Finance news

• Wall Street rallies as battered investors eye support

  25-02-2016 23:15 via news.yahoo.com
  
  Wall Street posted solid gains on Thursday as higher oil prices reduced fears that banks could be hit by debt defaults and investors saw opportunities after weeks of volatility. The second uptick in two days for stocks was helped by a 3-percent jump in oil, which has been a major influence on markets this year as investors view weak energy demand as a sign of sluggish global growth. The S&P 500 has recovered 6 percent in the past nine sessions but remains down almost 5 percent in 2016 as oil
  
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• Canada's banks feel pain of oil price rout, economic slowdown

  25-02-2016 22:32 via news.yahoo.com
  
  By John Tilak and Euan Rocha TORONTO (Reuters) - Faced with a double whammy of the oil price collapse and a sluggish economy putting pressure on their corporate and consumer loan books, Canada's major banks started to show cracks this week as they posted another round of quarterly profits. Royal Bank of Canada , Canada's biggest lender, did not meet profit estimates on Wednesday for the first time since early 2013, and No. 2 player Toronto Dominion Bank reported a slim profit miss on Thursday. B
  
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• War on cash to pump up silver, wine, art, gold: James Saft

  25-02-2016 22:30
  
  Like it or hate it, the war on large-denomination cash will have an impact on other markets, as investors and crooks alike look for convenient stores of value.
  
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• Williams Cos shares drop after NY Times report on deal problems

  25-02-2016 22:17
  
  NEW YORK (Reuters) - Shares of Williams Companiesfell sharply in afternoon trading on Thursday following a New York Times report that Energy Transfer may be searching for a way to pull out of its...
  
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• Democratic senators raise concerns about Charter-Time Warner Cable tie-up

  25-02-2016 20:32
  
  (Reuters) - Five Democratic U.S. senators, including presidential candidate Bernie Sanders, told the Justice Department and Federal Communications Commission on Thursday that they had "significant...
  
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• Exclusive: Baltic Exchange holds talks with suitors over possible sale: sources

  25-02-2016 20:25
  
  LONDON/SINGAPORE (Reuters) - The Baltic Exchange, the hub of the global shipping market, has held talks with potential buyers including Singapore Exchange Ltd, months after the London Metal Exchange...
  
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• Brazil telecom Oi sinks as LetterOne drops M&A funding plan

  25-02-2016 20:25
  
  SAO PAULO/MOSCOW (Reuters) - Shares and bonds of Oi SA, Brazil's most indebted telephone operator, tumbled on Thursday after Russian billionaire Mikhail Fridman's investment firm dropped an offer to...
  
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• World stocks split with crude, rise despite oil drop

  25-02-2016 20:04 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - Equity markets shrugged off crude oil's decline on Thursday, with Europe rebounding from losses spurred by fears of Britain exiting the European Union and Wall Street boosted by growing investor confidence. "Overall, the tone of the market has gotten much better in the last week, and nothing happened overnight to dent that optimism, even with China down nearly 6 percent," said Michael James, managing director of equity trading at Wedbush Securities in Los Ang
  
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• UPDATE 1-Brazil's Vale looks to sell $10 bln of assets after massive loss

  25-02-2016 19:38
  
  RIO DE JANEIRO, Feb 25 (Reuters) - Brazilian miner Vale SA put its prime assets on the block on Thursday after taking the biggest loss in decades, but analysts said the target to make $10 billion in...
  
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• Deutsche Boerse, LSE woo governments, do homework to win merger support

  25-02-2016 19:27
  
  FRANKFURT/LONDON (Reuters) - Deutsche Boerseand the London Stock Exchange Groupare counting on lessons learned from past missteps and behind-the-scenes talks with politicians to make sure there...
  
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• Zodiac management under fire over 'profit warning too far'

  25-02-2016 19:19
  
  PARIS, Feb 25 (Reuters) - Leaders of French aerospace supplier Zodiac Aerospace faced a barrage of analyst criticism on Thursday as the company suffered its biggest ever drop on the stock exchange...
  
