Finance news

• Ackman's fund off 17.3 percent for year, erases banner gains from 2014

  24-02-2016 23:49
  
  BOSTON (Reuters) - Billionaire investor William Ackman has managed to erase his entire 40 percent return of 2014, a performance that put him at the pinnacle of the hedge fund world.
  
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• TSX pares losses on higher oil prices but bank earnings weigh

  24-02-2016 23:36 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's main stock index fell to a one-week low on Wednesday as weaker-than-expected bank earnings dragged down financial stocks, but higher crude oil prices helped pare some of the losses, providing support for energy stocks. The biggest movers on the index were bank stocks after Royal Bank of Canada posted quarterly earnings which fell short of analyst forecasts. ...
  
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• Venezuela, Colombia woes drag down Panama's free trade zone

  24-02-2016 23:34 via news.yahoo.com
  
  Panama's free trade zone -- the biggest in Latin America -- is in crisis in large part because of economic woes sapping major export customers Venezuela and Colombia, Commerce Minister Augusto Arosemena said Wednesday. "The patient (the Colon Free Trade Zone) is in a coma because re-exports have gone down and some companies have closed," he told reporters. "Colombia and Venezuela were the main markets for the free trade zone, and a big part of that (the crisis) can be attributed to the situation
  
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• Wall Street pulls out of global slump as oil rallies

  24-02-2016 23:33 via news.yahoo.com
  
  Wall Street stocks pulled out of a global slump Wednesday amid speculation that China will add stimulus to boost its slowing economy and as oil prices rebounded from steep falls. US stocks opened lower, echoing falls in Europe and Asia, on continued concerns about global growth reflected in declining prices for oil and other commodities. Oil prices stabilized, with both US and Brent closing modestly higher following Tuesday's losses of more than four percent.
  
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• UPDATE 4-Argentina, major creditors near $5 billion debt deal -lawyer

  24-02-2016 23:18
  
  NEW YORK, Feb 24 (Reuters) - Major creditors suing Argentina in U.S. courts over defaulted bonds have agreed to broad terms of an agreement to resolve the long-running litigation but need more time...
  
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• GLOBAL MARKETS-Oil rebound buoys Wall St; bonds, gold erase gains

  24-02-2016 23:00
  
  NEW YORK, Feb 24 (Reuters) - A sharp rebound in crude prices lifted stocks on Wall Street on Wednesday in a late rally, but a gauge of equities across the globe closed lower on lingering concern...
  
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• The tough part is only beginning: James Saft

  24-02-2016 22:57
  
  (Reuters) - (James Saft is a Reuters columnist. The opinions expressed are his own) The first few years of the recovery were relatively kind to investors, but with bonds likely to be a dead weight on...
  
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• C$ strengthens, rebounds from earlier 1-week low, as oil rallies

  24-02-2016 22:56 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - The Canadian dollar rallied against its U.S. counterpart on Wednesday, rebounding from a one-week low earlier in the session as oil prices and U.S. stock markets rose after previous losses. U.S. government data that showed strong demand for gasoline provided the catalyst for a turnaround in crude oil and stocks, providing support for the risk-sensitive commodity linked currency. Bank of Canada Deputy Governor Lawrence Schembri said that the Canadian financial
  
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• Bulls chalk one up after late-day surge on Wall Street

  24-02-2016 22:41 via news.yahoo.com
  
  By Noel Randewich (Reuters) - U.S. stocks mounted a late-session rally to close higher on Wednesday after an increase in oil prices helped reduce investors' fears about banks' vulnerability to energy companies struggling to pay their debts. Nine of the 10 major S&P sectors rose, with the materials index up 0.99 percent. The S&P energy sector gained 0.9 percent, trimming its loss in 2016 to 27 percent after U.S. crude futures settled nearly 1 percent higher. Crude prices near 2003 lows ha
  
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• Stocks erase an early loss and manage modest gains

  24-02-2016 22:12 via news.yahoo.com
  
  NEW YORK (AP) — The stock market recovered from an early loss and managed a modest gain after the price of crude oil turned higher.
  
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• Cloud software maker Salesforce posts 25.3 pct rise in revenue

  24-02-2016 22:11
  
  Feb 24 (Reuters) - Salesforce.com Inc reported a 25.3 percent rise in quarterly revenue, helped by an increase in demand for its web-based sales and marketing software.
  
