Finance news

• Pimco assets under management $1.5 trillion at end of March

  13-04-2016 23:41
  
  NEW YORK (Reuters) - Pacific Investment Management Co's (Pimco) assets under management stood at $1.5 trillion at the end of March, up from $1.43 trillion at the end of 2015, the first increase in...
  
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• Bank of Canada flags risks, including Canadian dollar, while holding rates

  13-04-2016 23:00 via news.yahoo.com
  
  By Andrea Hopkins and Leah Schnurr OTTAWA (Reuters) - The Bank of Canada warned on Wednesday that the country's improving economy faced downside risks, including a stronger currency that could drag on non-commodity exports, even as it held interest rates steady and raised growth forecasts. Citing weaker global growth, a less favorable U.S. outlook and shrinking business investment, the central bank said fiscal stimulus in the new Liberal government's first budget was one of the only positive fac
  
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• China trade data boosts dollar, banks lead stocks higher

  13-04-2016 22:55 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - The U.S. dollar rallied and major stock markets rose on Wednesday after JPMorgan's results beat lowered expectations and upbeat Chinese trade data offered hope Asia's biggest economy is stabilizing. Wall Street gained after JPMorgan Chase's first quarter earnings fell nearly 7 percent but beat expectations. "It's a positive that (JPMorgan) earnings were well received," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.
  
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• U.S. regulators fail 'living wills' at five of eight big banks

  13-04-2016 22:54 via news.yahoo.com
  
  By Lisa Lambert WASHINGTON (Reuters) - U.S. regulators gave a failing grade to five big banks on Wednesday, including JPMorgan Chase & Co and Wells Fargo & Co , on their plans for a bankruptcy that would not rely on taxpayer money, giving them until Oct. 1 to make amends or risk sanctions. Nearly a decade after the financial crisis, it underscored how the debate about banks being "too big to fail" continues to rage in Washington and exasperate on Wall Street. Wednesday's announcement was
  
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• Wells Fargo's systemic importance rose, says U.S. report

  13-04-2016 22:26
  
  (Reuters) - Wells Fargo & Cois the only large U.S. bank to become "significantly" more important to the global financial system in recent years, according to a report on Wednesday by a U.S....
  
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• Leading global coal miner Peabody files for bankruptcy

  13-04-2016 22:15
  
  (Reuters) - Leading global coal producer Peabody Energy Corpfiled for U.S. bankruptcy protection on Wednesday after a sharp drop in coal prices left it unable to service debt of $10.1 billion, much...
  
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• LPL Financial to offer 'robo-adviser' using BlackRock technology

  13-04-2016 22:07
  
  NEW YORK (Reuters) - LPL Financial Holdings said on Wednesday it will use BlackRock Inc technology to provide a digital platform, called a robo-adviser, which can automatically build investor...
  
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• Beltone acquisition of CI Capital delayed until court case resolved

  13-04-2016 22:01
  
  CAIRO (Reuters) - The head of Egypt's financial regulatory body said on Wednesday that Beltone Financial'sacquisition of CI Capital would be delayed pending resolution of a court case involving...
  
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• US stocks jump as JPMorgan gives banks a big boost

  13-04-2016 21:26 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks are climbing Wednesday afternoon. Banks, which have struggled this year, are making the biggest gains after JPMorgan Chase posted quarterly results that weren't as bad as analysts expected. Industrial companies are rising on signs of strength in China's economy.
  
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• Global tax authorities probe Panama Papers

  13-04-2016 21:24 via news.yahoo.com
  
  Tax authorities from the world's richest nations on Wednesday probed a mass of murky offshore dealings revealed in the huge Panama Papers data leak, just hours after police raided the law firm at the centre of the scandal. The leak of 11.5 million confidential financial documents from Panamanian law office Mossack Fonseca offered international tax officials meeting in Paris an unprecedented trove of data to delve into alleged wrongdoing, officials said. Tax investigators discussed how to coopera
  
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• Financial shares lead Wall Street up after JPMorgan earnings

  13-04-2016 20:57 via news.yahoo.com
  
  Wall Street rallied for a second straight day on Wednesday as investors bought up financial shares after JPMorgan's quarterly results. The S&P 500 and Nasdaq touched their highest point of the year, while the Dow Industrials reached a nearly five-month high. JPMorgan , the No. 1 U.S. bank by assets, reported a quarterly profit that topped low market expectations.
  
