Finance news

• JP Morgan's Dimon rolls eyes up at gloom and Davos billionaires

  23-02-2016 23:52 via news.yahoo.com
  
  "They (the attendees at Davos) have always been wrong. The World Economic Forum, held every year in the Swiss ski resort of Davos, focuses on trying to solve the world's problems, such as income inequality.
  
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• Young women less likely to return to work after heart attacks

  23-02-2016 23:51 via news.yahoo.com
  
  By Andrew M. Seaman (Reuters Health) - Young women are less likely than men to have returned to work a year after a heart attack, mostly due to social and economic factors, suggests new research. "When you adjust for (those factors), men and women actually return to work at a similar rate," said Dr. Leslie Cho, who directs of the Cleveland Clinic’s Women’s Cardiovascular Center. The researchers write in a special issue of Circulation: Cardiovascular Quality and Outcomes focusing on w
  
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• Global stocks drop on weak economic data, lower oil

  23-02-2016 23:46 via news.yahoo.com
  
  New York (AFP) - World stock markets cooled on Tuesday following lackluster European and US economic data and a drop in oil prices after Saudi Arabia ruled out a production cut.
  
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• UPDATE 1-Sports Authority to file for bankruptcy as early as March-sources

  23-02-2016 23:20
  
  Feb 23 (Reuters) - Sporting goods retailer Sports Authority
  Inc intends to file for bankruptcy as early as next month, an
  action that would expedite the closing of some of its 450 stores
  across the...
  
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• Deeply eurosceptic Britons may still vote to stay in EU: survey

  23-02-2016 23:02 via news.yahoo.com
  
  By Estelle Shirbon LONDON (Reuters) - The economy trumps sovereignty and immigration as the key issue for Britons when they consider whether to vote to stay in or pull out of the European Union, data from an authoritative survey of public attitudes suggests. Despite widespread and profound dissatisfaction with the EU, 60 percent of people think Britain should continue to be a member of the bloc, while only 30 percent believe it should leave, the British Social Attitudes survey has found. While t
  
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• Stocks end lower on Wall Street as commodities prices fall

  23-02-2016 22:42 via news.yahoo.com
  
  NEW YORK (AP) — Stocks fell broadly on Tuesday as commodity prices retreated. Crude oil sank more than 4 percent. Investors remained worried about growth in China as the country cut the value of its currency against the dollar yet again.
  
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• TSX falls as lower oil prices weigh on energy, financial shares

  23-02-2016 22:39 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's main stock index fell on Tuesday as lower crude oil prices weighed on energy stocks, while financials reversed course after being lifted in earlier trade by better-than-expected Bank of Montreal earnings. The index touched a seven-week high on Monday together with gains for many major stock markets. But the rally in global stocks ran out of steam as crude oil prices fell. "We are still working through a base building process for world markets," said C
  
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• Wall Street stumbles as oil slumps again

  23-02-2016 22:27 via news.yahoo.com
  
  Wall Street stocks slid on Tuesday, hurt by pressure from a renewed drop in oil prices, undercutting momentum that had helped the market rebound from a sluggish start to the year. Equity markets this year have been tightly linked to the daily fluctuations of battered oil prices. "The markets are really worried that we are missing something here, that the global slowdown may be more significant than we are recognising and that slowdown could be causing oil prices to drop, and commodities prices i
  
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• US STOCKS-Wall St stumbles as oil slumps again

  23-02-2016 22:26 via news.yahoo.com
  
  Wall Street stocks slid on Tuesday, hurt by pressure from a renewed drop in oil prices, undercutting momentum that had helped the market rebound from a sluggish start to the year. The major U.S. indexes ...
  
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• Yen, Swiss franc gain as risk appetite wanes

  23-02-2016 22:23 via news.yahoo.com
  
  By Tariro Mzezewa NEW YORK (Reuters) - The yen and Swiss franc rallied against the dollar and the euro on Tuesday as a recent rebound in stocks and crude oil faded, renewing demand for both safe-haven currencies. The Japanese currency climbed to a roughly two-week peak against the dollar, while the Swiss franc rose to a roughly three-week high, as crude prices sank nearly 5 percent on the day, while Wall Street shares traded lower. Comments from Bank of Japan Governor Haruhiko Kuroda on Tuesday
  
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• New ETFs will try to profit from millennials

  23-02-2016 22:15
  
  NEW YORK (Reuters) - Investors who want to ride the wave of millennial generation spending soon may have a couple of products designed to make that easy for them.
  
