Finance news

• UPDATE 3-Banco Popolare, BPM agree merger deal with 1 bln euro capital increase

  23-03-2016 23:41
  
  * ECB gave preliminary green light to deal- source (Recasts with merger details)
  
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• U.S. wealth managers grit teeth and prepare for Labor rule

  23-03-2016 23:24
  
  NEW YORK (Reuters) - Wealth managers in the United States are cutting fees, relying more on technology to give advice and reducing the minimum amounts clients can hold in their brokerage accounts,...
  
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• Wall Street rally fizzles out as oil, materials fall

  23-03-2016 21:49 via news.yahoo.com
  
  Wall Street closed lower on Wednesday as oil and materials share prices dropped while investors remained cautious a day after deadly bombing attacks in Belgium. The benchmark S&P 500 index fell back into negative territory for the year after closing positive on Friday for the first time in 2016. U.S. stocks' fading five-week rally was further diminished by comments over the past two days by Federal Reserve officials, who expressed views that suggested an appetite for more U.S. interest rate
  
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• Exclusive: Goldman Sachs' head U.S. inflation trader put on leave: WSJ

  23-03-2016 21:18
  
  NEW YORK (Reuters) - Goldman Sachs Group Inc has put Josh Schiffrin, its head of U.S. inflation trading, on leave while it reviews certain trades, the Wall Street Journal reported on...
  
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• Rhode Island pension votes to exit hedge fund Luxor Capital

  23-03-2016 21:17
  
  BOSTON (Reuters) - Rhode Island's state pension fund on Wednesday turned its back on one of its hedge funds, as its investment commission voted unanimously to exit Luxor Capital following months of...
  
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• BRIEF-German apparel company Steilmann says to file for insolvency

  23-03-2016 21:00
  
  * in course of its current business developments Steilmann
  se is illiquid
  
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• Goldman Sachs' head U.S. inflation trader put on leave - WSJ

  23-03-2016 20:49 via news.yahoo.com
  Goldman Sachs Group Inc has put Josh Schiffrin, its head of U.S. inflation trading, on leave while it reviews certain trades, the Wall Street Journal reported on Wednesday. Schiffrin was placed on leave in January and its still employed at the firm, the paper said, citing people familiar with the matter. A Goldman spokeswoman declined to comment.
  
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• Obama praises Argentina's 'man in a hurry' Macri for reforms

  23-03-2016 19:56 via news.yahoo.com
  
  By Jeff Mason and Richard Lough BUENOS AIRES (Reuters) - U.S. President Barack Obama on Wednesday championed Argentina's new center-right leader Mauricio Macri as an example for other countries in Latin America, praising the fast pace of reforms to strengthen the economy. Obama, on a two-day visit to Argentina that marks a detente after years of tensions, said Argentina under Macri was poised to play a more influential role on the global stage, in settings like the G20 grouping of major economie
  
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• UPDATE 2-Hitachi ups ante in Ansaldo STS bid by buying more shares

  23-03-2016 19:52
  
  MILAN, March 23 (Reuters) - Hitachi has bought more shares in Ansaldo STS to take its overall stake in the Italian-based rail signalling group to just under 50 percent as it strengthens its grip in a...
  
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• BRIEF-Civil rehabilitation proceedings for Skymark likely to wrap up at end of March - Nikkei

  23-03-2016 19:32
  
  * Civil rehabilitation proceedings for Japanese airline
  Skymark are likely to wrap up at the end of March - Nikkei
  
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• UPDATE 2-Affymetrix delays shareholder voting on Thermo Fisher offer

  23-03-2016 18:59
  
  * Shares rise as much as 6.8 pct (Adds analyst comments; updates shares)
  
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• U.S. new home sales rise on strong gains in the West

  23-03-2016 18:51 via news.yahoo.com
  
  The Commerce Department said on Wednesday home sales rose 2.0 percent to a seasonally adjusted annual rate of 512,000 units. January's sales pace was revised up to 502,000 units from the previously reported 494,000 units. "The housing market is improving, though in fits and starts and not uniformly across the nation," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.
  
