Finance news

• OMERS Ventures tech fund eyes C$300 million fundraising in 2017

  25-01-2016 23:44
  
  TORONTO (Reuters) - OMERS Ventures, one of Canada's biggest venture capital firms, plans to raise up to C$300 million ($210 million) through the launch of a third fund in 2017 to invest in early...
  
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• Morgan Stanley names Dunleavy as new head of fixed-income sales: memo

  25-01-2016 23:41
  
  (Reuters) - Morgan Stanley has named a new head of global fixed income sales as it continues to reshape the struggling business.
  
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• Deals and warms words flow as Iranian president visits Europe

  25-01-2016 23:02 via news.yahoo.com
  
  By Antonella Cinelli and Crispian Balmer ROME (Reuters) - Italy and Iran signed billions of dollars of business deals on Monday at the start of a visit to Europe by Iranian President Hassan Rouhani aimed at rebuilding his nation's ties with the West after years of economic sanctions. Heading a 120-strong delegation of business leaders and ministers, Rouhani will spend two days in Rome before flying to France on Wednesday, looking to polish Tehran's diplomatic credentials at a time of turmoil in
  
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• Wall Street resumes 2016 slide as energy stocks tumble

  25-01-2016 22:49 via news.yahoo.com
  
  Wall Street sold off on Monday, pulled lower by further weakness in oil prices as energy shares led declines, with major indexes retreating after last week's strong gains. Oil prices fell 6 percent on concerns of oversupply after news that Iraq's output reached a record last month. The major indexes each fell more than 1 percent, reversing much of a two-session rally that marked Wall Street's first week of gains in the year.
  
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• US STOCKS-Wall Street resumes 2016 slide as energy stocks tumble

  25-01-2016 22:36 via news.yahoo.com
  
  Wall Street sold off on Monday, pulled lower by further weakness in oil prices as energy shares led declines, with major indexes retreating after last week's strong gains. Oil prices fell 6 percent on ...
  
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• Global stocks, dollar fall as oil sell-off resumes

  25-01-2016 22:20 via news.yahoo.com
  
  By Richard Leong NEW YORK (Reuters) - A renewed slump in oil prices due to a persistent global supply glut hurt U.S. and European stock markets on Monday and weighed on the dollar following a rebound in those sectors late last week. Anxiety over the impact of tumbling energy prices on global economic growth and central bank policies revived safe-haven demand for the yen, gold and U.S. and German government debt. Crude oil prices fell as much as 6. ...
  
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• Vonovia lowers acceptance threshold for Deutsche Wohnen to 50 percent

  25-01-2016 22:06
  
  FRANKFURT (Reuters) - Vonovia , Germany's biggest residential property company on Monday extended the deadline and lowered the acceptance threshold for its hostile takeover of rival Deutsche Wohnen .
  
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• ExxonMobil sees lower 'carbon intensity' in 2040

  25-01-2016 21:52 via news.yahoo.com
  
  Global energy demand will rise by 25 percent through 2040, but greater use of low-carbon fuels will cut carbon emission relative to economic activity, said an ExxonMobil forecast released Monday. The petroleum giant said oil will still be the biggest source of energy in 2040, but natural gas will move into second place, as use of coal ebbs in response to tighter regulations on carbon dioxide. The shifts will enable the global economy to cut in half its "carbon intensity," a benchmark of carbon e
  
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• Trudeau's Canadian honeymoon cut short by oil crash, economic woes

  25-01-2016 21:40 via news.yahoo.com
  
  By Andrea Hopkins and Jeffrey Hodgson TORONTO (Reuters) - With growth fading, oil prices in freefall and a currency having touched a 12-year low, Canada’s new Prime Minister Justin Trudeau faces an early end to his political honeymoon, confronted by an economic slump with no easy exit. While voracious demand from China for its commodities helped Canada escape the worst of the 2008 financial crisis, the communist-run country's diminished appetite and a global oil glut have turned into
  
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• Italy's Renzi says new business accords with Iran 'just the beginning'

  25-01-2016 21:13 via news.yahoo.com
  
  ROME (Reuters) - Business agreements Italy signed with Iran on Monday are "just the beginning" for the two countries, Italian Prime Minister Matteo Renzi said. Renzi was speaking alongside Iranian President Hassan Rouhani, who was in Rome at the start of his first visit to Europe, which came less than two weeks after crippling economic sanctions on Tehran were lifted. A government source said the two countries would sign deals worth up to 17 billion euros ($18.42 billion) during Rouhani's 48-hou
  
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• Investment funds buy $10.207 billion 10-year note in January: U.S. Treasury

  25-01-2016 21:06
  
  (Reuters) - Large investment managers bought $10.207 billion at a 10-year note auction held in January, compared with the $9.316 billion they purchased the previous month, data from the U.S. Treasury...
  