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• Bank Shares Lead Strong Rally For FTSE 100

  25-02-2016 19:00 via news.yahoo.com
  
  Surging bank shares have helped the FTSE 100 (NasdaqGS: Z - news) rally by more than 100 points in the latest session as markets turned strongly higher following recent volatility. London's leading share index closed 2.5% up as it scrambled back above the 6,000-mark, led by a 14% rise from state-backed Lloyds Banking Group (Other OTC: LLDTF - news) . The increase of 145.6 points added nearly £38bn to the value of the FTSE 100's constituent companies and comes after recent turbulence on the
  
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• Is Social Security too generous? Not likely

  25-02-2016 18:51
  
  CHICAGO (Reuters) - (The writer is a Reuters columnist. The opinions expressed are his own.)
  
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• Sturm Ruger sees more gun demand if Democrat is next president

  25-02-2016 18:40 via news.yahoo.com
  
  Sturm Ruger & Co expects a lift in demand for its firearms if a Democrat wins this year's presidential election and becomes positioned to appoint future Supreme Court Justices, the company's CEO said on Thursday. Shares of Sturm Ruger on Thursday jumped 7.4 percent after the Southport, Connecticut company reported fourth-quarter results that handily beat Wall Street's expectations. After conservative Supreme Court Justice Antonin Scalia died this month, replacing him has become a major flash
  
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• Verily, Vanderbilt to test enrollment in U.S. Precision Medicine pilot

  25-02-2016 18:28 via news.yahoo.com
  
  The pilot program aims to enroll 79,000 volunteer participants by the end of this year to supply personal data that will eventually be used to improve health and treat disease. The initiative is designed to maximize results by tracking individual characteristics, rather than "medicine based on one size fits all," NIH Director Dr. Francis Collins said on a conference call with reporters on Wednesday. Dr. Collins said the "cohort program" will eventually include one million or more U.S. volunteers
  
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• European shares up and Wall Street steady despite China slide

  25-02-2016 18:19 via news.yahoo.com
  
  European stock markets rebounded strongly Thursday, shrugging off a Chinese share slide, as investors looked ahead to a key meeting of finance ministers to discuss strains in the global economy and Wall Street opened steady. London's benchmark FTSE 100 index led the way, rising 2.5 percent to close at 6,012.81 points while in the eurozone Frankfurt's DAX 30 added 1.7 percent and the Paris CAC 40 advanced 2.2 percent. "European bourses are taking their lead from the late rally (Wednesday) on Wall
  
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• Financial services help Britain's FTSE to close higher

  25-02-2016 18:15
  
  * Blue-chip FTSE 100 index ends 2.5 pct higher * Lloyds gets boost from special dividend * RSA shares rise after profits surge By Alistair Smout and Atul Prakash LONDON, Feb 25 (Reuters) - Britain's...
  
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• Wall Street gains as factory data shines amid oil gloom

  25-02-2016 17:35 via news.yahoo.com
  
  Orders for U.S. durable goods rose more than expected in January, as demand picked up across the board. Some analysts, however, said the two could soon break step as investors focus on data and the U.S. Federal Reserve's next move on interest rates. Fed Chair Janet Yellen has hinted at sticking with the plan to raise rates gradually this year, while other policymakers have warned against a hike amid the turmoil in global markets.
  
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• Wall St gains as factory data shines amid oil gloom

  25-02-2016 17:34 via news.yahoo.com
  
  Wall Street was little changed in choppy trading on Thursday, breaking away from sliding oil prices, as strong U.S. durable goods data pointed to a recovery in the struggling manufacturing sector. Orders for U.S. durable goods rose more than expected in January, as demand picked up across the board. Some analysts, however, said the two could soon break step as investors focus on data and the U.S. Federal Reserve's next move on interest rates.
  
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• Oil slips anew, stocks worldwide gain

  25-02-2016 17:33 via news.yahoo.com
  
  By David Gaffen NEW YORK (Reuters) - Crude oil resumed its recent decline, but equity markets were stronger on Thursday, with Europe rebounding from losses on fears of Great Britain exiting the European Union. Wall Street was little changed after Wednesday's late-day gains that marked a reversal from earlier losses. The Dow Jones industrial average rose 4.94 points, or 0.03 percent, to 16,489.93, the S&P 500 gained 0.17 points, or 0.01 percent, to 1,929.97 and the Nasdaq Composite dropped 6.
  
