Finance news

• Italian mafia earnings from drugs rival Fiat with cars

  02-03-2016 23:08 via news.yahoo.com
  
  Italian mobsters make as much money trafficking narcotics in Italy as Fiat does selling cars, but without having to pay taxes, the anti-mafia prosecutors office said on Wednesday. Citing estimates by the United Nations Office on Narcotics and Crime, anti-mafia prosecutors said that the narcotics trade earns more than 32 billion euros (£24.7 billion) annually for organised crime, which controls Italy's drug trade. "It's as if the main national carmaker together with its suppliers, service p
  
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• Shares hit two-month high as oil edges up

  02-03-2016 23:00 via news.yahoo.com
  
  A late bounce on Wall Street, backed by a rise in oil prices, helped propel a measure of global equity markets to its highest in nearly two months on Wednesday. The march upward by oil likely shows selling in the commodity has "washed out," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. Oil prices have continued to rise despite any news of a reduction in supply or increase in demand, suggesting that sellers have largely exited the marketplace, Ablin added.
  
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• Energy, banks lead Wall Street higher

  02-03-2016 22:05 via news.yahoo.com
  
  NEW YORK (Reuters) - Energy and bank stocks led Wall Street higher on Wednesday, adding to a strong rally in the previous session, after strong jobs data dispelled concerns over the health of the U.S. economy. The Dow Jones industrial average rose 33.48 points, or 0.2 percent, to 16,898.56, the S&P 500 gained 8.03 points, or 0.41 percent, to 1,986.38 and the Nasdaq Composite added 13.83 points, or 0.29 percent, to 4,703.42. (Reporting by Rodrigo Campos; Editing by Nick Zieminski)
  
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• Exclusive: Canyon Capital prepares board challenge to Ambac - sources

  02-03-2016 21:58 via news.yahoo.com
  
  Hedge fund Canyon Capital Advisors LLC is preparing to challenge the leadership of Ambac Financial Group Inc by putting its own nominees up for election to the bond insurer's board, people familiar with the matter said Wednesday. Canyon, which holds a 4.5 percent stake in the company, has been seeking to persuade Ambac to find ways to accelerate the settlement of $4 billion in insurance claims. Canyon has built a significant economic interest in these claims, and so would benefit from such a mov
  
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• Nigeria to pass revised 2016 budget on March 17: lawmakers

  02-03-2016 21:44 via news.yahoo.com
  
  By Camillus Eboh ABUJA (Reuters) - Nigeria's parliament expects to pass the 2016 budget in Africa's biggest economy on March 17, lawmakers said on Wednesday. President Muhammadu Buhari presented a record $30 billion budget in December but asked for its withdrawal in January to make changes after a further drop in oil prices forced the deficit up to 3 trillion naira ($15 billion) from 2.2 trillion. Representatives of the Senate, the upper house, and their counterparts in the lower house, the Hous
  
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• Stocks rise despite U.S. market lag, oil up

  02-03-2016 21:33 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - A measure of global equity markets on Wednesday rose to the highest in nearly two months, pushed upward by positive U.S. economic data that was complemented by stimulus measures in China and expected easing in Europe. "We had an employment report this morning that suggests we're continuing to see some good job growth ... that should provide some support, particularly in financials, because it puts us back on track" for the Federal Reserve to raise interest ra
  
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• Europe, US stocks pause after global rally

  02-03-2016 21:13 via news.yahoo.com
  
  European and US stocks on Wednesday proved unable to hold on to the previous day's rally that had strongly supported Asian equities earlier boosted by hopes of more Chinese and eurozone stimulus, analysts said. Trading was mixed in Europe, with Frankfurt's DAX and the CAC in Paris closing on an uptick, while Wall Street was slightly lower as trading got underway as US oil prices retreated, offsetting a brighter-than-predicted US jobs report. "Domestic stocks are lower, giving back some of yester
  
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• Biden, Iraq's Abadi discuss military, financial support in call: White House

  02-03-2016 20:36 via news.yahoo.com
  
  WASHINGTON (Reuters) - U.S. Vice President Joe Biden spoke with Iraqi Prime Minister Haider al-Abadi on Wednesday to discuss military assistance requested by Iraq to fight Islamic State militants, the White House said. Biden also pledged U.S. support for Iraq's efforts to stabilize its economy, and said the United States would work with G7 nations and others to make sure Iraq has financial resources to fight Islamic State, the White House said in a statement. (Reporting by Roberta Rampton; Editi
  
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• Fed survey finds weaker exports hurting manufacturers

  02-03-2016 20:28 via news.yahoo.com
  
  WASHINGTON (AP) — The economy was expanding in most of the country in January and February, helped by gains in consumer spending and home sales. But there were also rising headwinds from falling oil prices and a strong dollar that held back some sectors, the Federal Reserve said Wednesday.
  
