Finance news

• New Jersey sues Atlantic City over school money

  04-04-2016 23:53 via news.yahoo.com
  
  New Jersey Governor Chris Christie's administration sued cash-strapped gambling hub Atlantic City on Monday, seeking to freeze city spending until it remits the millions of dollars it owes to its school district. In the civil action, State Education Commissioner David Hespe said Atlantic City owed the district $82 million of tax revenues collected for the school year. The state sued "to protect the property tax collections that rightfully belong to the Atlantic City School District and the child
  
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• UPDATE 3-TerraForm Global sues SunEdison, says misappropriated $231 mln

  04-04-2016 21:39
  
  Wilmington, Del., April 4 (Reuters) - TerraForm Global Inc on Monday sued its controlling shareholder, SunEdison Inc, accusing the cash-strapped solar power plant builder of diverting $231 million of...
  
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• Oil rally not over, hedge fund BBL says after 9 percent gain through March

  04-04-2016 20:08
  
  NEW YORK (Reuters) - Oil is in an early bull run despite the notion prices have rebounded too fast, too soon, hedge fund manager Jonathan Goldberg says as his energy-focused investment fund posts a 9...
  
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• Justice Dept reviewing Panama documents for possible corruption: WSJ

  04-04-2016 20:06 via news.yahoo.com
  WASHINGTON (Reuters) - The U.S. Justice Department is reviewing leaked documents from a Panama law firm involving offshore financial arrangements of global politicians and public figures for potential evidence of corruption, the Wall Street Journal reported on Monday.
  
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• Gundlach's DoubleLine posts $2 billion mutual funds inflow in March

  04-04-2016 19:42
  
  (Reuters) - Jeffrey Gundlach's DoubleLine Capital posted a net inflow of $2.02 billion in its open-end mutual funds in March, for a year-to-date total of $6.21 billion, the Los Angeles-based firm...
  
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• UPDATE 1-Vericel stem cell heart failure therapy cuts deaths -study

  04-04-2016 19:31
  
  April 4 (Reuters) - A stem cell therapy developed by Vericel Corp helped reduce deaths and hospitalizations in advanced heart failure patients, according to data from a midstage study, potentially...
  
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• BlackRock lowers view on U.S. corporate credit to neutral

  04-04-2016 19:13
  
  NEW YORK (Reuters) - BlackRock, the world's largest asset manager, downgraded its outlook on the U.S. corporate bond market to neutral from overweight as the sector has became pricier and shown risk...
  
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• Panama Papers revelations trigger tax evasion probes

  04-04-2016 19:12 via news.yahoo.com
  
  The tax evasion revealed in the documents "is likely to concern French taxpayers," the French financial prosecutors' office said as it announced it was opening a preliminary investigation into money laundering and tax fraud. French President Francois Hollande had earlier promised that the revelations would lead to "legal proceedings" in France. "It's good news that we are aware of these revelations because it will bring in tax revenue from those who have defrauded," Hollande said, thanking the w
  
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• UPDATE 2-TerraForm Global sues SunEdison, says misappropriated $231 mln

  04-04-2016 18:55
  
  Wilmington, Del., April 4 (Reuters) - TerraForm Global Inc on Monday sued controlling shareholder SunEdison Inc for misappropriating $231 million of TerraForm Global's cash, days after hedge fund...
  
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• Wall Street flat as investors take stock after rally

  04-04-2016 18:48 via news.yahoo.com
  
  Investors have been skittish following U.S. Federal Reserve Chair Janet Yellen's comments last week urging caution on raising rates, which were in contrast with remarks made by some policymakers supporting more aggressive stance on rates. The Fed is likely to raise rates before current market expectation since overseas risks to the U.S. economy are fading, Boston Fed President Eric Rosengren said on Monday. While the Fed's projections point to two rate hikes this year, traders expect only one, a
  
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• South Africa's central bank says to remain vigilant on inflation

