Finance news

• Global stock rally fizzles on worries about oil, growth

  19-01-2016 23:54 via news.yahoo.com
  
  US equity investors quashed a global stock rally Tuesday as hopes of possible Chinese economic stimulus were replaced by renewed worries over falling oil prices.
  
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• Morgan Stanley looks to move jobs to cheaper cities in bid to cut costs

  19-01-2016 23:36 via news.yahoo.com
  
  Morgan Stanley will be straying ever further from its Wall Street roots in the coming months as it shifts more operations to lower cost cities like Mumbai and Budapest as it aims to slash costs. The investment bank on Tuesday announced an initiative to cut up to $1 billion by 2017 by using technology and outsourcing jobs now in its New York headquarters and other higher cost cities. While shifting so-called back office operations to cities where salaries are a fraction of New York or London is n
  
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• Attacks on oil installations is costing Nigeria $2.4M a day

  19-01-2016 23:22 via news.yahoo.com
  
  LAGOS, Nigeria (AP) — Multiple attacks on strategic oil and gas installations is costing Nigeria $2.4 million daily, a Cabinet minister said Tuesday as the military launched a manhunt for a militant and warned it will hold community leaders responsible for the "economic sabotage."
  
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• TSX gains as oil, China, Wall Street vie for influence

  19-01-2016 23:21 via news.yahoo.com
  
  Canada's benchmark stock index gained on Tuesday in volatile trade that tracked gyrations in oil markets, Wall Street's mixed return from a holiday and speculation on China's next economic policy move. The Toronto Stock Exchange's S&P/TSX composite index ended the session up 60.07 points, or 0.50 percent, at 12,002.24, led by financial shares and helped by telecoms and some consumer stocks. U.S. indexes, closed on Monday for a holiday when Toronto fell 1.1 percent, ended flat to slightly low
  
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• UPDATE 2-Investors target Viacom in suit on Redstone pay, call for change

  19-01-2016 22:57
  
  * Lawsuit alleges Viacom, CBS misrepresented Redstone's health (Adds information about shareholder lawsuit, comments from Jackson and Viacom)
  
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• AMD revenue forecast misses market estimates

  19-01-2016 22:54 via news.yahoo.com
  
  (Reuters) - Advanced Micro Devices forecast first-quarter revenue below analysts' estimates, due to lower demand for its graphic chips used in consoles and an economic slowdown in China. AMD has been shifting to gaming consoles and low-power servers, but progress has lagged Wall Street expectations due to intense competition from Intel Corp and Nvidia Corp. The company said a cautious macro environment in China would affect revenue in the first quarter. China accounted for 42.2 percent of AMD's
  
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• S&P 500 ends unchanged; more carnage in oil stocks

  19-01-2016 22:49 via news.yahoo.com
  
  Declining U.S. crude pulled down materials stocks as well as the S&P energy sector , which slumped 2.17 percent. Oil at 12-year lows is stoking fears on Wall Street of deeper losses for energy companies and the potential that some may fail to pay their debts. At the end of a volatile session, a last-minute rally left the S&P 500 up 0.05 percent, barely above a 52-week low hit on Friday.
  
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• Global - U.S. stocks falter; oil fears spoil China enthusiasm

  19-01-2016 22:39 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - U.S. stocks pared gains on Tuesday amid a renewed drop in oil prices, giving up most of an early rally that had been spurred by speculation of more stimulus efforts in China. Stock markets from Asia to Europe, and initially on Wall Street, rallied to snap a rout this year in equities after Chinese gross domestic product data showed the slowest growth last year in a quarter century. The market's euphoria struck Simon Smith, chief economist at online brokerage
  
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• UPDATE 1-Netflix adds more subscribers than expected; shares rise

  19-01-2016 22:36
  
  Jan 19 (Reuters) - Video-streaming service Netflix Inc's quarterly subscriber additions topped its expectations, boosted by strong international growth, sending its shares up 8 percent in extended...
  
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• U.S. stocks falter; oil fears spoil China enthusiasm

  19-01-2016 22:28 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - U.S. stocks pared gains on Tuesday amid a renewed drop in oil prices, giving up most of an early rally that had been spurred by speculation of more stimulus efforts in China. Stock markets from Asia to Europe, and initially on Wall Street, rallied to snap a rout this year in equities after Chinese gross domestic product data showed the slowest growth last year in a quarter century. The market's euphoria struck Simon Smith, chief economist at online brokerage
  
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• Netflix revenue rises 22.8 pct, adds more international subscribers

  19-01-2016 22:14
  
  Jan 19 (Reuters) - Video-streaming service Netflix Inc reported a 22.8 percent rise in revenue and added more subscribers than projected internationally for the fourth quarter, as its plan to expand...
  
