposes expanding 'Buffett rule' to raise wealthiest tax rates

  16-12-2015 21:48
  
  OMAHA, Neb. (Reuters) - Democratic presidential front-runner Hillary Clinton on Wednesday proposed expanding the "Buffett rule" to raise effective tax rates on the wealthy.
  
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• 'Not impossible' Iran sanctions will end in Jan, IAEA chief says

  16-12-2015 21:43 via news.yahoo.com
  
  By Shadia Nasralla and Francois Murphy VIENNA (Reuters) - Iran's aim of having sanctions against it lifted by the end of January under a deal with major powers is "not impossible", the head of the U.N. nuclear watchdog monitoring its implementation said on Wednesday. Tehran is racing to keep its side of the deal reached with world powers in July, under which the sanctions that have battered its economy will be suspended in exchange for Iran severely limiting its nuclear program. International At
  
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• Fed raises rates for first time in 9 years

  16-12-2015 21:36 via news.yahoo.com
  
  The U.S. central bank's policy-setting committee raised the range of its benchmark interest rate by a quarter of a percentage point to between 0.25 percent and 0.50 percent, ending a lengthy debate about whether the economy was strong enough to withstand higher borrowing costs. The message from he bond market has been that a rate hike might do more to slow economy and flattening of curve suggests that story is still This is a gradual flattening, not a big move because most of this is priced in b
  
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• US stock indexes rise after Fed raises interest rates

  16-12-2015 21:18 via news.yahoo.com
  
  NEW YORK (AP) — Stocks are rising Wednesday afternoon after the Federal Reserve raised interest rates, a long-expected vote of confidence in the health of the U.S. economy. The announcement and comments from Fed Chair Janet Yellen gave the markets a boost.
  
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• Oil drops 3 pct as U.S. supplies swell, Fed hikes rates

  16-12-2015 21:10 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil fell more than 3 percent on Wednesday, snapping a two-day rebound after U.S. government data showed a surprise weekly build in crude inventories and the Federal Reserve raised interest rates for the first time in nine years. The rate hike signaled faith that the U.S. economy had largely overcome the 2007-2009 financial crisis. Higher U.S. rates are expected to support the dollar, which should pressure oil prices, making oil costlier for holders of othe
  
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• U.S. rate hike is a major milestone for retirees

  16-12-2015 20:48
  
  CHICAGO (Reuters) - The interest rate hike announced today by the Federal Reserve is a major milestone for retirees, who have been caught between a rock and hard place ever since the Great Recession,...
  
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• Fed announces historic rate increase, first since 2006

  16-12-2015 20:44 via news.yahoo.com
  
  The Federal Reserve announced Wednesday its first interest rate increase in more than nine years in a landmark move signaling the US has finally moved beyond the 2008 crisis. The Fed raised the benchmark federal funds rate, locked near zero since the Great Recession, by a quarter point to 0.25-0.50 percent, saying the economy is growing at a moderate pace and should accelerate next year. The move was widely expected but nevertheless marked the end of an era in which the Fed pumped trillions of c
  
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• After rate hike, CDs could make a comeback

  16-12-2015 20:40
  
  NEW YORK (Reuters) - In the textbooks Zach Abrams studied to become a certified financial planner 10 years ago, there was talk of a curious strategy called 'laddering CDs'. Yet since the 31-year-old...
  
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• What the Fed rate hike means to you, and your wallet

  16-12-2015 20:38
  
  LOS ANGELES (Reuters) - For everyone who has been saying interest rates can only go up, well - now is their time. But what does the Federal Reserve's decision to raise interest rates actually mean...
  
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• Wall Street higher as Fed underscores gradual tightening

  16-12-2015 20:32 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - U.S. stocks rose in volatile trading on Wednesday after the Federal Reserve announced it is raising its key policy rate for the first time in nearly a decade. Markets gave the Fed's statement a dovish slant, supportive of risk assets including equities. The Fed made clear that the 25-basis point rate hike was a tentative beginning to a "gradual" tightening cycle, and that in deciding its next move it would put a premium on monitoring inflation, which remain
  
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• Fed raises interest rates for first time in a decade in 'dovish hike'

