Finance news

• Study finds high psychosis risk among Europe's refugee migrants

  15-03-2016 23:44 via news.yahoo.com
  
  By Kate Kelland LONDON (Reuters) - Refugees fleeing war, violence and persecution have a much higher risk of developing psychotic illnesses like schizophrenia than people who migrate for economic or social reasons, according to research published on Tuesday. Researchers writing in the BMJ British medical journal said their findings suggest government healthcare officials in countries taking in refugees should plan to be able to help higher numbers of mental health patients. Humanitarian crises i
  
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• Stocks fall in light volume ahead of Fed statement

  15-03-2016 22:35 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Stocks in major markets fell on Tuesday, with Wall Street posting subpar volume for a second straight session, after the Bank of Japan painted a bleaker picture of the world's third-largest economy and U.S. retail sales data lowered expectations of a strong first quarter. The yen rose against the U.S. dollar, crude oil dropped and emerging market shares fell the most in more than a month. U.S. retail sales fell less than expected in February, but a sharp do
  
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• Global stocks fall in light volume ahead of Fed statement

  15-03-2016 22:32 via news.yahoo.com
  
  Stocks in major markets fell on Tuesday, with Wall Street posting subpar volume for a second straight session, after the Bank of Japan painted a bleaker picture of the world's third-largest economy and U.S. retail sales data lowered expectations of a strong first quarter. U.S. retail sales fell less than expected in February, but a sharp downward revision to January's numbers cooled expectations for a strong quarter of growth for the U.S. economy. "The Fed, I believe, is not going to do anything
  
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• Wall Street dips as healthcare lags before U.S. Fed statement

  15-03-2016 21:33 via news.yahoo.com
  
  By Laila Kearney NEW YORK (Reuters) - Healthcare and materials stocks pulled Wall Street lower on Tuesday in a second straight day of quiet trading as investors cautiously awaited news from the U.S. Federal Reserve's two-day policy meeting. While the Fed is not expected to raise interest rates at its meeting ending on Wednesday, investors will scour Fed Chair Janet Yellen's comments for clues indicating a path for future rate hikes. “We're on auto pilot until we actually get the results of
  
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• Wall St. dips as healthcare lags before Fed statement

  15-03-2016 21:31 via news.yahoo.com
  
  NEW YORK (Reuters) - Healthcare and materials stocks pulled Wall Street lower on Tuesday in a second straight day of quiet trading as investors cautiously awaited news from the U.S. Federal Reserve's two-day policy meeting.
  
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• Fed seen holding U.S. rates for now, leaving door open for June hike

  15-03-2016 21:16 via news.yahoo.com
  
  U.S. Federal Reserve policymakers are seen leaving short-term interest rates unchanged at a two-day policy meeting that began Tuesday, but also to signal that a rate hike is not too far off as long as the job market and inflation continue to improve. The Fed is due to issue a statement at the conclusion of the meeting on Wednesday at 2 p.m. EDT (1600 GMT), and Fed Chair Janet Yellen will hold a news conference at 2:30 p.m. The U.S. central bank lifted borrowing costs in December for the first ti
  
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• Stocks fall, yen up with focus on Fed

  15-03-2016 20:57 via news.yahoo.com
  
  Stocks in major markets fell on Tuesday after the Bank of Japan painted a bleaker picture of the world's third-largest economy and as U.S. retail sales data brought down expectations of a strong first quarter. The yen rose sharply against the U.S. dollar, crude oil dropped and emerging market shares fell the most in more than a month. U.S. retail sales fell less than expected in February, but a sharp downward revision to January's numbers cooled expectations for a strong quarter of growth for th
  
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• Weak U.S. data, BOJ outlook push dollar down vs. yen

  15-03-2016 20:54 via news.yahoo.com
  
  The dollar fell sharply against the yen on Tuesday after the Bank of Japan left interest rates unchanged and weak U.S. retail sales data compounded investors' search for safety as oil tumbled and equity markets globally turned lower. Six weeks after shocking markets by cutting rates into negative territory, Bank of Japan Governor Haruhiko Kuroda said the central bank would take time to look at the impact, but could move again before the cut had worked its way fully into the economy. Despite the
  
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• Drugmaker Valeant faces debt default risk; shares plunge 50 percent

  15-03-2016 20:20 via news.yahoo.com
  
  The news from the Canadian drugmaker, which also slashed its 2016 sales and earnings outlook, prompted Bill Ackman, whose Pershing Square Capital Management is one of Valeant's largest shareholders, to tell investors that he would take a much more active role there. For years, Valeant was an investor darling, buying up assets and delivering double-digit profit growth. During a more than two-hour conference call on Tuesday, Wall Street analysts pressed Chief Executive Officer Michael Pearson for
  