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• Siemens lifts earnings outlook, helped by euro, cuts

  25-01-2016 20:53 via news.yahoo.com
  
  By Georgina Prodhan MUNICH, Germany (Reuters) - Siemens , Europe's biggest industrial group, raised its full-year earnings-per-share forecast on Monday after beating market expectations for first-quarter industrial profit, revenue and orders. Siemens' healthcare, transportation and energy-management units drove a gain in industrial profit to 10.4 percent of sales from 10.2 percent a year earlier, helped greatly by the weak euro and ongoing cost cuts. Siemens shares rose 2.3 percent in after-hour
  
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• Wall Street weighed down by energy stocks

  25-01-2016 20:51 via news.yahoo.com
  
  Oil prices fell more than 5 percent on concerns of oversupply after news that Iraq's output reached a record last month. Wall Street is coming off its first week of gains in the year, with the three major indexes posting solid increases on Friday. During the poor start for the year for U.S. stocks, their performance has been closely correlated with the price of oil, although some investors said Wall Street's more modest decline on Monday meant the two assets could be decoupling somewhat.
  
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• US STOCKS-Wall Street weighed down by energy stocks

  25-01-2016 20:49 via news.yahoo.com
  
  Wall Street stumbled on Monday after its first positive week of 2016, pulled lower by further weakness in oil prices as energy shares led declines. Oil prices fell more than 5 percent on concerns of oversupply ...
  
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• Short-seller Carson Block launches hedge fund

  25-01-2016 20:32
  
  NEW YORK (Reuters) - Short-seller Carson Block, founder of research firm Muddy Waters LLC who exposed accounting problems and wrongdoing at a slew of Chinese companies, has launched a hedge fund...
  
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• Fund managers who called oil debacle say they'll stay away for years

  25-01-2016 20:09
  
  NEW YORK (Reuters) - A number of mutual fund managers who dumped their shares in energy companies before oil slid to 12-year lows now see themselves avoiding the sector for years to come rather than...
  
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• Exclusive: EU to give unconditional approval to Schlumberger deal - sources

  25-01-2016 19:43
  
  BRUSSELS (Reuters) - The world's biggest oilfield services company Schlumbergeris set to gain unconditional EU approval for its $14.8 billion bid for equipment maker Cameron International Corp ,...
  
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• Saudi Arabia presents plan to move beyond oil

  25-01-2016 19:42 via news.yahoo.com
  
  By Andrew Torchia and Katie Paul RIYADH (Reuters) - Saudi Arabia outlined ambitious plans on Monday to move into industries ranging from information technology to health care and tourism, as it sought to convince international investors it can cope with an era of cheap oil. A meeting and presentation at a luxury Riyadh hotel was held against a backdrop of low oil prices pressuring the kingdom's currency and saddling it with an annual state budget deficit of almost $100 billion - the biggest econ
  
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• Siemens beefs up industrial software with CD-adapco

  25-01-2016 19:27
  
  MUNICH, Germany (Reuters) - Germany's Siemenshas agreed to buy U.S. engineering software firm CD-adapco for $970 million, it confirmed on Monday, beefing up its core industrial business with the...
  
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• Mega-deals await as Iranian president starts European trip in Rome

  25-01-2016 19:21 via news.yahoo.com
  
  By Crispian Balmer and John Irish ROME/PARIS (Reuters) - Iranian President Hassan Rouhani flew to Italy on Monday at the start of his first official visit to Europe, looking to sign multi-billion dollar contracts to help to modernize Iran's economy after years of crippling financial sanctions. Heading a 120-strong delegation of Iranian business leaders and ministers, Rouhani will spend two days in Rome before flying to France on Wednesday, hoping to burnish Tehran's international credentials at
  
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• Market rout could blow Fed off course if consumers blink

  25-01-2016 19:17 via news.yahoo.com
  
  Federal Reserve officials are playing it cool for now, but roughly $2.5 trillion of stock market value wiped out in the past three weeks and a possible consumer pullback could throw the Fed off its course of gradual interest rate hikes. Policymakers continue to argue that the threat will pass, but the risk that the selloff will hit the main engine of U.S. economic growth - household spending - gets bigger the longer markets remain depressed. Fed policymakers meet on Tuesday and Wednesday for the
  
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• Renewed oil price drop hurts global stocks, dollar

  25-01-2016 18:38 via news.yahoo.com
  
  NEW YORK (Reuters) - A renewed drop in oil prices due to worries about a global supply glut on Monday hurt U.S. and European stock markets and weighed on the dollar following a rebound in those sectors late last week.
  
