Finance news

• US, European stocks gain as ECB hints at more stimulus

  21-01-2016 23:57 via news.yahoo.com
  
  European and US stocks staged a rebound Thursday on hints of additional European Central Bank stimulus and a rise in oil prices from 12-year lows. After plunging by 3.5 percent Wednesday, major European indices in Frankfurt, London and Paris shot up nearly two percent after the ECB signalled it stood ready to help if the economic outlook darkens further. In New York, the gains were less pronounced, with the S&P 500 climbing 0.5 percent behind strong gains in petroleum shares.
  
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• CORRECTED-Kinder Morgan surges on prospect of higher dividend, buyback

  21-01-2016 23:45
  
  Jan 21 (Reuters) - Shares of U.S. pipeline company Kinder Morgan Inc shot up on Thursday as investors welcomed the company's plans to cut debt, reduce spending and potentially increase its dividend...
  
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• Fix the roads, California Governor Brown tells lawmakers

  21-01-2016 23:44 via news.yahoo.com
  
  By Sharon Bernstein SACRAMENTO, Calif. (Reuters) - California Governor Jerry Brown urged continued fiscal restraint amid the state's economic expansion but hinted broadly that new fees would be needed to pay for repairs of deteriorating roads, bridges and other infrastructure. Improvements in the state's financial health and a weather pattern that is helping to ease four years of catastrophic drought put California on a stronger footing as Brown addressed the legislature for his 14th State of th
  
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• Judge to rule Monday on American Apparel bankruptcy exit plan

  21-01-2016 23:34
  
  WILMINGTON, Del., Jan 21 (Reuters) - A U.S. judge will rule
  on Monday on a plan to bring teen retailer American Apparel out
  of bankruptcy under the control of hedge funds or give former
  chief...
  
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• Atlantic City, N.J., to hold emergency meeting to discuss bankruptcy

  21-01-2016 23:34
  
  Jan 21 (Reuters) - Atlantic City Mayor Don Guardian on
  Thursday called an emergency City Council meeting next week to
  discuss whether the distressed New Jersey gambling hub should
  file for municipal...
  
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• Factbox: Trump seen from Davos: 'unbelievable', 'embarrassing' but candor 'hit a vein'

  21-01-2016 23:31 via news.yahoo.com
  
  The surprise emergence of a billionaire real estate developer who has proposed banning Muslims from entering the United States as the front runner to become Republican nominee for president is one of the hot topics of conversation among the rich and powerful at the World Economic Forum in Davos, Switzerland. While calling Donald Trump "unbelievable", "embarrassing" or even "dangerous", business executives and finance leaders said he had nevertheless "hit a vein" with his direct talk. Here are so
  
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• Davos elite alarmed at prospect of nominee Trump

  21-01-2016 23:31 via news.yahoo.com
  
  By Carmel Crimmins and Martinne Geller DAVOS, Switzerland (Reuters) - "Unbelievable", "embarrassing" even "dangerous" are some of the words the financial elite gathered at the World Economic Forum conference in the Swiss resort of Davos have been using to describe U.S. Republican presidential frontrunner Donald Trump. Although some said they still expected his campaign to founder before his party picks its nominee for the November election many said it was no longer unthinkable that he could be
  
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• TRLPC: Investors threaten not to fund $2.75billion Staples loan for Office Depot buy

  21-01-2016 23:23
  
  NEW YORK (Reuters) - Investors are threatening not to fund a US$2.75bn loan backing office supply retailer Staples’ purchase of rival Office Depot after pricing moved against the deal, which could...
  
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• Fearing genocide, ex-Burundi presidents plead for U.N. troops

  21-01-2016 23:15 via news.yahoo.com
  
  By Michelle Nichols BUJUMBURA (Reuters) - Two former Burundi presidents pleaded for the United Nations Security Council on Thursday to back the deployment of international troops to the African state gripped by political violence because it "runs the risk of becoming another Rwanda" Diplomats of the 15-member council arrived in Burundi's capital Bujumbura on Thursday evening for its second visit to the tiny landlocked state in less than a year, where fears of an ethnic war have also led to an ec
  
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• India's Modi may bet on old faces and new to regain winning ways