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• IMF seeks contingency plans for vulnerable global economy

  24-02-2016 22:09 via news.yahoo.com
  
  WASHINGTON (AP) — The International Monetary Fund says the global economy is "highly vulnerable" to adverse shocks and is urging the United States and other major governments to prepare contingency plans that could be rolled out quickly to boost growth.
  
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• TSX falls as bank earnings weigh, losses pared as oil reverses

  24-02-2016 22:06 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's benchmark stock index fell on Wednesday as weaker-than-expected bank earnings dragged down financial stocks, but losses were pared as crude oil prices reversed course providing support for energy stocks. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed down 23.17 points, or 0.18 percent, at 12,740.27. It included a 1.6 percent drop in the financials group. (Reporting by Fergal Smith, editing by G Crosse)
  
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• Oil rebound buoys Wall St; bonds, gold erase gains

  24-02-2016 21:41 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - A sharp rebound in crude prices lifted stocks on Wall Street on Wednesday, but a gauge of equities across the globe fell on lingering concern about economic growth. "As much as it frustrates people, the reality is (oil and equities) are incredibly highly correlated and they have been really going back to November," said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas.
  
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• Oil rebound buoys Wall Street; bonds, gold erase gains

  24-02-2016 21:39 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - A sharp rebound in crude prices lifted stocks on Wall Street on Wednesday, but a gauge of equities across the globe fell on lingering concern about economic growth. "As much as it frustrates people, the reality is (oil and equities) are incredibly highly correlated and they have been really going back to November," said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas. The turn in the S&P contrasted with a
  
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• IMF warns G20 that world economy 'highly vulnerable'

  24-02-2016 21:20 via news.yahoo.com
  
  The International Monetary Fund warned Wednesday that the world economy is "highly vulnerable" and called for new mechanisms to protect the most vulnerable countries. In a report on economic challenges ahead of the Shanghai meeting of finance chiefs of the powerful Group of 20 economies, the global crisis lender said world growth had slowed and could be derailed by market turbulence, the oil price crash and geopolitical conflicts. "The global recovery has weakened further amid increasing financi
  
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• Wells Fargo faces ongoing mortgage probes despite recent FHA settlement

  24-02-2016 21:08
  
  (Reuters) - Wells Fargo continues to face federal and state mortgage probes, even after the $1.2 billion settlement it reached in early February to resolve claims of misconduct related to mortgages...
  
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• Abengoa's affiliate files for U.S. bankruptcy

  24-02-2016 20:54
  
  WILMINGTON, Del., Feb 24 (Reuters) - An affiliate of Spain's
  troubled Abengoa SA filed for U.S. Chapter 11 bankruptcy on
  Wednesday, saying in court documents it had up to $10 billion in
  both...
  
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• Signs of bottom for some global assets: Sierra's Spath

  24-02-2016 20:47
  
  NEW YORK (Reuters) - Pointing to what she calls signs of a market bottom, Terri Spath, chief investment officer of Santa Monica, California-based Sierra Investment Management, is adding back shares...
  
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• Pension fund Caisse open to investing more in Bombardier

  24-02-2016 20:12
  
  MONTREAL (Reuters) - Canada's second-largest pension fund, Caisse de depot et placement du Quebec, said it was open to further investment in Bombardier Inc after reporting strong returns in...
  
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• UPDATE 1-Salesforce.com faces scrutiny as Wall St frets over cloud spending

  24-02-2016 19:21
  
  SAN FRANCISCO, Feb 24 (Reuters) - Salesforce.com's quarterly report will be under the microscope after the bell on Wednesday as Wall Street searches for new signs of trouble in spending on cloud...
  
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• U.S. Labor Dept., SEC clashed over retirement advice rule: report

  24-02-2016 19:17
  
  (Reuters) - Staffers at the U.S. Securities and Exchange Commission and the U.S. Labor Department clashed over a controversial plan to curb potential conflicts of interest among brokers who give...
  
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• Salesforce.com faces scrutiny as Wall St frets over cloud spending

  24-02-2016 19:16 via news.yahoo.com
  
  By Noel Randewich SAN FRANCISCO (Reuters) - Salesforce.com's quarterly report will be under the microscope after the bell on Wednesday as Wall Street searches for new sign...
  
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• Growth concern drags stocks; oil rebounds

  24-02-2016 18:41 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Stocks across the globe fell on Wednesday on concerns over economic growth but were off their session lows after crude oil futures turned higher following U.S. data. The first contraction in the U.S. services sector since October 2013 weighed on financial stocks but energy shares cut losses as Brent gained nearly 3 percent. Oil prices rose after strong U.S. gasoline demand offset worries over record high crude stockpiles in the world's largest economy. ...
  
