Finance news

• UPDATE 1-Apple supplier Broadcom to slash 1,900 jobs globally

  03-03-2016 23:13
  
  March 3 (Reuters) - Chipmaker Broadcom Ltd, the company created following the merger of Avago and Broadcom, said it would cut about 1,900 jobs globally across its businesses.
  
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• Emerging markets lead stocks higher as commodities rise

  03-03-2016 23:02 via news.yahoo.com
  
  World stock markets touched a two-month high on Thursday, fueled by gains in emerging markets and a late rally on Wall Street, as concerns about global growth abated and commodities prices extended their recovery. Emerging markets were the story of the day with the MSCI emerging markets index on track for its biggest weekly gain since October. "(Emerging markets) fell the most so it’s bouncing the most in this risk recovery.
  
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• C$ strengthens to new 12-week high against weaker greenback

  03-03-2016 22:40 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - The Canadian dollar strengthened to a 12-week high against its U.S. counterpart on Thursday as base and precious metal prices rallied, although it underperformed other commodity-related and European currencies. The currency extended its recovery from a 12-year low in January at $1.4689 as weaker U.S. data weighed on the greenback ahead of Friday's U.S. jobs report. "The U.S. economy is growing but not quite at the trajectory that the Fed and other market parti
  
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• Wall Street snaps up shares in late-day scramble

  03-03-2016 22:34 via news.yahoo.com
  
  Wall Street moved higher on Thursday, adding momentum to a recent recovery as the energy and financial sectors emerged into positive territory for the year. The S&P 500's increase was the most recent in four weeks of mostly steady gains that have left the index down 2.5 percent in 2016 after the worst January since 2009. The S&P has gained in five out of the last seven sessions.
  
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• UPDATE 1-HP Enterprise's revenue, profit beat estimates

  03-03-2016 22:34
  
  March 3 (Reuters) - Hewlett Packard Enterprise Co, which houses former Hewlett-Packard Co's corporate hardware and services division, reported better-than-expected quarterly revenue and profit,...
  
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• UPDATE 1-Abengoa's top shareholder ready for big dilution to unlock debt talks

  03-03-2016 22:31
  
  * Would also unlock talks on debt-for-equity swap, haircut(Adds details on debt talks, background)
  
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• Generic drug ETF ailing despite political focus on high drug prices

  03-03-2016 22:31
  
  NEW YORK, March 3 (Reuters) - Calls in the U.S. presidential campaign to cut pharmaceutical prices are not helping to revive a barely two-month-old exchange-traded fund that invests in shares of...
  
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• Wall St. closes higher, energy and banks lead

  03-03-2016 22:07 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street moved higher on Thursday, with the S&P 500 at its highest in two months, adding momentum to a recent recovery as energy companies and banks made gains. The Dow Jones industrial average rose 44.24 points, or 0.26 percent, to 16,943.56, the S&P 500 added 6.94 points, or 0.35 percent, to 1,993.39 and the Nasdaq Composite gained 4 points, or 0.09 percent, to 4,707.42. (Reporting by Noel Randewich; Editing by Nick Zieminski)
  
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• UPDATE 1-Poland says several small banks to fail in 2016, no disruption to system:PAP

  03-03-2016 21:59
  
  WARSAW, March 3 (Reuters) - Several small Polish lenders
  will fail this year, but their bankruptcies will not hurt
  Poland's financial system, deputy Finance Minister Konrad
  Raczkowski said.
  
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• RPT-UPDATE 2-Moody's downgrades BHP Billiton's debt

  03-03-2016 21:50
  
  March 3 (Reuters) - Moody's Investors Service on Thursday cut BHP Billiton Plc's debt rating to "A3" from "A1", citing a deterioration in the company's earnings and cash flow.
  
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• Abengoa's top shareholder ready to dilute stake to 5 pct to unlock debt talks -sources

  03-03-2016 21:32
  
  MADRID, March 3 (Reuters) - Abengoa's majority shareholder
  is ready to have its stake diluted to around 5 percent in a bid
  to receive new emergency cash and facilitate a debt
  restructuring deal, four...
  