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• UPDATE 2-Domino's profit boosted as demand holds up in U.S. pizza price war

  25-02-2016 17:28
  
  * Shares jump 10.4 pct to hit record high (Adds details, CEO, analyst comments; updates shares)
  
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• Oil down 3 percent on new Cushing builds, global growth worries

  25-02-2016 17:11 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices fell about 3 percent on Thursday after data indicating new record highs in U.S. crude inventories added to worries about oversupply in a slowing global economy. U.S. government data on Wednesday showed that Cushing stockpiles rose 333,000 barrels last week to reach 65.1 million for a fourth straight week of record highs.
  
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• White House steps up aid for financially ailing Puerto Rico

  25-02-2016 17:04 via news.yahoo.com
  
  WASHINGTON (AP) — The White House says it'll step up support for financially ailing Puerto Rico by speeding access to almost $400 million for roads and other public works projects — hoping to spur economic development.
  
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• Oil hit by oversupply and economic growth concerns

  25-02-2016 17:02 via news.yahoo.com
  
  By Amanda Cooper LONDON (Reuters) - Oil prices fell on Thursday, driven lower by concerns about oversupply in a slowing global economy, although strong U.S. gasoline demand helped limit losses. Brent crude futures were down 37 cents at $34.04 a barrel at 1445 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 48 cents at $31.67 per barrel. "The basic overriding position in the oil market at the moment is that the global production exceeds global demand by quite a wide margin,"
  
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• Average US rate on 30-year mortgage falls to 3.62 percent

  25-02-2016 16:47 via news.yahoo.com
  
  WASHINGTON (AP) — Average long-term U.S. mortgage rates fell this week as anxiety over the global economy persisted. Long-term rates resumed their decline after being unchanged last week following six straight weeks of easing.
  
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• Kohl's warns 2016 sales may fall

  25-02-2016 16:27 via news.yahoo.com
  
  U.S. department store operator Kohl's Corp warned that sales could fall this year and said it was unlikely to meet its 2017 target of $21 billion in sales because of a weak economy and a pullback in consumer spending on its core categories such as apparel. Kohl's forecast full-year sales to fall or grow by only up to 0.5 percent. Department store operators, including Kohl's and Macy's, have reported weak sales for most of last year, hurt by falling spending in categories such as apparel, unseaso
  
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• Foxconn deal for Japan's Sharp in doubt after last-minute hitch

  25-02-2016 16:12
  
  TOKYO/TAIPEI (Reuters) - Taiwan's Foxconn put its takeover of electronics maker Sharp Corp on hold on Thursday after discovering previously undisclosed liabilities, sources said, throwing into doubt...
  
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• Troubled economy resonates in Iran election campaign

  25-02-2016 15:56 via news.yahoo.com
  
  The state of Iran's post-sanctions economy is dominating voter concerns ahead of Friday's elections but no matter who wins major obstacles are lying in wait. After more than a decade of seeing their prospects battered by sanctions, Iranians are anxious to feel the results of the nuclear deal with world powers that took effect earlier this year. President Hassan Rouhani -- who became the key architect of the nuclear agreement after taking office in 2013 -- has vowed the next 12 months will be "a
  
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• Europe shrugs off pre-G20 China mauling, sterling steadies

  25-02-2016 15:51 via news.yahoo.com
  
  Wall Street looked set for a modest rise when it opens, as weekly jobless claims numbers and an early burst of reassuring manufacturing data soothed some of the pain of Wednesday's first contraction in services sector figures since 2013. There was a pretty remarkable comeback by Wall Street yesterday despite some weak data so it feels like it's a bit dodgy till we get past the G20 meeting." The earlier slump in Shanghai underscored the sense of caution over China ahead of Friday's G20 meeting th
  
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• UPDATE 1-Swatch sees strong sales for Tissot, Omega during Chinese New Year -CEO

  25-02-2016 15:46
  
  BUERGENSTOCK, Switzerland, Feb 25 (Reuters) - Swatch Group saw strong sales in its Omega, Longines and Tissot brand watches during the Chinese New Year but demand was more sluggish for its higher-end...
  