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• Bank of Canada: system could survive major household debt shock

  24-02-2016 18:40 via news.yahoo.com
  
  While the vulnerabilities associated with elevated household debt have increased in recent years, the Canadian financial system remains resilient and could withstand a major shock, a Bank of Canada official said on Wednesday. Record high consumer debt and hot home prices in parts of the country have raised worries that a sudden retrenching by over-extended Canadians could pose a risk to the economy and financial system. "The financial vulnerability associated with elevated household debt has inc
  
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• Where to find products that last a lifetime

  24-02-2016 18:01
  
  NEW YORK (Reuters) - In a consumption economy, most people are looking for a good price, regardless of quality. But one young British entrepreneur is trying to help the environment and people's...
  
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• Wall Street slips as financials drag

  24-02-2016 17:42 via news.yahoo.com
  
  JP Morgan was down 2.3 percent at $54.81 after the bank forecast double-digit declines in investment banking revenue and raised its provisions for energy loan losses. The bank's warning weighed on other lenders, which are bracing for defaults from oil and gas companies and face the brunt of volatile financial markets. "For the near term, volatility stays and will hinge on what happens in the crude market, whether we like it or not, and will determine the assumption of risk," said Ernie Cecilia,
  
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• World stocks extend losses, sterling pounded

  24-02-2016 17:33 via news.yahoo.com
  
  London (AFP) - World stock markets slumped Wednesday after oil prices again fell and the pound sterling hit near seven-year lows on worries about the global economy and Britain's future in the EU.
  
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• Uber's China rival Didi Kuaidi raising about $1 bln - WSJ

  24-02-2016 17:23 via news.yahoo.com
  
  Feb 24 (Reuters) - Ride-hailing service Didi Kuaidi, aChinese rival to Uber, plans to raise about $1 billion in itslatest fundraising round, the Wall Street Journal reported,citing sources. The company is seeking to raise the funds on terms thatwould value it at more than $20 billion, the Journal reported.(http://on.wsj.com/1T6YJ80) Didi Kuaidi, which has the largest market share ofcar-hailing apps in China, said in September it had completed a$3 billion fundraising round. The company is battlin
  
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• Moody's cuts Brazil credit rating to junk

  24-02-2016 16:57 via news.yahoo.com
  
  Moody's became the third big agency to cut Brazil's credit rating to junk Wednesday, citing mounting debt and political instability in Latin America's biggest country. Cutting the credit rating by two notches to Ba2, Moody's said Brazil suffered a "low growth environment," worsening debt, and "challenging political dynamics." Junk status had already been given by Fitch and S&P. Moody's also said that it was giving the seventh biggest economy in the world a negative outlook, possibly heraldin
  
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• Brazil's Rousseff gains approval despite corruption: poll

  24-02-2016 16:46 via news.yahoo.com
  
  Approval of President Dilma Rousseff's government has nudged higher amid recession and a massive corruption scandal, though a majority of Brazilians still want to see her impeached, a new poll showed on Wednesday. The CNT/MDA survey suggested that Rousseff's opponents might have more trouble than they reckoned rallying public support for their bid to impeach her despite a severe economic slump and a graft investigation that is getting closer to the president. The number of Brazilians who favor R
  
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• U.S. new home sales tumble; services sector weakens

  24-02-2016 16:45 via news.yahoo.com
  
  New U.S. single-family home sales tumbled in January from a 10-month high as sales in the West region plunged, but the overall housing market recovery remains intact. Other data on Wednesday showed the services sector contracted in early February for the first time since October 2013 amid concerns about the economic outlook. The Commerce Department said single-family home sales dropped 9.2 percent last month to a seasonally adjusted annual rate of 494,000 units, almost unwinding December's sharp
  
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• South Africa 'crisis' budget hikes taxes, targets state spending

  24-02-2016 16:26 via news.yahoo.com
  
  South Africa's finance minister on Wednesday hiked taxes and targeted what he called wasteful and corrupt government spending in a "crisis" budget aimed at staving off a ratings downgrade to junk status. Africa's most developed economy is struggling with shrinking growth, unemployment running at 25 percent, and widespread poverty. In a press conference before he delivered the budget, Gordhan was even more direct.
  