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• China trade data boosts dollar, banks lead stocks up

  13-04-2016 20:45 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - The U.S. dollar rallied and major stock markets rose on Wednesday after JPMorgan's results beat lowered expectations and upbeat Chinese trade data offered hope Asia's biggest economy is finally stabilizing. The euro fell nearly 1 percent versus the greenback as stronger Chinese economic growth boosted recently batted-down expectations that the Federal Reserve could raise interest rates again in the not-too-distant future. China reported exports jumped 11.5
  
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• Fed survey finds US economy still expanding

  13-04-2016 20:34 via news.yahoo.com
  WASHINGTON (AP) — The Federal Reserve said Wednesday that the economy kept expanding in late February and March, despite weakness in the energy sector and a slowdown in exports of some factory and farm products because of global weakness and the strong dollar.
  
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• Are Stock Market Bears About to Get Clobbered Yet Again?

  13-04-2016 20:10 via news.yahoo.com
  
  Or are they about to get smashed, once again, as the seven-year Fed-fueled bull market rages on? On a GAAP basis, which removes much of the accounting shenanigans, earnings per share were just $16 million, or less than a penny per share.
  
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• U.S. economic activity expanded, several regions see pickup in wage growth: Fed

  13-04-2016 20:07 via news.yahoo.com
  
  By Lindsay Dunsmuir WASHINGTON (Reuters) - The U.S. economy continued to expand from late February to early April and low unemployment appears to be spurring an uptick in wage growth, the Federal Reserve said on Wednesday. The Fed has signaled caution in lifting interest rates this year as it waits to see if the nation's economy can shrug off slowing global growth and risks posed by a strong dollar and sustained period of low oil prices. Consumer spending increased only modestly in most district
  
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• UPDATE 1-Lattice shares soar after China's Tsinghua reports buying stake

  13-04-2016 20:00
  
  April 13 (Reuters) - China's Tsinghua Unigroup unveiled a
  stake of roughly 6 percent in Lattice Semiconductor Corp
  on Wednesday, sending shares of the U.S. chip
  manufacturer soaring 18 percent on...
  
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• U.S. Treasury, Democrats concerned over Puerto Rico plan

  13-04-2016 19:54 via news.yahoo.com
  
  By Patrick Rucker and Richard Cowan WASHINGTON (Reuters) - The U.S. Congress was ironing out a new plan on Wednesday to rescue Puerto Rico from crippling debts that threaten the island territory's funding for hospitals and emergency services, as the treatment of bondholders simmers as a point of contention. It would steer creditors and holders of Puerto Rico bonds toward a new, independent board that would seek a fair way to write down an estimated $70 billion in debt. Puerto Rico's economy has
  
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• U.S. regulators fail 'living wills' at 5 of 8 big banks

  13-04-2016 19:52 via news.yahoo.com
  
  By Lisa Lambert WASHINGTON (Reuters) - U.S. regulators failed five big banks on Wednesday, including JP Morgan and Wells Fargo, on their plans for a bankruptcy that would not rely on taxpayer money, giving them until Oct. 1 to make amends or risk sanctions. Nearly a decade after the financial crisis, it underscored how the debate about banks being “too big to fail” continues to rage in Washington and exasperate on Wall Street. Wednesday's announcement was the first time the two major
  
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• Almost 400,000 disabled Americans eligible for student loan forgiveness

  13-04-2016 19:43 via news.yahoo.com
  By Clarece Polke WASHINGTON (Reuters) - The U.S. government announced plans on Tuesday to forgive $7.7 billion in student loans for about 387,000 permanently disabled borrowers. While permanently disabled Americans are already permitted student loan forgiveness under the Higher Education Act, many who are eligible have not taken advantage of the debt relief, the U.S. Department of Education said in a statement. Of the 387,000 borrowers identified by the department as eligible but have not taken
  
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• Wall Street rallies as JPMorgan drives bank stocks

  13-04-2016 19:39 via news.yahoo.com
  
  Wall Street rallied on Wednesday, boosted by JPMorgan's first-quarter results, and unexpectedly strong Chinese trade data raised hopes that the world's second-largest economy was recovering. JPMorgan, the first of the big banks to report earnings, posted higher-than-expected revenue and profit, sending its shares up 4.2 percent to $61.75. Bank of America rose 3.7 percent and Citigroup 4.8 percent.
  