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• Volatility grips global stock markets

  25-01-2016 18:22 via news.yahoo.com
  
  Oil's protracted price woes, coupled with pessimism on Germany, caused renewed jitters on world stock markets Monday, with equities in Europe ending down after Asia had earlier gained ground. Asian stock markets closed with gains as investors bet on central bank stimulus measures to support markets after the bloodbath at the start of the year.
  
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• Exclusive: Insurance broker Acrisure explores $2 billion sale - sources

  25-01-2016 18:10
  
  (Reuters) - Acrisure LLC, one of the top 15 insurance brokerages in the United States, is exploring a sale that it hopes will value it at as much as $2 billion, including debt, according to people...
  
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• Canada to sign Asia trade pact, but undecided on ratification

  25-01-2016 18:08 via news.yahoo.com
  
  By David Ljunggren OTTAWA (Reuters) - Canada's new Liberal government will take the "technical step" of signing a 12-nation trade deal next week but has not yet decided whether to formally ratify the agreement, Trade Minister Chrystia Freeland said on Monday. Canada is one of 12 nations that initialed the Trans-Pacific Partnership (TPP) in early October after years of talks, agreeing in principle to create a trade zone covering 40 percent of the world's economy. The TPP was negotiated by the for
  
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• McDonald's to invest more in Russia, boost local supply

  25-01-2016 17:51 via news.yahoo.com
  
  McDonald's plans to increase investment in Russia and open more restaurants this year after a focus on local suppliers and affordable menus helped it to weather an economic crisis. Economic indicators suggest the slump is far from over and consumers, facing high inflation, may cut spending further. "The eating-out industry has been stagnating since the beginning of 2015 but we have seen significant growth of our market share as we continued expansion," said Khamzat Khasbulatov, chief executive o
  
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• World steel output drops after five year rise

  25-01-2016 17:40 via news.yahoo.com
  
  Paris (AFP) - Reflecting a global economic slowdown, worldwide steel production dropped 2.8 percent last year to 1.62 billion tons, just under half of the total produced by China, the World Steel Association said Monday.
  
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• McDonald's exploring sale of stake in Japanese arm

  25-01-2016 17:39
  
  (Reuters) - McDonald's Corpis exploring a sale of a portion of its stake in its Japan business, Chief Financial Officer Kevin Ozan said in a post earnings conference call on Monday.
  
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• Materials, energy stocks weigh on indexes

  25-01-2016 17:35 via news.yahoo.com
  
  Investors, already rattled by the volatile start to the year and a steep fall in oil prices, are awaiting U.S. GDP data on Friday for a reading on the health of the economy. All eyes will be on the U.S. Federal Reserve's next move on interest rates when the Federal Open Market Committee meets on Jan. 26-27. "As much as we'd like things to change and we have a new calendar, the same themes are playing out today and this week," said Eric Wiegand, senior portfolio manager at the Private Client Rese
  
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• Business economists expect slower sales, economic growth

  25-01-2016 17:34 via news.yahoo.com
  
  WASHINGTON (AP) — Business economists are more pessimistic about their firms' future sales and profits than they were last fall, and more predict slower economic growth, a survey found.
  
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• Zafgen stock tumbles after hedge fund reveals short position

  25-01-2016 17:04
  
  BOSTON (Reuters) - Zafgen's stock tumbled as much as 11.5 percent on Monday after hedge fund Kerrisdale Capital said it has a short bet on the biopharmaceutical company's stock, arguing that U.S....
  
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• Blame credit card debt if you are unlucky in love

  25-01-2016 16:37
  
  NEW YORK (Reuters) - All this time you thought your romantic appeal was due to your clothes, your looks or your charming personality.
  