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• U.S. economic activity expanded, but conditions mixed: Fed

  02-03-2016 20:10 via news.yahoo.com
  
  U.S. economic activity continued to expand in most districts from early January to late February but conditions varied considerably across regions and within sectors, the Federal Reserve said on Wednesday. The decidedly mixed picture illustrates the headache Fed policymakers face when they next meet to decide the path of interest rates on March 15-16. Consumer spending increased in the majority of districts, the Fed said in its Beige Book report of anecdotal information collected from business c
  
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• Brazil expected to maintain 14.25% interest rate

  02-03-2016 20:10 via news.yahoo.com
  
  Brasília (AFP) - Brazil's Central Bank was expected to maintain its benchmark Selic interest rate at 14.25 percent Wednesday, as the world's seventh biggest economy struggles with rising inflation and severe recession. A weekly survey of 100 market analysts by the central bank's Focus magazine found expectations that the high rate will be held steady for the rest of the year, with a cut to 12.5 percent in 2017. "The country is not seeing growth and is in recession and that's why we think
  
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• Fed's Williams: View on right number of rate hikes little changed

  02-03-2016 19:05 via news.yahoo.com
  
  San Francisco Federal Reserve President John Williams said on Wednesday there has been no substantial change in his outlook on the U.S. economy or his opinion on the number of times the Fed should raise interest rates. "I am not going to opine whether we should have one fewer (rate hike) or the same as before," Williams said when asked about his view on the appropriate number of rate hikes this year.
  
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• Fewer than half Rio Games tickets sold: organizers

  02-03-2016 18:54 via news.yahoo.com
  
  By Karolos Grohmann LAUSANNE, Switzerland (Reuters) - Fewer than half the tickets for the 2016 Rio de Janeiro Olympics have been sold with about five months to go until the first Games in South America, organizers said on Wednesday. "About 47 percent of tickets have been sold," Rio 2016 communications director Mario Andrada told reporters following a progress report by organizers to the International Olympic Committee (IOC). Brazil has been struggling with political turmoil, an economic downturn
  
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• Wall Street little changed as energy stocks gain

  02-03-2016 17:52 via news.yahoo.com
  
  (Reuters) - Wall Street was little changed on Wednesday as gains in energy stocks were offset by declines in utilities and materials.
  
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• Wall St little changed as energy stocks gain

  02-03-2016 17:37 via news.yahoo.com
  
  Wall Street was little changed on Wednesday as gains in energy stocks were offset by declines in utilities and materials. "We're in a holding pattern until Friday, when we get the payrolls number," said Jeff Kravetz, regional investment director at U.S. Bank Wealth Management in Phoenix, Arizona. At 11:10 a.m. ET (1610 GMT), the Dow Jones industrial average was up 5.13 points, or 0.03 percent, at 16,870.21, the S&P 500 was up 1.4 points, or 0.07 percent, at 1,979.75 and the Nasdaq Composite
  
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• Fed's Williams says U.S. economy faces little risk of recession

  02-03-2016 17:33 via news.yahoo.com
  
  SAN RAMON, Calif. (Reuters) - San Francisco Federal Reserve President John Williams struck an optimistic note on Wednesday, telling a group of businessmen that the U.S. economy is powering through headwinds from abroad and faces no tangible risk of recession.
  
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• Dollar gains against euro on ADP data, dips against yen on oil decline

  02-03-2016 17:21 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - The U.S. dollar dipped against the yen on Wednesday on concerns over U.S. economic growth but hit a more than one-month high against the euro after strong U.S. private payrolls data supported expectations for higher U.S. interest rates. "We know that the oil price weakness has been associated with concerns on banks, concerns on growth," said Steven Englander, global head of G10 foreign exchange strategy at CitiFX in New York. "This nudges the concerns back a
  
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• Exclusive: Canyon Capital prepares board challenge to Ambac - source

  02-03-2016 16:54 via news.yahoo.com
  
  By Michael Flaherty NEW YORK (Reuters) - Hedge fund Canyon Capital Advisors LLC is preparing to challenge the leadership of Ambac Financial Group Inc by putting its own nominees up for election to the bond insurer's board, a person familiar with the matter said. Canyon, which holds a 4.5 percent stake in the company, has been seeking to persuade Ambac to find ways to accelerate the settlement of $4 billion in insurance claims. Canyon has built a significant economic interest in these claims, and
  
