Finance news

• Mount Kellett's oil and gas woes continue with Energy XXI

  16-02-2016 23:58
  
  NEW YORK, Feb 16 (Reuters) - Mount Kellett Capital
  Management was still among the largest shareholders of Energy
  XXI at year-end, according to a filing with U.S. regulators, as
  the fund's woes in the...
  
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• Barclays Bank PLC Launches New Consent Solicitation Proposal for iPath® S&P GSCI® Crude Oil Total Return Index ETN

  16-02-2016 23:58 via news.yahoo.com
  
  Barclays Bank PLC (“Barclays”) announced today the launch of its new consent solicitation (the “New Consent Solicitation”) for the iPath® S&P GSCI® Crude Oil Total Return Index ETN (“the ETNs”). Consents are being solicited from each person in whose name beneficial ownership of the ETNs was recorded as of 5:00 p.m., Eastern Standard Time, on February 11, 2016, the record date for the New Consent Solicitation.
  
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• Big Poultry Companies Say They Love Family Farms—So Why Don't They Show It?

  16-02-2016 23:56 via news.yahoo.com
  
  The Farmers’ Rights Act would go a long way toward addressing some of the more egregious contract-labor problems in the poultry industry, but its successful passage and implementation is probably a long shot: The powerful poultry industry has blocked the implementation of similar protections at the federal level for years. What Tyson characterizes as “independent family farmers” raising its chickens is described quite differently by former contract growers and farm advocates. A
  
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• The Big Uh-Oh: Global economy shaky and cavalry may not come

  16-02-2016 23:20 via news.yahoo.com
  
  WASHINGTON (AP) — Eight years after the financial crisis, the world is coming to grips with an unpleasant realization: serious weaknesses still plague the global economy, and emergency help may not be on the way.
  
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• Venezuela opposition seeks end to state control of food firms

  16-02-2016 23:01 via news.yahoo.com
  
  Caracas (AFP) - Venezuelan opposition deputies vowed Tuesday to hand hundreds of expropriated food companies back to private owners, with the country's state-led economy in tatters.
  
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• US stocks rise for the second day in a row in broad rally

  16-02-2016 23:00 via news.yahoo.com
  
  NEW YORK (AP) — Stocks closed broadly higher as the market notched its second sizable gain in a row. Retail and industrial stocks made the biggest gains as they were lifted by company earnings, some good news from China's economy, and hope that Japan's struggling economy will get another boost.
  
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• Canada government makes clear it can't meet balanced budget goal

  16-02-2016 22:47 via news.yahoo.com
  
  By David Ljunggren OTTAWA (Reuters) - Canadian Finance Minister Bill Morneau on Tuesday effectively conceded the government could not balance the budget as quickly as promised, saying the return to surplus would be achieved over the long term. Morneau - who says weak commodity prices mean the economic outlook is worse than projected - told reporters the government aimed "to maintain a goal of getting to a balanced budget over the long term. Morneau said the tough economic times meant it was doub
  
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• N.Y. stockbrokers' trades on IBM deal tip not illegal, jurors told

  16-02-2016 22:34 via news.yahoo.com
  
  By Nate Raymond NEW YORK (Reuters) - Lawyers for two former Wall Street stockbrokers urged jurors on Tuesday to reject a U.S. regulator's claims they illicitly traded on a tip about an IBM Corp deal, saying their conduct did not constitute illegal insider trading. At the start of a trial in Manhattan federal court, lawyers for ex-Euro Pacific Capital Inc brokers Daryl Payton and Benjamin Durant admitted they traded on non-public information about IBM's 2009 acquisition of SPSS Inc for $1.2 billi
  
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• Wall St climbs again; consumer, industrial shares surge

  16-02-2016 22:30 via news.yahoo.com
  
  Wall Street minted its second straight session of solid gains on Tuesday, as investors snatched up beaten-down consumer discretionary, industrial and tech shares. All 10 S&P sectors closed higher following an extended holiday weekend. Building on Friday's rally, the S&P 500 tallied its biggest two-day percentage gain since August.
  
