Finance news

• Sun Life fourth-quarter profit rises on growth from Canada, Asia

  10-02-2016 23:53
  
  TORONTO (Reuters) - Insurer Sun Life Financial Inc reported higher fourth-quarter earnings, driven by growth in its Canadian, Asian and asset management businesses.
  
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• Falling knives really do cut

  10-02-2016 23:52
  
  (Reuters) - Faced with two competing narratives: “Stocks are on sale!” and “Never try to catch a falling knife” investors probably ought to keep their hands in their pockets.
  
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• Expedia sees earnings boost in 2016 despite demand hit from Paris attacks

  10-02-2016 23:45 via news.yahoo.com
  
  (Reuters) - Expedia Inc on Wednesday forecast a rise in 2016 earnings in part from recent acquisitions, pushing shares up even though the company warned that the Nov. 13 Paris attacks hurt travel demand and its fourth-quarter profit fell below analysts' estimates. Expedia, the world's largest online travel services company by bookings, said it expects a 35 percent to 45 percent boost in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for 2016, when excluding a bu
  
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• U.S. financial monitor: Some hedge funds are bigger, more leveraged than Third Ave

  10-02-2016 23:40
  
  WASHINGTON (Reuters) - Dozens of large U.S. hedge funds are more highly leveraged than the Third Avenue junk-bond mutual fund that collapsed last year, the federal office monitoring the financial...
  
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• Hatch presses Puerto Rico governor, U.S. Treasury on Puerto Rico

  10-02-2016 23:38
  
  SAN JUAN, Feb 10 (Reuters) - U.S. Senator Orrin Hatch on
  Wednesday demanded detailed financial disclosure about the
  island's economic crisis in a letter to Puerto Rico's governor,
  and questioned U.S....
  
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• S&P 500 ends flat; Fed sees risks but unlikely to reverse course

  10-02-2016 23:35 via news.yahoo.com
  
  The Dow and S&P 500 posted their fourth straight day of losses while the Nasdaq ended its three-day down streak. The market had traded higher for much of the session after Yellen told Congress she does not expect the central bank to reverse the rate hike program it began in December. "The market was strong (early in the day) because Janet Yellen confirmed the fact the Fed would go very slow on rate hikes because the economy was showing some signs of sluggishness," said Peter Tuz, president o
  
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• TSX falls on lower oil prices, credit market uncertainty

  10-02-2016 23:34 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's main stock index fell on Wednesday, hitting a two-week low as a drop in oil prices and credit market uncertainty weighed on energy and financial stocks. The market closed lower for a fourth straight day despite reassurance from Federal Reserve Chair Janet Yellen about the U.S. economy's ability to absorb a gradual rise in interest rates. The weak oil price "continues to put pressure on the index," said Youssef Zohny, a portfolio manager at StennerZohn
  
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• S&P 500 erases gains on global growth fears; Europe stocks rise

  10-02-2016 23:31 via news.yahoo.com
  
  NEW YORK (Reuters) - Most U.S. shares ended little changed to lower on Wednesday, erasing early gains on concerns about global growth and sliding commodity-related shares, while greater calm surrounding the European banking sector boosted that region's shares.
  
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• US STOCKS-S&P 500 ends flat; Fed sees risks but unlikely to reverse course

  10-02-2016 23:29 via news.yahoo.com
  
  The S&P 500 ended flat on Wednesday, losing gains late in the session as investors digested comments by Federal Reserve Chair Janet Yellen, who kept options open for more rate hikes but also saw risks to the U.S (Other OTC: UBGXF - news) .
  
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• Canadian dollar weaker after Yellen remarks, U.S. oil weighs

  10-02-2016 23:19 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - The Canadian dollar dipped against its U.S. counterpart on Wednesday as U.S. crude oil prices fell and Federal Reserve Chair Janet Yellen left the door open to further interest rate hikes. Yellen cited global risks in her prepared testimony to Congress, but said she expects moderate growth that will allow the U.S. central bank to pursue "gradual" adjustments to monetary policy. The yield on 10-year Canadian government bonds dipped below 1 percent for the fir
  
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• S&P 500 flat; Yellen sees no reason to reverse hike plan

  10-02-2016 22:54 via news.yahoo.com
  
  The Dow and S&P posted their fourth straight day of losses while the Nasdaq ended its three-day down streak. The market had traded higher for much of the session after Yellen told Congress she does not expect the central bank to reverse the rate hike program it began in December. "The market was strong (early in the day) because Janet Yellen confirmed the fact the Fed would go very slow on rate hikes because the economy was showing some signs of sluggishness," said Peter Tuz, president of Ch
  