  21-01-2016 23:09 via news.yahoo.com
  
  By Rupam Jain Nair NEW DELHI (Reuters) - Indian Prime Minister Narendra Modi may look to press the reset button on his leadership this spring to reinvigorate stalled economic reforms and appease critics, eyeing a mix of tried and tested allies and fresh blood, senior government sources said. The ruling Bharatiya Janata Party (BJP) faces a crucial election test in the most populous state of Uttar Pradesh in 2017 that it probably needs to win if it wants to hold on to power nationally in 2019. "Mo
  
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• UPDATE 3-United profit helped by cheap fuel, but Houston a problem

  21-01-2016 22:58
  
  Jan 20 (Reuters) - United Airlines forecast a higher profit margin for the first quarter on Thursday, helped by a windfall from cheap jet fuel, but warned that the collapse in oil prices is hurting...
  
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• The Latest: US drops rivalry to multilateral Argentine loans

  21-01-2016 22:47 via news.yahoo.com
  
  DAVOS, Switzerland (AP) — The latest developments from the World Economic Forum's annual meeting in Davos, Switzerland, where top executives and world leaders are gathered this week. All times local.
  
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• New York City mayor presents $82 billion budget, warns of challenges

  21-01-2016 22:35 via news.yahoo.com
  
  By Edward Krudy NEW YORK (Reuters) - New York City Mayor Bill de Blasio presented an $82.1 billion preliminary budget for the city's 2016-17 financial year on Thursday, noting the city's strong economic position but striking a cautionary note over the economic outlook. New York City, which sits at the center of one of the biggest regional economies in the world, has seen strong growth since the recession that followed the 2007-09 financial crisis. "We as New York City have to protect ourselves."
  
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• Badly bruised Wall Street finds solace in oil rebound

  21-01-2016 22:34 via news.yahoo.com
  
  Wall Street staged a modest rally on Thursday as oil prices recorded their biggest gain this year and ECB President Mario Draghi raised hopes of more stimulus for Europe. Seven of 10 major S&P 500 sectors climbed, with a 2.88-percent jump in energy stocks leading the way. Helping global and U.S. stocks, the European Central Bank kept its main rates on hold and Draghi said the central bank would "review and possibly reconsider" its monetary policy as soon as March.
  
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• Australia considers tighter anti-money laundering rules for real estate, gems

  21-01-2016 22:02
  
  SYDNEY (Reuters) - Australia is considering tightening its anti-money laundering regulations to include real estate agents and precious stone dealers, sources said, following red flags from a global...
  
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• Parents’ debt may influence childrens’ emotional wellbeing

  21-01-2016 22:00 via news.yahoo.com
  
  By Kathryn Doyle Some kinds of debt, such as home mortgages and education loans, are linked to better child wellbeing while unsecured debt like credit card balances and overdue medical bills are tied to increasing behavior problems, according to a U.S. study. “It makes sense that taking on debt for specific investments can be beneficial – for example, taking on student loans to go to college or a mortgage to buy a home may lead to better social and economic outcomes, whereas taking o
  
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• Russian ruble hits record low against dollar, central bank convenes meeting

  21-01-2016 21:54 via news.yahoo.com
  
  The Russian ruble slumped to an all-time low against the dollar Thursday, prompting the central bank to convene an evening meeting as chief Elvira Nabiullina cancelled her trip to the World Economic Forum in Davos. Russia's national currency also fell against the euro, dropping to around 93.7 rubles per euro before firming back up to 89.2. The Kremlin insisted that the ruble's plunge was "not a collapse" and that authorities would be able to stop the slide.
  
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• REFILE-U.S. judge to join two bond insurer lawsuits against Puerto Rico

  21-01-2016 21:54
  
  CHICAGO, Jan 21 (Reuters) - A second lawsuit over Puerto
  Rico's debt default will be joined with a similar suit in order
  to save time and money and avoid inconsistent rulings, a U.S.
  federal judge...
  
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• Some funds offer to tame market's chaos, but at a price

  21-01-2016 21:53 via news.yahoo.com
  
  NEW YORK (AP) — Freaked out by the stock market's big swings?
  
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• George Soros says he expects hard landing for China economy: Bloomberg

  21-01-2016 21:53 via news.yahoo.com
  
  Billionaire investor George Soros told Bloomberg TV on Thursday he sees a hard landing for China's economy contributing to global deflation. "A hard landing is practically unavoidable," Soros said on Bloomberg from Davos. China can manage it.
  
