Finance news

• U.S., Argentina push new cooperation in Washington talks

  30-03-2016 23:47 via news.yahoo.com
  
  U.S. Secretary of State John Kerry on Wednesday welcomed Argentina's "restoration" under new center-right President Mauricio Macri and said he looked forward to collaboration on the economy, energy, climate change, trade and regional issues. Last week on a visit to Argentina, U.S. President Barack Obama praised Macri's reforms after years of tensions when leftist populist Cristina Fernandez was in office. "We very much welcome Argentina's restoration of its own engagement in politics in so many
  
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• YOUR MONEY-What to do when you cannot pay your taxes

  30-03-2016 23:09
  
  New York (Reuters) - It is tax season, and you owe thousands to the Internal Revenue Service. But you cannot pay.
  
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• As Nasdaq entry looms, TMX says Canada market rules must adapt

  30-03-2016 22:53 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - The chief executive of Canada's dominant stock exchange operator, TMX Group Ltd , said on Wednesday the country's capital market rules must swiftly adapt to technological changes and rising competition. Lou Eccleston declined to say what specific changes the company wants to see, but suggested the market is now fundamentally different with the entrance of new exchanges and the Toronto Stock Exchange operator should not be held to a higher standard than emerg
  
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• Wall Street plows higher as anxiety falls to seven-month low

  30-03-2016 22:36 via news.yahoo.com
  
  MetLife and other financial stocks led the market higher with Apple and other technology stocks also gaining. Yellen said on Tuesday the U.S. central bank should proceed cautiously as it looks to raise interest rates. On Wednesday, her comments were echoed by Chicago Fed President Charles Evans, who said there was a high hurdle to raising rates in April, given low inflation.
  
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• Central banks 'running out of time' to reflate economies: Bill Gross

  30-03-2016 22:36
  
  NEW YORK (Reuters) - Bond manager Bill Gross, who runs the Janus Global Unconstrained Bond Fund, said central banks are "running out of time" to reflate global economies as their aggressive policies...
  
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• Canada's Morneau says economy will benefit from weak Canadian dollar over time

  30-03-2016 22:29 via news.yahoo.com
  
  By Richard Leong and David Ljunggren NEW YORK/OTTAWA (Reuters) - Canadian Finance Minister Bill Morneau on Wednesday said it may take more time for the country's economy to reap the benefits of a weaker Canadian dollar as domestic manufacturers adjust to its impact. Morneau later said that while a lower Canadian dollar should boost exports, firms would first have to invest in plants and equipment to boost capacity and thereby take advantage of increased foreign demand. "We think that will contin
  
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• Stocks gain as rate fears abate; oil rally fades

  30-03-2016 22:26 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - An index of global stocks on Wednesday climbed to its highest point of the year while the dollar weakened as easing concerns about rising interest rates led investors into riskier assets. Wall Street pared gains, pressured by retreating oil prices as U.S. crude inventories built up. Federal Reserve Chair Janet Yellen said on Tuesday the U.S. central bank should proceed cautiously as it looks to raise interest rates, pushing back on a handful of her colleag
  
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• The tax advantages of those who seek financial advice: James Saft

  30-03-2016 22:12
  
  (Reuters) - With tax season at hand, investors should consider one of the ways in which their financial advisors can earn their keep: tax advice.
  
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• Chipmaker Micron's second-quarter sales fall 29.6 pct

  30-03-2016 22:12
  
  March 30 (Reuters) - Memory-chip maker Micron Technology Inc reported a 29.6 percent fall in quarterly net sales as weak demand for personal computers led to a fall in average selling prices for...
  
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• Bank of Canada: Oil shock recovery will take more than two years

  30-03-2016 22:04 via news.yahoo.com
  
  Canada will take more than two years to adjust fully to the drop in oil prices, a senior Bank of Canada official said on Wednesday, signaling no quick end to a shock that has roiled the economy. Deputy Governor Lynn Patterson said a simulation run by the bank suggested it would be several years before the economy found a new balance. The simulation run by the bank suggests that the share of the commodity sector in the economy will decline, and could account for about 40 percent of exports by 202
  
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• Draft of Puerto Rico legislation could be improved: White House

  30-03-2016 21:23 via news.yahoo.com
  
  WASHINGTON (Reuters) - The draft bill introduced in the U.S. Congress on Tuesday to steer Puerto Rico through its economic crisis represents a constructive, good-faith effort but could be improved, the White House said on Wednesday. At a daily briefing, White House spokesman Josh Earnest told reporters the bill would benefit from improvements to a mechanism to boost oversight of Puerto Rico's government and by expanding the earned income tax credit. ...
  