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• Bombardier faces potential minority shareholder pushback at AGM

  13-04-2016 19:36
  
  TORONTO/MONTREAL, April 13 (Reuters) - Bombardier Inc
  is set to face pressure for greater transparency at
  its annual meeting later this month after an influential proxy
  advisory firm advised clients...
  
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• Argentine ex-president denounces political persecution

  13-04-2016 19:36 via news.yahoo.com
  
  By Sarah Marsh and Nicolás Misculin BUENOS AIRES (Reuters) - Argentina's former president Cristina Fernandez accused the government of political persecution on Wednesday after testifying in court about alleged irregularities at the central bank that occurred under her watch. In a defiant speech outside the federal court in Buenos Aires, Fernandez addressed tens of thousands of supporters who showed up in the rain to cheer her on, beating drums and singing: "If they touch Cristina, we're g
  
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• Development aid hits record as spending on refugees doubles-OECD

  13-04-2016 19:32 via news.yahoo.com
  By Magdalena Mis LONDON (Thomson Reuters Foundation) - Development aid given by rich countries rose to a new high in 2015, mainly because of an increase in funds spent on hosting and processing refugees, the Organisation for Economic Co-operation and Development (OECD) said on Wednesday. Official development assistance (ODA) reached a record $131.6 billion in 2015, an increase of 6.9 percent in real terms from 2014, the Paris-based international think-tank said. Funds spent on hosting and proces
  
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• UPDATE 1-CSX CEO says industrial sector shows signs of stabilizing

  13-04-2016 19:07
  
  CHICAGO, April 13 (Reuters) - No. 3 U.S. railroad CSX Corp
  said on Wednesday its expects "mid-to-high single digit"
  freight volume declines in the second quarter due largely to
  slumping coal demand,...
  
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• McCormick loses its appetite for UK's Premier Foods

  13-04-2016 19:01
  
  LONDON (Reuters) - Shares in Premier Foodssank 27 percent on Wednesday after U.S. spice maker McCormick Foodsdropped its 1.5 billion pound ($2.1 billion) takeover proposal for the UK maker of...
  
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• JPMorgan beats Wall Street expectations in tough quarter for banks

  13-04-2016 18:57 via news.yahoo.com
  
  JPMorgan Chase & Co , the No. 1 U.S. bank by assets, reported a quarterly profit that topped low market expectations as lower costs and better-than-expected trading revenue helped soften the blow from a fall in investment banking fees. JPMorgan is the first U.S. bank to report results for what has generally been seen as the banking industry's worst start to a new year since the 2007-2008 financial crisis. Banks around the world have been hit by a slide in commodity and oil prices, a slowdown
  
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• Weak U.S. retail sales reinforce Fed caution on rate hikes

  13-04-2016 18:54 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. retail sales unexpectedly fell in March as households cut back on purchases of automobiles and other items, further evidence that economic growth stumbled in the first quarter. The two reports suggested the Federal Reserve will probably not raise interest rates until later this year. "The data solidifies the well-entrenched narrative of a very weak first quarter for the U.S. economy.
  
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• Pimco 'BOND' ETF flows stagnating as asset class grows

  13-04-2016 18:53
  
  NEW YORK (Reuters) - One of the most popular actively managed ETFs, the Pimco Total Return Active Exchange-Traded Fund, has seen its assets stagnate as investors have gravitated toward rival funds...
  
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• South Africa's rand, stocks rally on improved risk appetite

  13-04-2016 18:42 via news.yahoo.com
  
  South Africa's rand extended gains against the dollar on Wednesday, scaling its strongest level since early December, partly driven by positive sentiment towards emerging markets, while stock emulated the upward movement. The rand climbed more than 1 percent to 14.5350 per dollar in the session, the firmest it has been since Dec. 9 last year, according to Thomson Reuters data. The currency of Africa's most industrialised economy was last at these levels hours before President Jacob Zuma fired Fi
  
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• Investors pull most money this year from U.S. stock funds before earnings

  13-04-2016 18:27
  
  NEW YORK (Reuters) - Investors pulled the most money from U.S. stock funds this year during the latest week, trimming risk ahead of the U.S. earnings season, while bond investors warmed up to...
  