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• IMF threatens to cut Ukraine aid over corruption

  10-02-2016 22:31 via news.yahoo.com
  
  The International Monetary Fund threatened to cut crucial financial aid to cash-strapped Ukraine Wednesday because of the country's "slow progress" in fighting corruption. "Without a substantial new effort to invigorate governance reforms and fight corruption, it is hard to see how the IMF-supported program can continue and be successful," Christine Lagarde, the IMF managing director, said in a strongly worded statement. Lagarde's comments followed the shock resignation one week ago of Ukraine's
  
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• S&P ends flat as energy and materials weigh

  10-02-2016 22:20 via news.yahoo.com
  
  NEW YORK (Reuters) - The S&P 500 ended flat on Wednesday, cutting its gains late in the session as commodity-related shares fell, while comments by Federal Reserve Chair Janet Yellen offered a mixed view on the rate outlook. The Dow Jones industrial average was down 99.51 points, or 0.62 percent, to 15,914.87, the S&P 500 had lost 0.39 points, or 0.02 percent, to 1,851.82 and the Nasdaq Composite had added 14.83 points, or 0.35 percent, to 4,283.59. (Reporting by Marcus E. Howard; Editin
  
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• An early rally in stocks is mostly gone by the closing bell

  10-02-2016 22:12 via news.yahoo.com
  
  An early rally on the stock market was mostly gone by the closing bell, leaving indexes with a mixed finish after being up most of the day.
  
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• Exclusive: Canada opens talks with pension funds on infrastructure funding

  10-02-2016 21:55 via news.yahoo.com
  
  By David Ljunggren and Matt Scuffham OTTAWA/TORONTO (Reuters) - The Canadian government is talking to the country's largest pension funds about investing in billions of dollars worth of infrastructure projects to help stimulate the economy, the Infrastructure Ministry told Reuters on Wednesday. Prime Minister Justin Trudeau's Liberals won an election in October on the back of a promise to run three consecutive annual budget deficits of up to C$10 billion ($7.2 billion) to help fund investment in
  
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• Fed says stock market fall may be sign of healthy readjustment

  10-02-2016 21:50 via news.yahoo.com
  
  The Federal Reserve said on Wednesday the U.S. financial system is well-positioned to weather headwinds and the fall in stock prices may have put the nation's asset markets on a healthier path. In its semi-annual monetary policy report to Congress, the Fed said financial vulnerabilities in the United States have continued to moderate since mid-2015, in part due to regulations introduced since the financial crisis. "Regulatory capital and liquidity ratios at large banking firms are at historicall
  
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• Yellen: Persistent economic weakness could slow rate hikes

  10-02-2016 20:38 via news.yahoo.com
  
  WASHINGTON (AP) — Federal Reserve Chair Janet Yellen cautioned Wednesday that global weakness and falling financial markets could depress the U.S. economy's growth and slow the pace of Fed interest rate hikes.
  
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• Shares gain on Yellen comments, reduced bank fears

  10-02-2016 20:33 via news.yahoo.com
  
  Stock indexes worldwide rebounded on Wednesday after comments from Federal Reserve Chair Janet Yellen eased concerns about the U.S. economy, while greater calm surrounding the European banking sector boosted that region's shares. Stock markets have sagged given uncertainty surrounding monetary policy and a steep decline in commodity prices, while corporate results and economic data offered little respite. Yellen's testimony boosted sentiment after expectations of a 2016 rate rise had all but van
  
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• UPDATE 1-Puerto Rico creditor group counters island's debt exchange offer

  10-02-2016 20:31
  
  SAN JUAN, Feb 10 (Reuters) - Creditors of Puerto Rico's
  sales tax authority, COFINA, made a counter-offer on Wednesday
  to Puerto Rico's Feb. 1 debt exchange proposal, saying they
  would extend...
  
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• Michigan governor seeks $300 million for Flint water, Detroit schools

  10-02-2016 20:07 via news.yahoo.com
  
  The Republican governor, who has come under fire for the health crisis in Flint due to unsafe drinking water and for the financial crisis at DPS under emergency managers he appointed, told lawmakers that resources to address the problems are available due to the state's improving economy. During his budget presentation before the House and Senate appropriations committees, local media reported Flint protesters could be heard chanting.
  
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• Wall Street up as Yellen eases concerns about economy

  10-02-2016 19:53 via news.yahoo.com
  
  The Fed expects economic growth to pick up in the current quarter, which would allow it to pursue its plan of "gradual" adjustments to monetary policy, she said. Fears of a China-led global economic slowdown and oil's steep slide since the Fed raised rates in December have dampened the market's expectations for a hike in coming months. "What Yellen said has been taken positively," said Richard Sichel, chief investment officer of Philadelphia Trust Co in Philadelphia.
  