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• Interest rate optimism pushes Wall Street higher

  30-03-2016 21:08 via news.yahoo.com
  
  U.S. stocks pushed further into positive territory for 2016 on Wednesday, helped for a second session by comments from Federal Reserve Chair Janet Yellen that eased anxiety about potential interest rate hikes. MetLife and other financial stocks led the market higher while the S&P energy sector was down marginally after crude prices retreated from their day's highs after a report showed a weekly build in U.S. crude inventories. Yellen said on Tuesday the U.S. central bank should proceed cauti
  
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• Tata's UK steel exit raises expectations of European mergers

  30-03-2016 20:18 via news.yahoo.com
  
  Tata Steel's plan to sell its British steelmaking business has raised expectations of a long-awaited consolidation in the European steel sector, which is suffering from years of unaddressed overcapacity. Since the multi-billion-euro takeovers of Europe's Arcelor and Corus by Indian giants Mittal and Tata in 2006 and 2007, dealmaking in Europe's steel industry has been all but paralyzed as cash-starved producers battled the global economic crisis and a slowdown in China that encouraged it to expo
  
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• Deutsche Bank agrees to pay $4 million for trading violations

  30-03-2016 19:11 via news.yahoo.com
  
  By Tariro Mzezewa NEW YORK (Reuters) - A Deutsche Bank AG unit will pay more than $4 million to settle allegations that it failed to properly report data on millions of options trades, according to a Financial Industry Regulatory Authority (FINRA) document. The alleged conduct between 2010 and 2015 violated FINRA rules aimed at identifying holders of large options positions who may be trying to manipulate the market or violate other industry rules, the Wall Street watchdog said in its settlement
  
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• Wall Street pares some gains as oil retreats

  30-03-2016 19:10 via news.yahoo.com
  
  U.S. stocks rose on Wednesday, a day after Federal Reserve Chair Janet Yellen's comments eased some concerns about the path of interest rate hikes, but gains were limited by a dip in crude oil prices. Oil prices retreated from their day's highs after a report showed a weekly build in U.S. crude inventories. Yellen, in her first remarks since the Fed held steady on rates earlier this month, said the central bank should tread cautiously on raising rates this year.
  
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• Kerry welcomes Argentina counterpart to U.S., hails 'restoration'

  30-03-2016 18:54 via news.yahoo.com
  
  WASHINGTON (Reuters) - U.S. Secretary of State John Kerry on Wednesday welcomed Argentina's "restoration" since the election of Mauricio Macri as the country's new president and said he looked forward to collaboration on the economy, energy, climate change, trade and regional issues. Kerry was speaking at the start of talks with his new Argentinian counterpart, Susana Malcorra, at the State Department. ...
  
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• Thousands of jobs at risk as India's Tata Steel seeks British exit

  30-03-2016 18:49 via news.yahoo.com
  
  PORT TALBOT, Wales/LONDON (Reuters) - Britain battled to save its steel industry on Wednesday after India's Tata Steel put its British operations up for sale, leaving thousands of jobs at risk as a result of cheap Chinese imports. The move comes less than three months before Britons vote on the country's membership of the European Union in a referendum dominated by concerns about the economy. The government said it was working to broker a deal with potential buyers after Tata Steel sought to end
  
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• Stocks rally as Yellen signals go slow on rates

  30-03-2016 18:49 via news.yahoo.com
  
  Stock markets around the world pushed higher Wednesday after Federal Reserve boss Janet Yellen hinted that the US central bank would not lift interest rates any time soon. Wall Street rallied overnight after Yellen offered a more dovish outlook than expected on monetary policy in her first public remarks since the Fed's March meeting. The news sent Hong Kong and Shanghai equities soaring on Wednesday, but Tokyo fell on the back of a stronger yen which hurts exporters.
  
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• Carnival makes a splash with improved earnings guidance

  30-03-2016 18:06 via news.yahoo.com
  
  (ShareCast News) - First quarter results from Carnival made a splash as sales and earnings beat expectations and the cruise operator ran up higher guidance for the full year.
  
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• Influential MIT economist Lester Thurow dies at 77

  30-03-2016 18:02 via news.yahoo.com
  
  CAMBRIDGE, Mass. (AP) — Lester Thurow, a Massachusetts Institute of Technology economist who addressed the challenges and consequences of a global economy, has died. He was 77.
  