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• RPT-UPDATE 2-High life, low coal price sends Australian mining baron bankrupt

  03-03-2016 21:20
  
  SYDNEY, March 3 (Reuters) - Rags-to-riches coal baron Nathan
  Tinkler, who rode the mining boom to become Australia's youngest
  billionaire before losing it all when coal prices collapsed, has
  been...
  
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• Wall Street modestly higher as energy stocks rally

  03-03-2016 21:16 via news.yahoo.com
  
  The S&P 500's modest increase followed four weeks of mostly steady gains that have left the index down 3 percent in 2016 after the worst January since 2009. "A lot of times you'll see a head fake and this potentially could be," said Andrew Bodner, president of Double Diamond Investment Group in Parsippany, New Jersey. At 2:41 p.m. (1941 GMT), the Dow Jones industrial average was up 0.08 percent at 16,912.6 and the S&P 500 had gained 0.15 percent to 1,989.38.
  
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• Emerging markets lead stocks higher, Wall Street lags

  03-03-2016 21:16 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - World stock markets touched a two-month high on Thursday, led by gains in emerging market stocks, as positive economic and political news soothed concerns about global growth and commodities prices extended their recovery. The MSCI emerging markets index was on track for its biggest weekly gain since October 2015, led by South African and Brazilian shares, which both rose to their highest in three months. Brazil's Bovespa index rose nearly 5 percent after new
  
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• Poland says several small banks to fail in 2016, no disruption to system:PAP

  03-03-2016 21:15
  
  WARSAW, March 3 (Reuters) - Several small Polish lenders
  will fail this year, but their bankruptcies will not hurt
  Poland's financial system, deputy Finance Minister Konrad
  Raczkowski said.
  
  Read more

• EU commissioner lauds Cyprus' commitment to bailout reforms

  03-03-2016 20:43 via news.yahoo.com
  
  NICOSIA, Cyprus (AP) — With Cyprus poised to conclude a three-year rescue program this month, a top European Commission official on Thursday praised the country's commitment to pushing through key reforms and quickly turning its economy around despite dour economic projections.
  
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• City of London financial district backs Britain's EU membership

  03-03-2016 20:25 via news.yahoo.com
  
  By Guy Faulconbridge LONDON (Reuters) - The City of London Corporation, which runs the only global financial centre to rival New York, has formally backed Britain's membership of the European Union in a June 23 referendum. Many financiers say a British exit would sap London of its wealth, hammer sterling, undermine the world's fifth largest economy and prompt some traders to move their business to other financial centres such as New York and Singapore.
  
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• Wall Street falls as health, tech stocks drag

  03-03-2016 18:58 via news.yahoo.com
  
  U.S. stocks were lower in early afternoon trading on Thursday, dragged down by health and tech stocks, and as investors awaited the crucial monthly jobs report. The report is expected to show an addition of 190,000 jobs, compared with 151,000 in January. While concerns linger over the state of the global economy, upbeat data from major economies this week and signs of a rebound in commodity prices have helped ease some of those worries.
  
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• UPDATE 2-Valeant reiterates key executive resigned, was not asked to go

  03-03-2016 18:47
  
  * U.S.-listed stock fall about 3 percent (Adds analyst comment, detail)
  
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• BRIEF-Zinkia creates a second 100 percent unit in Panama

  03-03-2016 18:42
  
  * Creates a second 100 percent unit in PanamaSource text: http://bit.ly/1QnPUmv
  
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• IMF says in advanced talks with Tunisia over $2.8 bln credit

  03-03-2016 18:08 via news.yahoo.com
  
  The International Monetary Fund and Tunisia are in the advanced stages of talks over a $2.8 billion credit over four years to help support the country's economic reform programme, an IMF delegation said on Thursday. A visiting IMF delegation said at the end of its mission that it would now focus on fine-tuning reform priorities and financing needs for this year.International lenders have been demanding Tunisia cut public spending, reduce deficits and introduce reforms that help create sustainabl
  