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• Scotland would face bigger hole in finances if independent - IFS

  23-03-2016 18:23 via news.yahoo.com
  
  Scotland would face a bigger hole in its public finances than previously thought if it split from the United Kingdom, an economic think tank said on Wednesday, dealing a blow to independence campaigners. The Institute for Fiscal Studies said Scotland's budget deficit in the tax year ending this month will be equivalent to nearly 10 percent of economic output - more than double that in the full United Kingdom - due to lower oil prices, tax breaks for oil producers and higher public spending. By t
  
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• U.S. investor group urges halt to dual-class structures in IPOs

  23-03-2016 18:20
  
  BOSTON (Reuters) - An influential group representing top U.S. pension funds on Wednesday urged companies that go public to stop using a maneuver that gives insiders extra control and makes other...
  
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• Energy slide drags down indexes

  23-03-2016 18:11 via news.yahoo.com
  
  A decline in energy stocks weighed on Wall Street on a quiet Wednesday as investors shied away from big bets after the Brussels attacks and ahead of the long Easter weekend. "We don't like to have big positions over long weekends, and we'll probably work on cleaning those up over the next few days so we can watch basketball in peace," said Doug Burtnick, senior investment manager at Aberdeen Asset Management. Commodity prices, strength in the dollar and uncertainty about interest rates were havi
  
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• Britain's FTSE edges up as investors cheer Kingfisher results

  23-03-2016 17:52
  
  * William Hill slump pulls bookmakers lower (ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see...
  
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• Yum in talks with KKR, others to sell stake in China unit-WSJ

  23-03-2016 17:39 via news.yahoo.com
  
  * Possible sale of a nearly 20 pct stake in its China business * Stake values the China business at about $10 billion (Adds details) March 23 (Reuters) - Yum Brands Inc is in talks with private equity company KKR & Co LP and others about a possible sale of a nearly 20 percent stake in its China business, the Wall Street Journal reported, citing people familiar with the matter. The stake values the China business at about $10 billion, the report said. The parties exploring offers include KKR,
  
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• UPDATE 1-UK retailer BHS's rescue plan backed by creditors

  23-03-2016 17:28
  
  LONDON, March 23 (Reuters) - British department stores group
  BHS has won support from its creditors for a rescue plan that
  should allow the retailer to stay in business thanks to big cuts
  in its rent...
  
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• Canada government tries to fend off critics worried about deficits

  23-03-2016 16:55 via news.yahoo.com
  
  By David Ljunggren OTTAWA (Reuters) - Canada's government on Wednesday sought to deflect criticism that it had condemned the country to years of budget deficits, saying it could balance the books within five years if efforts to boost the economy succeed. The ruling Liberals on Tuesday projected a C$29.4 billion ($22.3 billion) deficit for fiscal 2016-17, nearly three times larger than what they promised during last year's election campaign. The Liberals, who say the spending will help boost grow
  
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• UPDATE 2-Kingfisher cautious on France despite "green shoots"

  23-03-2016 16:54
  
  * Shares rise up to 5.8 percent, top blue chip gainer (Recasts with comments on France)
  
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• UPDATE 2-Virgin America considers sale after getting takeover interest-Bbg

  23-03-2016 16:43
  
  March 23 (Reuters) - Richard Branson-backed Virgin America Inc is considering selling itself or a part of the company after it received buyout interest, Bloomberg reported.
  
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• UPDATE 2-Banco Popolare, BPM set to approve merger plan on Wednesday-source

  23-03-2016 16:39
  
  * Announcements expected after market close, shares suspended
  
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• UPDATE 3-UK's Premier Foods spurns McCormick's $700 mln takeover approach

  23-03-2016 16:31
  
  * McCormick has until April 20 to make firm offer (Adds comments from McCormick, analyst, background, advisors)
  
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• Decline in energy stocks weighs on Wall Street

  23-03-2016 16:29 via news.yahoo.com
  
  A decline in energy stocks weighed on Wall Street on Wednesday as investors backed away from risk in a week marred by the Brussels attacks and shortened by the Good Friday holiday. "We don't like to have big positions over long weekends, and we'll probably work on cleaning those up over the next few days so we can watch basketball in peace," said Doug Burtnick, senior investment manager at Aberdeen Asset Management. Commodity prices, strength in the dollar and uncertainty about interest rates we
  
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• Not-so-noble crowdfunding sparks backlash

  23-03-2016 15:56
  
  NEW YORK (Reuters) - As crowdfunding sites like GoFundme.com and Indiegogo.com started to take off, New York City editor Brandon Wenerd was more than happy to donate to worthy causes, like the kid...
  