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• Sanctions 'overreach' risks driving business from U.S.: Treasury's Lew

  30-03-2016 17:41 via news.yahoo.com
  
  By Yeganeh Torbati WASHINGTON (Reuters) - Overuse of harsh sanctions like those deployed against Iran to limit its nuclear program risks driving business activity from the United States and a move away from the dollar as the world's reserve currency, U.S. Treasury Secretary Jack Lew said on Wednesday. Sanctions have emerged as a favored policy tool of choice for the United States, which has used them against challenges as varied as drug trafficking, cyber attacks, jihadist financing, and Russian
  
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• South Africa grants first bourse licence in over 100 years

  30-03-2016 17:37 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - South Africa has issued its first stock exchange operating licence in more than 100 years, paving the way for a local company to compete with the Johannesburg Stock Exchange (JSE). ZAR X Stock Exchange said on Wednesday it would start operating in September after securing approval from the Financial Service Board (FSB). The bourse will be the second exchange after the more than a century old JSE, Africa's biggest and most liquid stock market. ...
  
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• Russian online retailer Ozon says sales growth stumbles

  30-03-2016 17:34 via news.yahoo.com
  
  Russian online retailer Ozon forecast on Wednesday a more modest increase in sales this year, anticipating consumers will remain cautious about their spending in a weakened economy. Ozon, which pioneered the Russian e-commerce sector in 1998 and is often referred to as Russia's Amazon, boosted sales by a record 33 percent last year to 15 billion rubles ($222 million), Chief Executive Danny Perekalsky said.
  
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• Weak global economy is said to threaten government finances

  30-03-2016 17:25 via news.yahoo.com
  
  WASHINGTON (AP) — Sluggish global growth threatens to keep governments around the world from being able to pay pensions and bondholders, the chief economist of the Organization for Economic Cooperation and Development said Wednesday.
  
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• Wall St. rallies as fears of imminent rate hike fade

  30-03-2016 17:21 via news.yahoo.com
  
  Technology stocks led the rally, with Apple's 2 percent rise giving the biggest boost to the three major indexes. Yellen, in her first remarks since the Fed held steady on rates earlier this month, said inflation in the United States had not yet reached sustainable levels amid uncertainty about China's economy and low oil prices. Markets around the world cheered Yellen's remarks, which suggested that a rate hike was not immediately on the horizon.
  
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• Argentine Senate set to OK debt deal, new bond issuance expected

  30-03-2016 17:09 via news.yahoo.com
  
  Argentina is expected to take a big step toward reentering the global financial system on Wednesday, with the Senate set to pass a landmark deal to repay creditors who rejected earlier restructurings of the country's sovereign debt. The deal, already approved by the lower house of Congress, is the cornerstone of new President Mauricio Macri's plan for revitalizing an economy hobbled by low investment, high inflation and precarious central bank reserves. The Senate started debating the proposal l
  
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• Strong holiday sales give Lululemon a boost in 4th quarter

  30-03-2016 16:29 via news.yahoo.com
  
  NEW YORK (AP) — Lululemon's fiscal fourth-quarter performance beat Wall Street's view, bolstered by strong holiday sales.
  
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• Twenty-First Century interested in Paramount stake: NY Post

  30-03-2016 16:11
  
  (Reuters) - Twenty-First Century Fox Incis interested in acquiring a minority stake in Viacom Inc'sParamount Pictures, the New York Post reported, citing sources.
  
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• Premier Foods agrees to meet McCormick after improved offer

  30-03-2016 16:09
  
  LONDON (Reuters) - Britain's Premier Foodsagreed on Wednesday to hold talks with McCormick & Coafter the U.S. company raised its takeover proposal for a second time, pushing for a deal that would...
  
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• Zoomlion, bidding for Terex, says 2015 earnings hit 15-yr low

  30-03-2016 15:41 via news.yahoo.com
  
  The result, which was highly anticipated, may add momentum to the Terex bid, as Zoomlion seeks to address problems at home by acquiring assets overseas. Zoomlion's acquisition of Terex could provide access for the Chinese maker of concrete and earthmoving heavy equipment to North American markets, where its same-town rival Sany Heavy Industry Co Ltd already has an assembly plant. Terex said last week it was moving forward with negotiations after Zoomlion raised its bid for the company to $31 per
  
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• Wall Street opens higher as rate hike worries ease

  30-03-2016 15:34 via news.yahoo.com
  
  REUTERS - U.S. stocks opened higher on Wednesday, a day after Federal Reserve Chair Janet Yellen's remarks soothed concerns over the pace of interest rate hikes this year. The Dow Jones industrial average was up 65.2 points, or 0.37 percent, at 17,698.31, the S&P 500 8.03 points, or 0.39 percent, at 2,063.04 and the Nasdaq Composite index 27.77 points, or 0.57 percent, at 4,874.39. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty)
  
