Finance news

• Obama does victory lap for car industry but it is different from what he hoped

  20-01-2016 23:31 via news.yahoo.com
  
  By Jeff Mason DETROIT (Reuters) - President Barack Obama, facing Republican criticism over the state of the economy, did a Detroit victory lap on Wednesday to showcase the auto companies his administration helped save, but the industry has not turned out the way he hoped in 2009. Obama has held out his bailout of General Motors and Chrysler during the U.S. recession as examples of tough decisions he made that paid off both for the economy and the environment. "The auto industry here in the Unite
  
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• Wall Street tumbles to 2014 low as oil prices sink

  20-01-2016 23:15 via news.yahoo.com
  
  The equities rout was widespread, hitting nine of the 10 major S&P sectors. The beaten-down S&P energy sector fell 2.93 percent, leading the losers. Collapsing oil prices and fears of a slowdown in China, the world's second largest economy and a key market for U.S. companies, have led the S&P 500 to drop 9 percent this year.
  
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• News Corp denies rumors of Twitter bid

  20-01-2016 23:06
  
  (Reuters) - Rupert Murdoch's News Corp said rumors about the company's interest in buying microblogging site Twitter Inc or building a stake in it were untrue.
  
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• American Apparel defends turnaround plan against Charney's bid

  20-01-2016 23:05
  
  WILMINGTON, Del. (Reuters) - American Apparel'schief executive told a bankruptcy judge on Wednesday the retailer could become embroiled in drawn-out litigation if it accepted a takeover bid being...
  
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• Where's the fear? Hedging action subdued in stock sell-off

  20-01-2016 22:55
  
  NEW YORK (Reuters) - The U.S. stock market is in the middle of its worst three-week stretch in more than four years, but the kind of fear that normally accompanies such drops has not been...
  
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• US stocks pare steep losses: Dow -1.6%

  20-01-2016 22:48 via news.yahoo.com
  
  Wall Street stocks tumbled Wednesday as US oil prices sank to fresh 12-year lows, but an afternoon rally significantly cut the session's losses. The Dow Jones Industrial Average lost 249.28 points (1.56 percent) at 15,766.74. The broad-based S&P 500 fell 22.00 (1.17 percent) to 1,859.33, while the tech-rich Nasdaq Composite Index dipped 5.26 (0.12 percent) to 4,471.69.
  
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• Wall Street tumbles to two-year low as oil prices sink

  20-01-2016 22:36 via news.yahoo.com
  
  Wall Street tumbled on Wednesday, with the S&P 500 hitting its lowest since February 2014 and deepening this year's selloff as oil prices plummeted unabated. The New York Stock Exchange recorded 1,402 stocks at new 52-week lows, while 894 sank to new lows on the Nasdaq, the most on a single day since Aug. 24 for both exchanges. The beaten-down S&P energy sector's fell 4.5 percent, leading the decliners.
  
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• U.S. mutual fund investors put most cash in foreign equity in nearly five months: ICI

  20-01-2016 22:24
  
  NEW YORK (Reuters) - Investors in U.S.-based mutual funds poured $3.2 billion into funds that specialize in foreign shares, their biggest inflows since August, in the latest weekly period potentially...
  
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• The Latest: Biden, Netanyahu to meet on Davos sidelines

  20-01-2016 22:23 via news.yahoo.com
  
  DAVOS, Switzerland (AP) — The latest developments from Davos, where global leaders and business executives are attending the World Economic Forum's annual meeting. All times local.
  
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• Equities tumble on oil drop, but finish well off lows

  20-01-2016 22:20 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Global equity markets staged a late rebound along with oil prices on Wednesday to cut declines from 2-1/2 year lows, but remained on pace for one of the most dismal monthly performances on record. Oil prices tumbled once again after the International Energy Agency warned Tuesday the market could "drown in oversupply" and on concerns about the impact of a slowing China on global economic growth. The rout in oil prices has prompted spending cuts and layoff
  
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• Dollar slides vs yen as markets continue to seek safety

  20-01-2016 22:19 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - The dollar fell to a more than one-year low against the Japanese yen on Wednesday as crude oil prices dropped near a 13-year trough, the U.S. stock market tumbled, and risk appetite waned. The U.S. currency recovered slightly in afternoon trading, but remained down 0.6 percent at 116.94 yen after hitting a session low of 115.96 yen. "Overnight, the yen was appreciating on global equities selling off everywhere and oil also following," said John Doyle, directo
  
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• U.S. hedge funds boast lower losses as markets tumble further

  20-01-2016 22:11
  
  BOSTON (Reuters) - For some of the hedge fund industry's titans, including Nelson Peltz and William Ackman, 2016 is starting with heavy losses as big bets on General Electric , Valeant , and Mondelez...
  
