Finance news

• World equities fall on fresh China fears; oil sinks

  08-03-2016 23:31 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - World stock markets declined on Tuesday after weak data from China reignited concerns about a slowing global economy and oil prices pulled back from recent sharp gains. China's February trade performance was worse than economists expected, with exports tumbling the most in over six years, days after leaders sought to reassure investors the outlook for the world's second-largest economy remains solid. "The data this morning has dampened sentiment more
  
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• UPDATE 2-Noble Group seeks $2.5 bln in borrowing base facility - sources

  08-03-2016 23:26
  
  March 8 (Reuters) - Global energy firm Noble Group is in the market with a $2.5 billion, one-year borrowing base revolving credit facility that will refinance existing debt due later this year,...
  
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• GLOBAL MARKETS-World equities fall on fresh China fears; oil sinks

  08-03-2016 23:22
  
  * Investors await ECB announcement (Updates with U.S. markets' closing levels)
  
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• Nippon steel to propose 1 bln reais capital increase for Brazil's Usiminas -source

  08-03-2016 23:20
  
  SAO PAULO, March 8 (Reuters) - Japan's Nippon Steel & Sumitomo Metal Corp will propose a 1 billion reais ($267 million) capital increase in Brazilian steelmaker Usiminas SA, a source with direct...
  
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• U.S. subpoenas Volkswagen under bank fraud law in emissions probe: source

  08-03-2016 23:07 via news.yahoo.com
  
  The U.S. Justice Department sent German automaker Volkswagen AG a subpoena under a bank fraud law in its diesel emissions probe, a person briefed on the matter said Tuesday. The government is using the Financial Institutions Reform, Recovery and Enforcement Act to issue the civil subpoena, a 1989 law used in investigating large financial institutions, said the source who requested anonymity, citing the sensitivity of the ongoing probe. VW spokeswoman Jeannine Ginivan declined to comment on talks
  
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• Wall Street bids Happy Birthday to bull market for stocks

  08-03-2016 23:03 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Wednesday marks the seven-year anniversary of the start of the current bull market for U.S. stocks, one that has shaped up to be more notable for its duration than its intensity. The current bull run of 84 months is the third-longest on record, with the average lasting slightly less than 59 months, according to S&P Dow Jones Indices. The average bull market climb is 167 percent.
  
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• After Jindal, Louisiana reels from corporate tax giveaways

  08-03-2016 23:01 via news.yahoo.com
  
  Near the end of his eight years as Louisiana governor, Bobby Jindal, a tax-slashing conservative and presidential hopeful, acknowledged that the state's business tax breaks had gone too far. "The truth is, we have a system of corporate welfare," Jindal said during an April speech to legislators. The comment resonates now as the state faces its worst budget crisis in three decades - largely because of the soaring cost of subsidies, as well as personal income tax cuts, championed by Jindal.
  
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• Takata enlists restructuring lawyers - WSJ

  08-03-2016 22:59 via news.yahoo.com
  
  (Reuters) - Japanese air bag maker Takata Corp enlisted restructuring lawyers at law firm Weil Gotshal & Manges LLP amid recalls covering millions of vehicles, the Wall Street Journal reported, citing people familiar with the matter. The extent of the law firm's engagement with Takata and the strategies it is advising the company to pursue remain unclear, the WSJ reported. An estimated 29 million Takata air bag inflators have been recalled in the United States in more than 19 million vehicle
  
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• Sanders Struggles to Keep His Campaign Afloat in Michigan

  08-03-2016 22:52 via news.yahoo.com
  
  Sen. Bernie Sanders of Vermont needs a very strong showing in Michigan’s Democratic primary Tuesday night to keep alive his faint hopes of somehow overtaking former secretary of state Hillary Rodham Clinton for the presidential nomination – but the political gods appear to be arrayed against him. After taking a beating from Clinton in South Carolina and a string of other southern states with large African American populations, Sanders eyed Michigan, a major Midwestern industrial stat
  
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• UPDATE 1-Stocks, junk bonds could gain despite slowing U.S. growth -BlackRock's Rieder

  08-03-2016 22:43
  
  NEW YORK, March 8 (Reuters) - Stocks "can go up five, 10 percent, maybe" despite a slowing U.S. economy, BlackRock Inc's chief investment officer of global fixed income Rick Rieder said on Tuesday.
  
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• CANADA FX DEBT-C$ weaker ahead of Bank of Canada, oil fall weighs

  08-03-2016 22:41
  
  (Adds trader comment, updates prices) * Canadian dollar at C$1.3416, or 74.54 U.S. cents * Bond prices higher across maturity curve By Alastair Sharp TORONTO, March 8 (Reuters) - The Canadian dollar...
  