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• Cautious Yellen drives world stocks near 2016 peaks

  30-03-2016 13:37 via news.yahoo.com
  
  Wall Street was set to build on Tuesday's gains, which saw the S&P 500 recorded its highest close of the year after Federal Reserve Chair Janet Yellen urged caution on further rate hikes in the world's largest economy amid calls from some policymakers for faster action. "She (Yellen) seemed very biased towards the dovish side and the market is taking that as a signal that the Fed is maybe trying to engineer a weaker currency or a more buoyant financial market, or possibly both," Altana Hard
  
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• Yellen drives global stocks rally

  30-03-2016 13:36 via news.yahoo.com
  
  Global stock markets powered higher Wednesday after Federal Reserve boss Janet Yellen hinted that the US central bank would not lift interest rates any time soon. Wall Street rallied overnight after Yellen offered a more dovish outlook than expected on monetary policy, in her first public remarks since the Fed's March meeting. The news sent Hong Kong and Shanghai equities soaring on Wednesday, but Tokyo fell on the back of a stronger yen which hurts exporters.
  
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• GLOBAL MARKETS-Cautious Yellen drives world stocks near 2016 peaks

  30-03-2016 13:36 via news.yahoo.com
  
  Wall Street was set to build on Tuesday's gains, which saw the S&P 500 recorded its highest close of the year after Federal Reserve Chair Janet Yellen urged caution on further rate hikes in the world's largest economy amid calls from some policymakers for faster action. "She (Munich: SOQ.MU - news) (Yellen) seemed very biased towards the dovish side and the market is taking that as a signal that the Fed is maybe trying to engineer a weaker currency or a more buoyant financial market, or poss
  
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• Ukraine's independent MPs boost chances of ending deadlock

  30-03-2016 13:35 via news.yahoo.com
  
  Several non-aligned Ukrainian lawmakers have agreed to join Ukraine's biggest faction to help end a political crisis that is stalling Western-backed reforms and vital international financial aid, deputies said on Wednesday. Lawmakers are under pressure to end a deadlock that threatens snap parliamentary elections and has delayed disbursement of $1.7 billion in loans from the International Monetary Fund to help the war-torn economy. Since mid-February, attempts to form a multi-party coalition wit
  
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• Futures set to open higher as oil prices rise

  30-03-2016 13:31 via news.yahoo.com
  
  (Reuters) - Stock futures pointed to a higher opening for Canada's main stock index on Wednesday after oil prices rose to near $40 per barrel as a weaker dollar spurred interest in riskier assets. June futures on the S&P TSX index were up 0.77 percent at 7:15 a.m. ET. No major economic events are scheduled for the day. Canada's main stock index rose on Tuesday, reversing earlier losses as dovish comments from Federal Reserve Chair Janet Yellen helped support gold mining stocks. Dow Jones Ind
  
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• Futures higher as Yellen soothes nerves over rates

  30-03-2016 13:29 via news.yahoo.com
  
  * Yellen, who made her first remarks since the Fed's meeting earlier this month, said inflation in the United States had not yet reached sustainable levels amid risks posed by uncertainty about China's economy and low oil prices. * Yellen's stance contrasts with recent comments from other policymakers who have voiced support for more than one increase this year. * Global markets cheered Yellen's comments, which suggested that a rate hike was not immediately on the horizon.
  
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• Assad says conflict has cost Syria more than $200 billion

  30-03-2016 13:29 via news.yahoo.com
  
  MOSCOW (Reuters) - The conflict in Syria has cost the country more than $200 billion, Syrian President Bashar al-Assad said in an interview with Russia's RIA news agency published on Wednesday. "The economic damage and damage to infrastructure exceeded $200 billion... Restoring infrastructure will take a long time", he said. (Reporting by Lidia Kelly, Writing by Denis Pinchuk, Editing by Christian Lowe)
  
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• ECB's Weidmann warns against Britain leaving EU

  30-03-2016 13:23 via news.yahoo.com
  
  Britain has profited from the European Union's internal market and the EU would lose an important voice for competition and free trade if it were to leave the bloc, European Central Bank policymaker Jens Weidmann said. "Both the euro zone and Great Britain have enjoyed economic gains from the internal market," Weidmann told Germany's Funke Mediengruppe in comments released on Wednesday. Britain votes on June 23 on whether to remain in the EU.
  