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• Fed's Kaplan calls for patience on raising U.S. interest rates

  03-03-2016 18:01 via news.yahoo.com
  
  By Jon Herskovitz AUSTIN, Texas (Reuters) - Dallas Federal Reserve President Robert Kaplan called on Thursday for the U.S. central bank to be patient when it comes to raising interest rates, citing the effect of tighter financial conditions on U.S. economic growth. Global factors like the drop in stock markets, the decline in the price of oil, and the rise in the dollar since the beginning of the year are acting like a brake on the U.S. economic recovery, similar to the effect of an interest-rat
  
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• Britain's FTSE falls as health stocks weaken

  03-03-2016 17:56
  
  * Admiral rises to record highs after results (Recasts, adds detail and updates prices)
  
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• Fed's Kaplan says U.S. consumer in good shape, sees no recession

  03-03-2016 17:41 via news.yahoo.com
  
  AUSTIN, Texas (Reuters) - Dallas Federal Reserve President Robert Kaplan on Thursday said he does not expect the U.S. economy to fall into recession this year, adding that the U.S. consumer is in "pretty good shape."
  
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• German finance chief, carmakers warn of risk if UK leaves EU

  03-03-2016 17:25 via news.yahoo.com
  
  LONDON (AP) — The debate over the economic cost of Britain leaving the EU heated up Thursday, with the CEO of Rolls-Royce cars telling staff that the bloc's open borders are good for business, and Germany's finance minister warning a U.K. exit would destabilize Europe.
  
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• CORRECTED-UPDATE 3-Herbalife database snafu overstates member growth numbers

  03-03-2016 17:18
  
  March 3 (Reuters) - Nutritional supplements maker Herbalife Ltd said a database error caused the company to overstate growth in new members over the past three quarters, potentially adding fuel to...
  
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• UPDATE 1-VW's "Dieselgate" account consistent with defence say analysts

  03-03-2016 17:05
  
  * VW shares up 1 percent (Releads, adds details, analyst comment, employee Q&A session, share price reversal)
  
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• Canada's HOOPP boosted by strong private equity returns

  03-03-2016 16:36 via news.yahoo.com
  
  The Healthcare of Ontario Pension Plan, one of Canada's largest public pension plans, said it achieved a return of 5.1 percent on its investments in 2015, with private equity investments the biggest contributor. HOOPP said net assets grew to C$63.9 billion at the end of 2015 from C$60.8 billion a year earlier, and that its funded position was 122 percent at the end of 2015, up 7 percent from 115 percent in 2014. "Even during a year of significant economic uncertainty, HOOPP remains fully funded,
  
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• EU fate at stake on muddy Greek border as migrants trapped

  03-03-2016 16:33 via news.yahoo.com
  
  By Lefteris Papadimas and Renee Maltezou IDOMENI, Greece (Reuters) - In muddy fields straddling the border with Macedonia, a transit camp hosting up to 12,000 homeless migrants in filthy conditions is the most dramatic sign of a new crisis tearing at Greece's frayed ties with Europe and threatening its stability. For the last year, Greece has largely waved through nearly a million migrants who crossed the Aegean Sea from Turkey on their way to wealthier northern Europe. Now, on top of a searing
  
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• Qatar's Ooredoo forecasts dip in 2016 core earnings on forex volatility

  03-03-2016 15:59 via news.yahoo.com
  
  By Matt Smith DUBAI, March 3 (Reuters) - Qatar's Ooredoo expects its core earnings to fall by up to 3 percent this year, warning that foreign exchange volatility would continue to hurt. Ooredoo reported near-flat 2015 profit on Tuesday as improved earnings from its Gulf operations offset worsening performance in Iraq and Tunisia and currency weakness in emerging markets. The former monopoly, which operates in a dozen territories in the Middle East, Africa and Asia, reported earnings before inter
  
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• Britain's FTSE slips as health stocks weaken

  03-03-2016 15:59
  
  * Admiral rises to record highs after results (Recasts, adds detail and updates prices)
  
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• Wall Street opens lower as oil prices slip

  03-03-2016 15:56 via news.yahoo.com
  
  (Reuters) - Wall Street opened lower on Thursday as oil prices eased and investors awaited a raft of economic data to further assess the health of the economy.
  