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• Bill Gross on CNBC says investors should stay with U.S. Treasuries

  19-01-2016 22:14
  
  NEW YORK (Reuters) - Bill Gross, the closely followed investor, said on CNBC on Tuesday that investors should stick with U.S. Treasuries in the wake of recent market turmoil.
  
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• TSX rises in jittery market, banks lead rally

  19-01-2016 22:11 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's benchmark stock index rose on Tuesday, led by banks and consumer names in volatile trade that variously tracked gyrations in oil markets, Wall Street's mixed return from a holiday and speculation on China's next move. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed up 60.07 points, or 0.50 percent, at 12,002.24. Eight of its 10 main industry groups rose. (Reporting by Alastair Sharp, editing by G Crosse)
  
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• UPDATE 6-Twitter says widespread outages resolved; blames glitchy software update

  19-01-2016 22:08
  
  FRANKFURT, Jan 19 (Reuters) - Twitter Inc said on Tuesday it had reversed a glitchy software update and resolved outages widely reported across Europe, the Middle East, Africa and North America that...
  
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• India start-ups at risk as investors close taps, Modi fund falls short

  19-01-2016 22:05 via news.yahoo.com
  
  By Himank Sharma MUMBAI (Reuters) - After pumping billions of dollars into Indian Internet start-ups in the last 24 months, global investors are cutting that flood back a trickle as dreams of huge online sales are clouded by soaring valuations and still-distant profits. Venture capitalists have already tightened purse strings as ripples from China's economic slowdown lap around the world. According to a new report by CB Insights and KPMG, venture capital investments in India's start-ups nearly h
  
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• Iran's elite Guards to gain regional, economic power in post-sanctions era

  19-01-2016 21:52 via news.yahoo.com
  
  By Parisa Hafezi ANKARA (Reuters) - Iran's Revolutionary Guards did well under international sanctions, and the elite military force is destined to become still richer now they've been lifted. Iran's clerical rulers have supported economic growth of the Guards, rewarding the group for sanctions-busting as well as suppressing dissent at home and helping Tehran's allies abroad - notably Syrian President Bashar al-Assad. Now the country is expecting an economic boom in the post-sanctions era and th
  
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• Wall Street falls; more carnage in oil stocks

  19-01-2016 21:25 via news.yahoo.com
  
  A recent selloff on Wall Street deepened on Tuesday as U.S. crude prices fell and an "in line" report showing slower growth in China failed to prop up an early rally. Falling U.S. crude prices pulled down materials stocks as well as the S&P energy sector, which slumped 2.91 percent. Oil at 12-year lows is stoking fears on Wall Street of deeper losses for energy companies and the potential that some may fail to pay their debts.
  
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• Rio Olympics to cut seating, perks in money-saving move

  19-01-2016 21:21 via news.yahoo.com
  
  Rio Olympics organizers announced Tuesday they are cutting seating at the rowing contest and slashing perks for participants at South America's first summer games. When Rio was awarded the hosting rights back in 2009, Brazil was booming, but six months ahead of the opening ceremony, inflation is at more than 10 percent and the economy is expected to remain in recession through 2017. "We are cutting some services and making important adjustments in the committee's budget," Mario Andrada, chief sp
  
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• N.J. Gov Christie vetoes Atlantic City rescue bills again

  19-01-2016 20:50 via news.yahoo.com
  
  New Jersey Governor Chris Christie on Tuesday vetoed a bill considered critical to stabilizing Atlantic City's tax base and essential for the cash flow of the distressed gambling hub. The legislation called for casinos to make set payments in lieu of taxes and would have added a measure of stability to the city's rapidly shrinking property tax base.
  
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• Latest gauge on China slowdown brings relief it wasn't worse

  19-01-2016 20:46 via news.yahoo.com
  
  BEIJING (AP) — The slowdown of China's once-sizzling economy has fueled anxiety over its impact on the rest of the world. Yet when Beijing reported Tuesday that its economy grew last year at the slowest pace in a quarter-century, the reaction seemed to be mainly relief it wasn't worse.
  