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• South Korea ruling conservatives fail to win majority in parliament poll

  13-04-2016 18:12 via news.yahoo.com
  
  By Jack Kim SEOUL (Reuters) - South Korea's ruling conservative party failed to regain a majority in parliament in an election on Wednesday, dealing a stinging blow to President Park Geun-hye and denting prospects for the party's success in a 2017 presidential vote. The failure to secure a majority by Park's ruling Saenuri Party will also likely mean her government will face more deadlock in the National Assembly as she tries to push through legislation to boost a sluggish economy and create job
  
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• Britain's FTSE gets a boost from China export data

  13-04-2016 18:06
  
  * Premier Foods slumps after McCormick walks away from bid(Adds quote, updates prices at close)
  
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• Stocks, U.S. dollar rally on China trade surprise, banks up

  13-04-2016 17:53 via news.yahoo.com
  
  By David Gaffen NEW YORK (Reuters) - Major stock markets rose on Wednesday after surprisingly upbeat Chinese international trade data offered hope Asia's biggest economy is finally stabilising. In turn, the U.S. dollar rose to a two week high against the euro, as stronger Chinese economic growth might allow the Federal Reserve to raise interest rates again. Broader equity indices were also helped by a rise in U.S. bank stocks after JPMorgan Chase's first quarter earnings fell nearly 7.0 percent
  
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• Kurdistan government needs support to plug $100 million monthly deficit

  13-04-2016 17:44 via news.yahoo.com
  
  The Kurdistan Regional Government (KRG) in Iraq needs budget support to plug a monthly deficit of $100 million and would accept any conditions that might be placed on the aid, KRG Deputy Prime Minister Qubad Talabani said on Wednesday. "We have absolutely no problems with any conditions that (would) be placed on financial assistance given to us," Talabani said at a think tank conference, saying the KRG had made its need for budget support clear to the U.S. government. The global oil price plunge
  
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• IMF says debt levels highest since World War II

  13-04-2016 17:04 via news.yahoo.com
  
  Public debt has soared in advanced economies to the highest levels since World War II as governments struggle against slow growth and deflation, the International Monetary Fund warned Wednesday. Levels of government borrowing have picked up since the financial crisis and continue to rise as economic powers like Japan and Europe remain mired in very slow growth and many emerging and poorer economies struggle with the plunge in income from commodities like oil and metals.
  
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• Bank of Canada holds rates, govt steps offset weakness elsewhere

  13-04-2016 16:54 via news.yahoo.com
  
  By Andrea Hopkins and Leah Schnurr OTTAWA (Reuters) - The Bank of Canada kept interest rates steady on Wednesday, saying weaker global growth, a less favorable U.S. outlook and shrinking business investment would have driven the economic outlook lower if not for the boost from the government's fiscal stimulus. Citing the spending announced in the new Liberal government's March budget as one of the only positive factors driving economic growth in Canada amid a prolonged slump in the energy sector
  
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• Weak U.S. retail sales, inflation data reinforce Fed caution on rates

  13-04-2016 16:48 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. retail sales unexpectedly fell in March as households cut back on purchases of automobiles and other items, further evidence that economic growth stumbled in the first quarter. The two reports suggested the Federal Reserve will probably not raise interest rates until later this year. "The data solidifies the well-entrenched narrative of a very weak first quarter for the U.S. economy.
  
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• Thousands show up to support Argentine ex-president, paralyzing capital

  13-04-2016 16:43 via news.yahoo.com
  
  Tens of thousands of supporters of Argentina's former president beat drums and clogged traffic in Buenos Aires on Wednesday as they streamed toward the court where she is appearing in a case about irregularities at the central bank under her watch. Cristina Fernandez, who stepped down as president last December after governing for eight years, was a divisive figure, revered by many for her generous welfare programs and reviled by others for her interventions in the economy. Fernandez, 63, also w
  
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• IMF sees $1.3 trillion in 'at-risk' Chinese company debt

  13-04-2016 16:36 via news.yahoo.com
  
  The International Monetary Fund said Wednesday that corporate China's balance sheets have deteriorated to the point that some $1.3 trillion in borrowings is at risk of default. It said that the financial health of Chinese companies has declined as profitability has sunk amid slower economic growth, and there is clear evidence that more companies are not earning enough to cover the interest owed on borrowings. Such "debt at risk" has risen to 14 percent of all debt at listed Chinese companies, tr
  
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• Brazil M&A deals tougher to close amid economic and political turmoil

  13-04-2016 16:24
  
  SAO PAULO (Reuters) - Brazil's harshest recession in decades and deepening political turmoil are preventing buyers and sellers from finalizing dozens of mergers and acquisitions amid wide...
  