  16-12-2015 20:25 via news.yahoo.com
  
  The Federal Reserve hiked interest rates for the first time in nearly a decade on Wednesday, signaling faith that the U.S. economy had largely overcome the wounds of the 2007-2009 financial crisis. The U.S. central bank's policy-setting committee raised the range of its benchmark interest rate by a quarter of a percentage point to between 0.25 percent and 0.50 percent, ending a lengthy debate about whether the economy was strong enough to withstand higher borrowing costs. "The Committee judges t
  
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• Ukraine says Russia won't derail EU trade pact

  16-12-2015 20:19 via news.yahoo.com
  
  Ukrainian President Petro Poroshenko vowed Wednesday to push through a trade deal with the European Union that is due to begin in 2016, despite Russia's suspension of its own such pact with Kiev in apparent retaliation. Speaking ahead of talks in Brussels, Poroshenko said he was aware that "unfortunately" the decision announced by Russian President Vladimir Putin would cause "damage" to the Ukrainian economy. "But we are ready to pay this price for our freedom and our European choice," Poroshenk
  
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• U.S. bill has health, technical aid for Puerto Rico; no Chapter 9

  16-12-2015 20:17 via news.yahoo.com
  
  By Susan Cornwell WASHINGTON (Reuters) - The $1.1 trillion government spending bill now being considered by the U.S. Congress includes health aid for Puerto Rico and authorizes the U.S. Treasury to provide technical assistance to the territory that is struggling with a huge debt crisis. The provision added to the bill, which funds the entire U.S. government and is expected to be voted on later this week, would change payments to Puerto Rico hospitals under the Medicare health care program for th
  
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• Fed finally lifts key interest rate from near zero

  16-12-2015 20:08 via news.yahoo.com
  
  WASHINGTON (AP) — The Federal Reserve is raising interest rates after seven years of record lows. But it's signaling that further rate hikes will likely be made slowly as the economy strengthens further and muted inflation rises.
  
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• UPDATE 5-Valeant says can contain hit to dermatology, projects 2016 growth

  16-12-2015 19:55
  
  * Shares rise 8 percent (Adds detail from meeting, CVS Health comment)
  
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• Canada PM says weak Canada dollar brings challenges

  16-12-2015 19:55 via news.yahoo.com
  
  Canadian Prime Minister Justin Trudeau said on Wednesday that while it is a good thing that the U.S. economy is recovering enough to face higher interest rates, the weaker Canadian dollar that comes with a Fed hike brings its own challenges. "Obviously it's a good thing that our major trading partner, upon whom so many jobs in Canada depend, are (sic) starting to see a resurgence of their economy," Trudeau told reporters. "There will be opportunities for our exporters to benefit from it, but obv
  
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• Wall Street watchdog's arbitration review triggers 51 proposed changes

  16-12-2015 19:49
  
  (Reuters) - Wall Street's industry-funded watchdog should create a pool of specially trained arbitrators to hear cases from brokers who request to clean up their public disclosure records, an...
  
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• US stocks inch higher as Fed decision on rates approaches

  16-12-2015 19:18 via news.yahoo.com
  
  Stocks are higher Wednesday, led by utilities and telecommunications companies, but an early rally mostly fizzled out by early afternoon. Investors expect the Federal Reserve to raise interest rates this ...
  
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• Brazil's Itaú confirms loan purchases from rival BTG Pactual

  16-12-2015 19:17
  
  SAO PAULO (Reuters) - Itaú BBA SA, Brazil's largest wholesale and investment bank, purchased an unspecified amount of loans from rival Grupo BTG Pactual SA, which accelerated asset sales following...
  
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• Government: New vehicles averaged record 24.3 mpg in 2014

  16-12-2015 19:10 via news.yahoo.com
  
  WASHINGTON (AP) — New cars and trucks averaged a record 24.3 miles per gallon last year, but falling gas prices and America's rekindled love affair with SUVs could endanger future fuel economy gains.
  
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• Citron calls Mobileye "short of the year: 2016"; shares fall

  16-12-2015 19:05
  
  Dec 16 (Reuters) - Mobileye NV's stock is "short of the year: 2016", influential short-selling firm Citron Research said in a tweet on Wednesday, pushing down shares of the driving assistant software...
  