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• Yellen warns of rising risks to US economy

  10-02-2016 19:25 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen warned Wednesday that the US economy faced risks from tightening domestic financial conditions as well as global economic turmoil. Expressing more pronounced concerns than when she last spoke publicly in December, Yellen told a congressional hearing that the outlook for the US economy had become more cloudy. "Financial conditions in the United States have recently become less supportive of growth, with declines in broad measures of equity prices, higher borrowi
  
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• Puerto Rico creditor group counters island's debt exchange offer

  10-02-2016 19:21
  
  Feb 10 (Reuters) - Creditors of Puerto Rico's sales tax
  authority, COFINA, on Wednesday proposed a counter-offer to
  Puerto Rico's Feb. 1 debt exchange proposal, under which they
  would extend...
  
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• Republican Christie assesses future of White House bid

  10-02-2016 19:14 via news.yahoo.com
  
  A disappointing sixth-place finish in Tuesday's New (KOSDAQ: 160550.KQ - news) Hampshire nominating contest raised doubts about the combative New Jersey governor's viability as a candidate for the Nov. 8 election. The Wall Street Journal quoted a senior adviser to the campaign as saying Christie was expected to make an announcement soon suspending his campaign. Other news organizations carried similar reports.
  
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• Yellen leaves US stocks mixed, Europe bounces higher

  10-02-2016 19:06 via news.yahoo.com
  
  Federal Reserve chair Janet Yellen left US markets mixed with a warning of clouds on the economic horizon, but Europe rebounded while Asia sank again on fears of another banking crisis and global recession. The dollar perked up after Yellen said the Fed still expects gradual interest rate rises, but her concerns probably lowered the possibility of an increase in its next policy meeting in March. "Financial conditions in the United States have recently become less supportive of growth, with decli
  
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• French, Italian output drops, raising fears of eurozone slowdown

  10-02-2016 19:01 via news.yahoo.com
  
  France and Italy reported falls in December industrial production on Wednesday, a day after Germany did the same, raising fears that eurozone economic growth is slowing even more than feared. Germany, where output fell 1.2 percent in December, is the bloc's largest economy, followed by France, which reported a production decline of 1.6 percent, and Italy, where output dropped by 0.7 percent. "December's weak industrial production data from France and Italy showed that the sector is still struggl
  
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• Disappointing show by HBO, Turner drags down Time Warner

  10-02-2016 18:38 via news.yahoo.com
  
  Time Warner Inc reported a steeper-than-expected drop in quarterly revenue as subscription revenue for its cable channel HBO and Turner television network disappointed Wall Street, sending the company's shares down as much as 8 percent. Revenue at Warner Bros, the company's movie studio, also fell 13 percent, hurt by a lack of hit movie releases and a strong dollar, overshadowing a quarterly profit beat and a raised profit forecast for the year. While revenue in HBO and the Turner division rose
  
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• Yellen: Fed not likely to reverse course on rates despite risks

  10-02-2016 18:26 via news.yahoo.com
  
  Tightening financial conditions and uncertainty over China pose risks to the U.S. recovery, but chances are slim the Federal Reserve would need to reverse the rate tightening cycle it began in December, Fed Chair Janet Yellen told U.S. lawmakers on Wednesday. Global risks have intensified and could slow the U.S. economy, but "I don't expect the (Federal Open Market Committee) is going to be soon in the situation where it is necessary to cut rates," Yellen said. Yellen's comments are her first in
  
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• Carlyle unveils $200 million share buyback, earnings miss forecast

  10-02-2016 18:04 via news.yahoo.com
  
  Private equity firm Carlyle Group LP unveiled a $200 million share buyback plan on Wednesday as it posted weaker-than-expected fourth-quarter earnings amid turbulent financial markets. "In market downturns such as this one, we've made some of our best investments," said David Rubenstein, co-chief executive officer at Carlyle. It has been a difficult few months for the U.S. leveraged buyout sector, and Carlyle is the latest private equity firm to show its earnings have suffered in a tough environ
  
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• US stocks edge higher as Fed's Yellen signals caution

  10-02-2016 17:54 via news.yahoo.com
  
  Stocks are edging mostly higher, setting the market up for its first gain after three days of losses.
  
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• Wall St. up as Yellen revives rate hike hopes

  10-02-2016 17:50 via news.yahoo.com
  
  Fears of a China-led global economic slowdown, along with oil's steep slide since the Fed raised rates in December have dampened the market's expectations for a hike in coming months. "I think if we step back and see what's going on in the markets now, it's entirely an event-driven market," said Katrina Lamb, head of investment strategy and research at MV Financial in Bethesda, Maryland.
  
