Finance news

• Australia's Queensland Nickel enters voluntary administration

  17-01-2016 23:47
  
  SYDNEY, Jan 18 (Reuters) - Australia's Queensland Nickel
  (QNI) said on Monday it had appointed voluntary administrators,
  just days after the company announced a restructuring amid
  falling commodity...
  
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• FOREX-Yen in demand as risk aversion grows, loonie hits fresh lows

  17-01-2016 23:40 via news.yahoo.com
  
  The safe-haven yen got off to a flying start on Monday, while the Australian dollar, usually sold off in times of market stress, stayed under pressure as Asian equities geared up for a torrid session following a big selloff on Wall Street. Investors also took aim at the Canadian dollar, driving it to a near 13-year low around C$1.4650 on growing expectations the Bank of Canada will cut interest rates as early as this week.
  
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• Nigeria's Buhari requests withdrawal of 2016 budget to make changes - sources

  17-01-2016 22:56 via news.yahoo.com
  
  By Julia Payne and Felix Onuah ABUJA (Reuters) - Nigerian President Muhammadu Buhari has written to parliament requesting the withdrawal of the 2016 budget in order to make changes, sources at the presidency and Senate said on Sunday. Buhari unveiled the budget for Africa's biggest economy in December, which included a tripling of capital expenditure, as the continent's top oil exporter tries to overcome its worst economic crisis in years caused by the fall in crude prices. With Brent crude, whi
  
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• S&P places Casino's debt on creditwatch negative

  17-01-2016 17:38 via news.yahoo.com
  
  Standard & Poor's has placed the debt of French retailer Casino on credit watch, with negative implications, citing weakness in Brazil, high debt and a complex ownership structure. The credit rating agency said in a report it had placed Casino's long-term 'BBB-' and short-term "A3" debt ratings on credit watch, saying it may lower the long-term ratings "by no more than two notches". "Notwithstanding management's plans to sell assets to reduce debt at the Casino level, the group's profitabili
  
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• Eni CEO says Iran needs $150 billion of energy investment

  17-01-2016 16:39 via news.yahoo.com
  
  Iran's emergence from economic sanctions will help Europe to diversify its energy supplies, but the Islamic Republic will need to invest at least $150 billion in infrastructure to become a major producer, the head of Italy's Eni SpA said on Sunday. "I'm very happy that Iran has returned because for us it means ... the European system will have a more diversified energy supply," Claudio Descalzi told RAI television. "To make the big jump, which could take four or five years, a jump that could hav
  
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• Nigerian banks allow foreign currency transfers as FX restrictions ease

  17-01-2016 16:33 via news.yahoo.com
  
  Nigerian commercial banks told customers on Sunday they would allow deposits of foreign currency to be transferred abroad from their accounts, just days after the central bank announced it was easing restrictions on foreign cash deposits. Africa's biggest economy and top oil producer has been hit hard by the drop in crude prices since it relies on oil sales for about 95 percent of its foreign reserves. The central bank last week announced that it would allow commercial banks to accept cash depos
  
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• German exports to Iran expected to double after sanctions lifted

  17-01-2016 15:20 via news.yahoo.com
  
  German industry expects a steep rise in exports to Iran following the lifting of international sanctions, and Economy Minister Sigmar Gabriel said on Sunday he would seek to drum up trade on visit Tehran in early May. Iran ended years of economic isolation when world powers lifted the crippling sanctions against the Islamic Republic on Saturday in return for Tehran complying with a deal to curb its nuclear ambitions. For decades before sanctions were imposed, Germany was Iran's biggest trading p
  
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• Nuclear success to intensify Iranian infighting but moderate foreign policy

  17-01-2016 14:07 via news.yahoo.com
  
  By Parisa Hafezi ANKARA (Reuters) - Iran's success in winning an end to international sanctions will only intensify a power struggle among the faction-ridden elite, and President Hassan Rouhani cannot count on domestic political support from the supreme leader before two critical elections. The scrapping of most U.S., European Union and United Nations sanctions on Saturday under a nuclear deal with six major powers should strengthen both the economy and Shi'ite Iran's hand in a Mideast region to
  
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• Airbus plan heralds Iran boom after sanctions lifted