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• Leon Cooperman optimistic despite stock losses

  16-02-2016 22:24
  
  NEW YORK (Reuters) - Billionaire investor Leon Cooperman still thinks U.S. stocks can generate a positive return in 2016 despite being burned recently by their steep decline.
  
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• Cruz tax plan would slash U.S. revenue, favor wealthy: analysis

  16-02-2016 21:37 via news.yahoo.com
  
  A tax plan proposed by Republican presidential candidate Ted Cruz would cut federal revenues by $8.6 trillion over 10 years, adding substantially to the debt, according to an analysis published on Tuesday by a nonpartisan research center. Cruz's plan, unveiled in November, would create a flat 10 percent individual income tax that with other changes would mainly benefit high-income households, the study by the Washington-based Tax Policy Center found. "The plan would cut taxes at most income leve
  
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• US stocks rising for the second day in a row in broad rally

  16-02-2016 21:34 via news.yahoo.com
  
  NEW YORK (AP) — Stocks are climbing Tuesday in a broad rally based on company earnings, some good news from China's economy, and the hope that Japan's struggling economy will get another boost. Home security company ADT is surging after it agreed to be bought by an investment company.
  
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• Mexico's Urbi completes restructuring under bankruptcy protection

  16-02-2016 20:06
  
  MEXICO CITY, Feb 16 (Reuters) - Mexican homebuilder Urbi
  on Tuesday said it will start expanding its business
  again after completing a restructuring under bankruptcy
  protection.
  
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• Wall Street up as battered consumer, bank stocks seem bargains

  16-02-2016 19:04 via news.yahoo.com
  
  The energy sector was the lone laggard among the 10 major S&P sectors, as oil prices fell. The consumer discretionary index's 1.93 percent rise led the advancers. Consumer discretionary, technology and health stocks are down more than 9 percent this year.
  
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• Wall St up as battered consumer, bank stocks seem bargains

  16-02-2016 19:01 via news.yahoo.com
  
  Wall Street was higher on Tuesday afternoon, extending a rally from Friday, as investors went bargain hunting among beaten-down consumer discretionary, industrial and financial stocks. The energy sector was the lone laggard among the 10 major S&P sectors, as oil prices fell. The consumer discretionary index's 1.93 percent rise led the advancers.
  
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• Expect more share buybacks at Goldman, Morgan Stanley: JP Morgan

  16-02-2016 18:55
  
  (Reuters) - Goldman Sachs Group Inc and Morgan Stanley are expected to buy back about 15 percent of their outstanding shares over the next three years, analysts at JP Morgan Securities said, citing...
  
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• Market overview: Footsie tracks gains on Wall Street

  16-02-2016 18:52 via news.yahoo.com
  
  (ShareCast News) - 1630:Close Stocks tracked Wall Street higher, brushing off losses on the Continent as the president of the Philly Fed, Patrick Harker argued for near-term patience when it came to tightening ...
  
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• German business groups tell EU leaders to get a deal with Britain

  16-02-2016 18:50 via news.yahoo.com
  
  Two of Germany's most prominent business groups urged EU leaders to secure a reform deal this week aimed at keeping Britain in the 28-member bloc, saying a British exit would damage their shared market and lead to a dead end. Prime Minister David Cameron hopes to reach a deal at a summit later this week to reform the European Union so that he can put the plan to voters in a referendum, widely expected this summer. The German BDI industry association and BDA employers' body, whose views carry som
  
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• Fairchild rejects Chinese offer on U.S. regulatory fears

  16-02-2016 18:44
  
  (Reuters) - Fairchild Semiconductor International Incsaid on Tuesday it had rejected an acquisition offer from China Resources Microelectronics Ltd and Hua Capital Management Co Ltd, citing...
  