  04-04-2016 18:38 via news.yahoo.com
  
  South Africa's central bank would continue raising interest rates in order to keep rising inflation in check despite the costs to the economy, the bank said at its monetary policy forum on Monday. South Africa's Reserve Bank has raised benchmark lending rates by a total of 200 basis points in the last two years as it fights accelerating consumer prices triggered by a depreciating currency, drought and above-inflation wage hikes. "Tolerating additional inflation in the short run could require lar
  
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• U.S. top court rejects Wal-Mart, Wells Fargo class action appeals

  04-04-2016 18:20
  
  WASHINGTON (Reuters) - The U.S. Supreme Court on Monday rejected two corporate challenges in class action cases, refusing to hear bids by Wal-Mart Stores Inc and Wells Fargo & Co to throw out large...
  
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• U.S. factory data signals further slowdown in economic growth

  04-04-2016 18:17 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - New orders for U.S. factory goods fell in February and business spending on capital goods was much weaker than initially thought, the latest indications that economic growth slowed further in the first quarter. The Commerce Department said on Monday new orders for manufactured goods declined 1.7 percent as demand fell broadly, reversing January's downwardly revised 1.2 percent increase. The department also said orders for non-defense capital goods excludi
  
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• Russian economy minister on Panama Papers: my name's not related to it

  04-04-2016 18:15 via news.yahoo.com
  MOSCOW (Reuters) - Russian Economy Minister Alexei Ulyukayev said on Monday that his name had no "relation to these events" when asked by reporters to comment on a massive leak of offshore financial data on Sunday that has been referred to as the Panama Papers.
  
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• European stocks bounce back

  04-04-2016 18:15 via news.yahoo.com
  
  European stock markets bounced back on Monday as positive eurozone data and expectations of low US interest rates for some time helped offset renewed concerns over a weak Japanese economy. London's benchmark FTSE 100 index and Frankfurt's DAX 30 each ended the day with a gain on 0.3 percent, while the Paris CAC 40 added 0.5 percent. "After a slow start European markets have regained some of their equilibrium today, as oil prices stabilised after rebounding off a four week low," said analyst Mich
  
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• Britain's FTSE advances, helped by pharma stocks

  04-04-2016 18:04
  
  * Mondi falls on paper probe (ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for...
  
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• Nigeria targets elusive small traders in new tax drive

  04-04-2016 18:01 via news.yahoo.com
  
  By Alexis Akwagyiram and Chijioke Ohuocha LAGOS (Reuters) - Sewing hair extensions to the plaits on a middle-aged woman's head, Nigerian hairdresser Bridget Okoidegun is not sure how much tax she pays -- something the government plans to change. The owner of a small salon in Lagos could soon find herself on the hitlist of officials who have started cracking down on the small traders who account for almost half of Africa's biggest economy but don't pay taxes. President Muhammadu Buhari wants to s
  
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• Climate change puts trillions of dollars of financial assets at risk: study

  04-04-2016 17:40 via news.yahoo.com
  
  By Alister Doyle OSLO (Reuters) - Trillions of dollars of non-bank financial assets around the world are vulnerable to the effects of global warming, according to a study on Monday that says tougher action to curb greenhouse gas emissions makes sense for investors. Rising temperatures and the dislocation caused by related droughts, floods and heatwaves will slow global economic growth and damage the performance of stocks and bonds, according to the report, led by the London School of Economics.
  
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• Cambodia passes disputed trade union law as tension flares

  04-04-2016 16:33 via news.yahoo.com
  
  By Prak Chan Thul PHNOM PENH (Reuters) - Cambodia's parliament approved a disputed trade union law on Monday without making changes demanded by labor groups and the opposition, who decried it as too strict and designed to limit workers' rights. The law is a hotly contested issue in Cambodia, where the $5 billion textiles and footwear sector is the biggest employer and economic driver, producing goods for Nike, H&M, Puma, Marks and Spencer and Inditex, among more than a dozen global brands. S
  