  17-01-2016 13:36 via news.yahoo.com
  
  A purchase of more than 100 aircraft from Europe's Airbus may be one of Iran's first big deals in a trade and investment boom that could reshape the economy of the Middle East. "The legs of Iran’s economy are now free of the chains of sanctions, and it’s time to build and grow,” President Hassan Rouhani tweeted on Sunday, a day after world powers lifted sanctions on Tehran in exchange for curbs on its nuclear program. Hours earlier, his transport minister Abbas Akhoondi told th
  
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• Vietnam sees reform opportunities, labour challenges in TPP

  17-01-2016 12:07 via news.yahoo.com
  
  After organising communist Vietnam's first peaceful mass strike at a shoe factory, labour activist Hanh was arrested, beaten bloody by police, and jailed for four years. Authoritarian Vietnam does not allow the millions of workers in its export-orientated factories, which are driving impressive economic growth, to form independent trade unions. The TPP seeks to liberalise commerce in some 40 percent of the global economy, and if ratified would oblige signatories -- be they the US, Japan, Canada
  
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• Israeli supermarket chain Mega seeks protection from creditors

  17-01-2016 10:47
  
  JERUSALEM, Jan 17 (Reuters) - Israel's second largest
  supermarket chain, Mega, is seeking protection from creditors,
  parent company Alon Blue Squaresaid on Sunday,
  after failing to obtain an...
  
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• Blame, anger, frustration as China's stock rescue effort looks defeated

  17-01-2016 10:05 via news.yahoo.com
  
  A Chinese government campaign to restore confidence in the country's volatile stock markets appeared to be in tatters on Friday as the benchmark Shanghai index wiped out all the gains made since the depths of last year's crash. Among a flurry of measures, a so-called national team of institutional investors had promised last summer to buy and hold stocks on the index until it returned to 4,500 points - a level which at the time was considered in reach. Irate retail stock investors crowded social
  
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• Iran to boost oil exports by 500,000 bpd after sanctions: Shana

  17-01-2016 09:59 via news.yahoo.com
  
  Iran is ready to increase its crude oil exports by 500,000 barrels a day, the deputy oil minister said on Sunday, hours after international sanctions on Tehran were lifted, removing an obstacle to exports. The Islamic Republic emerged from years of economic isolation on Saturday when world powers lifted sanctions after confirming that Tehran had curbed its nuclear program. "With consideration to global market conditions and the surplus that exists, Iran is ready to raise its crude oil exports by
  
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• Rouhani hails 'golden page' in Iran's history as sanctions lifted

  17-01-2016 09:51 via news.yahoo.com
  
  By Bozorgmehr Sharafedin DUBAI (Reuters) - President Hassan Rouhani hailed on Sunday a nuclear deal with world powers as a "golden page" in Iran's history, and looked forward to an economic future less dependent on oil as the country emerges from years of sanctions and isolation. Iran ended years of economic isolation when world powers lifted the crippling sanctions against the Islamic Republic on Saturday in return for Tehran complying with a deal to curb its nuclear ambitions. Presenting the d
  
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• MIDEAST STOCKS-Saudi plunges more than 6 pct, Egypt slides

  17-01-2016 09:35 via news.yahoo.com
  
  DUBAI, Jan 17 (Reuters) - Saudi Arabia's stock market plunged more than 6 percent early on Sunday in response to a fresh tumble of oil and global equity prices, while Egypt's market also continued to fall sharply. The Saudi index was down 6.5 percent in the first 15 minutes of trade after Brent oil slumped more than 6 percent to settle below $29 a barrel on Friday, capping a 13 percent decline for the week. ...
  
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• Gulf shares slide on oil rout, Iran's return

  17-01-2016 09:33 via news.yahoo.com
  
  Share prices in the energy-rich Gulf states nosedived Sunday following the sharp decline in oil prices and the expected rise in Iranian crude exports after the lifting of economic sanctions. The plunge in the first day of trading in the Muslim week also follows heavy losses in global bourses on Friday when Gulf exchanges are closed for the weekend. The price of oil, which contributes more than 80 percent to Gulf states' revenues, shed more than 20 percent this year to drop below $30 a barrel.
  
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• Bond King musical chairs: Gundlach replaces Gross on Barron's Roundtable

  17-01-2016 07:20
  
  NEW YORK - In recent years, bond investor Jeffrey Gundlach has been outperforming his rival Bill Gross. He has even been dubbed the "Bond King" by the media - a title Gross has held for many years....
  