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• UPDATE 2-Bankruptcy court ruling stings operators of energy pipelines

  08-03-2016 22:39
  
  March 8 (Reuters) - Sabine Oil & Gas Corp won an important court ruling on Tuesday that will allow the bankrupt energy producer to shed certain pipeline contracts, potentially exposing companies that...
  
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• LATAM CLOSE-No deals price in LatAm primary market

  08-03-2016 22:36
  
  * Prov of Buenos Aires eyeing 7-year bond this week * Expected to raise US$750m-1bn, offer a 9.00-9.50% yield * Cemex gets ok to modify credit agreement * Venezuela pays drug makers with bonds By...
  
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• Oil drop, China data drag Wall Street lower

  08-03-2016 22:28 via news.yahoo.com
  
  Despite the rebound in crude prices, oversupply and expectations of weak demand from China have weighed on investor sentiment. The price of oil and equity indexes have been strongly correlated this year. "While I'd love to see oil break out, I don't think it will happen yet," said Uri Landesman, president at Platinum Partners in New York.
  
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• UPDATE 1-Buenos Aires province eyeing seven-year bond

  08-03-2016 22:25
  
  BUENOS AIRES, March 8 (IFR) - The province of Buenos Aires is poised to issue a new seven-year bond this week with a yield between 9% and 9.5%, jumping ahead of a jumbo deal awaited from the...
  
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• Stocks, junk bonds could gain despite slowing U.S. growth -BlackRock's Rieder

  08-03-2016 22:12
  
  NEW YORK, March 8 (Reuters) - Stocks "can go up five, ten percent, maybe" despite a slowing U.S. economy, BlackRock Inc's chief investment officer of global fixed income Rick Rieder said on Tuesday.
  
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• REFILE-TREASURIES-U.S. bond yields fall on weak Chinese data

  08-03-2016 22:03
  
  * Chinese exports fall 25.4 percent, lowering global risk appetite
  
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• Exclusive: Encana exploring sale of $1 billion in non-core assets - sources

  08-03-2016 21:48
  
  TORONTO (Reuters) - Canadian oil and natural gas producer Encana Corp ,looking to further trim its debt load, is exploring the sale of more non-core assets in the United States and Canada that...
  
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• UPDATE 2-Former Odebrecht CEO sentenced in Brazil kickback case

  08-03-2016 21:39
  
  * Influential executive gets 19 years for bribery, organized crime
  
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• Former TMX exec Cowan to advise Nasdaq's Chi-X Canada: sources

  08-03-2016 21:38 via news.yahoo.com
  
  Kevan Cowan, a former senior executive at Canadian exchange operator TMX Group Ltd , is joining Nasdaq Inc's Chi-X Canada stock-trading platform as a consultant, according to two sources familiar with the matter. Cowan may advise Chi-X Canada on starting a listings business that would compete with TMX's Toronto Stock Exchange, according to one of the sources, both of whom asked not to be named because the news was not public. Cowan declined to comment.
  
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• Ex-JPMorgan adviser gets five years in prison for embezzling $20 million

  08-03-2016 21:37
  
  NEW YORK (Reuters) - A former JPMorgan Chase & Co investment adviser was sentenced to five years in prison on Tuesday after admitting that he stole at least $20 million from client accounts to fund a...
  
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• Weak Chinese data spur safe haven bids for yen

  08-03-2016 21:29 via news.yahoo.com
  
  By Richard Leong NEW YORK (Reuters) - News of deterioration in China's trade balance stoked safe-haven demand for the yen on Tuesday as investors shed holdings of stocks and other risky investments on renewed concerns about a slowing global economy. Lower oil and industrial metal prices, which had reached multi-month highs in recent days, added pressure on the Canadian and Australian dollars and other commodity-sensitive currencies. China's exports slumped 25.4 percent in February from a year ea
  
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• RPT-Sabine Oil wins pipeline ruling in a blow to pipeline operators

  08-03-2016 21:27
  
  March 8 (Reuters) - Sabine Oil & Gas Corp won a
  key court ruling on Tuesday that will allow the bankrupt energy
  producer to shed certain pipeline contracts, potentially
  exposing companies that...
  
