Finance news

• Icahn tops Bridgestone offer for Pep Boys with $1 bn bid

  28-12-2015 23:37 via news.yahoo.com
  
  Wall Street activist Carl Icahn upped the ante Monday in the fight over US auto service chain Pep Boys, topping Bridgestone's Christmas Eve offer by about nine percent. Icahn, who wants to split the company and merge its retail side with his Auto Plus car parts network, offered $18.50 a share, or more than $1 billion, compared to Bridgestone's $17 proposal of December 24, worth $947 million. The two sides have been battling since Bridgestone first sealed a takeover deal with the Philadelphia-bas
  
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• As Oil Prices Stay Low, Alaska Mulls Income Tax

  28-12-2015 22:54 via news.yahoo.com
  
  Alaskan citizens will feel the consequences of low oil prices in a negative way as the state plans to scrap its dividend program and impose taxes upon its citizens
  
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• Wall Street cedes ground as oil decline deepens

  28-12-2015 22:21 via news.yahoo.com
  
  Wall Street fell on Monday, hurt by a steep drop oil prices as well as a dip in Apple shares, pushing the S&P 500 back into negative territory for 2015. The S&P 500 energy sector lost 1.79 percent, easily the poorest performer as a 3 percent drop in oil prices led investors to unload shares of Exxon Mobil , down 0.73 percent, and Chevron , which fell 1.84 percent. Following the U.S. Federal Reserve's first rate hike in almost a decade this month, the S&P 500 is marginally lower for t
  
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• US STOCKS-Wall Street cedes ground as oil decline deepens

  28-12-2015 22:19 via news.yahoo.com
  
  Wall Street fell on Monday, hurt by a steep drop oil prices as well as a dip in Apple shares, pushing the S&P 500 back into negative territory for 2015. The S&P 500 energy sector lost 1.79 percent, easily ...
  
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• Equities pulled lower by oil, China concerns

  28-12-2015 22:16 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Global equities were lower on Monday, pressured by another downdraft in oil prices and worries over growth in China's economy, while the holiday season kept trading volumes muted. "You have energy and tax-loss harvesting moving markets back and forth in these last few weeks,” said Tim Courtney, Chief Investment Officer at Exencial Wealth Advisors, which oversees $1.4 billion in assets. In contrast to oil, U.S. natural gas prices settled up 10 perce
  
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• JPMorgan to raise deposit rates for some big clients in Jan: WSJ

  28-12-2015 21:16 via news.yahoo.com
  
  (Reuters) - JPMorgan Chase & Co will begin raising deposit rates for some of its biggest clients in January, the Wall Street Journal reported, citing a person familiar with the matter. The bank’s deposit-rate increase will affect most institutional clients and the size of the increases will vary, the Journal reported, citing the person. Earlier this month, major U.S. banks raised their prime rates, a benchmark for a wide range of consumer and commercial loans, for the first time since
  
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• Obama to welcome Canada's Trudeau for official visit March 10

  28-12-2015 21:03 via news.yahoo.com
  
  By Jeff Mason HONOLULU (Reuters) - President Barack Obama will welcome Canadian Prime Minister Justin Trudeau for an official visit to Washington on March 10, complete with a rare state dinner and discussions about energy and climate change, the White House said on Monday. "The visit will be an opportunity for the United States and Canada to deepen their bilateral relationship, which is one of the closest and most extensive in the world," White House spokesman Josh Earnest said in a statement. "
  
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• Wall Street loses ground as oil decline deepens

  28-12-2015 20:16 via news.yahoo.com
  
  Wall Street fell on Monday, hurt by a steep drop oil prices as well as a dip in Apple shares, pushing the S&P 500 back into negative territory for 2015. The S&P 500 energy sector lost 1.7 percent, easily the worst performer as a 3 percent drop in oil prices led investors to sell unload shares of Exxon Mobil , down 0.7 percent, and Chevron , which fell 1.68 percent. U.S. stock indexes have closely tracked crude prices in the past several weeks.
  
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• US STOCKS-Wall Street loses ground as oil decline deepens

  28-12-2015 20:13 via news.yahoo.com
  
  Wall Street fell on Monday, hurt by a steep drop oil prices as well as a dip in Apple shares, pushing the S&P 500 back into negative territory for 2015. The S&P 500 energy sector lost 1.7 percent, easily ...
  
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• UPDATE 4-Freeport-McMoRan Chairman James Moffett to step down

  28-12-2015 19:38
  
  Dec 28 (Reuters) - Freeport-McMoRan Inc co-founder James Moffett will step down as chairman and quit its board, months after the miner added two new directors under pressure from billionaire investor...
  