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• UPDATE 3-Monte dei Paschi leads slide in Italian bank shares on loan concerns

  19-01-2016 20:19
  
  * ECB request for bad loan data triggers second day of heavy falls
  
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• EXCLUSIVE-Leidos nears $5 bln deal for Lockheed's IT businesses -sources

  19-01-2016 20:04
  
  Jan 19 (Reuters) - Leidos Holdings Inc is nearing a deal to merge with the government information technology and services businesses being shed by Lockheed Martin Corp in a deal that could value...
  
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• Biden pledges faster U.S. approval for cancer drug cocktails

  19-01-2016 19:47 via news.yahoo.com
  
  By Ben Hirschler DAVOS, Switzerland (Reuters) - U.S. Vice President Joe Biden said on Tuesday that the United States would speed up the approval of promising new drug combinations in his government's newly announced drive to cure cancer "once and for all". Biden, who lost his 46-year-old son Beau to brain cancer last year, set out his plans at a World Economic Forum meeting of international cancer experts in Davos, a week after being appointed to lead the initiative by President Barack Obama. Bi
  
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• Tiffany's holiday sales fall, weak conditions remain

  19-01-2016 19:28 via news.yahoo.com
  
  NEW YORK (AP) — Tiffany reported a worldwide decline in jewelry sales during the holiday period as consumer spending remained tepid in an uncertain global economy.
  
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• Fall in U.S. crude cuts short Wall Street rally

  19-01-2016 19:26 via news.yahoo.com
  
  China's growth in 2015 was the slowest in 25 years, in line with expectations, as rattled investors continue to worry about Beijing's ability to manage the economy. The slowdown in China has resulted in a rout in commodity prices, with oil sliding below 12-year lows. Oil prices diverged on Tuesday – Brent was up, while U.S. crude was down, pulling down energy and materials stocks.
  
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• UPDATE 1-Delta CEO says mulling purchase of Bombardier CSeries jets

  19-01-2016 19:22
  
  Jan 19 (Reuters) - Delta Air Lines Inc is considering whether to purchase Bombardier's CSeries aircraft, the carrier's chief executive said on Tuesday, in what could be a headline-grabbing win for...
  
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• BoE's Carney says has no timetable for raising record-low UK rates

  19-01-2016 19:19 via news.yahoo.com
  
  Bank of England Governor Mark Carney said on Tuesday he had no timetable for raising interest rates and avoided giving one of his trademark steers on what was likely to happen to them against a backdrop of a weakening global economy. With Chinese growth hitting a 25-year low and British pay increases slowing, Carney's first speech of 2016 strengthened the view among economists that the central bank is unlikely to raise rates until the second half of this year at the earliest. "(It) doesn't have
  
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• Oil prices diverge on bleak outlook

  19-01-2016 19:16 via news.yahoo.com
  
  Oil prices diverged Tuesday as markets reacted to mixed sentiment over the outlook for China and the wider global economy. Brent futures rallied but remained below $30 a barrel, as the International Monetary Fund said that the recent sharp collapse in the price of oil was dragging down the global economy. The International Energy Agency meanwhile said that crude futures were set to fall further this year as supply vastly exceeds demand, with major oil exporter Iran's return to the market offsett
  
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• Global stocks rise as slower China growth boosts stimulus hopes

  19-01-2016 19:16 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Global equity markets on Tuesday snapped back from a rout at the start of the year after data showing weak economic growth in China prompted speculation Beijing would boost stimulus efforts, but a renewed drop in U.S. oil prices raised a cautionary flag. The elation expressed in equity markets struck Simon Smith, chief economist at online brokerage FxPro, as odd, as the weak GDP data are strange reasons to cheer China. Stimulus can only mean more interest rat
  
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• Libya's presidential council names new government amid divisions

  19-01-2016 19:14 via news.yahoo.com
  
  By Aidan Lewis TUNIS (Reuters) - Libya's Presidential Council announced a new government on Tuesday aimed at uniting the warring factions, though two of its nine members rejected it in a sign of continuing divisions over its U.N.-backed plan for a political transition. Western powers hope the new government will deliver stability to Libya, deeply fractured since the fall of Muammar Gaddafi in 2011, and tackle a growing threat from Islamic State militants. Only a unity government, Mogherini said,
  
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• Faced with array of risks, CEOs increasingly pessimistic

  19-01-2016 18:47 via news.yahoo.com
  
  DAVOS, Switzerland (AP) — Facing a cocktail of risks from the economic slowdown in China to the rise of the Islamic State group, chief executives around the world are more pessimistic about the global economy than at any time in three years — a development that has the potential to seriously affect their investment and growth plans.
  