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• U.S. pension fund Calpers says CEO Anne Stausboll to retire

  21-01-2016 21:52
  
  BOSTON (Reuters) - Anne Stausboll will step down as chief executive at California Public Employees Retirement System, the largest U.S. pension fund where for seven years she has demanded better...
  
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• Ally Financial taps J.P. Morgan to advise on activist fight

  21-01-2016 21:47
  
  (Reuters) - Ally Financial Inc has hired J.P. Morgan to advise the largest U.S. auto lender as it fends off activist hedge fund Lion Point Capital's campaign for changes at the company, people...
  
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• Montreal mayor, local leaders oppose Energy East pipeline

  21-01-2016 21:43 via news.yahoo.com
  
  By Allison Lampert MONTREAL (Reuters) - The influential mayor of Montreal and leaders representing 81 nearby municipalities said on Thursday they oppose TransCanada Corp's proposed Energy East pipeline because of environmental and economic concerns. Energy East, which would take up to 1.1 million barrels of oil per day from Alberta and Saskatchewan to Canada's east coast, faces increasing problems as environmental and aboriginal groups ramp up protests. TransCanada and Alberta's landlocked oil s
  
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• Brazilian real closes at historic low of 4.166 to the dollar

  21-01-2016 21:37 via news.yahoo.com
  
  Brazil's battered real closed at a historic low of 4.166 to the US dollar Thursday after the central bank surprised markets by not raising interest rates. The currency, weakened by worries over recession and political uncertainty in Latin America's biggest economy, was 1.49 percent down on the day, at one point trading even lower at 4.17 to the dollar. Brazil is in its worst recession since the 1930s and is forecast by the IMF to stay in negative growth through 2017.
  
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• Oil rebounds from 12-year low as equities rally, shorts cover

  21-01-2016 21:12 via news.yahoo.com
  
  By Devika Krishna Kumar NEW YORK (Reuters) - Oil prices rebounded over $1 a barrel from 12-year lows on Thursday, their biggest daily gain this year, as rallying financial markets gave some bearish traders reason to take profits on record short positions. U.S. crude vaulted back towards $30 per barrel as hopes for easier monetary policy from Europe fuelled a recovery in stock markets in European and on Wall Street. "The fundamentals are still weak and you still have worries about economic growth
  
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• Kerry believes 2016 will see Islamic State 'seriously dented'

  21-01-2016 20:59 via news.yahoo.com
  
  By David Brunnstrom DAVOS (Reuters) - U.S. Secretary of State John Kerry said on Thursday he believed Islamic State's military capabilities in Iraq and Syria would be seriously weakened by the end of 2016. Asked at a media roundtable on the sidelines of the World Economic Forum in Davos, Switzerland, whether this year would see the end of Islamic State, Kerry replied, referring to the militant group by an Arabic acronym: "I think that by the end of 2016, our goal of very seriously denting Daesh
  
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• Canada could pull ahead maintenance spending to boost stimulus

  21-01-2016 20:51 via news.yahoo.com
  
  By David Ljunggren OTTAWA (Reuters) - The Canadian government could pull forward maintenance on essential infrastructure in a bid to provide more rapid support for an economy hit by slumping oil prices, a top official said on Thursday. Infrastructure Minister Amarjeet Sohi said Ottawa was mulling whether to focus on existing projects for two years before starting on a promised 10-year program of new investments. The Liberals won power last October on the back of a promise to stimulate growth by
  
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• The Latest: Trudeau: Canada working out new stimulus

  21-01-2016 20:37 via news.yahoo.com
  
  DAVOS, Switzerland (AP) — The latest developments from the World Economic Forum's annual meeting in Davos, Switzerland, where top executives and world leaders are gathered this week. All times local.
  
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• FTSE rebounds from three-year low, with Draghi's help

  21-01-2016 20:29 via news.yahoo.com
  
  By Alistair Smout and Sudip Kar-Gupta LONDON - Britain's top share index bounced from its lowest in more than three years on Thursday, after the head of the European Central Bank implied further monetary stimulus was coming. The gains extended after oil prices rebounded to set off a rally on Wall Street. The ECB will review its monetary policy in March, the central bank's president, Mario Draghi, said after the bank's policy meeting on Thursday.
  