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• New boss of Russian carmaker Avtovaz enters a lion's den

  15-03-2016 19:57 via news.yahoo.com
  
  By Gleb Stolyarov and Jack Stubbs MOSCOW (Reuters) - Nicolas Maure, brought in to turn around Renault-Nissan's Russian carmaker Avtovaz, is entering a lion's den where his predecessor fell foul of diving sales and powerful vested interests among shareholders, suppliers and workers. Avtovaz, producer of Russia's best-selling Lada brand and the country's biggest automaker by sales, is deeply troubled. Maure was named chief executive on Tuesday to replace Swedish national Bo Andersson, who fell vic
  
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• South African police may take legal action against finance minister

  15-03-2016 19:48 via news.yahoo.com
  
  By Stella Mapenzauswa JOHANNESBURG (Reuters) - South African police said on Tuesday finance minister Pravin Gordhan may face legal action for not cooperating with an investigation of surveillance by the revenue service, escalating a public row and rattling the rand and bonds. In a tussle that has raised concern about the direction of policy in Africa's most industrialized but ailing economy, Gordhan hit back, accusing police of threatening him. The elite Hawks police unit said it would exercise
  
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• Teamsters, Lyft drivers will object to settlement over expenses

  15-03-2016 19:36 via news.yahoo.com
  
  Five Lyft drivers and the Teamsters union will object to a proposed class action settlement, saying it would shortchange drivers by keeping them as independent contractors instead of employees, a union spokesman said on Tuesday. Lyft and larger rival Uber face separate lawsuits brought on behalf of drivers who contend they are employees and entitled to reimbursement for expenses including gas and vehicle maintenance. Employment status is a critical one for the so-called sharing economy technolog
  
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• Drugmaker Valeant faces debt default risk; shares plunge 46 percent

  15-03-2016 19:03 via news.yahoo.com
  
  Valeant Pharmaceuticals International Inc's shares plunged 46 percent on Tuesday after the company said a delay in filing its annual report put it in danger of a default on its $30 billion (£21.2 billion) in debt. The news from the Canadian drugmaker, which also slashed its 2016 sales and earnings outlook, prompted Bill Ackman, whose Pershing Square Capital Management is one of Valeant's largest shareholders, to tell investors that he would take a much more active role there. During a more
  
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• Global equities retreat before Fed meeting

  15-03-2016 18:36 via news.yahoo.com
  
  Stock markets around the world slid Tuesday as investors played it safe ahead of a key meeting of the US Federal Reserve, with the Bank of Japan abstaining from extra stimulus providing a trigger for selling. Fresh slides for oil prices and share prices of heavyweight miners heaped further pressure on markets. Europe's main markets closed down between half and one percentage point, while on Wall Street the Dow off 0.2 percent in midday trading.
  
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• Energy, health stocks weigh as Wall St waits for Fed

  15-03-2016 18:23 via news.yahoo.com
  
  A decline in energy and healthcare stocks weighed on Wall Street on a relatively quiet Tuesday as investors awaited the outcome of the U.S. Federal Reserve's two-day policy meeting. Global markets fell and the yen rose earlier in the day after the Bank of Japan's lowered inflation expectations suggested it may increase its stimulus program. "After a very strong bounce in risk assets in the recent few weeks, investors are collectively holding their breath waiting for the Fed tomorrow," said Bill
  
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• U.S. economy seen expanding 1.9 percent in first quarter: Atlanta Fed

  15-03-2016 17:41 via news.yahoo.com
  
  The U.S. economy is on track to grow 1.9 percent in the first quarter after weaker-than-expected data on domestic retail sales, the Atlanta Federal Reserve's GDPNow forecast model showed on Tuesday. Earlier Tuesday, the Commerce Department said retail sales dipped 0.1 percent in February and downgraded January's retail sales to show a 0.4 percent decline instead of the previously reported 0.2 percent increase. The latest retail sales led the Atlanta Fed's model to scale back its forecast on firs
  
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• U.S. eases Cuba trade and travel rules ahead of Obama visit

  15-03-2016 17:26 via news.yahoo.com
  
  By Matt Spetalnick, David Alexander and Daniel Trotta WASHINGTON/HAVANA (Reuters) - The United States unveiled new measures on Tuesday to make it far easier for Americans to visit Cuba and eased limits on the use of U.S dollars in trade there as President Barack Obama prepared to make a historic trip to Havana next week. Rolling out some of the most significant changes since Obama announced his opening to Cuba in December 2014, U.S. officials expressed hope that the further relaxation of travel
  