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• Canada official: growth efforts to be focus at G20 meeting

  25-02-2016 15:40 via news.yahoo.com
  
  OTTAWA (Reuters) - What countries can do to promote economic growth will be at the front and center of the upcoming Group of 20 meetings, given increasing signs that the global outlook could be deteriorating, a senior Canadian finance official said on Thursday. Priorities that have been identified under the presidency of China this year include how to strengthen macroeconomic coordination and enhancing infrastructure investment, the official said. Finance ministers and central bank governors of
  
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• Norway oil firms deepen cuts to 2016 investment plans, rate cut seen

  25-02-2016 15:33 via news.yahoo.com
  
  Norway's oil companies have deepened cuts to their 2016 investment plans, the latest survey by Statistics Norway showed on Wednesday, weakening the crown and heightening expectations of a rate cut by the central bank next month. Norway's leading industry has hit the brakes due to a 70-percent drop in the price of Brent crude since mid-2014 that has brought the Norwegian economy to a standstill. The country's oil companies now plan to invest 163.9 billion crowns ($18.89 billion) this year, agains
  
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• MetLife in talks to sell U.S. retail adviser group to MassMutual

  25-02-2016 15:32
  
  (Reuters) - MetLife Inc , which is in the process of trimming down its businesses, said it was in talks with MassMutual Financial Group regarding a possible sale of MetLife Premier Client Group, its...
  
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• GLOBAL MARKETS-Europe shrugs off pre-G20 China mauling, sterling steadies

  25-02-2016 15:28 via news.yahoo.com
  
  Wall Street looked set for a modest rise when it opens, as weekly jobless claims numbers and an early burst of reassuring manufacturing data soothed some of the pain of Wednesday's first contraction in services sector figures since 2013. Dealers said there were also signs of downward pressure building on the euro ahead of next month's European Central Bank meeting which is expected to see the bank cut rates again.
  
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• Exclusive: Ally of Ukrainian president accused of meddling in prosecution

  25-02-2016 15:23 via news.yahoo.com
  
  By Natalia Zinets KIEV (Reuters) - An ally of Ukraine's president has been accused by a former Ukrainian prosecutor of interfering in law enforcement. A representative of Ihor Kononenko, a business partner of President Petro Poroshenko and member of parliament of his political party, declined to comment on the allegation, made in a Reuters interview by ex-prosecutor Vitaliy Kasko. The representative, Taras Pastushenko, the spokesman for Poroshenko's party in parliament, cited an ongoing investig
  
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• UPDATE 3-Safran takes charge on Silvercrest delay, says LEAP on track

  25-02-2016 15:03
  
  * Revenue up 13.4 percent to 17.41 billion euros (Updates after news conference, adds shares, context on Morpho)
  
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• Tough year ahead for South African retailers as Massmart stalls

  25-02-2016 15:02 via news.yahoo.com
  
  By TJ Strydom JOHANNESBURG (Reuters) - Massmart reported flat annual earnings on Thursday and highlighted the difficulties South African food retailers are likely to face this year as shoppers contend with rising prices, mounting debt and high unemployment. The retailer, majority owned by Wal-Mart Stores Inc, earns 91 percent of its revenue in South Africa, an economy expected to grow by less than 1 percent this year. The biggest worry this year is how inflation will affect the lowest income ear
  
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• Rouse Properties agrees to sweetened Brookfield offer

  25-02-2016 14:48
  
  (Reuters) - U.S. real estate investment trust Rouse Properties Incsaid Canadian asset manager Brookfield Asset Management Inc agreed to buy the company in a sweetened deal valued at about $2.8...
  
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• It is a man's world (again) in the Oscars best picture race

  25-02-2016 14:39 via news.yahoo.com
  
  By Piya Sinha-Roy LOS ANGELES (Reuters) - From abandoned astronauts to testosterone-fueled Wall Street traders, dogged reporters and frontiersmen bent on revenge, it is a man's world in the best picture race at Sunday's Oscars with women again taking supporting roles. The Oscars have not seen a female-led film win best picture in a decade, since "Million Dollar Baby" starring Hillary Swank won the top accolade in 2005. The #OscarsSoWhite backlash that took place this year after no actors of colo
  
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• UPDATE 1-Hugo Boss CEO steps down after weak China, U.S. sales

  25-02-2016 14:32
  
  BERLIN, Feb 25 (Reuters) - Hugo Boss  Chief Executive Claus-Dietrich Lahrs is stepping down after eight years at the helm of the German fashion house after the share price tumbled following a profit...
  