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• Global shares gain on Yellen comments, reduced bank fears

  10-02-2016 17:48 via news.yahoo.com
  
  Stock indexes worldwide rebounded on Wednesday after concerns eased about the banking sector and Federal Reserve Chair Janet Yellen said the U.S. central bank has plenty of flexibility to adjust monetary policy if needed. U.S. financial stocks, which had been hit in recent days on worries over the impact of low interest rates on banks' profitability and capital strength, rose after Yellen's comments that conditions in the United States would allow the Fed to proceed with "gradual" adjustments to
  
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• NIESR estimates GDP growth slowed to 0.4 percent in January

  10-02-2016 17:42 via news.yahoo.com
  
  NIESR estimated that Britain's economy grew at a quarterly rate of 0.4 percent in the three months to January, down from 0.5 percent in the last three months of 2015. Official industrial output data for December, released earlier in the day, showed the sharpest monthly decline in industrial output in more than three years. "The softening of growth in the three months to January was primarily driven by weakness in the production sector at the end of last year," NIESR researcher James Warren said.
  
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• European and US stocks rise despite downbeat Yellen

  10-02-2016 17:03 via news.yahoo.com
  
  Stock markets in Europe and the United States pushed higher despite downbeat comments from Federal Reserve chair Janet Yellen, but only after Asia sank again on fears of another banking crisis and global recession. In a prepared testimony to Congress Yellen said that the outlook for the US economy had become more cloudy. While she made no comment on whether the Fed still expected to continue raising interest rates this year, her concerns probably lowered the possibility of an increase in its nex
  
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• The Latest: Wall Street tracks Europe higher

  10-02-2016 16:31 via news.yahoo.com
  
  LONDON (AP) — The latest on the turmoil global financial markets (all times local):
  
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• AkzoNobel makes 2015 profit splash, but future greyer

  10-02-2016 16:25 via news.yahoo.com
  
  The world's top paint maker AkzoNobel on Wednesday announced profits had virtually doubled in 2015, but warned the next 12 months would likely be more muted. AkzoNobel's paint-making business is seen as a broad barometer of underlying global economic activity. "Looking ahead, we expect 2016 to be a challenging year and anticipate limited support from the markets in which we operate," said chief executive Ton Buchner.
  
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• Fed's Yellen says global risks could pose U.S. growth threat

  10-02-2016 16:15 via news.yahoo.com
  
  By Howard Schneider and Lindsay Dunsmuir WASHINGTON (Reuters) - Tightening financial conditions driven by falling stock prices, uncertainty over China and a global reassessment of credit risk could throw the U.S. economy off track from an otherwise solid course, Federal Reserve Chair Janet Yellen said on Wednesday in prepared testimony to Congress. In remarks that combined a steady-as-she-goes account of Fed policy with an acknowledgement of intensifying risks, Yellen said there are good reasons
  
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• Saudi stock market says to start trading from 1000 local time

  10-02-2016 16:14 via news.yahoo.com
  
  The Saudi Stock Exchange will start trading one hour earlier at 1000 local time (0700 GMT) effective from Apr. 3, it said in a statement on Wednesday, as part of a move which also extends opening hours on the bourse by an additional 30 minutes. The exchange, known as Tadawul, will trade between 1000 and 1500 local time, according to the statement.
  
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• BRIEF-German Pellets files for insolvency in self-administration

  10-02-2016 16:08
  
  * Business operations are to continue throughout the processSource text for Eikon:Further company coverage:
  (Gdynia Newsroom)
  
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• Wall St rises as Yellen hints at "gradual" rate hikes

  10-02-2016 15:51 via news.yahoo.com
  
  Wall Street was higher on Wednesday, led by financial stocks, after Federal Reserve Chair Janet Yellen said conditions in the United States would allow the Fed to pursue "gradual" adjustments to monetary policy. Goldman Sachs, up 1.3 percent, gave the biggest boost to the Dow. Yellen is scheduled for an appearance before the House Committee on Financial Services at 10:00 a.m. ET (1500 GMT).
  
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• Carlyle unveils $200 million share buyback, fourth-quarter earnings miss forecast

  10-02-2016 15:47 via news.yahoo.com
  
  Private equity firm Carlyle Group LP unveiled a $200 million share buyback plan on Wednesday as it posted weaker-than-expected fourth-quarter earnings amid volatile financial markets. David Rubenstein, co-chief executive officer at Carlyle, said the share buyback plan reflected "the great value" that the company sees in its own stock, in contrast to the financial market which "ascribes little value" to Carlyle's business.
  