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• Dubai's Emaar Properties says to split with India JV partner

  13-04-2016 16:03 via news.yahoo.com
  * Dubai developer to split Emaar MGF Land Limited JV - statement * India JV struggled in recent years * Delays to projects, failed IPO, among issues (Adds context) By Hadeel Al Sayegh and Aditi Shah DUBAI/DELHI, April 13 (Reuters) - Dubai's Emaar Properties plans to split with its Indian joint venture partner through a demerger process, the emirate's biggest property developer said on Wednesday. The move ends a decade-long relationship between Emaar and MGF Developments through Emaar MGF Land Li
  
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• Banks, China data drive Wall Street gains

  13-04-2016 15:58 via news.yahoo.com
  
  (Reuters) - Wall Street was higher on Wednesday as bank earnings kicked off on an upbeat note, with JPMorgan topping profit estimates, and China's strong trade data raised hopes that the world's second largest economy was on the road to recovery.
  
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• Merkel, with eye on ECB, says politicians must generate growth

  13-04-2016 15:50
  
  BERLIN, April 13 (Reuters) - Europe's politicians need to
  generate economic growth to help push up the low inflation rates
  in the euro zone, which the European Central Bank is mandated to
  target,...
  
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• Wall Street opens higher on China data

  13-04-2016 15:36 via news.yahoo.com
  
  REUTERS - U.S. stocks opened higher on Wednesday, driven by strong trade data from China and JPMorgan Chase & Co's better-than-expected quarterly results. The Dow Jones industrial average was up 40.61 points, or 0.23 percent, at 17,761.86, the S&P 500 was up 8.18 points, or 0.4 percent, at 2,069.9 and the Nasdaq composite was up 32.71 points, or 0.67 percent, at 4,904.80. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva)
  
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• Lufthansa in talks on SAS and Brussels Airlines to spread Eurowings: sources

  13-04-2016 15:36
  
  FRANKFURT (Reuters) - Lufthansais in talks with the owners of Scandinavian carrier SASand Brussels Airlines as it seeks to expand its network and its Eurowings low-cost platform, people close to...
  
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• CANADA FX DEBT-C$ weakens as oil retreats; attention turns to BOC rate announcement

  13-04-2016 15:32
  
  * Canadian dollar at C$1.2803, or 78.11 U.S. cents* Bond prices mixed across the maturity curve TORONTO, April 13 (Reuters) - The Canadian dollar weakened
  against its U.S. counterpart on...
  
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• UPDATE 2-U.S. regulators fail "living wills" at 5 of 8 big banks

  13-04-2016 15:31
  
  WASHINGTON, April 13 (Reuters) - Five out of eight of the
  biggest U.S. banks do not have credible plans for winding down
  operations during a crisis without the help of public money,
  federal...
  
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• BRIEF-Nomura is cutting senior managers in its european fixed income unit- Bloomberg

  13-04-2016 15:22
  
  * Nomura is cutting senior managers in its high yield,
  distressed debt and asset-backed securities divisions in london-
  Bloomberg, citing sources
  
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• U.S. retail sales fall on weak auto purchases; inflation tame

  13-04-2016 15:21 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. retail sales unexpectedly fell in March as households cut back on purchases of automobiles and other items, further evidence that economic growth stumbled in the first quarter. The two reports suggested the Federal Reserve will probably not raise interest rates until later this year. "The data solidifies the well-entrenched narrative of a very weak first quarter for the U.S. economy.
  
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• Many U.S. corporations pay little in federal income taxes: report

  13-04-2016 15:16 via news.yahoo.com
  
  At least two-thirds of all active U.S. corporations paid nothing in federal income taxes during the 2006-12 period, despite an income-dependent statutory tax rate of 15 percent to 35 percent, the Government Accountability Office said in a recent report. Among large, profitable entities, 19.5 percent paid nothing in federal income taxes in 2012, said the report, which came at the behest of Democratic presidential contender Bernie Sanders, whose campaign circulated the study. The report from the n
  
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