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• Mauritius current account deficit narrows in Q4 2015: central bank

  15-03-2016 17:18 via news.yahoo.com
  
  Mauritius' current account deficit narrowed in the last quarter of 2015 compared with the same period last year, helped by a drop in net imports and a higher surplus for the services sector, central bank data showed on Tuesday. The Indian Ocean island is aiming to expand its financial services industry and manufacturing to broaden its economy away from a reliance on tourism and sugar production. The deficit fell to 2.21 billion rupees ($62.29 million) from 3.27 billion, and, as a percentage of g
  
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• Commodity and currency slump exposes frailties of African economies

  15-03-2016 17:12 via news.yahoo.com
  
  By Ed Stoddard JOHANNESBURG (Reuters) - Slumping commodity prices have taken African currencies down with them, exposing the fundamental economic frailties of the world's poorest continent by driving up inflation in countries that import most of their manufactured goods. Regional economies are in no position to use their weakening currencies to their trade advantage because they have few exports beyond their natural resources. The hardship for households has been compounded by rising prices for
  
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• British business lobby says members back staying in EU

  15-03-2016 16:54 via news.yahoo.com
  
  Britain's biggest business lobby said Tuesday that most of its members want the country to stay in the European Union, ahead of a key referendum to be held in three months. The Confederation of British Industry (CBI) said a survey of its members showed 80 percent believed remaining in the EU would be "in the best interests of their business and the wider UK economy". Just five percent said that "Brexit" -- or Britain exiting the EU -- would be in their best interests, while 15 percent were uncer
  
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• FCA says ex-Schroders trader admits nine insider dealing offences

  15-03-2016 16:53 via news.yahoo.com
  
  LONDON (Reuters) - A former stock market trader at Schroders Investment Management, has pleaded guilty to nine counts of insider trading spanning nine years, Britain's Financial Conduct Authority said...
  
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• UK watchdog says ex-Schroders trader admits 9 insider dealing offences

  15-03-2016 16:50 via news.yahoo.com
  
  A former stock market trader at Schroders Investment Management, has pleaded guilty to nine counts of insider trading spanning nine years, Britain's Financial Conduct Authority said on Tuesday. Damian Clarke, 40, admitted to dealing in shares on the basis of inside information on company mergers and acquisitions obtained while he worked at Schroders. "He used this information to place trades using accounts in his own name and that of close family members, in respect of which he had been provided
  
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• U.S. banks make cool technology, realize it can be sold

  15-03-2016 16:27 via news.yahoo.com
  
  Big Wall Street banks, after spending massive amounts of money and time to get their old, creaking systems in better shape, are now trying to sell technology they've developed in-house to other companies. ...
  
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• U.S. hopes easing limits on Cuba will boost reform in Havana: officials

  15-03-2016 16:06 via news.yahoo.com
  
  The United States hopes a new package of U.S. regulatory changes affecting Cuba will encourage people-to-people interactions and provide additional incentives for Havana to make economic and trade reforms of its own, U.S. officials said on Tuesday. The regulatory reforms, which were introduced earlier on Tuesday, loosen travel restrictions on Cuba and ease limits on the use of U.S. dollars in trade transactions there just days ahead of President Barack Obama's historic visit to the former Cold W
  
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• U.S. relaxes Cuba trade, travel rules ahead of Obama visit

  15-03-2016 16:04 via news.yahoo.com
  
  The United States on Tuesday announced it would further loosen travel restrictions on Cuba and ease limits on the use of U.S. dollars in trade transactions there just days ahead of President Barack Obama's historic visit to the former Cold War enemy. The new rules reinforce Obama's move away from the long-standing U.S. economic embargo against Cuba by using his executive powers to sidestep U.S. lawmakers who so far have refused to lift sanctions toward the Communist-ruled country. The changes al
  
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• UK watchdog says former Schroders trader admits 9 insider dealing offences

  15-03-2016 16:04 via news.yahoo.com
  
  Damian Clarke, a former stock market trader at Schroders Investment Management, has pleaded guilty to nine counts of insider trading, Britain's Financial Conduct Authority said on Tuesday. Clarke (Toronto: CKI.TO - news) admitted to dealing in shares on the basis of inside information on company mergers and acquisitions obtained while he worked at Schroders (LSE: SDR.L - news) . "He used this information to place trades using accounts in his own name and that of close family members, in respect
  
