Finance news

• Bank of Canada: Fed didn't need 'scary' inflation to act

  18-12-2015 23:36 via news.yahoo.com
  
  By Randall Palmer and Leah Schnurr OTTAWA (Reuters) - It is unsurprising for the U.S. economy to recover before others and therefore it makes sense for the Federal Reserve to be the first to begin hiking interest rates, Bank of Canada Governor Stephen Poloz told Reuters on Friday. The Fed did not have to have "scary inflation" for it to act, saying that if central bankers wait until inflation is at or above their target and the economy has too much momentum, they could have a problem, he said. T
  
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• Turbulence hits Argentina stocks on Macri reforms

  18-12-2015 23:27 via news.yahoo.com
  
  Argentine stock prices plunged by more than four percent on Friday after a week of shock economic reforms by the new conservative government. Buenos Aires' key Merval stock index closed 4.47 percent lower at the end of the week's trading, at 11,404.56 points. Financial media cited investor uncertainty about the impact of reforms by business-friendly President Mauricio Macri in his first week in office.
  
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• Crisis-hit Brazil replaces 'Scissorhands' finance minister

  18-12-2015 23:18 via news.yahoo.com
  
  Brasília (AFP) - Underfire Brazilian President Dilma Rousseff replaced Friday the finance minister dubbed "Scissorhands" for his swingeing spending cuts, after credit raters downgraded the country to junk status in an economic and political crisis. US-trained Joaquim Levy will be replaced by current Planning Minister Nelson Barbosa, a close ally of Rousseff seen as less free-marketeering in his approach, her office said in a statement. "The president is grateful for the dedication of Joaq
  
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• Speculators trim U.S. ten-year Treasury note futures net shorts: CFTC

  18-12-2015 23:09
  
  (Reuters) - Speculators' net bearish bets on U.S. 10-year Treasury note futures fell in the latest week in advance of the Federal Reserve's decision to raise interest rates, according to Commodity...
  
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• UPDATE 1-Appeals court refuses to unfreeze Wyly relatives' assets

  18-12-2015 23:08
  
  Dec 18 (Reuters) - A federal appeals court on Friday refused
  to lift an asset freeze against relatives of Texas entrepreneur
  Sam Wyly, who along with his late brother's estate, faces a
  nearly $300...
  
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• Bank of Canada's Poloz: economic trend quieter than third quarter suggested

  18-12-2015 23:04 via news.yahoo.com
  
  Canadian economic growth in the final quarter of the year should look softer than it did in the third quarter, Bank of Canada Governor Stephen Poloz told Reuters in an interview on Friday. "The third quarter definitely had a little more to it than we would have expected just because of the child care benefit checks and a couple of rebound things from the bad weather in Q1, Q2," Poloz said.
  
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• Wall Street slides on lower crude prices, stock options expiry

  18-12-2015 22:56 via news.yahoo.com
  
  U.S. stocks closed lower on Friday for the second straight day, as concerns, ranging from a decline in crude oil prices to the global response to the Federal Reserve's interest hike, weighed down the market. The S&P and Dow had their worst two-day performance since Sept. 1, while indexes posted losses for the week. "It's a confluence of all the factors: oil prices continuing to run down, the Chinese trying to counteract the dollar and everyone is digesting, globally, what the Fed's announcem
  
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• US spending bill may aid economy just as Fed is pulling back

  18-12-2015 22:08 via news.yahoo.com
  
  WASHINGTON (AP) — Just as the Federal Reserve is pulling back slightly on the economic accelerator, Congress is pressing down a bit harder.
  
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• Wall Street ends off, weighed by oil, global worries

  18-12-2015 22:06 via news.yahoo.com
  
  (Reuters) - U.S. stocks closed lower on Friday for the second straight day, weighed down by concerns including falling crude oil prices and the global response to the Federal Reserve's interest hike. The Dow Jones industrial average fell 370.19 points, or 2.12 percent, to 17,125.65, the S&P 500 lost 36.36 points, or 1.78 percent, to 2,005.53 and the Nasdaq Composite dropped 79.47 points, or 1.59 percent, to 4,923.08. (Reporting by Sinead Carew; Editing by James Dalgleish)
  
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• Fed's Williams wants low rates, hot economy in 2016

  18-12-2015 21:45 via news.yahoo.com
  
  By Ann Saphir SAN FRANCISCO (Reuters) - The Federal Reserve will aim to keep the U.S. economy running hot next year to boost the job market and inflation, a top central banker said, and to achieve that goal interest-rate hikes will be slow but will not follow any predictable pattern. "Every meeting will truly be live in terms of adjusting policy one way or the other," San Francisco Federal Reserve Bank President John Williams told Reuters in an interview, referring to the Fed's policy-setting me
  
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• U.S. business borrowing for equipment falls 12 percent in November: ELFA

  18-12-2015 21:33
  
  (Reuters) - U.S. companies' borrowing to spend on capital investment fell 12 percent in November, trade association Equipment Leasing and Finance Association (ELFA) said.
  