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• Confidence among CEOs sags as China's slowdown spooks Davos

  19-01-2016 18:47 via news.yahoo.com
  
  Confidence about near-term sales growth among chief executives around the world has fallen to its lowest level in six years as China's economic engine slows and a slump in oil prices signals deep unease about the global outlook. A survey of more than 1,400 CEOs released on Tuesday on the eve of the annual World Economic Forum in Davos paints a gloomy picture, as corporate leaders contemplate a rising tide of threats. Despite the trillions of dollars of stimulus and ultra-easy money that central
  
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• After Greenlight's 2015 dive, Einhorn bets on Macy's: letter

  19-01-2016 18:45
  
  BOSTON (Reuters) - David Einhorn, whose Greenlight Capital hedge fund ranked among last year's worst performers, told investors on Tuesday that he has made new bets on stocks including battered...
  
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• Italy bank stocks in fresh meltdown over toxic loans

  19-01-2016 18:43 via news.yahoo.com
  
  Fresh data showing non-performing loans hitting a new record high undermined confidence amid fears Italy's already weak economy -- struggling to recover from a three-year recession -- would take a battering. The world's oldest bank, Banca Monte dei Paschi di Siena (BMPS), was hit hardest and was briefly suspended from trading following an equally bleak Monday which saw stocks plummet across the board. News that the European Central Bank (ECB) was asking several banks -- including BMPS, Banco Pop
  
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• Sterling hits seven-year low as Carney warns of more China weakness

  19-01-2016 18:37 via news.yahoo.com
  
  By Patrick Graham and Jemima Kelly LONDON (Reuters) - Sterling sank to a seven-year low against the dollar on Tuesday after the head of the Bank of England warned of more damage to come from a slowing Chinese economy and said he had no set timetable for raising interest rates. Mark Carney's comments swiftly undid what had been a healthy bounce for the pound on slightly higher than expected inflation numbers, driving it to $1.4130, its lowest against the dollar since early 2009. Against the euro,
  
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• China stimulus hopes send world stocks higher

  19-01-2016 18:32 via news.yahoo.com
  
  Global stock markets raced higher Tuesday as China's economic growth hit a 25-year low and sparked speculation of more government stimulus that would buoy the world's second biggest economy. China's gross domestic product (GDP) expanded 6.9 percent in 2015, official data showed, which was the slowest growth since 1990 but met analysts' expectations. European markets also pushed higher, with Frankfurt, London and Paris initially climbing over two percent as mining stocks soared on hopes of resurg
  
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• Volatile oil means Canada budget may be delayed to April: source

  19-01-2016 18:28 via news.yahoo.com
  
  By David Ljunggren SAINT ANDREWS, New Brunswick (Reuters) - Canada's Liberal government could push back its first federal budget to April to give policymakers a better idea of the impact low commodity prices are having on the economy, a senior Liberal official said on Tuesday. Canadian governments usually unveil their budgets in late February or March, but a collapse in oil prices to their lowest levels since 2003 is making fiscal predictions more difficult than usual. Prime Minister Justin Trud
  
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• S&P says RBS may be on path to sustained improvement, raises outlook

  19-01-2016 17:50 via news.yahoo.com
  
  (ShareCast News) - RBS may be on the path to a sustained improvement in its credit strength, even allowing for "probable" large conduct and litigation charges during 2016, Standard&Poor's said....
  
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• Tiffany cuts jobs as sales lose sparkle

  19-01-2016 17:46 via news.yahoo.com
  
  Slowing economic growth in China could pose another headache this year for the company, which gets about 24 percent of its sales from the Asia-Pacific region. While the economic slowdown in China has not yet permeated to luxury goods, it could take effect in 2016 and that would blow Tiffany off course, said Neil Saunders, chief executive of research firm Conlumino. Tiffany's shares, which have lost nearly a third of their value in the past six months, touched a near three-year low of $62.90 in m
  
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• ExxonMobil shareholder group urge more transparency on climate risk

  19-01-2016 17:25 via news.yahoo.com
  
  A group of shareholders in ExxonMobil urged the oil giant on Tuesday to detail the resilience of its business model to climate change, a month after the Paris agreement set the world on course to transform its fossil fuel-driven economy. The group includes New York State Comptroller Thomas P. DiNapoli, the Church of England, the Vermont State Employees' Retirement System and the University of California Retirement Plan. A global climate agreement reached in Paris last December commits both rich
  