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• Biden wisecracks at Davos, then warns of digital age threats

  20-01-2016 22:11 via news.yahoo.com
  
  DAVOS, Switzerland (AP) — Ever the jokester, U.S. Vice President Joe Biden ribbed his boss Wednesday at the World Economic Forum before getting serious to chide tax-dodgers and warn about the possible dangers that the digital revolution and growing automation could pose to jobs.
  
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• Reform uncertainty in Vietnam after PM left off leadership nominations

  20-01-2016 22:05 via news.yahoo.com
  
  By Martin Petty HANOI (Reuters) - As Vietnam's Communist Party opens its five-yearly Congress on Thursday, the country's progressive prime minister is headed for the political wilderness, an unexpected development that clouds the outlook for reform of the fast-growing economy. Premier Nguyen Tan Dung, widely credited with driving a recent wave of economic liberalization, has been omitted from nominations for key leadership posts to be agreed at the week-long meeting, several party sources told R
  
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• Saft on wealth: Learning from Turing’s silver hoard

  20-01-2016 21:48
  
  (Reuters) - The story of Alan Turing and his silver hoard shows that investing well takes more than extremely high intelligence and getting your analysis correct.
  
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• US oil price sinks 6.7%

  20-01-2016 21:43 via news.yahoo.com
  
  Oil prices plunged again on Wednesday, losing 6.7 percent in New York in the absence of any sign of tightening of supplies and amid gloomy global economic forecasts. Losses also persisted in London trade, but were not as heavy as Brent North Sea crude for March delivery tumbled to $27.88, down 88 cents from Tuesday. The market is still in the process of finding a bottom, said analyst Oliver Sloup at iiTrader.com.
  
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• Spreading Zika virus a new economic strain for Latin America

  20-01-2016 21:18 via news.yahoo.com
  
  BARRANQUILLA, Colombia (AP) — A U.S. warning that pregnant women should avoid Latin American countries where a mosquito-borne virus is multiplying couldn't have come at a worse time for a region that's counting on tourism to give it a boost at a time of economic crises.
  
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• The Latest: Pope urges Davos elite to help fight inequality

  20-01-2016 21:05 via news.yahoo.com
  
  DAVOS, Switzerland (AP) — The latest developments from Davos, where global leaders and business executives are attending the World Economic Forum's annual meeting. All times local.
  
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• Goldman Sachs sees M&A business weathering market slump

  20-01-2016 21:05 via news.yahoo.com
  
  The Wall Street firm, which last year topped the global dealmaking charts, is not yet concerned about the impact declining oil prices and China's slowing economy will have on dealmaking. "We'll have to see, obviously, if markets stay under stress ... but we wouldn't say that two weeks of volatile markets would stop a pretty powerful M&A trend," Goldman CFO Harvey Schwartz said on the bank's fourth-quarter analyst call on Wednesday. The need for Goldman to maintain a strong business advising
  
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• Bank of Canada holds rates steady as currency worries weigh

  20-01-2016 20:29 via news.yahoo.com
  
  By Randall Palmer and Leah Schnurr OTTAWA (Reuters) - The Bank of Canada decided not to cut interest rates on Wednesday but admitted it was not an easy call, as concern about a rapid decline in the currency clashed with an economic slump. With a rate cut certain to drag the Canadian dollar lower, the central bank held rates steady, despite calls by some for action to stimulate an economy sideswiped by a prolonged drop in the price of oil and other commodities. "It is fair to say ... that our del
  
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• Netflix swept up in market rout despite strong subscriber signups

  20-01-2016 20:13 via news.yahoo.com
  
  Netflix Inc's shares fell as much as 10 percent on Wednesday after a widespread selloff on Wall Street overshadowed the video streaming company's impressive subscriber additions in the fourth quarter. U.S. stocks were on a tailspin, with the Dow Jones industrial average losing more than 500 points, after oil prices continued to plummet unabated. "People are just taking this opportunity to sell a stock that has been a winner for a long time," Barclays analyst Paul Vogel told Reuters, adding that
  