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• UPDATE 4-Turing CEO Shkreli replaced by chairman after fraud bust

  18-12-2015 21:24
  
  Dec 18 (Reuters) - Martin Shkreli, the poster boy for large prescription drug price increases, has stepped down as chief executive of Turing Pharmaceuticals, the company said on Friday, following his...
  
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• Fed to raise rates again in March, follow up with fewer hikes: Reuters poll

  18-12-2015 21:04 via news.yahoo.com
  
  The U.S. Federal Reserve will raise interest rates again in the next three months, according to two-thirds of economists polled by Reuters, although many say rates won't rise as quickly next year as policymakers have suggested. The Fed hiked rates for the first time in nearly a decade on Dec 16, confident the U.S. economy can stand higher borrowing costs after years of stimulus and near-zero rates, although Janet Yellen, who chairs the rate-setting Federal Open Market Committee, made clear futur
  
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• UPDATE 4-BlackBerry results trounce expectations on software; shares rally

  18-12-2015 21:00
  
  TORONTO, Dec 18 (Reuters) - BlackBerry's pivot to software began to show traction on Friday, after the company reported a smaller quarterly loss and its first quarter-to-quarter revenue increase in...
  
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• Argentina stock exchange plunges 6%

  18-12-2015 20:55 via news.yahoo.com
  
  Argentine stock prices plunged by more than six percent shortly before the close on Friday after a week of shock economic reforms by the new conservative government. The sharp fall in Buenos Aires' key Merval stock index came an hour before the close of weekly trading and a day after the peso currency plunged by 30 percent due to the scrapping of dollar exchange restrictions. Financial media cited investor uncertainty about the impact of reforms by business-friendly President Mauricio Macri in h
  
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• What the Bond Market Knows That the Stock Market Doesn’t

  18-12-2015 20:35 via news.yahoo.com
  
  Equities collapsed on Thursday and have continued to tumble on Friday, erasing Wednesday's meltup following the Federal Reserve's decision to raise interest rates for the first time in nine years. Societe Generale's bearish strategist Albert Edwards criticizes the Fed for waiting too long to start weaning the market from its monetary morphine.
  
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• Argentina stock exchange plunges 6.28 percent

  18-12-2015 20:27 via news.yahoo.com
  
  Buenos Aires (AFP) - Argentine stock prices plunged by 6.28 percent shortly before the close on Friday after a week of shock economic reforms by the new conservative government.
  
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• As US oil booms, Congress lifts 40-year oil export ban

  18-12-2015 20:12 via news.yahoo.com
  
  The United States lifted a 40-year ban on oil exports on Friday, marking a historic shift for the booming US oil industry. The measure was included in a massive $1.1 trillion spending bill that easily passed Congress and now heads to the desk of President Barack Obama for his signature. "The facts are clear: lifting the ban is good for consumers, our economy, national security and energy security," said Senator Heidi Heitkamp of oil-rich Nork Dakota.
  
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• UPDATE 1-Puerto Rico governor blasts U.S. Congress as lawmakers delay debt action

  18-12-2015 19:41
  
  WASHINGTON, Dec 18 (Reuters) - Puerto Rico's governor on
  Friday lambasted Congress for failing to act on its debt crisis
  even as U.S. House of Representatives lawmakers pledged to
  address the...
  
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• U.S. FCC approves Altice acquisition of cable firm Suddenlink

  18-12-2015 19:40
  
  (Reuters) - The U.S. Federal Communications Commission said on Friday it approved the $9.1 billion sale of U.S. regional cable company
  
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• UPDATE 2-Brazil's OAS creditors pass bankruptcy plan, Invepar deal

  18-12-2015 19:38
  
  SAO PAULO, Dec 18 (Reuters) - Creditors of Grupo OAS
  , the Brazilian engineering firm under creditor
  protection, agreed on Friday to sell a 24.4 percent stake in
  infrastructure company Invepar to...
  