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• MIDEAST STOCKS-Egypt rises in post-devaluation rally; Gulf falls with oil

  15-03-2016 15:55 via news.yahoo.com
  
  * Egyptian shares rise a second day after devaluation * But trading volume almost halves * Real estate gains, exporters strong * Broad sell-off in Saudi stocks * Ex-dividend FGB is main drag on Abu Dhabi By Celine Aswad DUBAI, March 15 (Reuters) - Egypt's stock market rose for a second straight day on Tuesday after the country's central bank devalued the currency. Gulf markets fell as oil prices retreated. Cairo's index climbed 1.9 percent to 7,140 points, rising above technical resistance at th
  
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• Weak U.S. retail sales highlight risks to economic outlook

  15-03-2016 15:41 via news.yahoo.com
  
  U.S. retail sales fell less than expected in February, but a sharp downward revision to January's sales could reignite concerns about the economy's growth prospects. Tuesday's weak report from the Commerce Department bucked the trend of recent labor market data that had suggested the economy remained on solid ground despite some concerns that a recession was looming. "The economy's engines are not going into reverse ... but at the moment, it is hard to see GDP with a 2 percent handle," said Chri
  
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• Dollar falls against yen after U.S. data, BOJ decision

  15-03-2016 15:38 via news.yahoo.com
  
  The dollar fell by more than 1 percent against the yen on Tuesday as weak U.S. retail sales data compounded investors' search for safety as oil tumbled and equity markets globally turned lower. The yen was also boosted by the Bank of Japan's decision to leave interest rates unchanged. Six weeks after shocking markets by cutting rates into negative territory, Governor Haruhiko Kuroda said the Bank of Japan would take time to look at the impact, but could move again before the cut had worked its w
  
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• Macedonia dumps migrants back in Greece as EU-Turkey deal falters

  15-03-2016 15:06 via news.yahoo.com
  
  By Ognen Teofilovski and Michele Kambas IDOMENI, Greece/NICOSIA (Reuters) - Macedonia dumped about 1,500 migrants and refugees back into Greece overnight after they forced their way across the border, as European nations continued to pass the buck in a migration crisis that risks tearing the European Union apart. The police action was part of a drive by Western Balkans states to shut down a migration route from Greece to Germany used by nearly a million people fleeing war and poverty in the Midd
  
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• World stocks retreat on Japan inaction

  15-03-2016 14:56 via news.yahoo.com
  
  London (AFP) - Stock markets around the world slid Tuesday after the Bank of Japan decided against more stimulus to support the economy, ahead of a key meeting of the US Federal Reserve.
  
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• Barclays pares U.S. first quarter GDP view to 1.9 percent

  15-03-2016 14:49 via news.yahoo.com
  
  Barclays economists on Tuesday reduced their outlook on U.S. economic growth in the first quarter following a disappointing report on domestic retail sales in February which included sharp downward revisions on January's figures. The Commerce Department said retail sales dipped 0.1 percent last month as vehicle purchases fell and cheaper gasoline undercut receipts at service stations. January's retail sales were revised down to show a 0.4 percent decline instead of the previously reported 0.2 pe
  
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• Canada deficit to hit C$29 billion this year, may prevent another rate cut: Reuters poll

  15-03-2016 14:25 via news.yahoo.com
  
  Canada will run a budget shortfall of C$28.6 billion ($21.4 billion) in the coming fiscal year, which should keep the Bank of Canada from cutting rates but will not necessarily provide a big boost to growth, a Reuters poll found. Prime Minister Justin Trudeau's Liberal government was elected last October on a promise to run deficits for three years to help expand the economy. By contrast, the former Conservative government touted its balanced budget plans.
  
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• U.S. fed funds rates holds at 0.36 percent

  15-03-2016 14:03
  
  NEW YORK, March 15 (Reuters) - The U.S. interest rate that the Federal Reserve targets to conduct its monetary policy held at 0.36 percent for a seventh day on Monday, according to Fed data released...
  
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• Linn Energy says bankruptcy may be "unavoidable"

  15-03-2016 13:52
  
  March 15 (Reuters) - U.S. oil-and-gas producer Linn Energy LLC said a Chapter 11 bankruptcy filing may be "unavoidable".
  
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• Azeri central bank says frenzy on FX market averted, market adapts to manat float

  15-03-2016 13:47
  
  BAKU, March 15 (Reuters) - A frenzy on the Azeri foreign exchange market has been averted and the market is gradually adapting to the manat's floating exchange rate regime, the Azeri central bank...
  
