Finance news

• China's Anbang to acquire Strategic Hotels for $6.5 billion: source

  12-03-2016 23:39
  
  NEW YORK (Reuters) - China's Anbang Insurance Group has agreed to acquire Strategic Hotels & Resorts Inc for around $6.5 billion, as the owner of New York's iconic Waldorf Astoria expands its U.S....
  
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• Brazil's PMDB to decide on breaking with Rousseff in 30 days

  12-03-2016 21:33 via news.yahoo.com
  
  By Anthony Boadle BRASILIA (Reuters) - Brazilian President Dilma Rousseff's main coalition partner served notice on Saturday that it could break from her embattled Workers' Party government in 30 days and join opposition efforts to unseat the leftist leader. At a rowdy convention of the fractious Brazilian Democratic Movement Party (PMDB), leaders quashed a motion by irate delegates who wanted to quit Rousseff's government immediately, before it goes down in a political storm over corruption and
  
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• Israel calls on powers to punish Iran for its missile tests

  12-03-2016 20:30 via news.yahoo.com
  
  By Ori Lewis JERUSALEM (Reuters) - Israeli Prime Minister Benjamin Netanyahu on Saturday called for world powers to take "immediate punitive steps" against Iran, following its ballistic missile tests last week. A series of tests conducted by Iran's Revolutionary Guards caused international concern, with the United States, France and other countries saying that, if confirmed, the launch of nuclear-capable ballistic missiles would violate U.N. Security Council resolution 2231. Netanyahu has been v
  
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• Social Democrat leaders press for EU drive on growth

  12-03-2016 18:10 via news.yahoo.com
  
  By Dominique Vidalon PARIS (Reuters) - The leaders of France and Italy led European Social Democrats on Saturday in calling for a batch of EU initiatives to revive economic growth, create jobs and restore hope to Europe's youth. Social Democrat leaders from across Europe, including German Vice-Chancellor Sigmar Gabriel and EU parliament head Martin Schulz, discussed challenges facing the bloc ranging from the migrant crisis to delivering sustainable growth. "Social Democrats must respond to emer
  
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• India's central bank chief seeks 'new rules' for central banks

  12-03-2016 15:21 via news.yahoo.com
  
  India's central bank chief on Saturday said "new rules of the game" were needed for monetary policy-making, arguing that greater oversight was crucial in an increasingly integrated global economy. Respected central banker Raghuram Rajan proposed a traffic light-style system whereby a central bank's policies could be rated red, orange or green depending on their level of harmful "spillover" effects. Across the world, central banks have resorted to stark measures in recent years in an attempt to k
  
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• Iraqi cleric Sadr calls sit-in, urges action against corruption

  12-03-2016 14:11 via news.yahoo.com
  
  Iraq's powerful Shi'ite cleric Moqtada al-Sadr called for a sit-at the gates of Baghdad's heavily fortified government district, stepping up pressure on Prime Minister Haider al-Abadi to deliver on promised anti-corruption reforms. The protest, that Sadr said would start on Friday, threatened to escalate tensions over a long-awaited economic overhaul in the strife-torn oil producer. Graft is eating away at Baghdad's resources even as it struggles with falling revenue due to rock-bottom oil price
  
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• China won't reintroduce stocks circuit breaker soon: securities regulator

  12-03-2016 13:37 via news.yahoo.com
  
  China will not reintroduce the circuit breaker mechanism to its stock markets in the next few years, Liu Shiyu, chairman of the China Securities Regulatory Commission (CSRC), told reporters in Beijing on Saturday. A circuit breaker mechanism introduced in January by Liu's predecessor Xiao Gang was dismantled after only a few days. China's Shanghai and Shenzhen stock markets slumped as much as 40 percent in just a few months last summer.
  
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• Senegal GDP growth reaches 6.5 pct for first time in 12 years -IMF

  12-03-2016 11:19 via news.yahoo.com
  
  DAKAR (Reuters) - Senegal's economic growth reached 6.5 percent in 2015 for the first time in more than a decade, the International Monetary Fund said late on Friday, buoyed by the agriculture sector and the government's two-year-old economic plan. Senegal is considered to be one of the most stable democracies in West Africa but its economic growth has lagged behind the continent as a whole for much of the last 10 years. The government launched a plan in early 2014 intended to spur GDP growth an
  
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• China's industrial output growth wanes