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• Exxon sees a world with less carbon but higher-cost emissions

  25-01-2016 15:04 via news.yahoo.com
  
  Exxon Mobil Corp on Monday said efficiencies and increased use of renewable fuels will cut by half the carbon intensity of the world's economy by 2040 but climate policies will increase the cost of greenhouse gas emissions, according to the company's latest long-term outlook. Exxon and others in the oil industry have been under increasing pressure from shareholders to detail the resilience of their business model to climate change after a global climate agreement reached in Paris in December set
  
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• Iranian president flies to Europe, mega business deals readied

  25-01-2016 14:52 via news.yahoo.com
  
  By Crispian Balmer and John Irish ROME/PARIS (Reuters) - Iranian President Hassan Rouhani flew to Italy on Monday at the start of his first official visit to Europe, looking to sign multi-billion dollar contracts to help to modernize Iran's economy after years of crippling financial sanctions. Heading a 120-strong delegation of Iranian business leaders and ministers, Rouhani will spend two days in Rome before flying to France on Wednesday, hoping to burnish Tehran's international credentials at
  
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• Oil prices drop after rally

  25-01-2016 14:33 via news.yahoo.com
  
  Oil prices resumed their downward spiral Monday as profit-taking set in after recent strong gains won thanks to hopes of more central bank stimulus to prop up the global economy. Prices ended on a buoyant note Friday, with both main oil contracts soaring by about 10 percent. "The 20 percent or so rally in oil prices from their... lows is certainly something that cannot be ignored and given how strongly oil and stock prices have been correlating lately this is also a positive development for equi
  
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• Nigeria's Lagos State to meet bondholders on debt repayment

  25-01-2016 14:06 via news.yahoo.com
  
  Nigeria's Lagos state will ask bondholders next month to agree a change to the payment schedules for 167.5 billion naira ($842 mln) of bonds, the state government said on Monday. Lagos, a mega-city of 21 million people in the state of the same name, is the commercial engine of Africa's biggest economy and accounts for about a third of Nigeria's overall output. The state government said the debt in question includes an 80 billion naira seven-year bond maturing in 2019 and an 87.5 billion naira to
  
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• Thai Beverage says F&N bids for Peroni, Grolsch beer brands

  25-01-2016 13:57
  
  BANGKOK (Reuters) - Thai Beveragehas used its Singapore-listed unit Fraser and Neaveto bid for SABMiller'sPeroni and Grolsch beer brands, the Thai firm's Chief Executive Thapana...
  
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• U.S. blizzard to cause multi-billion dollar losses: report

  25-01-2016 12:26 via news.yahoo.com
  
  Massive blizzards that paralyzed much of the U.S. East Coast in the past few days are likely to cause "multi-billion" dollar economic losses in one of the worst storms in the region in over a century, reinsurance broker Aon Benfield said on Monday. The monster weather system unofficially dubbed Winter Storm Jonas left at least 20 dead in several states, with most of the fatalities the result of traffic accidents. "Given the physical damage to homes, businesses and other structures and automobile
  
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• Spain's lack of government could hurt reforms, sentiment: EU Commission

  25-01-2016 12:22 via news.yahoo.com
  
  The European Commission is likely to warn next month that if problems with forming a government in Spain were to continue, they could stall reforms and hurt economic sentiment, a draft report showed. "The difficulties of forming a government could slow down the agenda of reforms and trigger a loss of confidence and a decline in market sentiment," the Commission's draft country report on Spain, seen by Reuters, said. A Commission official, asked for comment, said the report was part of an EU-wide
  
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• Bank of Ghana keeps benchmark interest rate at 26 pct

  25-01-2016 12:20 via news.yahoo.com
  
  ACCRA (Reuters) - Ghana's central bank kept its benchmark policy rate at 26 percent on Monday citing moderation in the pace of consumer inflation, its governor Henry Kofi Wampah said. The West African nation is under a three-year aid program with the International Monetary Fund (IMF) to restore fiscal balance to an economy dogged by high fiscal deficits and a distressing public debt, with consumer inflation consistently above government target. (Reporting by Kwasi Kpodo; editing by Edward McAlli
  
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• Junior staff 'stole nearly $600 mn from major Chinese bank'

  25-01-2016 12:07 via news.yahoo.com
  
  Two junior employees of one of China's biggest banks stole financial instruments worth 3.9 billion yuan ($593 million) in a failed attempt to make a fortune on the stock market, the bank admitted. The two staffer, who worked in a Beijing branch of the Agricultural Bank of China, replaced bills of exchange -- promissory notes issued as part of normal business -- which were stored in a safe with newspapers, and sold the purloined items, respected business magazine Caixin on Monday cited an insider
  
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• Russian economy has worst year since global financial crisis

  25-01-2016 11:51 via news.yahoo.com
  
  MOSCOW (AP) — Russia's economy shrank 3.7 percent in 2015, the worst drop since the depths of the global financial crisis, as the country struggled with a drop in the price of its oil exports and international sanctions, the state statistics service said Monday.
  