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• US bank earnings jump 11.9 percent in 4Q; loan losses up

  23-02-2016 21:33 via news.yahoo.com
  
  WASHINGTON (AP) — The impact of plummeting oil prices has shown up in the financial picture of U.S. banks, whose losses from loans increased for the first time in five and half years, according to new government data.
  
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• U.S. business borrowing for equipment falls in January: ELFA

  23-02-2016 21:03
  
  (Reuters) - U.S. companies' borrowing to spend on capital investment fell in January, the Equipment Leasing and Finance Association (ELFA) said.
  
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• Wall Street slides as oil prices hit again

  23-02-2016 20:58 via news.yahoo.com
  
  Wall Street slid on Tuesday on pressure from a renewed drop in oil prices, snapping a rally that had helped the market rebound from its sluggish start to 2016. Crude prices sank more than 4 percent as Saudi Oil Minister Ali Al-Naimi effectively ruled out production cuts anytime soon. Equity markets this year have been tightly linked to the daily fluctuations of battered oil prices.
  
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• US STOCKS-Wall St slides as oil prices hit again

  23-02-2016 20:56 via news.yahoo.com
  
  Wall Street slid on Tuesday on pressure from a renewed drop in oil prices, snapping a rally that had helped the market rebound from its sluggish start to 2016. Crude prices sank more than 4 percent as Saudi Oil Minister Ali Al-Naimi effectively ruled out production cuts anytime soon. Equity markets this year have been tightly linked to the daily fluctuations of battered oil prices.
  
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• As Canada's newsrooms shrink, concerns over coverage grow

  23-02-2016 20:53 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canadian newsrooms are shrinking in increasing numbers as an oil shock rocks the economy and curtails the appetite of advertisers already distracted by digital outlets.
  
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• Viacom weighs selling minority stake in Paramount film unit

  23-02-2016 20:43 via news.yahoo.com
  
  Viacom Inc is considering selling a "significant" minority stake in its Paramount Pictures movie studio, Chief Executive Philippe Dauman said on Tuesday, sparking a brief rally in the media company's shares. Viacom has been approached by several strategic investors and has retained PJT Partners as its financial adviser, Dauman said at a media conference. Dauman, who took over from 92-year-old majority-owner Sumner Redstone as executive chairman earlier this month, has faced criticism of his lead
  
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• UPDATE 1-Creditors of bankrupt rare earths miner Molycorp reach deal

  23-02-2016 20:34
  
  Feb 23 (Reuters) - Creditors of Molycorp Inc have reached a
  deal to divide up the value of the largest U.S. producer of rare
  earth materials, which should help clear the way for the company
  to exit...
  
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• Former JPMorgan trader says 'London Whale' debacle not his fault

  23-02-2016 20:07
  
  (Reuters) - The former JPMorgan Chase & Co trader who became known as the "London Whale" as his unit generated $6.2 billion of trading losses in 2012 said he is not to blame for the scandal and was...
  
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• 'Silicon Saxony' worries refugee backlash could hurt business

  23-02-2016 19:53 via news.yahoo.com
  
  By Joseph Nasr and Matthias Sobolewski BERLIN (Reuters) - One of the rare economic success stories in eastern Germany, the state of Saxony is growing worried that a racist backlash against refugees could tarnish its image and deter investments that have turned it into a high-tech hub. The state capital Dresden is the birthplace of the anti-Islam PEGIDA movement, and the town of Heidenau became infamous last summer when anti-refugee riots broke out and Chancellor Angela Merkel was heckled by far-
  
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• Canada's Morneau says fiscal measures critically important

  23-02-2016 19:43 via news.yahoo.com
  
  Fiscal measures to boost economic expansion are critical given the global low-growth environment, Canada's finance minister said on Tuesday, the day after the government warned it would run much bigger budget deficits than previously anticipated. Finance Minister Bill Morneau told the House of Commons Standing Committee on Finance that the new Liberal government intended to move forward on its election campaign promises to stimulate the economy and that it wanted to make sure measures had maximu
  