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• Coca-Cola to invest $1 billion in Argentina over next four years

  21-01-2016 20:08 via news.yahoo.com
  
  Coca-Cola Co will invest $1 billion over four years in its bottling and distribution operations in Argentina, the company said on Thursday, and leave the door open to further acquisitions in the South American country. Coca-Cola CEO Muhtar Kent told Argentine President Mauricio Macri of the spending plan when the two met at the World Economic Forum in Davos, where Macri has been courting chief executives with a message that Argentina is open for business. Macri, who took office on Dec.10, has di
  
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• Radisson owner explores sale of hotel business - Wall Street Journal

  21-01-2016 20:03 via news.yahoo.com
  
  (Reuters) - Radisson hotels owner Carlson Cos Inc is exploring strategic alternatives for its hotel business, including a sale, the Wall Street Journal reported on Thursday. A merger or a partnership are the other alternatives the company is exploring, the Journal reported, citing people familiar with the matter. Carlson was not immediately available for comment. Carlson Rezidor Hotel Group, which has 1,370 hotels in operation and under development, includes Radisson Hotels, Park Plaza Hotels an
  
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• American Apparel ex-CEO tells court of 'character assassination'

  21-01-2016 20:02
  
  WILMINGTON, Del., Jan 21 (Reuters) - Dov Charney, the
  founder of American Apparel, told a U.S. judge on
  Thursday the board threatened "character assassination" if he
  fought his removal as chief...
  
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• TRLPC: Carlyle CLO twice raises rate paid as spreads fail to tighten

  21-01-2016 19:58
  
  NEW YORK (Reuters) - A Collateralized Loan Obligation (CLO) managed by the Carlyle Group increased for the second time the rate it must pay to some of its most-senior investors, about 31 months after...
  
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• Hedge fund billionaire opens shop in Miami Beach

  21-01-2016 19:46
  
  (Reuters) - Another titan of Wall Street has opened a Florida beachfront office.
  
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• Union Pacific CEO says consumers 'just don't seem to be showing up'

  21-01-2016 19:43 via news.yahoo.com
  
  By Nick Carey CHICAGO (Reuters) - Facing a freight recession caused by slumping commodity prices and industrial output, No. 1 U.S. railroad Union Pacific Corp said Thursday hopes of strong economic growth have so far been undermined by a key missing ingredient - the American consumer. "What's causing us some concern is it’s hard to figure out where the consumer is at," Chief Executive Lance Fritz told Reuters by phone. While Americans were buying automobiles and unemployment numbers looked
  
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• Canada primary dealers split on next Bank of Canada rate move: poll

  21-01-2016 19:29 via news.yahoo.com
  
  By Fergal Smith and Anu Bararia TORONTO (Reuters) - Canadian primary dealers were split on the direction of the next interest rate move by the Bank of Canada, according to a Reuters poll published on Thursday, after the central bank surprised many traders by deciding not to cut a day earlier. The Bank of Canada left its benchmark interest rate on hold at 0.50 percent on Wednesday, but admitted it was not an easy call, as concern about a rapid decline in the currency clashed with an economic slum
  
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• US won't oppose development loans to new Argentine govt

  21-01-2016 19:22 via news.yahoo.com
  
  The United States told Argentina Thursday that it will no longer oppose development lending to the country after the reforms undertaken by the new government. US Treasury Secretary Jacob Lew told Argentine Finance Minister Alfonso Prat-Gay that the US policy, which dates to 2011, is being dropped "in light of the government's progress on key issues and positive economic policy trajectory," the Treasury said in a statement. Meeting in Davos, Switzerland, for the first time since Mauricio Macri re
  
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• Wall Street up as Draghi raises stimulus hopes, oil surges

  21-01-2016 19:02 via news.yahoo.com
  
  Wall Street rallied after a hesitant start on Thursday as oil prices surged towards their biggest gain this year and ECB President Mario Draghi raised hopes of further stimulus. All 10 major S&P 500 sectors were higher, with a 3.2 percent jump in energy stocks leading the pack. All but two Dow components were higher as well.
  