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• Oil slump, China worry weigh on equities

  28-12-2015 19:08 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Global equities were lower on Monday, pressured by another downdraft in oil prices and worries over growth in China's economy, while holidays in a number of markets muted trading volumes. The Australian dollar fell 0.1 percent to $0.725 while its Canadian counterpart fell 0.6 percent to $1.3898, heading back toward this month's 11-year lows.
  
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• Wall Street in 2016: What could possibly go wrong?

  28-12-2015 18:52 via news.yahoo.com
  
  By all rights, 2016 should be a good year for the U.S. stock market. The Federal Reserve's recent rate hike signals confidence in the economy and presidential election years typically reward investors. Most experts are predicting a seventh year for the current bull market, with strategists in a recent poll expecting the Standard & Poor's 500 stock index to end 2016 at about 2,207, roughly 8 percent higher than it is now.
  
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• Wall Street begins last trading week of 2015 in the red

  28-12-2015 18:50 via news.yahoo.com
  
  The S&P 500 energy sector was down 1.87 percent, easily the worst performer on the index. The S&P 500 slipped back into negative territory for the year on Monday, down 0.5 percent, while the Dow Jones industrial average was down 2 percent. The Nasdaq Composite index was up 5.8 percent.
  
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• Energy, mining stocks lead a decline on Wall Street

  28-12-2015 17:56 via news.yahoo.com
  
  Stocks are moving lower, led by declines in energy and mining companies as prices for oil and other commodities fall.
  
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• PwC audit found no problems at Third Avenue's failed junk bond fund

  28-12-2015 17:19
  
  BOSTON (Reuters) - Third Avenue Management's failed junk bond fund received a clean bill of health in its final annual report from outside accounting firm PricewaterhouseCoopers LLP, which said the...
  
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• World stocks fall on oil weakness, China concerns

  28-12-2015 17:16 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Global equity markets were lower on Monday in light trading sandwiched by holidays in a number of markets, pressured by slumping oil prices and worries over growth in China's economy. "The 3-percent dive in crude oil this morning shows you that the sellers are still in control of the energy market, and that's leading jitters on Wall Street, coupled with just normal digestive action after last week's strong gains," said Adam Sarhan, chief executive of Sar
  
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• Saudi security spending rises $5.3 billion in 2015: minister

  28-12-2015 17:02 via news.yahoo.com
  
  Saudi Arabia increased its military and security spending in 2015 by about 20 billion riyals ($5.3 billion), Economy and Planning Minister Adel Fakieh told reporters on Monday. Fakieh attributed the rise to the kingdom's participation in Operation Decisive Storm, an intervention by a Saudi-led Gulf Arab coalition in Yemen's civil war. The government had previously not disclosed the cost of its intervention in Yemen, which largely consists of air strikes.
  
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• Stocks fall on oil weakness, China concerns

  28-12-2015 16:56 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Global equity markets were lower on Monday in light trading sandwiched by holidays in a number of markets, pressured by slumping oil prices and worries over growth in China's economy. "The 3-percent dive in crude oil this morning shows you that the sellers are still in control of the energy market, and that's leading jitters on Wall Street, coupled with just normal digestive action after last week's strong gains," said Adam Sarhan, chief executive of Sar
  
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• Global stocks fall on oil weakness, China concerns

  28-12-2015 16:56 via news.yahoo.com
  
  Global equity markets were lower on Monday in light trading sandwiched by holidays in a number of markets, pressured by slumping oil prices and worries over growth in China's economy. "The 3-percent dive in crude oil this morning shows you that the sellers are still in control of the energy market, and that's leading jitters on Wall Street, coupled with just normal digestive action after last week's strong gains," said Adam Sarhan, chief executive of Sarhan Capital in New York. A weak batch of i
  
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• UPDATE 2-Chimerix antiviral drug fails, shares plummet to record low

  28-12-2015 16:51
  
  * Company to consult FDA on future steps for drug (Adds details, analyst comments)
  
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• World stocks slide on China, oil worries

  28-12-2015 16:39 via news.yahoo.com
  
  Paris (AFP) - World stocks fell on Monday as a weakening economic outlook for powerhouse China and renewed falls in the oil price prompted a sell-off.
  
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• Geneva lowers threat level after 18 days on alert

  28-12-2015 16:19 via news.yahoo.com
  
  The Swiss city of Geneva lowered its alert level on Monday, police said, 18 days after it began a search for a number of people who officials said had possible links to terrorism. A police statement said the Security and Economy Department of Geneva canton, or region, had decided to return to the alert level in place before Dec. 10, after consulting with federal authorities. "Moreover, all the recent events considered as potential targets, be they diplomatic, religious or commercial, are now ove
  
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• Wall Street slips on crude on last trading week of the year

  28-12-2015 16:02 via news.yahoo.com
  
  All 10 major S&P 500 sectors were lower, led by the 0.63 percent fall in the energy sector. The stocks were among the biggest drags on the S&P 500 and the Dow. "The 3 percent dive in crude oil this morning shows you that the sellers are still in control of the energy market and that's leading jitters on Wall Street, coupled with just normal digestive action after last week's strong gains," said Adam Sarhan, chief executive of Sarhan Capital in New York.
  