  12-03-2016 11:18 via news.yahoo.com
  
  China's industrial production during the first two months of the year grew at its slowest rate since the global financial crisis, the government said Saturday, with top officials vowing to support growth and the volatile stock market. The figures were the weakest since November 2008 as China seeks to effect a difficult transition from an investment and export-driven growth model to one led by consumer spending. Despite the darkening outlook, People's Bank of China governor Zhou Xiaochuan told re
  
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• China's restructuring will not lead to mass layoffs: regulator

  12-03-2016 11:16 via news.yahoo.com
  
  China's economic restructuring will not lead to the kind of mass layoffs that took place in the 1990s, the country's state assets regulator said on Saturday. China will focus on mergers and restructuring, not bankruptcies, Xiao Yaqing, the head of the State-owned Assets Supervision and Administration Commission (SASAC), told a news conference. As it tries to rejuvenate its economy, China aims to reduce the number of central government-managed enterprises and launch pilot programs that will allow
  
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• China's PBOC flags stimulus restraint but says policy should be flexible

  12-03-2016 11:16 via news.yahoo.com
  
  By Xiaoyi Shao and Kevin Yao BEIJING (Reuters) - China's central bank won't resort to excessive stimulus to bolster growth but will keep a flexible stance in the event of an economic shock - domestic or global, Governor Zhou Xiaochuan said while reiterating the authority's prudent monetary policy. Under the banner of prudent policy, the Chinese central bank has cut interest rates six times since November 2014 and has also reduced the amount of cash that commercial lenders must hold as reserves.
  
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• China securities regulator: won't re-introduce circuit breaker in next few years

  12-03-2016 11:16 via news.yahoo.com
  
  China won't reintroduce the circuit breaker mechanism in its stock markets in the next few years, Liu Shiyu, chairman of the China Securities Regulatory Commission, told reporters in Beijing on Saturday. A circuit breaker mechanism introduced in January by Liu's predecessor Xiao Gang was dismantled after only a few days. China's Shanghai and Shenzhen stock markets slumped as much as 40 percent in just a few months last summer.
  
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• China securities regulator head: must push forward with IPO registration reform

  12-03-2016 11:16 via news.yahoo.com
  
  BEIJING (Reuters) - China must push forward with reforms on stock market listings by moving to a registration-based IPO system, Liu Shiyu, chairman of the China Securities Regulatory Commission, told reporters in Beijing on Saturday.
  
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• Moody's downgrades Hong Kong outlook to 'negative'

  12-03-2016 10:20 via news.yahoo.com
  
  Ratings agency Moody's downgraded its outlook for Hong Kong on Saturday, citing increasing political riskiness and closer economic ties with China, which is facing a growth slowdown. Moody's changed Hong Kong's outlook from "stable" to "negative" as the semi-autonomous city continues to reel from political unease following mass pro-democracy protests in 2014. The city saw violent street clashes between police and protesters last month and the fate of five Hong Kong booksellers who went missing a
  
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• Exclusive: Apollo Global nears deal to acquire Fresh Market - sources

  12-03-2016 09:20
  
  (Reuters) - Private equity firm Apollo Global Management LLCis nearing a deal to acquire Fresh Market Inc , a U.S. specialty grocery retailer, for more than $1.3 billion, people familiar with the...
  
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• Exclusive: Energy Transfer has held talks to sell Sunoco - sources

  12-03-2016 09:18
  
  (Reuters) - Energy Transfer Equity LP , the U.S. pipeline company that agreed to acquire Williams Companies Inc , has held talks to sell gas station and convenience store operator Sunoco LP ,...
  
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• China's central banker says economy can hit growth target

  12-03-2016 08:52 via news.yahoo.com
  
  BEIJING (AP) — In a new effort to dispel anxiety about China's cooling economy, the central bank governor said Saturday the country can hit this year's official growth target and Beijing has no need to weaken its currency to boost sagging exports.
  
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• US presidential race finds an odd bogeyman: free trade

  12-03-2016 07:42 via news.yahoo.com
  
  The United States has long been a leader of the free-trade movement around the world, and President Barack Obama set major trade treaties at the center of his economic initiatives. Which makes it all the more odd that free trade has become a certified villain among candidates battling to succeed Obama in the White House.
  
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• China bank lending plummets in February despite loosening

  12-03-2016 06:32 via news.yahoo.com
  
  China's bank loans plunged in February from January, the central bank said, despite government efforts to encourage lending to keep the world's second-largest economy from slowing. New loans extended by banks slid to 726.6 billion yuan ($112 billion), the People's Bank of China said late Friday, a massive drop from January's record 2.51 trillion yuan lending surge. The figure was far below the 1.2 trillion yuan median forecast for new loans in a Bloomberg News survey and analysts.
  