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• Citigroup sees 15% drop in markets revenue in 1Q

  08-03-2016 21:23 via news.yahoo.com
  
  US bank Citigroup warned Tuesday that trading revenues were down 15 percent in the first quarter from a year ago, underlining market troubles amid worries about the global economy. Revenues from investment banking, which includes financial services to companies, mergers and acquisitions, and initial public offerings, were down 25 percent so far in the same period, John Gerspach, Citigroup's chief financial officer, said at a conference held by RBC Capital Markets. In addition to the growing weak
  
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• Health law fines double for many uninsured at tax time

  08-03-2016 21:02 via news.yahoo.com
  
  WASHINGTON (AP) — Many people who went without health insurance last year are now seeing fines more than double under President Barack Obama's health care law, tax preparation company H&R Block said Tuesday.
  
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• Exclusive: U.S. to announce further easing of Cuba restrictions on March 17 - sources

  08-03-2016 20:46 via news.yahoo.com
  
  By Patricia Zengerle and Matt Spetalnick WASHINGTON (Reuters) - President Barack Obama's administration will announce further measures to ease travel and trade restrictions on Cuba on March 17, ahead of his historic visit to the Communist-ruled island this month, U.S. congressional sources said on Tuesday. The new rules will mark the latest effort by Obama to use his executive powers to sidestep the U.S. Congress and chip away at the more than half-century-old U.S. economic embargo against Cuba.
  
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• Investors pull $1.57 million from Bill Gross's Janus fund in Feb: Morningstar

  08-03-2016 20:35
  
  NEW YORK (Reuters) - Investors pulled $1.57 million in February from the Janus Global Unconstrained Bond Fund run by closely followed investor Bill Gross, down from cash withdrawals of $14 million in...
  
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• Oclaro shares slide after U.S. export curbs on customer ZTE

  08-03-2016 20:34
  
  March 8 (Reuters) - Shares of telecom equipment maker Oclaro Inc fell 17.7 percent - their biggest percentage drop in almost two years - on Tuesday, after the company indicated that its...
  
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• Orange CEO says needs invite from Bollore to look at Telecom Italia

  08-03-2016 20:25
  
  CAIRO (Reuters) - Orange Chief Executive Officer Stephane Richard has said he might look into the possibility of a merger deal with Telecom Italia if French billionaire Vincent Bollore invited him...
  
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• Cancer care provider to pay U.S. $34.7 million over improper procedure: DOJ

  08-03-2016 20:18
  
  (Reuters) - Cancer care provider 21 Century Oncology Inc has reached a $34.7 million settlement with the U.S. government stemming from the improper use of a procedure that measures the level of...
  
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• Vivint Solar terminates $2.2 billion merger with SunEdison

  08-03-2016 19:49
  
  (Reuters) - Solar panel installer Vivint Solar Inc said on Tuesday it had terminated an agreement under which it would have been taken over by solar energy company SunEdison Inc after SunEdison...
  
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• EU regulators to decide on Halliburton, Baker Hughes deal by July 11

  08-03-2016 19:36
  
  BRUSSELS - European Union antitrust enforcers have resumed their investigation into U.S. oilfield services provider Halliburton Co'sproposed takeover of Baker Hughesand will decide by July 11...
  
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• Global stocks ease as China worries resurface, oil drops

  08-03-2016 19:34 via news.yahoo.com
  
  World stock markets fell on Tuesday after weak data from China reignited worries about a global economic slowdown and oil prices pulled back from recent strong gains. China's February trade performance was worse than economists expected, with exports tumbling the most in over six years, days after top leaders sought to reassure investors the outlook for world's second-largest economy remains solid. "The data this morning has dampened sentiment more so than anything else at this point in terms of
  
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• Deutsche Boerse-LSE eye savings from merger move: sources

  08-03-2016 19:26
  
  FRANKFURT (Reuters) - Deutsche Boerseand the London Stock Exchangeare targeting cost savings of more than 300 million euros ($331 million), once a merger of the two exchanges is completed, three...
  
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• iHeartMedia hires Moelis to tackle debt burden - sources

  08-03-2016 19:19
  
  (Reuters) - iHeartMedia Inc has hired Moelis & Co as a financial adviser, the most significant step yet by the largest owner of U.S. radio stations to deal with its $21 billion debt pile, according...
  
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• UPDATE 1-Investors pull $1.57 mln from Bill Gross's Janus fund in Feb -Morningstar

  08-03-2016 19:11
  
  NEW YORK, March 8 (Reuters) - Investors pulled $1.57 million in February from the Janus Global Unconstrained Bond Fund run by closely followed investor Bill Gross, down from cash withdrawals of $14...
  
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• Telecom Italia concludes sale of Argentine unit to Fintech

  08-03-2016 19:10
  
  MILAN (Reuters) - Telecom Italiasaid on Tuesday it had completed the much-anticipated sale of its stake in Telecom Argentinato investment group Fintech, with the total amount generated by the...
  