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• Argentina to borrow $15 bn to pay creditors

  23-02-2016 19:19 via news.yahoo.com
  
  Argentina aims to borrow $15 billion when it returns to debt markets so it can pay off international creditors who have sued it in a US court, the government said. The new market-friendly center-right government of Latin America's third-biggest economy is seeking to settle a 15-year dispute over debts dating back to its 2001 default. Its new US-trained Economy Minister Alfonso Prat-Gay told reporters the government would issue $15 billion in new bonds to raise the amount it expects to pay off th
  
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• Kurdish oil flows shut as pipeline sabotaged in Turkey

  23-02-2016 18:47 via news.yahoo.com
  
  By Humeyra Pamuk ISTANBUL (Reuters) - Kurdistan's oil exports to world markets are set to be suspended for a second week running, a shipping source said, a move that will deprive Iraq's semi-autonomous region of its main revenue stream as the security situation in southeast Turkey worsens. The pipeline to the Turkish port of Ceyhan from fields in Iraq's north, which carries around 600,000 barrels per day of crude, has been halted since Feb. 17 and was unlikely to resume pumping until Feb. 29, th
  
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• Creditors of bankrupt rare earths miner Molycorp reach deal

  23-02-2016 18:38
  
  Feb 23 (Reuters) - Creditors of Molycorp Inc have reached a
  deal to divide up the value of the largest U.S. producer of rare
  earth materials, which should help clear the way for the company
  to exit...
  
  Read more

• Global shares rally cools as sterling feels heat

  23-02-2016 18:37 via news.yahoo.com
  
  World stock markets cooled on Tuesday following a rally that kicked off the week as concern about "tepid" global growth returned to the fore and oil prices retreated from strong gains a day earlier.
  
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• Kentucky pension funds push back against fee disclosure bill

  23-02-2016 18:16
  
  NEW YORK (Reuters) - Kentucky's troubled public pension funds are fighting a bill requiring them to disclose performance fees paid to outside asset managers and use more transparent methods when...
  
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• Wall Street falls more than 1 percent as crude extends losses

  23-02-2016 17:59 via news.yahoo.com
  
  Volatile oil prices have influenced the direction of stocks, pushing the S&P 500 down about 5 percent this year. Stock market rallies have been few and short-lived, with the S&P 500 and the Dow Jones industrial average having risen for three days in a row only once in the past two months. The steep fall in oil prices is starting to hurt other sectors, with banks bracing for a wave of potential defaults from energy companies.
  
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• Bank of England prepares contingency plans for EU vote

  23-02-2016 17:57 via news.yahoo.com
  
  LONDON (AP) — The Bank of England is preparing a contingency plan for the aftermath of Britain's referendum on European Union membership, Governor Mark Carney said Tuesday. But he said the central bank will not predict the likely outcome or economic consequences of a vote to leave.
  
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• JPMorgan gets ready for more energy losses, postpones profit goal

  23-02-2016 17:50 via news.yahoo.com
  
  The move by the biggest U.S. bank by assets was more drastic than some on Wall Street had expected, signaling more financial pain to come in an energy sector struggling after oil prices that recently hit their lowest level in more than a dozen years. JPMorgan's shares were down 3.7 percent in midday trading, the third-worst performer in the S&P financials index , which was down 1.6 percent in a broadly lower stock market. Thousands of jobs have been cut in the U.S. energy sector alone and ro
  
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• Yen, Swiss franc gain as risk rally fades

  23-02-2016 17:47 via news.yahoo.com
  
  By Tariro Mzezewa NEW YORK (Reuters) - The yen and Swiss franc rallied across the board on Tuesday as a recent rebound in stocks and crude oil faded, reviving demand for both safe-haven currencies. The Japanese currency climbed to a two-week peak against the dollar, while the Swiss franc rose to a three-week high, eliciting demand as U.S. crude futures slumped nearly five percent on the day, and Wall Street shares traded lower. Comments from Bank of Japan Governor Haruhiko Kuroda on Tuesday also
  
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• Sports Authority to file for bankruptcy as early as March-sources

  23-02-2016 17:20
  
  Feb 23 (Reuters) - Sporting goods retailer Sports Authority
  Inc intends to file for bankruptcy as early as next month, an
  action that would expedite the closing of some of its 450 stores
  across the...
  