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• Yellen warns of domestic, global risks to US economy

  10-02-2016 15:25 via news.yahoo.com
  
  Federal Reserve chief Janet Yellen warned Wednesday that the US economy faced risks from tightening domestic financial conditions as well as global economic turmoil. Expressing concerns that were not nearly as pronounced the last time she spoke publicly in December, Yellen said in prepared testimony to Congress that the outlook for the US economy had become more cloudy.
  
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• Dollar rises after Yellen comments keep rate hikes in play

  10-02-2016 15:23 via news.yahoo.com
  
  The dollar rose on Wednesday, climbing from nearly four-month lows against a basket of major currencies, after prepared remarks from Federal Reserve Chair Janet Yellen suggested that the U.S. central bank had not taken a March interest rate increase off the table. The dollar rose to a session high against the euro and pared earlier losses against the Japanese yen following the comments. "Ms. Yellen seems to be maintaining her faith in the outlook of the U.S. economy and still anticipates to rais
  
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• In an uncertain world, Bank of England 'agents' keep Carney informed

  10-02-2016 15:18 via news.yahoo.com
  
  By Andy Bruce REIGATE, England (Reuters) - Unsure how a misfiring global economy is affecting matters at home, Bank of England chief Mark Carney has turned to an age-old gauge of Britain's economy: the word on the street from a trusted band of regional agents. Dating back almost two centuries, the agents - drawn from lifelong BoE staffers and economists with local expertise - add boots-on-the-ground flavor to the reams of statistics ingested every month by Carney and the eight other professional
  
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• Zambia sees higher economic growth on improved power supply

  10-02-2016 14:55 via news.yahoo.com
  
  By Olivia Kumwenda-Mtambo CAPE TOWN (Reuters) - Zambia's economy is expected to expand by 3.7 percent this year, largely stable from last year but could grow more than four percent in 2017, the deputy finance minister said on Wednesday. An electricity shortage in Africa's no.2 copper producer has stunted the mining sector, while weaker copper prices due to slower growth in top consumer China have put pressure on Zambia's economy and its currency. "Stabilising power supply, especially to the mine
  
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• 'Uncertainty' over China's yuan fuels market turmoil: Yellen

  10-02-2016 14:49 via news.yahoo.com
  
  US Federal Reserve Chair Janet Yellen said Wednesday that China's unclear policy over its yuan currency was stoking turbulence in global markets and exacerbating global economic growth concerns. The yuan's recent declines "have intensified uncertainty about China's exchange rate policy and the prospects for its economy," she said in testimony to Congress.
  
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• Fed's Yellen cites global risks but says U.S. should motor through

  10-02-2016 14:34 via news.yahoo.com
  
  Tightening financial conditions driven by falling stock prices, uncertainty over China and a global reassessment of credit risk could throw the U.S. economy off track from an otherwise solid course, Federal Reserve Chair Janet Yellen said on Wednesday in prepared testimony to Congress. In testimony that combined a steady-as-she-goes account of Fed policy with an acknowledgement of intensifying risks, Yellen said there are good reasons to believe the United States will stay on a path of moderate
  
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• Staple cassava demonstrates Nigeria's economic vulnerability

  10-02-2016 14:22 via news.yahoo.com
  
  Cassava, the starch rusty-coloured root that is a staple in Nigeria, is a paradigm of the problem the import-dependent nation now faces as the plunge in oil prices crimps the economy. The problem -- and opportunity -- that cassava production presents is that Nigeria, Africa's most populous nation, does not produce as much as it could, nor of the quality to make it a thriving business. To enable Nigeria to wean itself off imports of rice and wheat, a project aims to help farmers ramp up cassava p
  
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• Futures point to higher start as oil prices recover

  10-02-2016 13:37 via news.yahoo.com
  
  (Reuters) - Stock futures pointed to a higher start for Canada's main stock index on Wednesday as oil prices recovered due to the prospect of OPEC and other major producers cooperating to tackle a supply glut. Iran's oil minister said Tehran was ready to negotiate with Saudi Arabia and the Kremlin's oil tsar Igor Sechin proposed that producing countries reduce output by 1 million barrels per day - without saying whether non-OPEC member Russia would cut production. March futures on the S&P TS
  
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• Spain's Abengoa asks for loan of up to 750 mln euros -source

  10-02-2016 13:15
  
  MADRID, Feb 10 (Reuters) - Spanish Abengoa has
  asked its creditors for a loan of up to 750 million euros ($843
  million) to keep it afloat while its lenders discuss a financial
  plan to avoid it...
  
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