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• UPDATE 2-Moody's downgrades BHP Billiton's debt

  03-03-2016 15:48
  
  * BHP shares up 3.7 pct as copper hits 3-month highs (Adds BHP response, analyst quote, price of credit default swaps; updates shares)
  
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• UPDATE 2-Kroger sales miss estimates on Super Bowl shift, less snowfall

  03-03-2016 15:31
  
  * Shares fall over 7 pct in early trading (Adds CEO comments, updates shares)
  
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• Poll: Bank of Canada to keep rates on hold, await fiscal stimulus push

  03-03-2016 15:21 via news.yahoo.com
  
  The Bank of Canada will likely keep interest rates on hold next week as the prospect of larger fiscal stimulus from Ottawa later this month reduces pressure on it to cut, a Reuters poll of economists found. The central bank chopped rates twice in 2015 to 0.50 percent to cushion a reeling economy from the negative impact of a crash in the price of oil, a major Canadian export, which triggered a brief recession in the first half of the year. With oil prices still broadly depressed and dragging on
  
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• U.S. jobless claims rise, but labor market firming

  03-03-2016 15:19 via news.yahoo.com
  
  The number of Americans filing for unemployment benefits unexpectedly rose last week, but the underlying trend continued to point to a strengthening labor market. The labor market's resilience was also backed by another report on Thursday showing announced layoffs by U.S. companies tumbled 18 percent in February. The signs of sustained labor market strength were the latest indication the economy is regaining momentum after slowing in the fourth quarter.
  
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• Brazil on course for worst recession in century

  03-03-2016 15:11 via news.yahoo.com
  
  Brazilian GDP fell 3.8 percent in 2015, the government said Thursday, indicating the Latin American giant is headed for its worst recession in at least a century. The latest gloomy news from Brazil was no surprise, but the severity underlined the depth of problems facing President Dilma Rousseff's government as it battles both declining economic output and 10.67 percent inflation. With the International Monetary Fund predicting a further 3.5 percent shrinkage this year, Brazil appears to be well
  
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• Canada's SNC-Lavalin posts better-than-expected profit

  03-03-2016 15:03 via news.yahoo.com
  
  (Reuters) - Canada's SNC-Lavalin Group Inc posted a better-than-expected adjusted profit for the fourth quarter and said profit at its core engineering and construction business in 2016 would be higher than in 2015. SNC's chief executive, Neil Bruce, had said in November he expects "flattish" revenues next year, as the company prepared to cut costs to help hit 2017 margin targets in a weaker economy. Bruce, who succeeded Robert Card in October, had at the time also announced a sweeping cost-cutt
  
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• Drugmakers ask South African government for extra price rise: Aspen CEO

  03-03-2016 15:02 via news.yahoo.com
  
  South African pharmaceutical companies have asked the government to approve an extra increase in medicine prices this year to compensate for a weaker rand, Aspen Pharmacare's chief executive told Reuters on Thursday. Local and international drugmakers asked the government for an increase above the 4 percent granted in January, Aspen Pharmacare Chief Executive Stephen Saad said, declining to give a specific figure. The pharmaceutical industry in Africa's most advanced economy is ti
  
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• EU's Tusk urges migrants to stop coming to Europe

  03-03-2016 14:44 via news.yahoo.com
  
  By Lefteris Karagiannopoulos ATHENS (Reuters) - EU Council President Donald Tusk told illegal economic migrants on Thursday not to risk their lives or money to make a perilous trip to Europe "for nothing" but said unilateral actions by European Union states to deal with the crisis must stop. Tusk was on a trip through Balkan states to try to drum up support for cohesion on how to deal with hundreds of thousands of migrants - a crisis that threatens to tear the bloc apart - before an EU summit on
  
