Finance news

• Morgan Stanley creating team to educate brokers on U.S. retirement advice rule

  14-04-2016 22:52
  
  (Reuters) - Morgan Stanleyis creating a team to educate its financial advisers about a new U.S. rule intended to protect retirement savers, a bank spokesman confirmed on Thursday.
  
  Read more

• India launches first e-trading portal for farmers

  14-04-2016 22:45 via news.yahoo.com
  
  India launched its first electronic trading portal Thursday to allow farmers to sell their goods across the country, in move aimed at improving livelihoods of struggling growers and boosting the rural economy. The National Agriculture Market (eNAM) will allow farmers to monitor the cost of commodities, gauge demand and gain easier access to markets in other parts of the nation, which will boost competition and eliminate middlemen. "This will empower the farmers who will now decide when, where an
  
  Read more

• Global officials fret as storm clouds gather over world economy

  14-04-2016 22:31 via news.yahoo.com
  
  World financial leaders sounded a sour note about the global economy on Thursday, pointing to Britain's possible exit from the European Union as a serious threat alongside rising anti-trade sentiment and China's bumpy growth path. Concern that British voters are edging closer to leaving the EU in a June 23 referendum has spooked finance ministers, central bankers and other officials gathered here for the International Monetary Fund and World Bank spring meetings. IMF Managing Director Christine
  
  Read more

• Financial shares mint fifth day of gains; indexes close flat

  14-04-2016 22:31 via news.yahoo.com
  
  Wall Street was little changed on Thursday after two days of solid gains as investors digested the latest round of big bank earnings and financial shares kept bouncing back. Bank of America Corp shares rose 2.5 percent, giving the biggest boost to the S&P 500, after the No. 2 U.S. bank by assets reported a slide in quarterly profit in line with expectations. Results from JPMorgan , the No. 1 U.S. bank by assets, had helped boost the market on Wednesday a day after energy shares led Wall Stre
  
  Read more

• Advertisement

• IMF, World Bank focus on economic risks of Brexit, tax evasion

  14-04-2016 21:19 via news.yahoo.com
  
  The IMF and World Bank focused Thursday on Britain's possible EU pullout and widespread tax evasion as key threats to the global economy as they opened their Spring Meetings. Laying out a broad spectrum of risks, from refugee crises and rising protectionism to climate change, the leaders of the two powerful global development banks called for the most developed countries especially to take "immediate" action to stimulate growth to avoid backsliding into a worldwide stall. "In the global economy,
  
  Read more

• Global shares hit 2016 high, U.S. dollar holds recent gains

  14-04-2016 21:19 via news.yahoo.com
  
  Stocks across the globe rose to their highest levels of 2016 on Thursday and the U.S. dollar gained for a third day as investors embraced risk ahead of top policymaker and oil producer meetings. Singapore's normally conservative central bank unexpectedly eased its exchange-rate based monetary policy, at a time when several hundred economists polled by Reuters said economic growth and inflation across the globe will lose further momentum this year despite years of ultra-easy monetary policy. Sing
  
  Read more

• Financial shares on pace for fifth day of gains; indexes flat

  14-04-2016 20:59 via news.yahoo.com
  
  Bank of America Corp shares rose 2.8 percent, giving the biggest boost to the S&P 500, after the No. 2 U.S. bank by assets reported a slide in quarterly profit in line with expectations. Results from JPMorgan , the No. 1 U.S. bank by assets, had helped boost the market on Wednesday a day after energy shares led Wall Street higher. Wall Street's rocky start to 2016, amid concerns over the global economy, has been followed by a sharp rebound starting in mid-February.
  
  Read more

• Financial shares on pace for 5th day of gains; indexes flat

  14-04-2016 20:57 via news.yahoo.com
  
  Wall Street was little changed on Thursday after two days of solid gains as investors digested the latest round of big bank earnings. Bank of America Corp shares rose 2.8 percent, giving the biggest boost to the S&P 500, after the No. 2 U.S. bank by assets reported a slide in quarterly profit in line with expectations. Results from JPMorgan , the No. 1 U.S. bank by assets, had helped boost the market on Wednesday a day after energy shares led Wall Street higher.
  