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• BRIEF-Linn Energy LLC says Chapter 11 filing may be "unavoidable"

  15-03-2016 13:44
  
  * Filing under Chapter 11 of the U.S. Bankruptcy Code may be "unavoidable" -Risk Factors section of annual 10-K filing Source text: (http://1.usa.gov/1QUjm3M) Further company coverage:
  
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• Valeant CEO says business not operating on all cylinders

  15-03-2016 13:38
  
  NEW YORK, March 15 (Reuters) - Valeant Pharmaceuticals International Chief Executive Officer Michael Pearson said on Tuesday that the company's business is "not operating on all cylinders" but that...
  
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• BRIEF-Valeant seeks to extend deadline for filing reports

  15-03-2016 13:32
  
  March 15 (Reuters) - Valeant Pharmaceuticals International Inc will attempt next week with bank lenders to extend deadline for annual and first-quarter reports
  
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• Global stocks and oil drop amid gloomy outlook, Fed meeting

  15-03-2016 13:31 via news.yahoo.com
  
  BEIJING (AP) — Global stocks and oil declined Tuesday after the Bank of Japan cut its economic forecasts and as investors awaited the conclusion of the U.S. Federal Reserve's meeting for insight into when it might raise interest rates again.
  
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• Jefferies posts loss as equities trading revenue slumps

  15-03-2016 13:28
  
  March 15 (Reuters) - Investment bank Jefferies Group LLC posted a loss in the first quarter as revenue from equities and fixed income trading was hammered by the recent turmoil in global financial...
  
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• Europe shares track Asia lower after BOJ, focus turns to Fed

  15-03-2016 13:20 via news.yahoo.com
  
  By Nigel Stephenson LONDON (Reuters) - European shares fell on Tuesday, pulled lower by mirroring declines in Asia after the Bank of Japan painted a bleaker picture of the Japanese economy and helped push the yen higher, and as oil and metals prices dropped. U.S. stocks were set to open lower, according to index futures , as investors' focus turned to a two-day U.S. Federal Reserve policy meeting beginning on Tuesday. It is likely to signal a slower pace of interest rate hikes than forecast afte
  
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• GLOBAL MARKETS-Europe shares track Asia lower after BOJ, focus turns to Fed

  15-03-2016 13:18
  
  LONDON, March 15 (Reuters) - European shares fell on Tuesday, pulled lower by mirroring declines in Asia after the Bank of Japan painted a bleaker picture of the Japanese economy and helped push the...
  
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• Valeant bonds plummet on technical default warning

  15-03-2016 13:13
  
  LONDON, March 15 (IFR) - Valeant Pharmaceuticals International's bond prices fell sharply on Tuesday, after the company disclosed that its delayed annual report could trigger a technical...
  
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• BRIEF-Orbite Technologies Update on HPA Plant Costs, Completion and Commissioning

  15-03-2016 13:11
  
  * May postpone certain activities, which will push back start of commercial production into Q2 of 2016
  
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• US pre-open: Stocks set for weaker start as focus shifts to Fed meeting

  15-03-2016 12:57 via news.yahoo.com
  
  (ShareCast News) - US futures pointed to a weaker open on Wall Street on Tuesday as caution crept in ahead of the Federal Reserve's two-day policy meeting and some key data releases.
  
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• BRIEF-Energy XXI Ltd says enters grace period on EGC interest payments

  15-03-2016 12:54
  
  * Energy XXI Ltd says continues to engage in discussions with its debtholders and other stakeholders for plan to restructure its balance sheet
  
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• UPDATE 1-Foresight Energy LP says may file for Chapter 11 bankruptcy

  15-03-2016 12:49
  
  March 15 (Reuters) - Coal miner Foresight Energy LP said it may file for Chapter 11 bankruptcy if it does not reach an out-of-court restructuring agreement with its lenders.
  
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• UPDATE 1-Linn Energy skips interest payment, flags "going concern" risk

  15-03-2016 12:45
  
  March 15 (Reuters) - Struggling oil-and-gas producer Linn Energy LLC said there was substantial doubt about its ability to continue operations on a sustainable basis after it decided to skip an...
  
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• RPT-Banks can buy Russian govt bonds, but must consider EU sanctions - EU official

  15-03-2016 12:45
  
  BRUSSELS, March 15 (Reuters) - Banks considering the purchase of Russian sovereign bonds are free to do so, but should make sure that the investment is not a way to circumvent European Union...
  
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