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• Iranian commandos deployed to Syria as advisers: officer

  04-04-2016 16:23 via news.yahoo.com
  
  Iran has sent commandos to Syria as advisers, a military official said on Monday, suggesting it is using its army as well as paramilitary forces to help President Bashar al-Assad's forces in the country's civil war. Tehran is Assad's main regional ally and has provided military and economic support to his fight against rebel groups and Islamic State militants. "We are sending commandos from army's Brigade 65 and other units to Syria as advisers," General Ali Arasteh, deputy chief liaison of the
  
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• U.S. top court rejects Wells Fargo challenge to $203 million class action judgment

  04-04-2016 15:46
  
  WASHINGTON (Reuters) - The U.S. Supreme Court on Monday rejected Wells Fargo & Co's appeal of a $203 million judgment that it was ordered to pay to resolve a class action lawsuit accusing it of...
  
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• IMF: global market shocks from China will only increase

  04-04-2016 15:38 via news.yahoo.com
  
  By David Lawder WASHINGTON (Reuters) - Global market spillovers from China's economic shocks will only increase in coming years as the country's financial influence grows and the yuan's use as a funding currency broadens, the International Monetary Fund said on Monday. In a portion of its latest Global Financial Stability Report, the IMF said developments in emerging markets now account for one-third to 40 percent of the variation between stock market returns and exchange rate fluctuations world
  
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• Global market shocks from China will only increase - IMF

  04-04-2016 15:32 via news.yahoo.com
  
  By David Lawder WASHINGTON (Reuters) - Global market spillovers from China's economic shocks will only increase in coming years as the country's financial influence grows and the yuan's use as a funding currency broadens, the International Monetary Fund said on Monday. In a portion of its latest Global Financial Stability Report, the IMF said developments in emerging markets now account for one-third to 40 percent of the variation between stock market returns and exchange rate fluctuations world
  
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• Eurozone jobless rate falls marginally, outlook uncertain

  04-04-2016 15:18 via news.yahoo.com
  
  The eurozone unemployment rate improved only marginally in February, official data showed Monday, stoking concerns the economy could be slowing after only a modest recovery. The Eurostat statistics agency said unemployment in the 19-nation eurozone fell to 10.3 percent in February, a four-and-a-half year low, from a revised 10.4 percent in January. The January figure was originally given as 10.3 percent last month and analysts had expected the February jobless rate to come in unchanged at 10.3 p
  
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• Wall Street set for slightly higher open

  04-04-2016 15:05 via news.yahoo.com
  
  Wall Street looked set to open slightly higher on Monday after a string of recent economic reports pointed to strength in the U.S. economy. Adding to the sentiment were U.S. Federal Reserve Chair Janet Yellen's comments last week, urging caution on raising rates, given the risks from global economic conditions. Data last week indicating strength in the U.S. labor market and a recovery in the manufacturing sector did little to change expectations for interest rate hikes by the Fed in 2016.
  
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• Westlake to launch proxy for Axiall board after spurned bid

  04-04-2016 15:04
  
  (Reuters) - Westlake Chemical Corpsaid on Monday it would seek to replace Axiall Corp'sboard, after its raised offer was rejected by the U.S. chemical and building products maker.
  
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• Brocade to buy Ruckus Wireless in $1.5 billion deal

  04-04-2016 15:03
  
  (Reuters) - Network gear maker Brocade Communications Systems Incsaid on Monday it would buy Ruckus Wireless Incin a cash and stock deal worth about $1.5 billion.
  
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• Alaska Air to buy Virgin America for $2.6 billion

  04-04-2016 14:46
  
  NEW YORK (Reuters) - Alaska Air Group Incsaid on Monday that it would buy Virgin America Incfor $2.6 billion to compete more effectively with larger airlines and become the top carrier on the...
  