  Read more

• Advertisement

• 'Let them sell their summer homes': NYC pension dumps hedge funds

  14-04-2016 20:46
  
  NEW YORK (Reuters) - New York City's largest public pension is exiting all hedge fund investments in the latest sign that the $4 trillion public pension sector is losing patience with these often...
  
  Read more

• Acting Irish PM fails to secure re-election for third time

  14-04-2016 20:17 via news.yahoo.com
  
  By Padraic Halpin and Conor Humphries DUBLIN (Reuters) - Acting Irish Prime Minister Enda Kenny failed for the third time to be re-elected in a parliamentary vote on Thursday but made some progress towards breaking the political deadlock created by an inconclusive Feb. 26 election. Ireland joined a growing group of euro zone countries with deeply fractured parliaments when voters angry at not feeling the effects of a much vaunted economic recovery ousted Kenny's coalition but failed to provide a
  
  Read more

• Putin blasts Panama Papers 'provocation,' soothes crisis-hit Russians

  14-04-2016 19:43 via news.yahoo.com
  
  By Andrew Osborn and Alexander Winning MOSCOW (Reuters) - Vladimir Putin on Thursday dismissed media reports that billions of dollars in Panama offshore accounts might be linked to him as a U.S.-backed "provocation", as he told ordinary Russians that the country's economic crisis will ease next year. The leak of confidential documents from a Panamanian law firm earlier this month has angered the Kremlin, forcing it to field questions about offshore accounts allegedly belonging to one of Putin's
  
  Read more

• UPDATE 4-Wells Fargo profit falls 7 pct as bad loan provisions surge

  14-04-2016 19:42
  
  * Income falls in all 3 businesses(Adds JPMorgan was the largest mortgage lender by revenue last
  quarter in paragraph 9; updates stock prices)
  
  Read more

• Wall Street inches higher after big bank earnings

  14-04-2016 19:26 via news.yahoo.com
  
  Wall Street inched higher in muted trading on Thursday, propped up by financial stocks, as investors turn their focus on corporate earnings season. Bank of America and Wells Fargo posted lower quarterly profits and increased reserves to cover bad loans from their stressed energy portfolios. The results come a day after JPMorgan beat tempered expectations for first-quarter profit and revenue, fueling a rally on Wall Street.
  
  Read more

• Brazil's Rousseff asks Supreme Court to stop impeachment

  14-04-2016 19:22 via news.yahoo.com
  
  Brazil's President Dilma Rousseff resorted to the Supreme Court on Thursday in a last ditch attempt to avert likely defeat in a critical impeachment vote in Congress that could lead to her removal from office. Rousseff's attorney general, Jose Eduardo Cardozo, asked the top court for an injunction to suspend Sunday's lower house vote until the full court can rule on what he called procedural irregularities in the impeachment process. Rousseff, already struggling with Brazil's worst economic cris
  
  Read more

• U.S. says China to scrap some export subsidies

  14-04-2016 18:33 via news.yahoo.com
  
  By Diane Bartz WASHINGTON (Reuters) - China has agreed to scrap export subsidies on a range of products from metals to agriculture and textiles, the U.S. Trade Representative said on Thursday, in a step by Beijing to reduce trade frictions with the United States. China agreed to end a program known as its "demonstration bases-common service platform," which provides export subsidies to Chinese companies in seven economic sectors, the trade representative's office said. One source knowledgeable a
  
  Read more

• Bank clerk and beachgoers may save Italy's oil industry

  14-04-2016 18:24 via news.yahoo.com
  It is people like 58-year-old bank clerk Silvio Doria who may save Italy's oil industry. Prime Minister Matteo Renzi says a "yes" vote against drilling would hurt jobs at a time when the economy is struggling to grow and has called on people to shun the ballot. An opinion poll last month suggests three-quarters of Italians have scant knowledge of the referendum, which concerns a little-known industry mostly located off the east coast of Italy far from the major population centers.
  