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• Italy leads charge against Germany over Russian pipeline

  18-12-2015 19:30 via news.yahoo.com
  
  A group of EU member states led by Italy excoriated a German pipeline project with Russia on Friday, tasking the European Commission with probing whether it met Europe's energy rules. Formally known as Nordstream 2, the pipeline under the Baltic Sea has angered EU diplomats who accuse Germany of selfishly seeking a reliable energy supply route with Vladimir Putin's Russia all while pressuring other countries to back economic sanctions against Moscow over the crisis in Ukraine. "For the first tim
  
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• Wall Street slides on lower crude prices, options expiry

  18-12-2015 19:23 via news.yahoo.com
  
  (Reuters) - The Dow Jones industrial average shed nearly 300 points as crude prices headed for their third straight weekly loss, and stock and index options contracts expired.
  
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• BP buys New Mexico oil and gas assets from Devon Energy

  18-12-2015 19:18
  
  HOUSTON (Reuters) - BP Plcon Friday said its U.S. onshore unit has acquired all of Devon Energy Corp'soil and gas properties in the San Juan Basin in New Mexico for an undisclosed price.
  
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• Syngenta CEO says prepared to discuss deals with whole industry

  18-12-2015 18:53
  
  ZURICH (Reuters) - Agrochemicals company Syngenta AGis ready to discuss deals with anyone in the industry, including the world's largest seed company Monsanto Co , its interim chief executive John...
  
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• Turing Pharma close to replacing CEO Shkreli: WSJ

  18-12-2015 18:38 via news.yahoo.com
  
  (Reuters) - Martin Shkreli, who caused a public outcry when he sharply raised prices of a prescription drug earlier this year, is close to being replaced as chief executive officer of Turing Pharmaceuticals Inc, the Wall Street Journal reported on Friday, a day after the FBI arrested him on charges of securities fraud. The boyish pharmaceutical entrepreneur was charged in Brooklyn, New York, on Thursday in a federal indictment related to his time managing hedge fund MSMB Capital Management and h
  
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• London close: Stocks track losses on Wall Street

  18-12-2015 18:31 via news.yahoo.com
  
  (ShareCast News) - Investors took profits on Friday as Wall Street fell on day two after the US Federal Reserve's decision to hike interest rates, defying expectations for the traditional Santa Claus rally ...
  
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• BlackBerry earnings top expectations on software; shares rally

  18-12-2015 18:27 via news.yahoo.com
  
  By Euan Rocha and Alastair Sharp TORONTO (Reuters) - BlackBerry on Friday reported a smaller quarterly loss and its first quarter-to-quarter rise in revenue in over two years, sending its stock soaring as much as 12.6 percent, as its pivot to software begun to bear fruit. Significantly, gains in software revenue more than offset a steepening decline in legacy system access fees for the first time, and the Waterloo, Ontario-based company said the trend should continue. BlackBerry has staked its t
  
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• Fosun withdraws its offer for BHF Kleinwort Benson: FSMA

  18-12-2015 18:26
  
  FRANKFURT (Reuters) - Chinese investment group Fosun has withdrawn its offer for wealth management group BHF Kleinwort Benson, the Belgian stock market regulator said on Friday.
  
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• Britain's FTSE posts biggest weekly gain in a month

  18-12-2015 18:03
  
  * Miners track gains in metals prices (Adds detail, updates prices at close)
  
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• Disney shares fall after BTIG cuts to "sell" on ESPN woes

  18-12-2015 17:44
  
  Dec 18 (Reuters) - Walt Disney Co's shares slumped after BTIG analyst Richard Greenfield cuts his rating to "sell" from "neutral", saying the likely success of the latest Star Wars movie would not be...
  
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• Appeals court refuses to unfreeze Wyly relatives' assets

  18-12-2015 17:09
  
  Dec 18 (Reuters) - A federal appeals court on Friday refused
  to lift an asset freeze against relatives of Texas entrepreneur
  Sam Wyly, who along with his late brother's estate, faces a
  nearly $300...
  
  Read more

• Prospects still slim for major global economic pickup

  18-12-2015 17:08 via news.yahoo.com
  
  By Ross Finley, Silvio Cascione and Rahul Karunakar LONDON/BRASILIA/BENGALURU (Reuters) - The world economy may be set for another year like 2015, with modest growth in developed economies offsetting persistent weakness elsewhere but generating very little inflation and keeping interest rates low. The U.S. Federal Reserve's long-awaited rise in rates from zero showed confidence in the world's largest economy, but rival China is still struggling for a foothold with rate cuts. Although some countr
  
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• BRIEF-Kerdos Group withdrew its bankruptcy motion

  18-12-2015 16:57
  
  * Withdrew its motion to be declared bankrupt with
  liquidation of assets filed on Nov. 13, 2015 Source text for Eikon:
  
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• HSBC's Mexico unit names former Santander banker as new CEO

  18-12-2015 16:50
  
  MEXICO CITY, Dec 18 (Reuters) - HSBC's Mexico unit on Friday named former Santander banker Nuno Matos as chief executive officer, replacing Luis Pena.
  