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• CEO announces major shakeup at Twitter

  25-01-2016 11:48 via news.yahoo.com
  
  SAN FRANCISCO: Twitter is overhauling its top management said CEO Jack Dorsey, who announced the shakeup Monday as the social network struggles to boost its profitability and prospects for growth. The revamp originally was reported by the Wall Street Journal and tech news website Re/code, before Dorsey confirmed the departure of several senior executives in a tweet sent out early Monday.
  
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• Insight: Market rout could blow Fed off course if consumers blink

  25-01-2016 11:42 via news.yahoo.com
  
  By Howard Schneider WASHINGTON (Reuters) - Federal Reserve officials are playing it cool for now, but roughly $2.5 trillion of stock market value wiped out in the past three weeks and a possible consumer pullback could throw the Fed off its course of gradual interest rate hikes. Policymakers continue to argue that the threat will pass, but the risk that the selloff will hit the main engine of U.S. economic growth - household spending - gets bigger the longer markets remain depressed. Fed policym
  
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• Britain and Bill Gates pledge 3 billion pounds to fight malaria

  25-01-2016 11:42 via news.yahoo.com
  
  Britain will spend 500 million pounds ($700 million) per year for the next five years to try and end deaths caused by malaria, the government said on Monday, announcing a partnership with Microsoft founder Bill Gates worth a total of 3 billion pounds. Finance minister George Osborne announced the spending, which will be funded from the country's overseas aid budget, at an event with billionaire Gates, whose Bill & Melinda Gates Foundation will also contribute around $200 million per year to
  
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• Constellation Healthcare sees 2015 earnings up 62% on the year

  25-01-2016 11:35 via news.yahoo.com
  
  (ShareCast News) - US-based Constellation Healthcare Technologies said on Monday it expects to post a 62% jump in earnings for 2015.
  
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• Sensex barely holds on to gains, HDFC Bank earnings in line

  25-01-2016 11:33 via news.yahoo.com
  
  MUMBAI (Reuters) - India's stock markets ended largely flat on Monday as gains in stocks such as HDFC Bank were offset by volatility in crude oil prices and caution ahead of the derivatives contracts' expiry later in the week. The broader Nifty ended 0.18 percent higher while the benchmark Sensex was up 0.21 percent, with both indexes marking gains for a second straight session. (Reporting by Karen Rebelo in Mumbai; Editing by Anand Basu)
  
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• Clouds over German economy as business confidence hits 11-month low

  25-01-2016 11:32 via news.yahoo.com
  
  The outlook for the German economy, Europe's biggest, clouded over significantly in January as business confidence fell to its lowest level in 11 months, the Ifo economic institute said on Monday. The Ifo institute's closely-watched business climate index fell by a steeper-than-expected 1.3 points to 107.3 points in January, the lowest level since February 2015, Ifo said in a statement. "Sentiment among German businesses weakened at the beginning of the year," said Ifo chief Hans-Werner Sinn.
  
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• McDonald's to open more than 60 restaurants in Russia in 2016

  25-01-2016 10:47 via news.yahoo.com
  
  McDonald's plans to open more than 60 restaurants in Russia in 2016, increasing the pace of expansion from last year, after its focus on local suppliers and affordable menus has proved successful in an economic crisis. "The eating-out industry has been stagnating since the beginning of 2015 but we have seen significant growth of our market share as we continued expansion," Khamzat Khasbulatov, chief executive of McDonald's Russia, told a news conference. The U.S. fast-food chain, which has been
  
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• Oil tumbles 4 percent, drags stocks lower again

  25-01-2016 10:45 via news.yahoo.com
  
  By Dhara Ranasinghe LONDON (Reuters) - European stock markets fell on Monday as oil prices reversed earlier gains to tumble 4 percent, while weak business sentiment numbers from Germany highlighted growing concerns about the outlook for the global economy. Crude oil prices tumbled 4 percent on persistent worries about oversupply and profit-taking, reversing early gains. Risk aversion amid fears of a China-led global economic slowdown and oil prices sinking to 13-year lows have rocked global mark
  
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