  Read more

• South Africa's rand eases from 2-month highs, stocks slip

  23-02-2016 17:10 via news.yahoo.com
  
  (Reuters) - The rand eased off its best levels in two months and South African stocks sank on Tuesday, taking their lead from other emerging markets where a rally ran out of steam. "International rating agencies are going to focus on how Mr Gordhan and his colleagues are going to reduce state spending, increase revenues without killing the already ailing economy in the process, and manage growing debt and deficit levels," analysts at NKC African Economics said in a research note. South Africa's
  
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• Consumer confidence falls to 92.2 in February

  23-02-2016 17:10 via news.yahoo.com
  
  WASHINGTON (AP) — Consumer confidence fell in February to the lowest level in seven months as worries about a slowing economy and tumbling stock prices took a toll.
  
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• Mali economic growth to rise to 6 pct in 2016: economy ministry

  23-02-2016 17:08 via news.yahoo.com
  
  Mali's economy will grow 6 percent this year, bolstered by agricultural and mining production, the ministry of economy and finance said on Tuesday, up from an expansion of 4.9 percent in 2015. "The prospects are good," Oumar Diall, head of Mali's forecasting and economic analysis division, told Reuters. President Ibrahim Boubacar Keïta said last month that Mali produced 50 tonnes of gold in 2015 and hopes to produce more in 2016 as new mines comes online, though no specific forecast has bee
  
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• Hut Group Grows Beauty Arm With Canadian Deal

  23-02-2016 16:48 via news.yahoo.com
  
  One of the UK's fastest-growing online retailers has acquired a haircare brand sold in Boots in the latest phase of an expansion which is ultimately expected to lead to a stock market flotation. Sky News understands that The Hut Group, which counts the former Tesco (Hanover: TCO.HA - news) chief executive Sir Terry Leahy among its shareholders, has bought Grow Gorgeous from the Deciem beauty house in Canada. The deal is the latest in a string of acquisitions by The Hut Group as it accelerat
  
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• Wall St extends losses as oil slides further

  23-02-2016 16:42 via news.yahoo.com
  
  Wall Street slipped on Tuesday, in tandem with a renewed slide in oil prices, as yet another rally failed to take off in what has been a turbulent year so far for markets. Saudi Oil Minister Ali Al-Naimi told global energy executives on Tuesday that the kingdom had not "declared war" on rival producers, and welcomed the rise of nimble U.S. shale oil firms who will help quickly meet growing global demand.
  
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• US consumer confidence falls in February

  23-02-2016 16:42 via news.yahoo.com
  
  Washington (AFP) - US consumer confidence slumped in February, with Americans showing greater apprehension about the state of the US economy amid high market turbulence, the Conference Board said Tuesday.
  
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• The Latest: US consumer confidence data hits Wall Street

  23-02-2016 16:34 via news.yahoo.com
  
  LONDON (AP) — The Latest on global financial markets (all times local):
  
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• JPMorgan sees 'massive uncertainty' if Britain votes to exit EU

  23-02-2016 16:25 via news.yahoo.com
  
  The chief executive of JPMorgan Chase & Co's corporate and investment bank predicted "massive uncertainty" if Britain votes to exit the European Union in a referendum expected to be held in June. "If the outcome of the referendum is to exit, what you have for sure is going to be two-to-three years of intense negotiation and a massive uncertainty and that will really affect the UK economy substantially and the European economy," Daniel Pinto said during a presentation at the bank's annual inv
  
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• Zambia 2016 budget deficit seen at 8.1 percent of GDP

  23-02-2016 16:02 via news.yahoo.com
  
  Zambia's 2016 budget deficit will widen to 8.1 percent of gross domestic product (GDP) from a target of 3.8 percent, underscoring the impact of a plunge in the price of copper, its major export, the minister of finance said on Tuesday. Alexander Chikwanda also told parliament the cabinet had given the green light for the government to engage with the International Monetary Fund (IMF) on an economic programme in 2016. Chikwanda said Zambia's economy was projected to grow 3.7 percent in 2016, belo
  