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• MIDEAST STOCKS-Egypt rises after cabinet reshuffle; Gulf mixed

  23-03-2016 15:45 via news.yahoo.com
  
  * Egypt reshuffle appears to focus on economy * Orascom group stocks jump * Zain Saudi again heavily traded * Etisalat rebounds in Abu Dhabi * Qatar's Gulf Warehousing leaps again on investment ceiling By Andrew Torchia DUBAI, March 23 (Reuters) - Egypt's stock market rose on Wednesday after President Abdel Fattah al-Sisi reshuffled his cabinet, while Gulf bourses were mixed in the absence of fresh incentives to trade. ...
  
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• UPDATE 2-William Hill warns on full-year profit, shares slump

  23-03-2016 15:37
  
  March 23 (Reuters) - British bookmaker William Hill warned on full-year profit on Wednesday, citing Cheltenham festival losses and new rules that have dented income from high-value online customers,...
  
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• IMF says Tanzania's economy to expand close to 7 pct in 2016

  23-03-2016 15:37 via news.yahoo.com
  
  NAIROBI (Reuters) - The International Monetary Fund said on Wednesday it estimates Tanzania's economy expanded by 7 percent last year and forecast growth to be close to that again in 2016. The IMF said in a statement that inflation, which averaged 5.6 percent in 2015, was expected to "decrease further in the coming months, remaining close to the authorities' medium-term target of 5 percent." (Reporting by Drazen Jorgic; Editing by Hugh Lawson)
  
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• UPDATE 3-Amaya CEO charged with insider trading by Quebec regulator

  23-03-2016 15:08
  
  * U.S.-listed stock falls as much as 27.7 pct (Adds details, Amaya statement)
  
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• British judge approves extradition of "flash crash" trader to U.S

  23-03-2016 15:07 via news.yahoo.com
  
  By Michael Holden LONDON (Reuters) - A British judge approved on Wednesday a U.S. request for the extradition of a London-based trader accused of contributing to the 2010 Wall Street "flash crash" by placing bogus orders to spoof the market. Navinder Sarao, 37, who traded on the Chicago Mercantile Exchange (CME) from his parents' home near London's Heathrow Airport, is wanted in the United States to face trial on 22 criminal counts of wire fraud, commodities fraud and market manipulation. "We ar
  
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• UK retailer BHS's rescue plan backed by creditors

  23-03-2016 14:39
  
  LONDON, March 23 (Reuters) - British department stores group
  BHS has won support from its creditors for a rescue plan that
  should allow the retailer to stay in business thanks to big cuts
  in its rent...
  
  Read more

• Egypt's Sisi names 10 ministers in cabinet reshuffle

  23-03-2016 14:31 via news.yahoo.com
  
  By Mostafa Hashem CAIRO (Reuters) - President Abdel Fattah al-Sisi named 10 new ministers, including the finance and investment portfolios, in a cabinet reshuffle on Wednesday meant to help revive an economy laid low by years of political turmoil and militant violence. Banking veteran Amr el-Garhy was appointed finance minister and Dalia Khorshid investment minister, a presidency statement said. Sisi also named four new deputy ministers - a deputy planning minister and three deputy finance minis
  
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• German 'Five Wise Men' trim 2016 growth forecast

  23-03-2016 14:23 via news.yahoo.com
  
  Global uncertainties will shave around 0.1 percentage point off growth in Germany this year, but Europe's economic powerhouse remains in a moderate uptrend, an expert panel said Wednesday. The German Council of Economic Experts, known as the five "wise men", said it is forecasting gross domestic product (GDP) growth of 1.5 percent this year -- fractionally lower than their previous prognosis from last November -- and 1.6 percent growth in 2017. "In view of the slightly weaker external economic e
  
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• Nigerian parliament approves 2016 record budget

  23-03-2016 14:18 via news.yahoo.com
  
  The Nigerian parliament passed the budget for 2016 on Thursday, calling for record spending to an economy hit hard by a slump in oil prices. President Muhammadu Buhari presented a record $30 billion budget in December but asked for its withdrawal a month later to make changes after a further drop in oil prices. The total budget has not changed but the deficit has risen to 3 trillion naira ($15 billion) from 2.2 trillion.
  