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• Rising U.S. interest rates likely to dent automakers' earnings

  16-12-2015 19:00 via news.yahoo.com
  
  The Federal Reserve is expected to raise its overnight lending rate on Wednesday for the first time since 2006, and economists predict another three to four hikes by the end of 2016. As soon as the central bank tightens, higher rates will make it more expensive for companies like Ford Motor Co and General Motors Co and their finance arms to fund themselves in the bond markets. To compete, auto makers will likely have to keep their rates similarly low, which will squeeze their margins on loans.
  
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• Argentina announces end of forex restrictions

  16-12-2015 18:55 via news.yahoo.com
  
  Argentina said Wednesday it will eliminate the foreign exchange restrictions that have propped up the official value of the peso since 2011, setting up a potentially painful devaluation. "The finance ministry announces that this afternoon at 6:00 pm (2100 GMT), the lifting of the currency exchange control will be announced," the ministry said in a statement. The move comes six days after new pro-business President Mauricio Macri took office promising deep reforms for Latin America's third larges
  
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• Trudeau, pressed on likely Fed hike, says strong U.S. good for Canada

  16-12-2015 18:40 via news.yahoo.com
  
  OTTAWA (Reuters) - Canadian Prime Minister Justin Trudeau, pressed on the likely move by the U.S. Federal Reserve to hike interest rates on Wednesday, told reporters that "having the United States economy pick up steam is ultimately going to be good for Canada". He added: "There will be opportunities for our exporters to benefit from it, but obviously we are always looking at the challenges that a lower dollar will pose to Canadian producers." (Reporting by David Ljunggren; Editing by Chizu Nomi
  
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• Britain's FTSE rises for second day with Fed in focus

  16-12-2015 18:20
  
  * Commodities find favour ahead of U.S. Fed rate decision (Adds closing prices)
  
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• Wall Street pares gains as oil slumps ahead of Fed decision

  16-12-2015 18:08 via news.yahoo.com
  
  Wall Street pared gains as oil prices tumbled on Wednesday and ahead of a widely expected interest rate hike by the Federal Reserve later in the day. Energy and material stocks were down as crude oil prices fell on fresh evidence of growing global oversupply. The Fed will announce the outcome of its policy meeting at 2 p.m. ET (1900 GMT), followed by a press conference by Chair Janet Yellen at 2:30 p.m. ET.
  
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• Foreign-focused share funds bleed most cash in nearly a year: ICI

  16-12-2015 17:59
  
  NEW YORK (Reuters) - Investors in U.S.-based mutual funds pulled $1.2 billion out of funds that specialize in international shares in the week ended Dec. 9 after a smaller-than-expected stimulus move...
  
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• Canada's Calfrac to issue equity to meet required debt ratio

  16-12-2015 17:56
  
  TORONTO, Dec 16 (Reuters) - Canadian oilfield services provider Calfrac Well Services Ltd said on Wednesday it is raising C$27.5 million via an equity issue aimed at shoring up a key debt ratio,...
  
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• US stocks inch higher before Fed decision on rates

  16-12-2015 17:28 via news.yahoo.com
  
  Stocks are edging higher Wednesday morning as investors expect the Federal Reserve to raise interest rates, which would be a vote of confidence in the U.S. economy. Utility companies, which have struggled ...
  
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• European, US stocks move higher before Fed

  16-12-2015 17:11 via news.yahoo.com
  
  European stock markets rose in tandem with their US counterpart Wednesday, with the Federal Reserve poised to announce its first US interest rate hike in nearly a decade. At 1500 GMT, London's benchmark FTSE 100 index had risen 1.0 percent with Frankfurt and Paris boasting similar form while Wall Street was also up shortly after the opening bell. On Wall Street, the Dow Jones Industrial Average stood at 17,672.39, up 0.84 percent while the broad-based S&P 500 posted a 0.7 percent gain and th
  
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• Motorists hit the roads in record volumes in October: U.S. DOT

  16-12-2015 17:08 via news.yahoo.com
  
  Motorists logged 273.5 billion miles on U.S. roads in October, a 2.4 percent increase over last year and the most ever for the month, according to data released on Wednesday by the U.S. Department of Transportation. The fresh numbers are the latest piece of evidence showing a sustained U.S. road revival that has been fueled by a rout in global petroleum prices and a growing U.S. economy. The national average price for gasoline on Wednesday was $2.01 per gallon, down from $2.52 a year ago, accord
  
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