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• Bacardi seeks US reversal on Cuba license to sell rum

  16-02-2016 18:43 via news.yahoo.com
  
  Bacardi said Tuesday it had demanded the United States reverse its recent decision allowing Cuba to sell Havana Club rum in America when the US trade embargo ends. Bacardi, stepping up its long legal battle over trademark protection of its Havana Club rum, said it had filed the request for the U-turn with the Office of Foreign Assets Control, the Treasury's arm that enforces economic and trade sanctions. "OFAC's decision to grant the license to the Cuban government reverses its prior decision in
  
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• Apollo Global's ADT deal shows appetite for M&As still strong

  16-02-2016 18:40
  
  (Reuters) - Private equity firm Apollo Global Management LLCwill buy ADT Corpin the biggest leveraged buyout so far this year to create a business with nearly a third of North America's...
  
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• BRIEF-Curators agree on sale remaining Macintosh Retail formats

  16-02-2016 18:34
  
  * Curators agree on the sale of the remaining retail formats Pro Sport, Invito & Steve
  Madden
  
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• Fed's Kashkari says central bank carefully watching financial markets

  16-02-2016 18:31 via news.yahoo.com
  
  WASHINGTON (Reuters) - Financial market volatility and the health of the global economy will weigh heavily at the Federal Reserve's next policy meeting, Minneapolis Fed President Neel Kashkari said on Tuesday.
  
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• European stocks struggle as oil gains slip away

  16-02-2016 18:30 via news.yahoo.com
  
  Europe's stock markets struggled Tuesday to find firm ground one day after bumper gains as oil prices quickly lost their sheen and investors were greeted by fresh economic gloom.
  
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• Drinks can makers Ball, Rexam launch $3 billion asset sale ahead of merger: sources

  16-02-2016 17:37
  
  FRANKFURT (Reuters) - Drinks can makers Ball Corpand Rexam Plchave begun the process of selling assets, potentially worth more than $3 billion, to meet antitrust regulations ahead of their...
  
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• BRIEF-Oil companies with junk credit ratings more likely to have low liquidation value

  16-02-2016 17:10
  
  Feb 16 (Reuters) - Oil Companies With Large Market Values
  Better Able To Withstand Oil Price
  
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• Wall St up as bargain hunters snap up beaten-down stocks

  16-02-2016 17:06 via news.yahoo.com
  
  Wall Street was higher on Tuesday morning, extending a rally from Friday, as cautious investors looked for bargains among beaten-down stocks. Bank of America rose 2.3 percent and Citigroup gained 2.7 percent. Consumer discretionary, technology and health stocks are down more than 9 percent this year.
  
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• Wall Street up as bargain hunters snap up beaten-down stocks

  16-02-2016 17:05 via news.yahoo.com
  
  (Reuters) - Wall Street was higher on Tuesday morning, extending a rally from Friday, as cautious investors looked for bargains among beaten-down stocks.
  
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• BRIEF-Court approves amendments to legal protection process action plan of VEF Radiotehnika RRR

  16-02-2016 16:42
  
  * Says on Feb. 12 Riga City Kurzeme District Court has
  approved amendments to VEF Radiotehnika RRR legal protection
  process action plan
  
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• Fed's newest member suggests breaking up Wall Street banks

  16-02-2016 16:41 via news.yahoo.com
  
  By Lindsay Dunsmuir and Jason Lange WASHINGTON (Reuters) - The U.S. Federal Reserve's newest policymaker on Tuesday called on lawmakers to consider "bold, transformational" rules including the breaking up of the nation's largest banks to ensure taxpayers are no longer on the hook should they fail. In his first speech as head of the Minneapolis Fed, Neel Kashkari urged a radical shakeup of Wall Street's banks, straddling the line between the Fed's policymaking remit and political advocacy. "Now i
  
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• Buffett to webcast Berkshire annual meeting on Yahoo

  16-02-2016 16:38 via news.yahoo.com
  
  Viewers will be able to watch Buffett, the 85-year-old chief executive officer, and Vice Chairman Charlie Munger, 92, field five hours of questions on April 30 from shareholders, reporters and analysts about the Omaha, Nebraska-based company, investing, the economy and life. The webcast offers a chance "to reach more people than ever, in key financial centers" and "to bring the energy and excitement of what happens in Omaha to an informed audience around the world," Buffett said in a statement o
  
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• Stryker expands ambulance services with Physio-Control buy

  16-02-2016 16:27
  
  (Reuters) - Medical device maker Stryker Corp said it would buy Physio-Control International Inc for $1.28 billion in cash to expand its emergency medical services business and raised its full-year...
  