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• Italy may recall student murder probe team from Egypt over lack of cooperation -judicial source

  02-03-2016 16:19 via news.yahoo.com
  
  By Steve Scherer and Massimiliano Di Giorgio ROME (Reuters) - Italy is considering recalling a legal team sent last month to Cairo to investigate the murder of an Italian graduate student because Egyptian authorities are not cooperating, a judicial source said on Wednesday. Giulio Regeni, 28, disappeared in January and his tortured, battered body was found in a ditch on the outskirts of the Egyptian capital on Feb. 3. The case has stirred outrage in Italy and strained relations between two count
  
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• US overtakes France as Germany's biggest trading partner: data

  02-03-2016 16:17 via news.yahoo.com
  
  The United States overtook France to become Germany's most important trading partner last year for the first time in 40 years, official data showed on Wednesday. The development, which had already started to become discernible in the middle of last year, was confirmed by provisional data published by the federal statistics office Destatis: for the first time since 1975, France is no longer Germany's biggest trading partner. France has always been seen as Germany's primary trading partner in the
  
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• South Africa's Santam FY earnings up 28 pct, crop business hit by drought

  02-03-2016 16:03 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - South African short-term insurer Santam's full-year earnings beat expectations by rising 28 percent jump largely due to fewer claims, sending its shares seven percent higher. Santam said diluted headline earnings per share rose to 1,844 cents in the year to end-December from 1,446 cents a year ago. Analysts polled by Reuters had predicted a 1.8 percent increase in earnings to 1,472 cents per share. Headline EPS is the main profit measure used in South Africa and strips o
  
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• U.S. private sector adds 214,000 jobs in February: ADP

  02-03-2016 15:32 via news.yahoo.com
  
  U.S. private employers added 214,000 jobs in February, above economists' expectations, suggesting solid job growth despite market turmoil and worries about a slowing global economy, a report by a payrolls processor showed on Wednesday. Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 190,000 jobs, with estimates ranging from 160,000 to 225,000. The report is jointly developed with Moody's Analytics.
  
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• Monsanto slashes forecast on strong dollar, pricing pressure

  02-03-2016 15:02 via news.yahoo.com
  
  Monsanto's shares were down 5.3 percent at $87.60 in premarket trading on Wednesday. The company is also under pressure due to the ongoing merger between DuPont and Dow Chemical Co , a deal that could shake up the industry. Monsanto had warned in January that souring farm economy and currency woes would push its 2016 earnings to the lower half of its original forecast in December.
  
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• Exclusive: Poverty up, services diminished in Chicago's black neighborhoods - study

  02-03-2016 14:09 via news.yahoo.com
  
  Predominantly African-American neighborhoods in Chicago have seen poverty rise and services diminish even as the nation's third largest city has become less racially segregated, according to a study released on Wednesday. While Chicago has become more racially balanced over the decades with more neighborhoods showing no majority populations, black areas are seeing economic stagnation or decline, according to the study by the Chicago Urban League, which promotes progress for blacks. This is a sit
  
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• Dollar firm on U.S. data, Aussie dollar big gainer

  02-03-2016 13:40 via news.yahoo.com
  
  By Jemima Kelly and Anirban Nag LONDON (Reuters) - The dollar traded around a one-month high against a basket of major currencies on Wednesday, after encouraging U.S. economic data led investors to bet that the Federal Reserve may raise interest rates this year after all. The Australian dollar was a big gainer on the day, up almost 1 percent at one point, on figures that showed Australia's economy outpaced all forecasts to grow at the fastest pace in almost two years last quarter. "For the momen
  
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• Futures lower as U.S. crude prices retreat

  02-03-2016 13:37 via news.yahoo.com
  
  * U.S. crude fell more than 2 percent after a report from the American Petroleum Institute (API) showed that inventories rose by 9.9 million barrels last week, way above estimates. * However, global stocks rallied, as Brent crude steadied and positive economic data eased some fears of slowing global economic growth. * The U.S. economy continues to show signs of recovery even as China and euro zone countries struggle to spark their sputtering economic growth engines.
  
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• Stocks swing higher as global slowdown fears fade

  02-03-2016 13:16 via news.yahoo.com
  
  By Jamie McGeever LONDON (Reuters) - World shares and bond yields rose on Wednesday as positive economic data from Australia to the United States calmed fears of a global economic slowdown, although the rally lost momentum in European trade as oil prices reversed direction. Asian stocks hit a two-month high, Japan's and China's main indices both rose more than 4 percent, and European markets were still in positive territory, putting them on track for their longest winning streak in five months.
  