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• UPDATE 3-Spain's Repsol cuts dividend to keep investment grade

  25-02-2016 14:24
  
  * No decision made on selling down Gas Natural stake (Adds CEO comments on investment grade, dividend, Gas Natural)
  
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• Top Iranian reformist predicts victory for Rouhani allies in polls

  25-02-2016 14:06 via news.yahoo.com
  
  By Samia Nakhoul TEHRAN (Reuters) - A senior reformist candidate forecast victory for allies of Iranian President Hassan Rouhani over hard-line opponents in parliamentary elections on Friday, saying this would help the pragmatic leader revive an economy hit by years of sanctions. Former Vice-President Mohammad Reza Aref told Reuters that even if hard-liners retain control of the 290-seat assembly, moderates would seek allies to enable them to press for an opening of the $400-billion economy to t
  
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• Stimulus hopes give European stocks a lift, pound stabilizes

  25-02-2016 14:02 via news.yahoo.com
  
  LONDON (AP) — European stock markets posted big gains Thursday, with many indexes reclaiming the previous day's losses. Traders were buoyed by growing expectations of more stimulus from the European Central Bank and anticipated gains on Wall Street at the open.
  
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• Hugo Boss CEO steps down after weak China, U.S. sales

  25-02-2016 13:54
  
  BERLIN, Feb 25 (Reuters) - Hugo Boss  Chief Executive Claus-Dietrich Lahrs is stepping down after eight years at the helm of the German fashion house after the share price tumbled following a profit...
  
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• McDonald's announces belated foray into Kazakhstan market next month

  25-02-2016 13:41 via news.yahoo.com
  
  McDonald's will open its first restaurant in Kazakhstan in March and another 15 soon afterward in a belated foray into Central Asia's largest economy, a company executive and its Kazakh licensee said on Thursday. After more than a decade of deliberations, the U.S. fast-food giant will launch an outlet in the Kazakh capital Astana on March 8 after investing $3.5 million in the franchise project, according to Khamzat Khasbulatov, president of McDonald's Russia unit, which will support the expansio
  
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• IMF reviews Zimbabwe economy, eyes first new financing since 1999

  25-02-2016 13:30 via news.yahoo.com
  
  By MacDonald Dzirutwe HARARE (Reuters) - The International Monetary Fund (IMF) has started talks with Zimbabwe's government to review its economic performance, stepping up engagement as Harare seeks a financial aid package after years of isolation. President Robert Mugabe's government started defaulting on debts to the IMF, World Bank, African Development Bank and several Western lenders in 1999 - leading to a freeze in IMF assistance - and is struggling to emerge from a catastrophic recession t
  
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• European shares rebound despite China slide

  25-02-2016 12:55 via news.yahoo.com
  
  European stock markets rebounded Thursday despite another slide for Chinese share prices, as investors looked ahead to a key meeting of finance ministers to discuss strains in the global economy. London's benchmark FTSE 100 index rallied to stand 2.0 percent higher in late morning deals. In the eurozone, Frankfurt's DAX 30 won 0.8 percent and the Paris CAC 40 advanced 1.6 percent.
  
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• CIBC first-quarter earnings top estimates, dividend raised

  25-02-2016 12:39 via news.yahoo.com
  
  Canadian Imperial Bank of Commerce posted a first-quarter profit that topped market expectations on Thursday, helped by growth in its retail and business banking division. CIBC's net income for the quarter ended Jan. 31 was C$982 million, or C$2.43 per share, compared with C$923 million, or C$2.28 per share, a year ago. Excluding special items, earnings rose to C$2.55 per share.
  
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• Robust consumer spending again sustains UK growth in fourth quarter

  25-02-2016 12:29 via news.yahoo.com
  
  By Andy Bruce and William Schomberg LONDON (Reuters) - Britain's economy relied again on consumer spending to drive its growth at the end of last year, outweighing a sharp fall in business investment and a drag from trade, official data showed on Thursday. The figures underlined the lopsidedness of Britain's economic recovery, which has depended largely on services companies and household demand. Bank of England policymakers are sensitive to any signs these two pillars of Britain's growth are wo
  
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• UPDATE 2-Technip shares leap as market applauds resilience amid oil rout

  25-02-2016 12:24
  
  * CFO says 2016 dividend well covered (Recast with share price, adds analyst comments)
  
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