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• Malaysian finance official set to be central bank governor - WSJ

  12-03-2016 05:59 via news.yahoo.com
  
  A top Malaysian finance ministry official is set to be appointed central bank governor to replace Zeti Akhtar Aziz next week, the Wall Street Journal reported, citing unidentified sources. Mohd Irwan Serigar Abdullah will replace Zeti, who steps down as Bank Negara Malaysia (BNM) governor on April 30 after 16 years at the helm, the newspaper said. A central bank spokeswoman said the bank could not comment on the matter.
  
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• Mexico's Carstens says 'implicitly' weighing risk of Trump victory

  12-03-2016 04:57 via news.yahoo.com
  
  Mexico central bank governor Agustin Carstens said on Friday he is "implicitly" factoring in the possibility of Republican hopeful Donald Trump becoming U.S. president in the bank's economic risk models. In an interview with El Financiero/Bloomberg Carstens was asked whether the chances of Trump, a persistent critic of the North American Free Trade Agreement, becoming the next president of the United States was in the central bank's risk models. "Well, explicitly, no," Carstens said.
  
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• Nickel shipments diverted as Palmer plant runs out of ore

  12-03-2016 04:04
  
  SYDNEY, March 12 (Reuters) - A rescue plan for a nickel
  refinery owned by Australian mining magnate Clive Palmer has
  stalled, after ore shipments to the plant were diverted and
  government regulators...
  
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• Peru's Fujimori would not back mines without community support: adviser

  12-03-2016 03:42 via news.yahoo.com
  
  Peru's presidential frontrunner Keiko Fujimori would work to push out new mines faster if elected, but only for companies that have community backing, her economic adviser said on Friday. Jose Chlimper, who is also the center-right politician's running mate, said Newmont Mining Corp and Southern Copper Corp did not do enough to build local support for their proposed mines Conga and Tia Maria. "They have to look at their community relations plans and win back the legitimacy that they lack today,"
  
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• As market rallies back, investors turn eyes to the Fed

  12-03-2016 02:19 via news.yahoo.com
  
  Investors who have pushed the U.S. stock market higher over the past month will be taking their cues about the pace of future interest-rate hikes next week from the Federal Reserve. Traders are discounting any change in rates when the Fed meets next week, according to the CME Group FedWatch tool.
  
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• UPDATE 3-'Bad bank' creditors push Austria province to financial brink

  12-03-2016 01:03
  
  LONDON/VIENNA, March 11 (Reuters) - An attempt by the
  Austrian province of Carinthia to avert the threat of insolvency
  has failed as too few creditors accepted its offer to buy back a
  failed bank's...
  
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• AT&T, Starwood, Marriott working on Cuba deals ahead of Obama visit

  12-03-2016 00:27 via news.yahoo.com
  
  By Matt Spetalnick WASHINGTON (Reuters) - At least three major U.S. companies, AT&T Inc , Starwood Hotels & Resorts Worldwide Inc and Marriott International Inc , are seeking to complete deals in Cuba as President Barack Obama prepares to visit Havana, a person familiar with the discussions said on Friday. It will be the first visit to Cuba by a U.S. president in nearly 90 years.But even as Obama prepares to unveil further measures next week to chip away at decades-old restrictions on tr
  
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• BlackRock CEO Fink sees risks in China, negative rates

  12-03-2016 00:24
  
  ACAPULCO, Mexico (Reuters) - BlackRock Inc Chief Executive Officer Larry Fink said on Friday that China may be the biggest hurdle to global financial markets and that central bankers are adding to...
  
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• European, US stocks rally on renewed ECB hopes

  12-03-2016 00:09 via news.yahoo.com
  
  New York (AFP) - Europe and US stock markets rallied Friday as investor reassessed the European Central Bank's massive stimulus package in a positive light a day after a wild ride on markets.
  
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• Chipotle co-CEOs 2015 compensation halved amid food-safety scare

  12-03-2016 00:08 via news.yahoo.com
  
  (Reuters) - Chipotle Mexican Grill Inc's co-chief executive officers' total compensation more than halved in 2015, a year when the one-time Wall Street darling lost flavor following a series of food-borne illnesses linked to its restaurants. Founder and co-Chief Executive Steve Ells' total compensation fell 52 percent to $13.8 million, from a year earlier, according to a regulatory filing on Friday. Co-CEO Monty Moran's total compensation fell about 51 percent to $13.6 million.
  
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