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• South Africa's Nedbank forecasts slower growth in 2016 profit

  02-03-2016 12:25 via news.yahoo.com
  
  South Africa's fourth-largest lender Nedbank forecast slower profit growth this year as it feels the effects of weak consumption and investment spending in Africa's most advanced economy. Nedbank, majority-owned by Anglo-South African financial conglomerate Old Mutual, reported an 8.5 percent increase in annual diluted headline EPS, a widely watched profit measure in South Africa. "We currently forecast that growth in diluted headline EPS for 2016 will be lower than the growth we achieved in 201
  
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• Global stocks jump, cheered by Wall Street on economic data

  02-03-2016 11:04 via news.yahoo.com
  
  TOKYO (AP) — Global shares jumped Wednesday after encouraging signs of strength in the U.S. economy sent shares higher on Wall Street, and a weaker yen boosted Japan's benchmark.
  
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• Aid agencies brace for devastating Mongolian 'dzud' this winter

  02-03-2016 11:01 via news.yahoo.com
  
  By Terrence Edwards ULAANBAATAR (Reuters) - Global aid agencies are responding to a call for assistance by Mongolia as harsh winter weather raises fears for the safety and livelihoods of the country's traditional pastoralists, who have already been hit hard by a drought last year. Dry weather has scorched most of Mongolia's wheat crop and now mass animal deaths due to a freezing winter, locally known as "dzud", are threatening more pain for the country, where farming accounts for about 13 percen
  
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• South Africa grain group says government maize estimate too high

  02-03-2016 10:54 via news.yahoo.com
  
  BOTHAVILLE, South Africa (Reuters) - The South African government's forecast of a 7.2 million tonne maize harvest this year is "optimistic" and will almost certainly be revised down, the country's largest grain producer group said on Wednesday. A scorching drought has decimated the maize crop in South Africa, curbing economic growth, pushing prices to record highs and fanning inflation at a time when the central bank is in a tightening cycle. "The crop estimate is too optimistic. ...
  
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• South African government, mining firms agree to delay 16,000 job cuts

  02-03-2016 10:31 via news.yahoo.com
  
  A deal struck between South Africa's government, companies and unions has prevented the immediate loss of 16,000 jobs in an industry hurt by a global commodities rout, an official said on Wednesday. Mining firms, such as Anglo American and Glencore, operating in Africa's most advanced economy are closing shafts and retrenching tens of thousands of workers as the price of platinum, coal and iron ore plunges. The biggest mining sector union this week estimated that 36,000 jobs could be lost in the
  
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• Risk-on in global markets pushes euro zone yields higher

  02-03-2016 09:41
  
  LONDON, March 2 (Reuters) - Euro zone bond yields rose on Wednesday, edging away from this week's lows, as upbeat data and a rally in stocks lifted demand for risk assets at the expense of safe-haven...
  
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• Gazit-Globe ends process to sell shopping centres in Israel

  02-03-2016 09:39
  
  TEL AVIV, March 2 (Reuters) - Israeli real estate developer Gazit-Globe said on Wednesday it has decided to terminate a process to sell its shopping centres in Israel after receiving an offer that...
  
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• Asia stocks rise as risk appetite returns; data boost

  02-03-2016 09:37 via news.yahoo.com
  
  By Saikat Chatterjee HONG KONG (Reuters) - Asian shares rallied to two-month highs on Wednesday as overnight gains in oil prices and a batch of positive economic data from Australia to the United States calmed fears of a global economic slowdown. Fuelled by Asia, European stock markets are seen opening higher with spreadbetters expecting Britain's FTSE 100 to open 0.7-0.8 percent higher, Germany's DAX up by 1 percent, with France's CAC seen opening 0.8-1 percent up. Stock markets across the regi
  
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• BRIEF-Clinigen says acquires Totect from Biocodex

  02-03-2016 09:26
  
  * Says further financial terms of acquisition are not being disclosed Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)
  
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• Asian stocks extend global rally on US data, China stimulus

  02-03-2016 09:21 via news.yahoo.com
  
  Major Asian markets soared on Wednesday, with Tokyo and Shanghai adding more than four percent as upbeat US economic data and China's fresh stimulus lifted the mood on trading floors, defying a dip in oil prices. Better-than-expected reports on the sluggish US manufacturing sector, construction spending and auto sales showed the world's top economy was still resilient even as global growth sputters. Buoyed by a sharply weaker yen, Tokyo's Nikkei 225 index rocketed 4.1 percent to its best close i
  
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• European shares rise as miners gain on China stimulus

  02-03-2016 09:20
  
  LONDON, March 2 (Reuters) - European shares rose on Wednesday as gains in mining stocks enabled stock markets to recover further from their sharp losses earlier in the year.
  