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• Ruble drops to 2015 low amid oil price slump

  28-12-2015 15:54 via news.yahoo.com
  
  Russia's battered ruble on Monday reached its 2015 low as the slump in oil prices weighs on the outlook for the country's recession-hit economy. The slide in oil prices and Western sanctions over Moscow's role in the Ukraine crisis have pummelled the oil-dependent Russian economy in recent months. The recent decline in oil prices -- with Brent crude reaching an 11-year low this month -- casts a shadow on the prospect of economic recovery.
  
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• Wall Street opens lower as crude slips

  28-12-2015 15:38 via news.yahoo.com
  
  REUTERS - U.S. stocks opened lower on Monday as oil prices hovered near multi-year lows due to a global glut. The Dow Jones industrial average fell 28.59 points, or 0.16 percent, to 17,523.58, the S&P 500 lost 5.8 points, or 0.28 percent, to 2,055.19 and the Nasdaq Composite index dropped 16.83 points, or 0.33 percent, to 5,031.67. (Reporting by Sai Sachin R in Bengaluru)
  
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• Predictions for the 2016 housing market

  28-12-2015 15:04
  
  No housing expert has a crystal ball, but Svenja Gudell, recently appointed chief economist for the housing site Zillow.com, has looked at enough data to make a pretty good guess.
  
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• Valeant CEO Michael Pearson goes on medical leave after pneumonia bout

  28-12-2015 15:02 via news.yahoo.com
  
  ​Valeant Pharmaceuticals CEO J. Michael Pearson is taking a medical leave of absence after he was hospitalized with pneumonia. Shares of the troubled Montreal-based pharmaceutical company fell seven per cent in pre-market trading Monday in reaction to the news about Pearson's medical leave. Pearson's leave comes two weeks after Valeant Pharmaceuticals International Inc. slashed its fourth-quarter financial predictions and issued a profit outlook for 2016 that was s
  
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• Wall Street set to open lower as crude oil slips

  28-12-2015 14:53 via news.yahoo.com
  
  U.S. stock indexes were set to open lower on the first day of the last trading week of the year as oil prices continued to fall due to oversupply. Brent crude was down 2.4 percent and were hovering near 11-year lows. Exxon's shares were down 1.5 percent at $78.14, while Chevron was down 1.7 percent at $90.47 in premarket trading.
  
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• Spain's Socialists reject coalition deal with any party urging Catalan referendum

  28-12-2015 14:42 via news.yahoo.com
  
  By Angus Berwick MADRID (Reuters) - Spain's Socialist party on Monday ruled out forming a new government with any party that supported a referendum on independence in Catalonia, a stand that prolongs political uncertainty after this month's inconclusive national election. As the four main parties in Spain vie to form a government following the election that left no party with a parliamentary majority, Catalonia, the engine of the Spanish economy and home to an entrenched independence movement, h
  
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• MIDEAST STOCKS-Saudi Electricity surges before budget on price reform hopes

  28-12-2015 10:27 via news.yahoo.com
  
  Saudi Arabia's stock market was generally little changed early on Monday as traders cautiously awaited the release of the kingdom's 2016 state budget, while Egypt recouped some of previous session's losses. The budget may include rises in electricity and natural gas feedstock prices, which could boost the bottom lines of Saudi Electricity while squeezing petrochemical firms. "Before such a big announcement, speculative activities take the driver's seat," said Nateer al-Mahdi, a portfolio manange
  
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• Asian markets fall on China data, but Tokyo snaps losing streak

  28-12-2015 08:42 via news.yahoo.com
  
  Asian markets broadly fell Monday as a decline in profits at China's industrial firms reignited worries about the world's number two economy, but bargain-buying helped Tokyo snap a five-day losing streak.
  
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• China angered as Filipino protesters visit South China Sea island

  28-12-2015 08:38 via news.yahoo.com
  
  China expressed anger on Monday after a group of Filipino protesters landed on a disputed Philippine-held island in the disputed South China Sea. About 50 protesters, most of them students, reached Thitu island in the Spratly archipelago on Saturday in a stand against what they say is Beijing's creeping invasion of the Philippine exclusive economic zone, said Eugenio Bito-onon, the island's mayor. China claims almost all the South China Sea, believed to have huge deposits of oil and gas, through
  
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• MIDEAST STOCKS-Regional investors sell in Dubai; Qatar and Abu Dhabi steady