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• Italy Prime Minister Renzi to visit Iran next week

  04-04-2016 14:41 via news.yahoo.com
  
  ROME (Reuters) - Italy's Prime Minister Matteo Renzi will visit Iran next week, his office said on Monday, three months after the Iranian president came to Europe to rebuild ties as years of economic sanctions ended. The two sides signed business deals worth billions of dollars during Iranian President Hassan Rouhani's visit in January, and Renzi said then that they were only the beginning of future cooperation. ...
  
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• South Africa's competition watchdog to ask for more time to probe SABMiller, AB InBev deal

  04-04-2016 14:38
  
  JOHANNESBURG (Reuters) - South Africa's competition watchdog said on Monday it will request an extension to Tuesday's deadline to complete an investigation of Anheuser-Busch InBev'splanned $100...
  
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• UPDATE 2-TerraForm Global gets more time to file annual report

  04-04-2016 14:13
  
  April 4 (Reuters) - TerraForm Global Inc, a unit of troubled U.S. solar energy company SunEdison Inc, said on Monday its lenders had agreed to a one-month extension to file its annual report, after...
  
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• Britain's FTSE advances, breaking losing run

  04-04-2016 14:12
  
  * Mondi falls on paper probe (ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for...
  
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• Airbus warns British employees on cost of Brexit

  04-04-2016 14:12 via news.yahoo.com
  
  European planemaker Airbus Group said its future investment in Britain could depend on whether the country remains in the European Union, in a warning to its British employees ahead of a vote on June 23. The economic impact of a 'Brexit' is one of the key issues for voters ahead of a referendum on Britain's EU membership. Airbus wrote to employees on Monday to warn of the consequences of leaving.
  
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• Oil falls on fading supply freeze prospects; dollar steadies

  04-04-2016 14:02 via news.yahoo.com
  
  By Nigel Stephenson LONDON (Reuters) - Oil prices hit one-month lows as prospects of top exporters agreeing to curb chronic oversupply faded, while other commodities also lost ground as the dollar steadied after Friday's strong U.S. data. Wall Street looked set to open higher, according to index futures, after shares rose sharply in Europe and modest gains in Asia.
  
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• Nielsen signs deal with Dish for viewing data

  04-04-2016 13:56
  
  (Reuters) - U.S.-based advertising tracking company Nielsen Holdings Plcsaid it signed a multi-year agreement with Dish Network Corpto use data from Dish households to improve its understanding...
  
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• Uganda central bank cuts key lending rate, says inflation outlook improved

  04-04-2016 13:30 via news.yahoo.com
  By Elias Biryabarema KAMPALA (Reuters) - Uganda's central bank cut its benchmark lending rate on Monday, saying the inflation outlook had improved and the rate needed to be lowered to keep economic growth close to its potential. Bank of Uganda (BOU) Governor Emmanuel Tumusiime-Mutebile told a news conference the bank had dropped the rate to 16 percent from 17 percent previously, adding that real growth had dipped at the start of this year and that consumer demand remained subdued. "Given that th
  
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• India's Adani considering buying SunEdison assets: sources

  04-04-2016 13:19
  
  MUMBAI (Reuters) - India's Adani Group is looking at buying the local assets of SunEdison Inc , two people familiar with the matter told Reuters, after the heavily indebted U.S. solar power developer...
  
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• UPDATE 2-India's Adani considering buying SunEdison assets -sources

  04-04-2016 13:11
  
  * Adani told bankers it is interested in SunEdison assets -
  sources
  
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• Walgreens' Wall Street edge fades against rival CVS as earnings near

  04-04-2016 13:00
  
  NEW YORK, April 4 (Reuters) - For much of the last three years, investors have been willing to pay more for expected profit at Walgreens than for competitor CVS, but the pharmacy chain may be losing...
  
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• From Silicon Valley to Main St, firms say SunEdison owes money

  04-04-2016 13:00
  
  LOS ANGELES, April 4 (Reuters) - Businesses ranging from
  Silicon Valley venture capitalists to a small Massachusetts
  solar installer say they are owed money by SunEdison Inc,
  underscoring the breadth...
  