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• EU's Tusk warns Europe has two months to tackle migration crisis

  19-01-2016 17:08 via news.yahoo.com
  
  By Gabriela Baczynska STRASBOURG, France (Reuters) - European Council President Donald Tusk issued a stark warning on Tuesday that the European Union had "no more than two months" to tackle the migration crisis engulfing the 28-nation bloc or else face the collapse of its passport-free Schengen zone. Tusk was speaking to the European Parliament in Strasbourg amid growing frustration in Brussels and Germany - the bloc's biggest economy and main destination for migrants arriving in Europe - that t
  
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• Cyprus leaders to make joint Davos appeal for peace support

  19-01-2016 17:01 via news.yahoo.com
  
  By Paul Taylor DAVOS, Switzerland (Reuters) - The leaders of the divided island of Cyprus will make an unprecedented joint appeal to the world's political and business elite in Davos on Thursday to support their efforts to reach a settlement to their decades-old dispute. Cypriot President Nicos Anastasiades and Turkish Cypriot leader Mustafa Akinci, who have been negotiating on a possible deal since last year, will share the platform at a special session at the World Economic Forum annual meetin
  
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• Bank of America profit grows, but says growth is a struggle

  19-01-2016 16:49 via news.yahoo.com
  
  NEW YORK (AP) — Bank of America reported higher profits on better performance in consumer banking and lower costs, but the bank acknowledged that it is struggling to increase revenue despite an improving U.S. economy.
  
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• Uber's Kalanick says working with Airbus on helicopter service

  19-01-2016 16:43 via news.yahoo.com
  
  Uber Technologies Inc [UBER.UL] is working with Airbus Group SE to provide on-demand helicopter services, Uber co-founder and chief executive Travis Kalanick said on Tuesday. "The point is if you can push a button and can get a ride, then why not push a button and get a helicopter," Kalanick said talking to students at the Indian Institute of Technology (IIT) in Mumbai. The Wall Street Journal had first reported deal citing the European plane maker’s chief executive on Sunday.
  
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• China's lowest growth for 25 years: what does it mean?

  19-01-2016 16:41 via news.yahoo.com
  
  China's economy, the world's second-largest, grew at its slowest pace in a quarter of a century last year, decelerating to expansion of 6.9 percent. International financial markets have been hammered in recent months by worries over a slowing China, which has been the main driver of global growth. Here are some key points which explain China's economic transformation and how it affects the rest of the world.
  
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• TSX broadly rises, led by banks and telecoms

  19-01-2016 16:40 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock index rose more than 1 percent in morning trade on Tuesday, led by financial shares and helped by telecoms and some consumer stocks. The move echoed a similar gain for U.S. indices, which were closed for a holiday Monday when Toronto fell 1.1 percent. Shares in Europe and Asia also rose as data showing China's economy grew last year at its slowest pace in a quarter of a century led investors to anticipate more efforts by Beijing to spur growth. At 10:09 a.
  
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• Icahn again urges AIG to become a 'simpler' company

  19-01-2016 16:39
  
  (Reuters) - Activist investor Carl Icahn took another swing at American International Group Inc on Tuesday, saying the only "sensible" option for the insurer was to split up.
  
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• BofA earnings beat tempered by concern about weak oil prices

  19-01-2016 16:25 via news.yahoo.com
  
  U.S. banks, like their global counterparts, have had a rough year as falling oil prices and worries about slowing growth in China contributed to weakness in credit markets, pressuring revenue growth. The new year also started on a grim note as oil prices fell below $30 a barrel and stock prices slumped. Bank of America said on Tuesday its provision for credit losses in global banking increased by $264 million in the quarter ended Dec. 31, mainly due to higher energy-related charge-offs and reser
  
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• UnitedHealth 4Q profit drops, still tops Street 4Q forecasts

  19-01-2016 16:24 via news.yahoo.com
  
  UnitedHealth Group closed 2015 with a 19-percent drop in fourth-quarter profit, but the nation's largest health insurer still topped Wall Street's expectations thanks in part to growth outside of its core business.
  
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• IMF downgrades outlook for world economy again

  19-01-2016 16:15 via news.yahoo.com
  
  WASHINGTON (AP) — The International Monetary cut its forecast for global and U.S. economic growth in 2016
  
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