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• The Latest: Wall Street opens higher after long weekend

  16-02-2016 15:57 via news.yahoo.com
  
  LONDON (AP) — The latest on the turmoil in global financial markets (all times local):
  
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• CP seeks order from regulator on deal structure for Norfolk buy

  16-02-2016 15:51
  
  (Reuters) - Canadian Pacific Railway Ltd said it would seek an order from the U.S. federal rail regulator confirming the viability of a complex deal structure that it intends to use in its proposed...
  
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• Albania's finance minister replaced, no reason given

  16-02-2016 15:40 via news.yahoo.com
  
  TIRANA, Albania (AP) — Albanian Prime Minister Edi Rama fired his finance minister on Tuesday and nominated former Economy Minister Arben Ahmetaj to take the post, but gave no explanation for the move.
  
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• How money changes us, and not for the good

  16-02-2016 15:21
  
  NEW YORK (Reuters) - Whether we have money or not, one thing is certain: It is never far from our minds.
  
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• Airbus chief brushes off downturn fears

  16-02-2016 15:17 via news.yahoo.com
  
  SINGAPORE (AP) — The chief executive of Airbus said Tuesday that growth in airline passengers in Asia is likely to remain strong despite the current uncertainty about global economic growth prospects.
  
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• Wall Street set to extend Friday's rally as oil stabilizes

  16-02-2016 15:10 via news.yahoo.com
  
  Brent crude oil prices hit a 12-day high after four of the world's largest producers agreed to freeze output, but quickly gave up those gains to trade flat as investors had hoped for an outright cut in supplies. "We are looking at a rally at the open helped by the recovery in oil prices," said Peter Cardillo, chief market economist at First Standard Financial in New York. Slumping oil prices, fears of a China-led slowdown in the global economy, uncertainty over the central banks' monetary polici
  
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• New year woe for Taiwan as exports fall again

  16-02-2016 15:07 via news.yahoo.com
  
  The new year has brought Taiwan no respite from its economic woes as exports fell in January for the 12th successive month, the longest continuous decline for almost seven years. The island slid into recession in the last quarter of 2015, posting its slowest annual growth since 2009, as China's economic slowdown and weaker international demand took their toll on the export-driven economy. January saw exports drop by 13 percent, to $22.2 billion from $25.5 billion a year earlier.
  
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• Fed to hike twice in 2016, undeterred by external risks: Reuters poll

  16-02-2016 14:38 via news.yahoo.com
  
  Growing concerns about weak global growth and inflation are unlikely to deter the U.S. Federal Reserve from tightening policy, according to a Reuters poll that suggested two interest rate hikes are likely this year. The Fed's December decision to raise rates for the first time in nearly a decade has been under scrutiny recently, with some market players suggesting it was a mistake and that Chair Janet Yellen may have to backtrack. "Unless the economy rolls over, there is still a very high likeli
  
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• South China Sea takes center stage at U.S.-ASEAN summit

  16-02-2016 14:19 via news.yahoo.com
  
  By Jeff Mason and Bruce Wallace RANCHO MIRAGE, Calif. (Reuters) - U.S. President Barack Obama and allies from Southeast Asia will turn their attention to China on Tuesday on the second day of a summit intended to improve commercial links and provide a united front on maritime disputes with Beijing. After a first day focused on trade and economic issues, Obama and his counterparts from the Association of Southeast Asian Nations (ASEAN) will try to arrive at a common position on the South China Se
  
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• Amazon acquires Indian payments processor Emvantage

  16-02-2016 14:02
  
  MUMBAI (Reuters) - Amazon.com Incsaid it has acquired Indian payments processor Emvantage Payments Pvt Ltd for an undisclosed sum.
  