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• Iran's Rouhani calls for economic reforms, less reliance on oil

  17-01-2016 07:14 via news.yahoo.com
  
  DUBAI (Reuters) - Iranian President Hassan Rouhani called on Sunday for economic reforms and less reliance on oil revenues in the post-sanctions era. Rouhani, who was submitting the draft budget for the next Iranian fiscal year (beginning March 21) to parliament, told lawmakers that low oil prices were the best reason to cut "the umbilical cord" to oil. (Reporting by Bozorgmehr Sharafedin, editing by Yara Bayoumy)
  
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• China growth slides to 25-year low in 2015: AFP survey

  17-01-2016 06:09 via news.yahoo.com
  
  China recorded its lowest growth in a quarter of a century in 2015, an AFP survey has forecast, projecting a further slowdown in the world's second-largest economy this year. The Asian giant is a key driver of the world economy, affecting businesses and employment across the planet, and worries about its health have roiled global markets in recent weeks and months. Growth will slow further this year, the survey forecast, with the median projection for 2016 coming in at 6.7 percent.
  
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• German businesses put on brave face amid China economic slowdown

  17-01-2016 06:04 via news.yahoo.com
  
  German companies are trying not to let themselves be spooked by the economic slowdown in China, even if they concede they are currently seeing a drop in demand for their products there. "Of course we're experiencing a fall-off in demand in China at the moment," said Franz Hampel, head of Garant-Moebel, a furniture wholesaler. Employing a workforce of around 230 and active in around 20 countries, Garant-Moebel opened an office in Hong Kong two years ago where it employs a dozen people.
  
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• Iran needs $30-50 bn annual foreign investment: Rouhani

  17-01-2016 01:56 via news.yahoo.com
  
  Iran needs annual foreign investment of $30-$50 billion to reach an eight percent growth target and cash in on a nuclear deal with world powers, President Hassan Rouhani said Sunday. Laying out the budget for the next Iranian year which starts March 20, Rouhani told parliament, a day after the implementation of the historic deal, that the collapse in global oil prices meant the government had to look to abroad to boost the economy. Low oil prices and years of US and European Union sanctions that
  
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• Nuclear sanctions lifted as Iran, U.S. agree on prisoner swap

  17-01-2016 01:48 via news.yahoo.com
  
  By Lesley Wroughton and Yeganeh Torbati VIENNA/WASHINGTON (Reuters) - Iran emerged from years of economic isolation on Saturday when world powers lifted crippling sanctions against the Islamic Republic in return for Tehran complying with a deal to curb its nuclear ambitions. In a dramatic move scheduled to coincide with the scrapping of the sanctions, Tehran also announced the release of five Americans including Washington Post reporter Jason Rezaian as part of a prisoner swap with the United St
  
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• US, EU lift sanctions against Iran amid landmark nuke deal

  17-01-2016 01:31 via news.yahoo.com
  
  VIENNA (AP) — The U.N. nuclear agency certified Saturday that Iran has met all of its commitments under last summer's landmark nuclear deal, crowning years of U.S.-led efforts to crimp Iran's ability to make atomic weapons. For Iran, the move lifts Western economic sanctions that have been in place for years, unlocking access to $100 billion in frozen assets and unleashing new opportunities for its battered economy.
  
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• Britain welcomes Iran nuclear program deal

  17-01-2016 00:54 via news.yahoo.com
  
  Britain on Saturday welcomed the international deal with Iran to curb its nuclear program, after world powers began to lift economic sanctions against the Islamic Republic in return for Tehran complying with a deal to roll back its nuclear ambitions. The European Union and United States began the process of lifting economic and financial sanctions on Iran, implementing a landmark 2015 deal between world powers and Tehran. Britain's Foreign Secretary Philip Hammond said the nuclear deal with Iran
  
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• Multinationals ready to jump into Iran market

  17-01-2016 00:15 via news.yahoo.com
  
  With global growth moribund, multinational firms have been waiting with bated breath for the lifting of international sanctions against Iran for access to a country in desperate need to modernise. After nearly a decade of limited access to the outside world, many sectors of the Iranian economy need new equipment including the oil and gas industry, railways, and airlines. Access is expected to begin opening up, now that the International Atomic Energy Agency has issued a report concluding that Ir
  
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