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• Lowe's higher sales overshadowed by Home Depot hangover

  24-02-2016 16:22 via news.yahoo.com
  
  Home improvement chain Lowe's Cos Inc reported an increase in quarterly comparable sales that paled in comparison to those of rival Home Depot Inc , despite beating Wall Street expectations. Home Depot and Lowe's are benefiting from pent-up demand for houses after the 2008 financial crisis, while low interest rates and growth in jobs, wages and credit have spurred spending on renovations in the United States. Although fourth-quarter sales at Lowe's U.S. stores open for more than a year rose a he
  
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• Energy stocks drag down Wall Street as oil slips

  24-02-2016 16:20 via news.yahoo.com
  
  Wall Street was lower on Wednesday morning, as energy stocks took a hit from a slide in oil prices after Saudi Arabia ruled out a cut in output to help tackle a global glut. The S&P 500 is down 6 percent for the year, while the Nasdaq composite has shed more than 10 percent. "There is very little good news for the market to hang its hat on," said John Brady, managing director at brokerage R.J. O'Brien & Associates in Chicago.
  
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• IMF says Brexit uncertainty weighs on UK growth outlook

  24-02-2016 16:15 via news.yahoo.com
  
  Uncertainty over Britain's future in the European Union risks negatively affecting the country's growth outlook, the IMF said on Wednesday. Britain's economy was set to grow by 2.2 percent this year and next, matching official gross domestic product for 2015, the International Monetary Fund said. As Britain prepares for a June 23 referendum on its EU future, British Prime Minister David Cameron has warned that the country's departure from the European Union would threaten its economic and nation
  
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• IMF calls on Nigeria to lift foreign exchange curbs

  24-02-2016 16:06 via news.yahoo.com
  
  By Ulf Laessing LAGOS (Reuters) - The International Monetary Fund (IMF) called on Wednesday for Nigeria to lift foreign exchange curbs and let the naira reflect "market forces" more closely, also urging more fiscal discipline and structural reform to bolster growth. President Muhammadu Buhari has rejected a naira devaluation and backed hefty restrictions imposed by the central bank to prevent a collapse of the naira as Africa's biggest economy is whacked by a slump in oil revenues, its lifeblood
  
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• South Africa announces austere budget to trim deficit, avoid downgrades

  24-02-2016 15:53 via news.yahoo.com
  
  By Stella Mapenzauswa and Olivia Kumwenda-Mtambo CAPE TOWN (Reuters) - South Africa announced an austere budget on Wednesday aimed at avoiding cuts in its credit ratings, and vowed to focus spending on priority areas after weak economic growth reduced its revenue. The measures may appease ratings agencies, which have said they might lower South Africa to sub-investment grade after President Jacob Zuma changed finance ministers twice in less than a week in December, casting doubt over Pretoria's
  
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• Thursday preview: Lloyds Banking Group's full year earnings in focus

  24-02-2016 15:50 via news.yahoo.com
  
  (ShareCast News) - Lloyds Banking Group is expected to report a sharp decline in full year profit on Thursday as the company sets aside further provisions for the mis-selling of payment protection insurance ...
  
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• Stocks open lower as weak oil prices push energy sector down

  24-02-2016 15:44 via news.yahoo.com
  
  NEW YORK (AP) — Stocks are opening lower on Wall Street, led by declines in energy companies and banks as commodity prices fall.
  
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• Pricey Canadian housing market to lift economic growth this year: Reuters poll

  24-02-2016 14:26 via news.yahoo.com
  
  Canada's housing market will be a net contributor to economic growth in the coming year, impelled by rising prices, but become a drag soon after due to a slowdown in buying and high levels of household debt, a Reuters poll found. Boosted by borrowing costs near record lows, the housing market has been one of the brightest spots in Canada's recovery since the global financial crisis. While house prices in the neighboring United States have been recovering slowly after the historic crash of 2008,
  
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• Global shares fall sharply with oil prices, yen in demand

  24-02-2016 14:06 via news.yahoo.com
  
  By Nigel Stephenson LONDON (Reuters) - Shares fell sharply on Wednesday as oil prices dropped after Saudi Arabia effectively ruled out output cuts by major producers, lifting investor appetite for low-risk assets such as the Japanese yen and gold. Top-rated government bonds were in demand as the prospect of persistently low oil prices, which have fallen some 70 percent since mid-2014, to below $33 per barrel on Wednesday, raised concerns about weak global economic growth. "It has been a broad ri
  
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• Airbus Group sees 'Brexit' hurting UK competitiveness