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• Egypt's Sisi reshuffles cabinet, appoints 10 new ministers

  23-03-2016 14:09 via news.yahoo.com
  
  President Abdel Fattah al-Sisi reshuffled his cabinet on Wednesday, appointing 10 new ministers including ones for the finance and investment portfolios as Egypt struggles to revive its economy. Banking veteran Amr el-Garhy was appointed finance minister and Dalia Khorshid, formerly of Orascom Construction Industries, as investment minister, the presidency said in a statement. The changes were announced a week after the central bank devalued the pound as import-dependent Egypt faces a dollar sho
  
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• Fed speak pushes dollar higher, Europe shares in black

  23-03-2016 14:07 via news.yahoo.com
  
  The optimism that implies about the outlook for economic growth, allied to some solid sentiment surveys on Tuesday and a positive reaction to cost cuts by banking giant Credit Suisse, helped European stock markets into the black. Oil prices, however, were around 1 percent lower and the risks that a stronger dollar and higher Federal Reserve rates bring for the developing world helped end a five-day winning streak for emerging market stocks. "Market pricing for Fed tightening continues to tentati
  
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• UK judge: 'Flash Crash' trader can be extradited to the US

  23-03-2016 14:04 via news.yahoo.com
  
  LONDON (AP) — A judge has ruled that a British financial trader suspected of playing a role in the so-called 2010 "Flash Crash" in stock markets can be extradited to the United States.
  
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• Wall Street set to open flat as investors keep off risk

  23-03-2016 13:55 via news.yahoo.com
  
  Wall Street was set to open little changed on Wednesday as investors backed off risk in a week marred by the attacks in Brussels and shortened by the Good Friday holiday. Signs of improving business sentiment at the world's major economies helped European markets recover, but Asian shares fell as investors remained cautious. "We've seen a tremendous run-up largely related to the fact that the world didn't end after all, but it is hard to see where we get the kind of improvement from here which w
  
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• China's CITIC Sec 2015 profit jumps on strong fee income

  23-03-2016 13:49 via news.yahoo.com
  
  * Net profit up 75 pct to 19.8 bln yuan * Rise down to strong fee, commission income in first half (Recasts, adds detail, background) SHANGHAI, March 23 (Reuters) - China's largest brokerage, CITIC Securities Co Ltd , on Wednesday posted a 75 percent jump in 2015 net profit to 19.8 billion yuan ($3 billion) on strong fee and commission income. CITIC and other Chinese brokerages have reported soaring profit growth after successfully navigating the stock market turmoil that began in mid-June last
  
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• U.S. says it's not deterring foreign banks in Iran

  23-03-2016 13:48 via news.yahoo.com
  
  By Sam Wilkin DUBAI (Reuters) - The United States is not standing in the way of foreign banks doing business with Iran, a senior U.S. official said on Wednesday, but his comments appeared unlikely to satisfy frustrated businessmen and Iranian officials. Most international sanctions against Iran's economy were lifted in January after Tehran implemented a deal with world powers to curb its nuclear program. The fear of being caught up in those remaining sanctions has deterred most foreign banks fro
  
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• Infibeam IPO fully subscribed, institutional demand thin

  23-03-2016 13:47 via news.yahoo.com
  
  Indian online retailer Infibeam Incorporation's $80 million initial public offering (IPO) attracted thin demand from institutional investors, just selling the total number of shares on offer in the country's first e-commerce listing. Demand for IPOs in India typically far exceed the supply, and though high net-worth individuals and corporates were active bidders with orders worth 2.2 times the total number of shares reserved for them, institutional investors bid for less than their allocated quo
  