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• Why Earnings Look Set To Struggle At Royal Dutch Shell Plc & Glencore PLC Beyond 2016!

  18-12-2015 16:49 via news.yahoo.com
  
  Royston Wild explains why the worst is far from over at Royal Dutch Shell Plc (LON: RDSB) and Glencore PLC (LSE: GLEN).
  
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• European shares fall as Fed rally loses momentum

  18-12-2015 16:41
  
  * Stoxx 600 index seen up 13 pct by end-2016 - strategist (Adds details, updates shares)
  
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• UPDATE 2-U.S. Congress nears passage of major fiscal measures

  18-12-2015 16:38
  
  WASHINGTON, Dec 18 (Reuters) - The U.S. Congress neared completion of sweeping fiscal legislation on Friday that will avert a government shutdown, lock in billions of dollars of tax breaks for...
  
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• Polish wind farm sector faces uncertainty over new planning rules

  18-12-2015 16:38 via news.yahoo.com
  
  Poland is considering a ban on building wind farms close to houses, a move the industry fears may block new investment in renewable energy sources and bolster coal's role in the economy. Under European Union rules, Poland - which generates most of its electricity from highly polluting coal - has to produce 15 percent of its electricity from renewable sources by 2020 compared to around 12 percent now. Since 2005, installed wind farm capacity has risen from 83 megawatt (MW) to more than 4 gigawatt
  
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• Britain's FTSE set for biggest weekly gain in a month

  18-12-2015 16:37
  
  * Miners track gains in metals prices (Adds detail, updates prices)
  
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• FOREX-Dollar falls against yen after Japan stops short of extra QE

  18-12-2015 16:31
  
  * Dollar index off two-week highs (Updates prices, adds comments)
  
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• GSA asks regulators to reject Pepco-Exelon deal-Washington Post

  18-12-2015 16:30
  
  Dec 18 (Reuters) - The agency that acts as the U.S. government's landlord and realtor has asked regulators in the District of Columbia to reject the merger of utilities Exelon Corp and Pepco Holdings...
  
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• Nigeria's trade balance weakens as oil prices, currency controls bite

  18-12-2015 16:28
  
  LAGOS, Dec 18 (Reuters) - Nigerian exports plunged in the third quarter from a year ago and imports also fell, the national bureau of statistics (NBS) said, as currency controls introduced by the...
  
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• Junk bond plunge tempts some, worries others

  18-12-2015 16:26
  
  NEW YORK, Dec 18 (IFR) - The collapse of Third Avenue's high-yield fund did not spark the junk bond meltdown that some had feared, and a knee-jerk sell-off in fact brought buyers back to the asset...
  
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• CANADA FX DEBT-C$ hits new 11-1/2-year low, recovers somewhat with oil

  18-12-2015 16:23
  
  * Canadian dollar at C$1.3938, or 71.75 U.S. cents * Bond prices higher across the maturity curve By Fergal Smith TORONTO, Dec 18 (Reuters) - The Canadian dollar hit a more than 11-year low on Friday...
  
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• U.S. banks tighten cost of FX transfers sharply before Christmas

  18-12-2015 16:22
  
  LONDON, Dec 18 (Reuters) - U.S., Canadian and Australian banks cut the cost of international money transfers in December before the traditional boom in migrant workers sending cash home for the...
  
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• Nigeria stocks down to 3-year low, tracks global market

  18-12-2015 16:22 via news.yahoo.com
  
  Nigerian stocks hit a three-year low on Friday, tracking a fall in global markets as investors digested the impact of this week's U.S. rate hike. The stock market, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, shed 1.54 percent at the close, dropping to levels last reached in December 2012. Investors turned cautious on Friday about what a stronger dollar and weak commodity prices could mean for the world economy following Wednesday's 0.25 percent rate hik
  
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• Big losers mask net gains in hedge fund assets

  18-12-2015 16:22
  
  NEW YORK, Dec 18 (Reuters) - Hedge funds have had a lousy 2015 on average, but investors are little fazed by the meager returns.
  
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• UPDATE 3-Expected restoration of Israel-Turkey ties seen paving way for gas import deal

  18-12-2015 16:16
  
  * Turkish officials say reaching a final deal wont take too long (Updates with comments from Turkish official, share price)
  
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• Fed awards $1 mln 17-day term reverse repos

  18-12-2015 16:14
  
  NEW YORK, Dec 18 (Reuters) - The Federal Reserve on Friday awarded $1 million of 17-day term fixed-rate reverse repurchase agreements to 1 bidder at an interest rate of 0.25 percent, the New York Fed...
  
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