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• 'Extractive' banking sector needs reform - Opposition leader Corbyn

  03-03-2016 14:16 via news.yahoo.com
  
  By Kylie MacLellan LONDON (Reuters) - The banking sector needs to be reformed to stop it treating businesses and consumers as "cash cows", the leader of Britain's Labour Party said on Thursday, words which may further distance companies from the opposition party. In his first address to a business audience since taking on the leadership role in September last year, left-wing lawmaker Jeremy Corbyn said the government had outsourced economic policy to London's financial centre and called the way
  
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• World stocks at two-month peaks as growth fears ease

  03-03-2016 13:50 via news.yahoo.com
  
  LONDON (Reuters) - World stock markets touched two-month highs on Thursday as easing concern about the global growth outlook and a recovery in commodities lifted risk appetite globally.
  
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• Eurozone economy stuttering along as stimulus decision looms

  03-03-2016 13:02 via news.yahoo.com
  
  LONDON (AP) — The eurozone economy is stuttering along.
  
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• Britain's auto industry warns of risk from leaving EU

  03-03-2016 12:27 via news.yahoo.com
  
  LONDON (AP) — The economic argument over the cost of Britain leaving the EU heated up Thursday, with the chief executive of Rolls-Royce Motor Cars telling staff that the bloc's open borders are good for business.
  
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• Global stocks, oil dip, but markets calm down as growth fears ease

  03-03-2016 11:59 via news.yahoo.com
  
  By Dhara Ranasinghe LONDON (Reuters) - European stocks and oil prices fell on Thursday but still held on to most of this week's gains, as concern eased about the global outlook for economic growth. Upbeat data from major economies this week and signs of a rebound in commodity prices have helped restore some calm to global markets after a turbulent start to the year. European stock markets fell at the open but remained close to two-month highs, reflecting a more upbeat mood among investors.
  
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• Schroders books solid earnings growth, names new CEO

  03-03-2016 11:33 via news.yahoo.com
  
  (ShareCast News) - Schroders reported some strong profit rises in the 2015 calendar year on Thursday, and named Peter Harrison as its new chief executive officer.
  
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• European markets run out of steam

  03-03-2016 11:31 via news.yahoo.com
  
  Sentiment has been boosted by fresh Chinese stimulus, steadier commodity prices, bright US economic data and hopes of more monetary policy action from the European Central Bank. Thoughts are turning to Friday's US non-farm payrolls report and next week's ECB gathering, said Nick Stamenkovic, strategist at RIA Capital Markets in London. "Risk markets are taking a pause for breath after the recent rally as investors nervously await tomorrow's key US employment report and next week's crucial ECB me
  
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• Embraer books stronger profit despite Republic impact

  03-03-2016 11:28
  
  SAO PAULO, March 3 (Reuters) - Brazilian planemaker Embraer SA booked a 22 percent rise in fourth-quarter net income on Thursday, boosted by a more profitable sales mix and currency effects.
  
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• REFILE-Greece cannot carry migrant burden on its own- PM Tsipras

  03-03-2016 11:18
  
  ATHENS, March 3 (Reuters) - Unilateral actions by European Union member states to deal with the migrant crisis troubling the bloc is hurting solidarity and must stop, EU Council President Donald Tusk...
  
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• France tells British voters migrants will flow to Britain after EU exit

  03-03-2016 11:14 via news.yahoo.com
  
  By Kylie MacLellan and William Schomberg LONDON (Reuters) - France warned Britain on Thursday it would end border controls and let thousands of migrants move on to Britain if voters backed leaving the European Union. It also said it would open its arms to British-based banks wanting to flee an non-EU Britain and stay in the bloc. French Economy Minister Emmanuel Macron echoed comments by Prime Minister David Cameron that a migrant camp known as the "Jungle" in the northern French coastal town of
  
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