  24-02-2016 13:59 via news.yahoo.com
  
  By Sarah Young LONDON (Reuters) - Airbus Group expects the competitiveness of its British operations to fall if Britons vote to leave the European Union in a referendum, potentially threatening the scale of the planemaker's operations in the country. The support of France-headquartered Airbus, which employs 16,000 people in Britain, for those campaigning alongside Prime Minister David Cameron to stay in the EU comes a day after a group of company bosses warned that a vote to leave in a June 23 r
  
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• Sanders Tries to Break Clinton’s Hold on Black Voters Ahead of S.C. Primary

  24-02-2016 13:58 via news.yahoo.com
  
  Anxious to regain momentum lost after a disappointing showing in Nevada, Sen. Bernie Sanders (I-VT) sought Tuesday night to break former Secretary of State Hillary Rodham Clinton’s iron grip on black voters and broaden his appeal by more sharply contrasting her differences on an array of issues. Sanders, a democratic socialist, was on a roll in the Democratic presidential campaign after narrowly losing to Clinton in Iowa before demolishing her by 22 points in New Hampshire a week ago. With
  
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• Fall in oil prices drag futures lower

  24-02-2016 13:40 via news.yahoo.com
  
  (Reuters) - Stock futures pointed to a lower opening for Canada's main stock index on Wednesday as investors shied away from riskier assets on the prospect of persistently low oil prices, which raised concerns about weak global economic growth. Oil prices slipped after Saudi Arabia effectively ruled out output cuts by major producers and a U.S. industry report showed crude stockpiles hit a record. March futures on the S&P TSX index were down 1.24 percent at 7:30 a.m. ET. ...
  
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• RBC profit misses market estimates; energy impact in focus

  24-02-2016 13:29 via news.yahoo.com
  
  TORONTO (Reuters) - Royal Bank of Canada reported a lower-than-expected quarterly profit on Wednesday, hurt by weakness in its insurance and capital markets businesses, but it raised its quarterly dividend. Canada's second-largest lender by assets is also showing increasing signs of pain from the oil price crash and economic slowdown in Western Canada. Both bad loans and provisions for credit losses jumped in the first quarter ended on Jan. 31. Gross impaired loans in the oil and gas sector almo
  
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• South Africa expects narrower budget deficit as it cuts spending: Treasury

  24-02-2016 13:22 via news.yahoo.com
  
  South Africa's government expects to reduce its budget deficit to 3.2 percent of GDP in the next fiscal year from 3.9 percent in the current 2015/16 period as it tightens spending in the face of lower revenue, Finance Minister Pravin Gordhan said on Wednesday. In a budget statement to parliament, Gordhan said Africa’s most industrialised economy faced exceptionally difficult global and domestic economic conditions over the next few years, and would have to bring down its spending ceiling b
  
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• South Africa central bank to keep in inflation in check: Governor

  24-02-2016 13:17 via news.yahoo.com
  
  South Africa's Reserve Bank remains focused on keeping inflation within its 3-6 percent target band as letting prices spiral out of control hurts the economy and poor people, Governor Lesetja Kganyago said on Wednesday. "Our task remains focused on dealing with inflation and we have to deal with inflation because inflation hurts the poor," Kganyago told reporters ahead of the 2016 budget in Cape Town. "Allowing inflation to run amok is not in the interests of our economy," he added.
  
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• South Africa cuts growth outlook as drought weighs

  24-02-2016 13:15 via news.yahoo.com
  
  South Africa's 2016 GDP growth could be the lowest since a 2009 recession, reflecting the impact of a severe domestic drought and a depressed global economy, the Treasury said on Wednesday in its budget. In its spending outlook for the upcoming financial year, the Treasury said the economy could grow by 0.9 percent this year, down from a previous forecast of 1.7 percent and compared with growth estimate of 1.3 percent in 2015. "South Africa's GDP growth has now fallen behind the rate of populati
  
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• South Africa's Zuma withdraws troops from Sudan's Darfur region

  24-02-2016 12:18 via news.yahoo.com
  
  South Africa will withdraw its troops from peacekeeping operations in Sudan's Darfur region, President Jacob Zuma's office said on Wednesday. Zuma's office also announced on Wednesday that elected officials will receive salary increases of 4.4 percent, compared with inflation of more than 6 percent in Africa's most industrialized economy, the presidency said on Wednesday. South African troops joined one of the world's largest peacekeeping forces five years after the conflict in Darfur began, but
  
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