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• 'Keep it simple' - business appeals to 'in' campaign on Brexit

  20-01-2016 20:07 via news.yahoo.com
  
  By Elizabeth Piper DAVOS, Switzerland - "Keep it simple, visual and factual" - that is the advice of the most powerful man in advertising to Britain's campaign to stay in the European Union, saying it must focus on the benefits to trade, investment and jobs to win the debate. A second-generation immigrant, Martin Sorrell, who has built the world's biggest advertising group WPP (WPP.L) over 30 years, is passionate about staying in the EU and does not rule out personally contributing to the 'in' c
  
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• Ukraine plans new diplomatic push to recover Crimea: Finance Minister

  20-01-2016 20:01 via news.yahoo.com
  
  Ukraine plans soon to launch a fresh diplomatic initiative to recover the Crimean peninsula from Russia which annexed it in 2014, Finance Minister Natalia Yaresko told Reuters on Wednesday. "We don't agree that Crimea has gone. This will be the year we really begin pressing forward on a process to return Crimea," Yaresko said on the sidelines of the World Economic Forum in Davos.
  
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• Greece to sell 67% of Piraeus port to China's COSCO for 368.5 mn euros

  20-01-2016 19:43 via news.yahoo.com
  
  Greece's privatisation agency announced Wednesday it had accepted a 368.5 million-euro ($402.4 million) bid for 67 percent of the Port of Piraeus by China's COSCO. "HRADF's Board of Directors evaluated the improved economic offer, taking into account the two existing valuations for (the Piraeus Port Authority) and decided to declare COSCO (Hong Kong) Group Limited as the preferred investor," the privatisation agency said in a statement. It called the deal, which also includes 350 million euros o
  
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• 'Middle-class Joe' Biden tells Davos bosses to look after workers

  20-01-2016 19:41
  
  DAVOS, Switzerland (Reuters) - U.S. Vice President Joe Biden criticized modern corporate "short-termism" on Wednesday and urged chief executives gathered in Davos to look after their workers as well...
  
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• GSK said to be in talks with Qualcomm to form JV: Bloomberg

  20-01-2016 19:26
  
  (Reuters) - Pharmaceutical group GlaxoSmithKline Plcis said to be in discussions with chipmaker Qualcomm Incto form a joint venture as GSK looks for ways to develop medical technology, Bloomberg...
  
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• Wall Street in relentless selloff as oil prices sink

  20-01-2016 19:24 via news.yahoo.com
  
  Wall Street moved deep into the red on Wednesday, with the S&P 500 hitting its lowest since February 2014 and extending this year's selloff as oil prices continued to plummet unabated. The rout was across the board: all 30 Dow components and all 10 major S&P sectors were in the red, with nine down more than 2 percent. The New York Stock Exchange recorded 1,387 stocks hitting new 52-week lows, while 866 sank to new lows on the Nasdaq, the most on a single day since Aug. 24 for both exchan
  
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• DoubleLine's Gundlach: Stock, credit declines suggest margin calls

  20-01-2016 19:22
  
  NEW YORK (Reuters) - Jeffrey Gundlach of DoubleLine Capital said on Wednesday that the major declines in the equity and credit markets could suggest that "margin calls are going on."
  
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• The Robot Revolution Could Wipe Out 5.1 Million Jobs by 2020

  20-01-2016 19:15 via news.yahoo.com
  
  If a plummeting stock market and possible global recession isn’t enough to make you hide under the covers, a new report from the World Economic Forum just might. Over the next five years, automation and robots will eliminate 5.1 million jobs globally, according to a new report from the World Economic Forum.
  
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• China's Xi opens refinery with Saudi King Salman

  20-01-2016 19:13 via news.yahoo.com
  
  Chinese President Xi Jinping and Saudi King Salman on Wednesday inaugurated a joint-venture refinery, symbolising Beijing's deepening involvement in the Middle East and Riyadh's need for economic diversification. The YASREF refinery, in Yanbu Industrial City on the Red Sea, is 62.5-percent held by Saudi oil giant Aramco, while China Petroleum & Chemical Corp (Sinopec) holds the balance. Billboards on a highway outside the ceremony showed Xi and Salman waving against a backdrop of the refiner
  
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• Activist Livermore calls for strategic change at Entertainment One

  20-01-2016 19:03
  
  TORONTO (Reuters) - U.S. activist hedge fund Livermore Partners is calling on Canadian and UK media firm Entertainment One to slow down its pace of dealmaking and improve its cash flow, the fund's...
  