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• Wall Street opens lower as oil rally falters

  23-02-2016 15:40 via news.yahoo.com
  
  REUTERS - U.S. stocks were lower at the open on Tuesday, struggling to sustain a rally yet again, after oil prices resumed their declines. The Dow Jones industrial average fell 47.46 points, or 0.29 percent, to 16,573.2, the S&P 500 lost 6.57 points, or 0.34 percent, to 1,938.93 and the Nasdaq Composite index dropped 21.08 points, or 0.46 percent, to 4,549.53. (Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)
  
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• US home prices rise at a steady clip in December

  23-02-2016 15:26 via news.yahoo.com
  
  WASHINGTON (AP) — U.S. home prices increased at a steady clip in December, helped by a healthy job market and low mortgage rates.
  
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• Factbox - Banks agree Brexit would be bad for UK growth, sterling. But how bad?

  23-02-2016 15:26 via news.yahoo.com
  
  By Jamie McGeever LONDON (Reuters) - Economists at some of the world's biggest banks are unanimous that Britain's economy and currency will suffer if the country votes to leave the European Union in a referendum widely expected to be held in June. Below is a snapshot of estimates from nine non-UK banks on the potential impact of "Brexit" on UK growth and the value of the pound, and from the three major credit ratings agencies of the impact on Britain's rating. CREDIT AGRICOLE: Sterling could dep
  
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• Wall Street set to open lower as oil rally fades

  23-02-2016 14:54 via news.yahoo.com
  
  (Reuters) - Wall Street was set to open slightly lower on Tuesday as a brief rally in oil and other commodities lost steam, dashing hopes of a sustained recovery from this year's brutal selloff.
  
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• Risk rally fades as global stocks slip back into the red

  23-02-2016 14:51 via news.yahoo.com
  
  By Jamie McGeever LONDON (Reuters) - The recovery in riskier assets fizzled out on Tuesday as stocks, oil and the value of China's yuan currency reversed some of their recent rise, a shift that benefited safe-haven assets like the Japanese yen and gold. Sterling languished near Monday's seven-year low against the dollar after Bank of England Governor Mark Carney said additional stimulus could be injected into the British economy if needed. This added to the negative tone for sterling stemming fr
  
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• Valeant may restate earnings after second look at Philidor

  23-02-2016 14:50 via news.yahoo.com
  
  Valeant Pharmaceuticals shares are rising Tuesday after the beleaguered drug company said it will delay the filing of its annual report with regulators while it sorts out its former relationship with the drug distributor Philidor.
  
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• Global winds chill business optimism in Europe

  23-02-2016 12:58 via news.yahoo.com
  
  FRANKFURT, Germany (AP) — Business confidence fell in Germany and France this month, increasing concern that global market turmoil may be weighing on the economy of the 19-member euro currency union.
  
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• German outlook dims as business confidence hits 14-month low

  23-02-2016 12:39 via news.yahoo.com
  
  Frankfurt (AFP) - Clouds loomed over the German economy on Tuesday as business confidence in Europe's economic powerhouse fell to its lowest level in over a year.
  
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• Higher prices help Toll Brothers beat revenue estimates

  23-02-2016 11:56 via news.yahoo.com
  
  Toll Brothers, whose homes can cost more than $2 million, said orders rose 17.6 percent to 1,250 homes in the first quarter ended Jan. 31. "The stock market seems to be pricing in a steep decline in the economy and, along with it, our sector," Executive Chairman Robert Toll said in a statement. Toll Brothers said it now expected to sell 5,700-6,400 homes in 2016, compared with 5,600-6,600 estimated previously.
  
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• Former Thai PM Thaksin warns on economy, says no deal with military

  23-02-2016 11:34 via news.yahoo.com
  
  By Amy Sawitta Lefevre SINGAPORE (Reuters) - Fugitive former Thai Prime Minister Thaksin Shinawatra warned Thailand's ruling generals on Tuesday that a prolonged stay in power will only worsen economic hardship in Southeast Asia's second-largest economy. The junta, which took power following a May 2014 coup, has struggled to revive Southeast Asia's second-largest economy amid falling exports and high household debt and critics say economic mismanagement is the biggest threat to its hold on power
  
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