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• Chinese banks see slight profit rises as economy slows

  30-03-2016 13:17 via news.yahoo.com
  
  Two of China's biggest banks on Wednesday announced slight increases in 2015 net profits, but warned of growing risks from bad loans as the world's second largest economy slows. The Industrial and Commercial Bank of China (ICBC) eked out a 0.48 percent rise in net profit to 277.13 billion yuan ($43 billion), it said in a statement to the Hong Kong stock exchange where it is listed. Its net profit figure still exceeded the 275.2 billion yuan average forecast of analysts surveyed by Bloomberg News
  
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• Khamenei says missiles, not just talks, key to Iran's future

  30-03-2016 12:41 via news.yahoo.com
  
  By Bozorgmehr Sharafedin DUBAI (Reuters) - Iran's top leader on Wednesday said missiles were key to the Islamic Republic's future, offering support to the hardline Revolutionary Guards that have drawn criticism from the West for testing ballistic missiles. Supreme Leader Ayatollah Ali Khamenei supported last year's nuclear deal with world powers but has since called for Iran to avoid further rapprochement with the United States and its allies, and maintain its economic and military strength. "Th
  
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• German retailer Metro seeks to split in two to speed growth

  30-03-2016 12:37
  
  FRANKFURT (Reuters) - German retailer Metrohas proposed to split itself in two, separating its wholesale and food business from its consumer electronics chain to help each focus and grow faster,...
  
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• The U.S. Economy Has Stalled, Again

  30-03-2016 12:15 via news.yahoo.com
  
  While the stock market is back near three-year highs and job growth remains strong, U.S. economic growth has hit the skids once more. On Monday, in response to tepid personal spending data, the Federal Reserve Bank of Atlanta marked down its first quarter GDP growth estimate to just 0.6 percent — down from 1.4 percent just last week. The Q1 "GDPNow" estimate from the Atlanta Fed is down from the 2.0 percent result posed in the third quarter of 2015, the 2.2 percent average growth rate seen
  
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• South Africa's Capitec posts profit rise as client numbers climb

  30-03-2016 12:14 via news.yahoo.com
  
  South African lender Capitec Bank Holdings reported a 26 percent rise in full-year profit on Wednesday, in line with its forecast, as growth in client numbers boosted both interest and transaction fee income despite a feeble economy. Capitec, which grants loans not supported by assets, said it gained 1 million active clients, to total 7.3 million customers, over the past year as growth of less than 2 percent in Africa's most advanced economy forced thrifty South Africans to shop around. "This ec
  
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• Foxconn agrees to buy Sharp after slashing original offer

  30-03-2016 11:48
  
  TOKYO/TAIPEI (Reuters) - Taiwan's Foxconn agreed to acquire Sharp Corp at a big discount to its original offer after a month of wrangling that sowed more doubts over whether the two companies can...
  
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• Europe open: Stocks rise as investors welcome Yellen's dovish stance

  30-03-2016 11:01 via news.yahoo.com
  
  (ShareCast News) - European stocks rose in early trade, taking their cue from an upbeat session on Wall Street as investors welcomed dovish comments from Federal Reserve Chair Janet Yellen.
  
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• Wells Fargo plans quiet assault on Wall Street from glass tower

  30-03-2016 10:50
  
  NEW YORK (Reuters) - As Wall Street remakes itself on a former rail yard in the far west of Midtown Manhattan, one surprising name is leading the way.
  
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• McCormick lifts offer for Premier Foods

  30-03-2016 10:31
  
  LONDON (Reuters) - U.S. spice company McCormick & Coraised its takeover proposal for Premier Foods Plcon Wednesday for the second time, calling on the British company's board to engage in talks...
  
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• Sierra Leone economy to grow by 4.3 percent in 2016: IMF

  30-03-2016 09:35 via news.yahoo.com
  
  Sierra Leone's economy is expected to grow by 4.3 percent this year because of a pick-up in mining and other sectors following the end of the Ebola epidemic, the International Monetary Fund said Tuesday. The world's worst recorded Ebola epidemic has battered Sierra Leone's economy, which the IMF said contracted by 21 percent last year. "The improvement (in Sierra Leone) reflects the pick-up in economic activities following the end of Ebola and the resumption of iron ore mining early this year,"
  
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• China overcapacity darkens Asia's 2016 growth prospects: ADB

  30-03-2016 09:21 via news.yahoo.com
  
  Huge industrial overcapacity in China will drag on both the country's and the region's growth this year, the Asian Development Bank said Wednesday, cutting its forecast for the world's second-largest economy. China's GDP growth is expected to slow to 6.5 percent in 2016, the ADB said in its flagship Asian Development Outlook, lowering its December forecast of 6.7 percent. With China casting its shadow over the continent, the bank also reduced its prediction for Asia's growth to 5.7 percent, down
  
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