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• The Latest: Biden jokes, talks about future dangers in Davos

  20-01-2016 18:54 via news.yahoo.com
  
  DAVOS, Switzerland (AP) — The latest developments from Davos, where global leaders and business executives are attending the World Economic Forum's annual meeting. All times local.
  
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• Stocks plunge along with price of oil; Dow off 500 points

  20-01-2016 18:36 via news.yahoo.com
  
  NEW YORK (AP) — Another plunge in the price of crude oil sent the stock market sharply lower.
  
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• Goldman posts smallest profit in four years; revenues top estimates

  20-01-2016 18:36 via news.yahoo.com
  
  Like other banks, Goldman has struggled as plummeting oil prices, concerns about China's economy, and nervousness about the timing and pace of U.S. interest rate increases weighed on credit markets. Goldman, the last of the big U.S. banks to release fourth-quarter earnings, reported a drop in revenue in all but one of its main businesses. The one bright spot was investment banking, which helped the bank beat revenue and profit expectations.
  
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• Davos leaders look beyond 2016's early market mayhem

  20-01-2016 18:33 via news.yahoo.com
  
  Blood-letting in global markets is dominating corridor talk as business leaders and policymakers meet in Davos, although so far the view is that it doesn't signal a financial crisis. As the World Economic Forum's annual meeting in Switzerland wrestled with topics ranging from the impact of robots on jobs to gender and wealth inequality, the MSCI World equity index fell to its lowest level since July 2013. If sustained, the 9.9 percent fall in the index in January would be the worst monthly loss
  
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• Wall Street selloff relentless as oil prices sink

  20-01-2016 18:22 via news.yahoo.com
  
  (Reuters) - Wall Street moved deep into the red in volatile trading on Wednesday, extending this year's selloff as oil prices continued to plummet unabated.
  
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• Weak U.S. inflation, housing data lower March rate hike chances

  20-01-2016 18:15 via news.yahoo.com
  
  U.S. consumer prices unexpectedly fell in December as the cost of gasoline dropped and rents rose moderately, signs of weak inflation that further diminish expectations of a Federal Reserve interest rate hike in March. Other data on Wednesday showed a drop in housing starts and building permits last month, adding to weak reports on retail sales, industrial production, exports, inventory and manufacturing surveys that have suggested a significant slowdown in economic growth at the end of 2015. Ag
  
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• How parents can fight the birthday-industrial complex

  20-01-2016 18:15
  
  NEW YORK (Reuters) - If you thought children's birthday parties are little more than a couple of streamers, a few balloons and a cake, think again.
  
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• Guggenheim's Minerd says market turmoil puts further Fed rate hikes on hold

  20-01-2016 17:49
  
  NEW YORK (Reuters) - Scott Minerd, the global chief investment officer of Guggenheim Partners, said on Wednesday the current market turmoil puts further rate hikes by the Federal Reserve on hold and...
  
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• Ian King Live: What's On Tonight's Show

  20-01-2016 17:40 via news.yahoo.com
  
  The Japanese stock market officially entered bear market territory – defined as a 20% fall from a recent peak – overnight, joining the likes of Germany, France, China and the US smaller companies market, while the FTSE-100 index did this lunchtime. The smell of fear is everywhere in stock markets and at the heart of it is oil. The falling oil price is being widely seen as due to a collapse in demand and, accordingly, as a harbinger of weak global growth this year.
  
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• Wall Street swept up in oil rout

  20-01-2016 17:09 via news.yahoo.com
  
  The selloff since the start of the year continued on Wall Street on Wednesday, led by energy stocks, as crude oil prices fell to new lows and on deepening fears of slowing global growth. "The damage being done in energy is spreading," said Brian Fenske, head of sales trading at ITG in New York. The S&P 500 was down 54.73 points, or 2.91 percent, at 1,826.6 and the Nasdaq Composite index was down 140.02 points, or 3.13 percent, at 4,336.94.
  