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• Overseas tourists visiting Portugal hit record in 2015

  16-02-2016 14:01 via news.yahoo.com
  
  Tourist arrivals and all travel-related revenues, which account for around 10 percent of Portugal's gross domestic product, have been growing since 2011, helping the Atlantic coastal country overcome its economic and debt crisis. The National Statistics Institute said the number of foreign tourists reached 10.18 million in 2015, a rise of 10 percent on the previous year. Hotel revenues rose by more than 13 percent, outpacing the tourist arrivals growth, as hotels were able to increase prices tha
  
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• German investor confidence hits 16-month low

  16-02-2016 12:38 via news.yahoo.com
  
  Worries about slowing global growth and uncertainty about the economic consequences of low oil prices sent investor sentiment in Germany to a 16-month low in February, a leading survey showed on Tuesday. The investor confidence index calculated by the ZEW economic institute declined by 9.2 points to 1.0 point in February, its lowest level since October 2014, the think tank said in a statement. "The looming slowdown of the world economy and the uncertain consequences of the falling oil price put
  
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• Drought pushing South Africa to the brink of recession - Moody's

  16-02-2016 12:35 via news.yahoo.com
  
  South Africa's worst drought on record risks tipping an already weak economy into recession as rising agricultural imports feed into rising inflation, ratings firm Moody's said on Tuesday. "The worst drought on record in South Africa is aggravating the ongoing economic slowdown, threatening near-zero growth if not a recession in 2016," said Moody’s Senior Vice President and lead analyst for South Africa Kristin Lindow. A severe drought caused by an El Nino weather system has swept across s
  
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• Vodafone ties up with Liberty in Dutch deal to take on KPN

  16-02-2016 12:33
  
  AMSTERDAM/LONDON (Reuters) - Mobile telecoms network operator Vodafoneand cable company Liberty Globalhave agreed to combine their Dutch operations to create a stronger package of TV, broadband...
  
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• Congo general strike stops most economic activity in capital

  16-02-2016 12:28 via news.yahoo.com
  
  By Aaron Ross KINSHASA (Reuters) - A one-day general strike in Democratic Republic of Congo called to pressure President Joseph Kabila to quit power when his mandate ends in December paralysed most economic activity in the capital on Tuesday. There was a heavy police presence in Kinshasa and the second city Lubumbashi, but no reports of violence. Kabila came to power when his father was assassinated in 2001.
  
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• Gold snaps two-day decline as equities retreat

  16-02-2016 12:17 via news.yahoo.com
  
  By Jan Harvey LONDON (Reuters) - Gold rose on Tuesday, snapping two days of losses and recovering from an early dive below $1,200 an ounce as stock markets swung lower, boosting interest in the metal as a haven from risk Spot gold was up 0.2 percent at $1,211.68 an ounce by 1045 GMT, having earlier fallen as low as $1,190.40. Heightened stock market volatility and fears that a slowdown in China could spill into the wider markets has led investors to cut the number of interest rate increases they
  
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• German investor confidence down for 2nd straight month

  16-02-2016 12:06 via news.yahoo.com
  
  BERLIN (AP) — German investor confidence is down for the second straight month over broad concerns about the world economy.
  
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• Indian opposition raises concerns with Modi over student protests

  16-02-2016 11:44 via news.yahoo.com
  
  Indian opposition leaders raised concerns on Tuesday with Prime Minister Narendra Modi over widening protests on university campuses, as the heated political atmosphere again threatened to stall reforms in parliament. Lawmakers convene on Feb. 23 for a session in which the government will present its annual budget and try to enact key economic reforms, including the biggest overhaul of taxes since independence in 1947.Parliamentary Affairs Minister Venkaiah Naidu said the government was rea
  
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