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• India's Adani considering buying SunEdison solar assets -sources

  04-04-2016 12:56
  
  MUMBAI, April 4 (Reuters) - India's Adani Group is
  considering buying the local assets of solar developer SunEdison
  Inc, two sources aware of the matter told Reuters on
  Monday.
  
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• Blackstone takes control of India's Mphasis in up to $1.1 billion deal

  04-04-2016 12:54
  
  MUMBAI (Reuters) - Blackstone Groupis buying a majority stake in Indian IT outsourcing services provider Mphasis Ltdfrom Hewlett Packard Enterprise Coin an up to $1.1 billion deal, in the U.S....
  
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• Britain's FTSE advances, shrugs off declines in commodities

  04-04-2016 11:13
  
  LONDON, April 4 (Reuters) - British shares edged higher on Monday as commodities-related stocks shrugged off declines in copper and oil prices, although Mondi fell on news of an anti-monopoly...
  
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• MIDEAST STOCKS-Saudi up despite lower oil, Egypt edges lower

  04-04-2016 11:06 via news.yahoo.com
  Investors in Saudi Arabia's stock market shrugged off further losses in oil prices in early trade on Monday, while Egypt's bourse edged lower. Saudi Airlines Catering added 1.0 percent after the company said it had signed a contract with Saudi Airlines Real Estate Development Co to provide catering and other entertainment services for the Saudia Hotel. Saudi Arabian Mining (Ma'aden) added a further 1.7 percent, heading for a third straight session of gains.
  
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• Zambia's kwacha dips as copper prices weaken further

  04-04-2016 10:50 via news.yahoo.com
  LUSAKA (Reuters) - Zambia's kwacha slipped on Monday as copper prices fell for a seventh straight session, erasing a recent rally by the currency of the continent's second largest producer of the metal. By 0800 GMT the kwacha weakened 1.1 percent to 10.9500 per dollar, pulling back from its firmest levels in four months as demand for copper continued to be hurt by worries over the economic slowdown in China. (Writing by Mfuneko Toyana; Editing by James Macharia)
  
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• Warburg Pincus-backed tech firm buys U.S.-based revenue management provider

  04-04-2016 10:17
  
  DUBAI (Reuters) - Mercator, a technology services company backed by private equity firm Warburg Pincus [WP.UL], has bought a Seattle-based revenue management systems firm, its second acquisition in...
  
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• BUZZ-Rolls Royce: broker downgrade hit stock

  04-04-2016 10:08
  
  ** Rolls-Royce falls as much as 2 pct, one of the top losers on FTSE 100
  
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• MIDF optimistic on Selangor Dredging's strong earnings momentum

  04-04-2016 10:05 via news.yahoo.com
  KUALA LUMPUR: MIDF Research Bhd is sanguine on Selangor Dredging Bhd’s outlook on the back of strong earnings momentum. An analyst at MIDF said Selangor Dredging’s earnings profile elucidates an intact bottom line momentum moving forward as the firm focuses on quality materials rather than quality. “Earnings projection can be forecasted in a positive note as a surge in the take-up rate for units at its ‘Village’ project in Pasir Panjang is expected.
  
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• South Africa's rand vulnerable to political, economic uncertainty

  04-04-2016 09:36 via news.yahoo.com
  
  South Africa's rand was weaker against the dollar in early Monday trade, despite broad-based greenback losses abroad, partly due to worries about the country's cloudy domestic political and economic outlook. Stocks opened flat at 0700 GMT, with the JSE securities exchange's Top-40 index barely changed from Friday's close. The currency had climbed to 14.6050 late on Friday, its strongest since early December, on speculation President Jacob Zuma might quit over the fallout from a court ruling that
  
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• BRIEF-Court declares Dmail unit Dmedia Commerce bankrupt

  04-04-2016 09:18
  
  * Said on Friday that Court in Florence declared its
  wholly-owned unit Dmedia Commerce SpA bankrupt
  
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