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• Pope tells Davos elite: Consider your role in creating poverty

  20-01-2016 16:35 via news.yahoo.com
  
  Pope Francis told members of the world's wealthy political and economic elite on Wednesday that they should not be deaf to the cry of the poor and must consider their own role in creating inequality. New technologies such as robotics must also not be allowed to replace humans with "soulless machines," he said in a message to the World Economic Forum in Davos. The pope, who wrote a major encyclical on climate change and protection of the environment last year, also urged business leaders to see t
  
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• Vanguard reopens money fund on improved market conditions

  20-01-2016 16:30
  
  (Reuters) - Vanguard said on Wednesday it will reopen its Treasury money market mutual fund to all investors, citing improved market conditions.
  
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• Our economy is a lot more than just natural resources: Trudeau

  20-01-2016 16:15 via news.yahoo.com
  
  OTTAWA (Reuters) - Canadian Prime Minister Justin Trudeau on Wednesday said the domestic economy consisted of much more than natural resources, striking a more upbeat tone just days after saying low oil prices and a weak Canadian dollar were doing widespread damage. "The low oil prices are a challenge but the Canadian economy is a lot more than just natural resources," he told a televised session of the World Economic Forum in Switzerland. (Reporting by David Ljunggren; Editing by Chizu Nomiyama
  
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• Bank of Canada keeps rates unchanged, sees economy rebounding

  20-01-2016 16:03 via news.yahoo.com
  
  By Randall Palmer and Leah Schnurr OTTAWA (Reuters) - In one of its most closely watched decisions in years, the Bank of Canada kept interest rates unchanged on Wednesday despite a weakening economy, opting for patience because of the expected boost from a weak currency, past rate cuts, fiscal stimulus and U.S. growth. The central bank acknowledged the slide in the price of oil and other commodities represented a setback and it estimated that fourth-quarter growth had stalled, with excess capaci
  
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• Here come the robots: Davos bosses brace for big technology shocks

  20-01-2016 15:45 via news.yahoo.com
  
  Such things may be science fiction today but they will be scientific fact by 2025 as the world enters an era of advanced robotics, artificial intelligence and gene editing, according to executives surveyed by the World Economic Forum (WEF). Nearly half of those questioned also expect an artificial intelligence machine to be sitting on a corporate board of directors within the next decade. After steam, mass production and information technology, the so-called "fourth industrial revolution" will b
  
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• Wall Street opens sharply lower as oil slumps

  20-01-2016 15:34 via news.yahoo.com
  
  REUTERS - U.S. stocks opened sharply lower on Wednesday, deepening the selloff since the start of the year, as crude oil prices tumbled close to 12 year lows. The Dow Jones industrial average was down 179.9 points, or 1.12 percent, at 15,836.12. The S&P 500 was down 17.97 points, or 0.96 percent, at 1,863.36. The Nasdaq Composite index was down 73.26 points, or 1.64 percent, at 4,403.69. (Reporting by Alan John Koshy in Bengaluru; Editing by Savio D'Souza)
  
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• U.S. housing starts, permits fall in December

  20-01-2016 15:05 via news.yahoo.com
  
  WASHINGTON (Reuters) - U.S. housing starts and permits fell in December after hefty gains the prior month, adding to a raft of weak data that have raised concerns over the health of the economy.
  
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• Smuggling soars as Venezuela's economy sinks

  20-01-2016 15:03 via news.yahoo.com
  
  By Girish Gupta BOCA DEL GRITA, Venezuela (Reuters) - Clutching egg cartons on his shoulder, a young man wades precariously through a muddy river on Venezuela's western jungle border where a Colombian shopkeeper will happily buy them up. On a peninsula jutting into the Caribbean, a fisherman sails under the cover of darkness to the nearby island of Aruba carrying everything from fish to flour. Driven by a deepening economic crisis, smuggling across Venezuela's land and maritime borders - as well
  
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• Canada's Brookfield expects Dubai office demand to shrug off oil slump

  20-01-2016 14:41 via news.yahoo.com
  
  By Matt Smith DUBAI (Reuters) - A Brookfield Property Partners joint venture began work on a $1 billion office tower in Dubai on Wednesday as the Canadian company bets the emirate’s commercial property sector will be unaffected by the sustained slump in oil prices. Oil contributes very little to Dubai’s economy, which relies much more on real estate, retail and transport, among other sectors. Brookfield seem undeterred, however, forming a 50-50 joint venture with state-owned Investme
  
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