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• Deal to sell Israeli insurer Phoenix to U.S. firm canceled

  02-03-2016 09:17
  
  JERUSALEM (Reuters) - Israeli conglomerate Delek Groupsaid on Wednesday a non-binding letter of intent for a U.S. insurer to buy its insurance unit Phoenix Holdingswas canceled by both sides.
  
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• Deal to sell Israeli insurer Phoenix to U.S. firm cancelled

  02-03-2016 09:14
  
  JERUSALEM, March 2 (Reuters) - Israeli conglomerate Delek Group said on Wednesday a non-binding letter of intent for a U.S. insurer to buy its insurance unit Phoenix Holdings was cancelled by both...
  
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• UPDATE 1-UK Stocks-Factors to watch on March 2

  02-03-2016 08:51
  
  March 2 (Reuters) - Britain's FTSE 100 index is seen opening up 42 to 50 points, or 0.7-0.8 percent higher on Wednesday, according to financial bookmakers, with futures up 0.7-1.0 percent ahead of...
  
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• Nippon Life CIO: may buy more European debt, U.S. corporate bonds

  02-03-2016 08:50 via news.yahoo.com
  
  Nippon Life Insurance Co [NPNLI.UL], Japan's biggest private life insurer, will likely have no choice but to increase currency-hedged foreign bond investments as domestic bond yields have sunk to negative levels, a top official said. Hiroshi Ozeki, chief investment officer at Nippon Life, also told Reuters the company expects the moderate recovery in the U.S. economy to continue and that the dollar was unlikely to fall below 110 yen. Nippon Life has total assets of 61.5 trillion yen ($540 billio
  
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• UAE's Network International agrees to buy Emerging Markets Payments Group

  02-03-2016 08:43
  
  DUBAI (Reuters) - Dubai-based payments provider Network International has agreed to buy rival Emerging Markets Payments Group for more than $300 million from Actis, an investment company from London,...
  
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• European Factors to Watch-Equity futures rise

  02-03-2016 08:41
  
  LONDON, March 2 (Reuters) - European equity futures rose on Wednesday, buoyed by gains on Asian and U.S. markets.
  
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• BRIEF-Laird says FY revenue up 12 pct

  02-03-2016 08:34
  
  * Says FY revenue at 630.4 mln stg versus 564.9 mln stg year ago
  
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• South Africa's rand steady on global risk appetitie, stocks rise

  02-03-2016 08:29 via news.yahoo.com
  
  South Africa's rand steadied against the dollar in early trade on Wednesday as risk appetite returned after gains in oil prices and a batch of positive economic data calmed fears of a global economic slowdown. "Rand gains have come on reduced global fears over an economic downturn and reduced local fears over politics," Rand Merchant Bank currency analyst John Cairns said in a note. Since Monday, the rand has recovered after President Jacob Zuma said he supported Finance Minister Pravin Gordhan,
  
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• Moody's cuts China outlook on eve of NPC, cites reform, fiscal risks

  02-03-2016 08:27 via news.yahoo.com
  
  Moody's downgraded its outlook on Chinese government debt to "negative" from "stable" on Wednesday, citing uncertainty over authorities' capacity to implement economic reforms, rising government debt and falling reserves. The Moody's downgrade comes just days before the National People's Congress (NPC) is due to vote on China's 13th five year plan, a closely held development blueprint for the next five years, which policymakers began formally drafting in 2015. Analysts will closely scrutinize th
  
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• Airbus starts work on new China facility

  02-03-2016 08:15 via news.yahoo.com
  
  Europe's largest aircraft manufacturer Airbus started construction on Wednesday on a new facility to deliver wide-body planes in China, as it faces off against bitter US rival Boeing for market share in the world's second-largest economy. At a ceremony in the northern port of Tianjin Airbus CEO Fabrice Bregier and Chinese officials officially broke ground for the completion and delivery centre that will produce two A330 planes per month. The centre is an expansion of the firm's existing final as
  
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• Nickel miner TVI Resource postpones Philippine IPO to H2

  02-03-2016 08:12
  
  MANILA, March 2 (Reuters) - Nickel miner TVI Resource Development (Phils.) Inc (TVIRD) has deferred its planned Philippine listing for a second time to the second half of 2016 due to volatile market...
  
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• RPT-INSIGHT-Emerging markets industry sinks into post-boom soul searching

  02-03-2016 08:04
  
  * Pension fund wanted to put most of its money in high-risk sector
  
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