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• Canadians getting lured onto 'auto-debt treadmill' - consumer watchdog

  08-03-2016 19:08
  
  TORONTO, March 8 (Reuters) - Canadians may be purchasing cars they cannot afford, having been lured onto an "auto-debt treadmill" by offers of long-term loans with lower monthly repayments but higher...
  
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• Buenos Aires province eyeing seven-year bond

  08-03-2016 19:03
  
  BUENOS AIRES, March 8 (IFR) - The province of Buenos Aires is poised to issue a new seven-year bond this week with a yield between 9% and 9.5%, jumping ahead of a jumbo deal awaited from the...
  
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• Equity markets see red over Chinese data

  08-03-2016 18:54 via news.yahoo.com
  
  World stock markets retreated on Tuesday after China released data showing another hefty slump in exports, sparking renewed worries over the nation's powerhouse economy. China's exports dived more than a quarter year-on-year in February, new data showed Tuesday, while imports were almost 14 percent off -- far worse than forecast. "Equity markets have dropped sharply today after Chinese February trade data came in much worse than expected earlier this morning," said Michael Hewson, chief market a
  
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• Tax Season Proving Confusing (Again) For Taxpayers Affected By Obamacare

  08-03-2016 18:52 via news.yahoo.com
  
  As tax season rolls on, H&R Block reports that penalties are up for taxpayers who don't have health care coverage and don't otherwise qualify for an exemption. The number of taxpayers who have to pay back ...
  
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• Canon front-runner with $6 billion bid for Toshiba Medical: Nikkei

  08-03-2016 18:35
  
  TOKYO (Reuters) - Canon Inc is front-runner to buy the healthcare business of Toshiba Corp with a bid of over 700 billion yen ($6.2 billion), Japan's Nikkei newspaper reported.
  
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• UPDATE 1-Former Odebrecht boss gets 19-year sentence in Brazil kickback probe

  08-03-2016 18:30
  
  RIO DE JANEIRO, March 8 (Reuters) - A Brazilian court on Tuesday sentenced Marcelo Odebrecht, the former chief executive of Latin America's largest construction company, to 19 years in prison for his...
  
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• IMF ups call for action against global economic slide

  08-03-2016 18:13 via news.yahoo.com
  
  The International Monetary Fund strengthened its call for concerted action to forestall a global economic slide on Tuesday, warning of the increasing risks of policy inertia. IMF Deputy Managing Director David Lipton said that there is an increasingly "dangerous" view that policymakers worldwide have exhausted their options for boosting growth or have simply lost their will. Fiscal policy -- government spending and tax breaks -- "has to take a more prominent place in the policy mix," Lipton told
  
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• RPT-New Portuguese president - whip hand and high stakes

  08-03-2016 18:07
  
  LISBON, March 8 (Reuters) - Portugal's months-long political uncertainty enters a new phase on Wednesday with the inauguration of a centre-right president who will assume powers next month that allow...
  
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• BoE's Weale says rates still likely to rise, scope for stimulus if needed

  08-03-2016 18:01
  
  NOTTINGHAM, England, March 8 (Reuters) - The Bank of England (BoE) is still more likely to raise interest rates than to cut them over the next two years, and has plenty of scope to stimulate the...
  
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• Israeli bank reform stirs up row with central bank, stability fears

  08-03-2016 17:51
  
  TEL AVIV, March 8 (Reuters) - Israeli Finance Minister Moshe Kahlon took the job promising consumers to cut the cost of banking, just as he once did for mobile phones. His drive to spur competition,...
  
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• Exclusive: Morocco's Attijariwafa Bank plans bid for Barclays' Egypt business

  08-03-2016 17:48
  
  DUBAI (Reuters) - Attijariwafa Bank , Morocco's largest bank by assets, plans to bid for the Egyptian operations of Barclays , a senior executive told Reuters on Tuesday.
  
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• UK central bank chief: EU exit a risk to financial stability

  08-03-2016 17:43 via news.yahoo.com
  
  LONDON (AP) — The head of the Bank of England described Britain's potential exit from the European Union as the single biggest domestic risk to the nation's economy — even as he insisted the bank would remain neutral in the debate.
  
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• BRIEF-Teak Holz says insolvency administrator grants contract for purchase of investments

  08-03-2016 17:35
  
  * Insolvency administrator has granted contract for
  purchase of investments of the debtor at plantation owned
  companies and operating company, each based in Costa Rica at 2.2
  million euros ($2.43...
  
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