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• UPDATE 3-Alkermes depression drug fails, shares plunge

  21-01-2016 18:48
  
  * Company loses $3.88 bln in market value (Adds details, analysts comments; updates shares)
  
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• The Latest: Israeli PM downplays plan to take West Bank land

  21-01-2016 18:30 via news.yahoo.com
  
  DAVOS, Switzerland (AP) — The latest developments from the World Economic Forum's annual meeting in Davos, Switzerland, where top executives and world leaders are gathered this week. All times local.
  
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• NY's Cuomo nominates ex-staffer as top financial regulator

  21-01-2016 18:16 via news.yahoo.com
  
  The nomination of Vullo as superintendent of the New York State Department of Financial Services (NYDFS) comes more than eight months after the May 2015 departure of former superintendent Benjamin Lawsky. Vullo, a litigator from New York law firm Paul Weiss, also served as executive deputy attorney general for economic justice in 2010 under Cuomo, a Democrat, who was then New York state attorney general.
  
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• UPDATE 2-Osram CEO believes big shareholders will back strategy

  21-01-2016 18:15
  
  * General lighting market seen growing at 9.5 pct per year (Adds details on strategy and Lamps unit sale, updates shares)
  
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• Britain's FTSE rebounds from three-year low, with Draghi's help

  21-01-2016 18:14 via news.yahoo.com
  
  Britain's top share index bounced from its lowest in more than three years on Thursday, after the head of the European Central Bank implied further monetary stimulus was coming. The gains extended after oil prices rebounded to set off a rally on Wall Street. The ECB will review its monetary policy in March, the central bank's president, Mario Draghi, said after the bank's policy meeting on Thursday.
  
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• ECB raises prospect of March policy easing as outlook sours

  21-01-2016 18:12 via news.yahoo.com
  
  Fading growth and inflation prospects will force the European Central Bank to review its policy stance in March, President Mario Draghi said on Thursday, a strong signal that more easing could be coming within months. Global market turmoil, plunging oil prices and weaker growth across emerging markets are quickly increasing economic headwinds for Europe so the ECB will need to be ready to use any possible instrument as inflation risks turning negative and growth slows, Draghi said. The unexpecte
  
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• Aetna's deal for Humana will push up costs for seniors: think tank

  21-01-2016 18:03
  
  WASHINGTON (Reuters) - Aetna Inc'splan to buy smaller insurer Humana Incfor $31 billion will mean seniors will pay higher Medicare Advantage premiums, according to a new report by the think tank...
  
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• European stocks rebound as ECB hints at more stimulus

  21-01-2016 18:00 via news.yahoo.com
  
  European equities rebounded Thursday as the European Central Bank said there were "no limits" to the stimulus measures it might take to boost the eurozone economy. After plunging by 3.5 percent Wednesday, major European indices shot up nearly two percent after the ECB signalled it stood ready to help if economic perspectives darken further. "European markets staged an afternoon rally on Thursday after ECB President Mario Draghi signalled the central bank could add to its current arsenal of monet
  
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• Average US rate on 30-year mortgage falls to 3.81 percent

  21-01-2016 17:57 via news.yahoo.com
  
  WASHINGTON (AP) — Average long-term U.S. mortgage rates fell this week for a third straight week as global stock markets continued to be pounded by falling oil prices and worries over economic growth.
  
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• UPDATE 4-Deutsche Bank record loss keeps pressure on CEO John Cryan

  21-01-2016 17:50
  
  * Shares down 3.4 pct vs 2.3 pct rise in Dax index (Adds source, investors, updates shares)
  
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• Russian families feel pain as economic crisis drags on

  21-01-2016 17:47 via news.yahoo.com
  
  Two years ago, before the Russian economy took a steep plunge, Maria Bunina vacationed abroad and supported her four children and nine grandchildren. "Before I knew I had money and that it would be sufficient," Bunina told AFP in her cramped three-bedroom Moscow apartment she shares with seven family members. As Russia's economy plunged into recession on the back of Western sanctions over Ukraine and tumbling oil prices, Bunina lost her job as a social worker which she used to supplement her mea
  
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• Rise in U.S. jobless claims spurs labor market worries

  21-01-2016 17:45 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits rose to a six-month high last week, suggesting some loss of momentum in the labor market amid a sharp economic slowdown and major stock market selloff. Another report on Thursday showed factory activity in the mid-Atlantic region improved in January as shipments rebounded, but still contracted for a fifth straight month. Initial claims for state unemployment benefits increased 10,000 to a seasonally
  
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