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• UPDATE 3-AstraZeneca heart drug fails in key stroke trial

  23-03-2016 13:41
  
  * Failure is setback for $3.5 billion drug sales target (Adds analyst's cut to sales forecast, more on share price performance)
  
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• Egyptian pound weakens sharply against the dollar on black market

  23-03-2016 13:20 via news.yahoo.com
  
  By Asma Alsharif and Ehab Farouk CAIRO (Reuters) - The Egyptian pound has been weakening at a fast pace on the black market as hard currency demand rises in the dollar-starved economy, five traders and an importer told Reuters on Wednesday. Egypt, which relies heavily on imports, has been facing a shortage of foreign currency since a popular uprising in 2011 drove away many tourists and foreign investors. A black market for dollars has sucked up liquidity from the banking system and put a strain
  
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• German government advisers trim economic growth forecast

  23-03-2016 13:10 via news.yahoo.com
  
  BERLIN (AP) — The German government's independent panel of economic advisers has trimmed its growth forecast for this year to 1.5 percent, pointing Wednesday to growing risks to exports.
  
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• China's CITIC rides market turmoil with 75 pct net profit rise

  23-03-2016 12:48 via news.yahoo.com
  
  SHANGHAI, March 23 (Reuters) - China's largest brokerageCITIC Securities Co Ltd on Wednesdayposted a 75 percent rise in 2015 net profit to 19.8 billion yuan($3 billion). CITIC and other brokerages have reported soaring profitgrowth after successfully navigating the stock market turmoilthat began in mid-June last year. Net profit for the year rose from 11.3 billion 2014, CITICsaid in filings in Shanghai. Since the Chinese stock market crumbledmore than 40 percent last summer, CITIC has had to cop
  
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• Obama in Argentina to reset relations amid regional political shift

  23-03-2016 12:42 via news.yahoo.com
  
  By Hugh Bronstein and Richard Lough BUENOS AIRES (Reuters) - U.S. President Barack Obama arrived in Argentina on Wednesday to reset diplomatic relations and strengthen trade ties with a country that was part of South America's left-wing bloc until pro-business President Mauricio Macri took power in December. Obama's two-day visit marks a rapprochement after years of sour relations and is a sign of support for Macri's investor-friendly reforms aimed at opening up Latin America's No. 3 economy. Ob
  
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• Ghana producer inflation falls to 14.5 pct in Feb

  23-03-2016 12:41 via news.yahoo.com
  
  Ghana's producer price inflation (PPI) fell to 14.5 percent year-on-year in February from a revised figure of 16.9 percent the month before, reflecting lower utility prices, the statistics office said on Wednesday. PPI is a major component of consumer inflation, which fell to 18.5 percent in February from 19.0 percent the month before. Persistently above-target consumer inflation is one of the economic problems being addressed by Ghana's three-year International Monetary Fund aid programme.
  
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• European travel stocks bounce back after Brussels attacks

  23-03-2016 12:28 via news.yahoo.com
  
  London (AFP) - European stock markets pushed higher on Wednesday, with airline and travel stocks in positive territory after the previous session's sharp falls caused by the Brussels attacks.
  
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• Futures slightly lower a day after Brussels attacks

  23-03-2016 12:26 via news.yahoo.com
  
  (Reuters) - Stock futures pointed to a slightly lower opening for Canada's main stock index on Wednesday as investors remained cautious after the deadly attacks in Brussels. June futures on the S&P TSX index were down 0.13 percent at 7:15 a.m. ET. No major economic events are scheduled for the day. Canada's main stock index ended lower on Tuesday, with losses in financial, industrial and materials stocks partially offset by gains for energy companies and utilities. Dow Jones Industrial Avera
  
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• India Cadila's shares fall after WHO faults vaccines plant standards

  23-03-2016 11:49
  
  MUMBAI, March 23 (Reuters) - Indian firm Cadila Healthcare's shares fell on Wednesday after the World Health Organization (WHO) cited violations of manufacturing and clinical standards at one of the...
  
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