  28-12-2015 08:23 via news.yahoo.com
  
  DUBAI, Dec 28 (Reuters) - Dubai's stock market slipped early on Monday as regional investors diverted their attention to Saudi Arabia's 2016 state budget announcement, due in the afternoon, while Qatar and Abu Dhabi were steady in lethargic trade. Late on Sunday, Dubai announced plans to raise state spending by 12 percent in 2016 compared to its 2015 budget plan as it invests in infrastructure to sustain economic growth, while continuing to balance its budget. This failed to boost Dubai's stock
  
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• MIDEAST STOCKS-Saudi likely wary before budget; Dubai may rise on spending plan

  28-12-2015 06:45 via news.yahoo.com
  
  Saudi Arabia's stock market may be thinly traded on Monday as investors await the announcement of the 2016 state budget plan, expected around the close of trading, while Dubai's expansionary spending plan for next year may support that bourse. In a break from past procedure, a senior official of state oil giant Saudi Aramco and the ministers of Economy and Planning, Finance, and Water and Electricity will appear at a news conference on the budget on Monday afternoon. The market is also looking f
  
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• PRESS DIGEST- Wall Street Journal - Dec 28

  28-12-2015 06:40 via news.yahoo.com
  
  Dec 28 (Reuters) - The following are the top stories in theWall Street Journal. Reuters has not verified these stories anddoes not vouch for their accuracy. - General Motors Co is facing calls to add air bagsas standard equipment on its popular compact cars in Mexico,mirroring broader pressure on auto makers to provide basicsafety equipment even when governments don't mandate it. (http://on.wsj.com/1YGZlEw) - A powerful cluster of tornadoes roared through North Texason Saturday night, killing 11
  
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• Japan business lobby head won't commit to higher wages

  28-12-2015 05:34 via news.yahoo.com
  
  The head of an influential Japanese business lobby won't pass on the government's requests to its members to raise salaries next year, a worrying sign that real wages may not increase fast enough to boost consumption in the country. Prime Minister Shinzo Abe has won modest wage gains from the largest firms, but this has been slow to filter through the economy. This could in turn scupper the government's efforts to increase consumption and put the Bank of Japan's 2 percent inflation target out of
  
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• Asian shares rise after oil prices rebound

  28-12-2015 05:24 via news.yahoo.com
  
  Most Asian stock markets ticked up Monday, after oil prices rebounded from multi-year lows while mainland Chinese shares rose on news that lawmakers had agreed to start overhauling how companies list. Crude prices jumped last week, bouncing off their lowest point in more than a decade after data showed US inventories declined and drillers have idled rigs. The slump in oil prices has fuelled fears about a broader slowdown in the global economy.
  
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• Japan output, retail sales slump, dampen recovery prospects

  28-12-2015 05:16 via news.yahoo.com
  
  Japan's factory output fell for the first time in three months in November and retail sales slumped, suggesting that a clear recovery in the world's third-largest economy will be delayed until early in 2016. While manufacturers expect to increase output in coming months, the weak data casts doubt on the Bank of Japan's view that an expected pick-up in exports and consumption will help jump-start growth and accelerate inflation toward its 2 percent target. Industrial output fell 1.0 percent in No
  
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• Japan factory output slumps as recovery stumbles

  28-12-2015 03:12 via news.yahoo.com
  
  Japan's factory output declined in November, official data showed Monday, falling back after two months of gains as the economy struggles to mount a recovery. The disappointing data -- industrial production fell 1.0 percent from a month earlier -- comes after separate figures last week showed persistently weak inflation and household spending. Monday's decline in factory output was worse than market expectations for a 0.4 percent contraction.
  
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• Japan's factory output down 1.0% in November: government

  28-12-2015 01:31 via news.yahoo.com
  
  Japan's factory output fell 1.0 percent in November from the previous month in the first decline since August, official data showed on Monday, as the country struggles to stimulate its fragile economy. Japan's production overall is making "one step forward and one step back," the ministry said in a statement. The latest announcement came days after the world's number three economy said its inflation rate ticked up in November, offering a glimmer of hope for Tokyo's bid to conquer years of deflat
  
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• Japan November output falls as soft global demand clouds outlook

  28-12-2015 01:25 via news.yahoo.com
  
  By Leika Kihara TOKYO (Reuters) - Japan's factory output fell for the first time in three months in November, data showed on Monday, a sign that weak emerging market demand continues to cloud prospects for a sustained recovery in the world's third largest economy. Industrial output fell 1.0 percent in November from the previous month, more than a median market forecast for a 0.6 percent decline, trade ministry data showed. "Factory output is moving sideways," the government said, keeping its ass
  
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• Japan November factory output down 1 percent month-on-month: government

  28-12-2015 00:59 via news.yahoo.com
  
  Japan's industrial output fell 1.0 percent in November from the previous month, government data showed on Monday, suggesting that sluggish emerging market demand continues to cloud the outlook for the economy. The fall compared with a median market forecast of a 0.6 percent drop, data from the Ministry of Economy, Trade and Industry showed.
  
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