  Read more

• Burberry and housebuilders hinder Britain's FTSE

  14-04-2016 18:13
  * Entertainment One surges on report of ITV interest(Recasts, adds detail and updates prices at close)
  
  Read more

• Shares hit 2016 high, dollar comeback continues

  14-04-2016 18:09 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Stocks across the globe rose to their highest levels of 2016 on Thursday and the dollar rose for a third day as investors embraced risk ahead of top policymaker and oil producer meetings. Singapore's normally conservative central bank unexpectedly eased policy, at a time when several hundred economists polled by Reuters said economic growth and inflation across the globe will lose further momentum this year despite years of ultra-easy monetary policy. Singa
  
  Read more

• Wall Street treads water after bank earnings, data

  14-04-2016 17:31 via news.yahoo.com
  
  Bank of America and Wells Fargo posted lower quarterly profits and increased reserves to cover bad loans from their stressed energy portfolios. The results come a day after JPMorgan beat lowered expectations for first-quarter profit and revenue, fueling a rally on Wall Street. Shares of Bank of America were up 1.5 percent in choppy trading, while those of Wells Fargo fell 1 percent.
  
  Read more

• Average US rate on 30-year mortgage slips to 3.58 percent

  14-04-2016 17:24 via news.yahoo.com
  
  WASHINGTON (AP) — Average long-term U.S. mortgage rates edged down this week to their lowest levels of the year, offering a continued incentive for purchasing during the spring home-buying season.
  
  Read more

• Fed's Lockhart pulls support for April rate hike

  14-04-2016 17:02 via news.yahoo.com
  
  Atlanta Federal Reserve Bank President Dennis Lockhart on Thursday said he no longer would advocate an interest rate hike in April, citing slower-than-expected U.S. economic growth and inflation that is not yet clearly firming. Lockhart told a symposium in Chicago that he would not "strongly" support a rate hike in April, although he expects some of his colleagues will do so. Fed officials say they want more confidence that U.S. inflation is rising toward the Fed's 2 percent goal before raising
  
  Read more

• U.S. says China to end export subsidies in seven sectors

  14-04-2016 16:39 via news.yahoo.com
  
  By Diane Bartz WASHINGTON (Reuters) - China has agreed to scrap controversial export subsidies on a range of products from metals to agriculture and textiles, the U.S. Trade Representative said on Thursday. In a deal coinciding with global economic meetings in Washington, the trade representative's office said China had agreed to end a program known as its "demonstration bases-common service platform" in which it provides export subsidies to Chinese companies in seven economic sectors. The agree
  
  Read more

• World Bank head warns of weak economy, bemoans tax evasion

  14-04-2016 16:35 via news.yahoo.com
  
  WASHINGTON (AP) — The president of the World Bank on Thursday lamented the weak state of the global economy and warned that the kind of tax evasion exposed in the Panama Papers investigation is fueling poverty around the world.
  
  Read more

• Lawyer expects deal on charges against ex-PJT partner Caspersen

  14-04-2016 16:30
  
  NEW YORK (Reuters) - An ex-partner at a unit of investment bank PJT Partners Inc accused of orchestrating a $95 million scheme to defraud investors will likely soon reach a deal with federal...
  
  Read more

• Stock markets hit pause button after big gains

  14-04-2016 16:28 via news.yahoo.com
  
  Investors hit the pause button on Europe's main stock markets and on Wall Street on Thursday despite gains elsewhere as they paused for breath following bumper gains earlier in the week. A day after hitting a 2016 high on strong Chinese trade data London's benchmark FTSE 100 index dipped 0.1 percent in cautious trade after the Bank of England said it was keeping its key lending rate at a record low 0.50 percent, where it has stood since March 2009. In addition to posting its unanimous decision t
  
  Read more

• MIDEAST STOCKS-Gulf rises after strong earnings, foreigners buy Egypt

  14-04-2016 16:19 via news.yahoo.com
  * Saudi bourse rises to three-month high * Most Saudi banks have beaten Q1 estimates so far * Omani telcos exceed expectations * Emaar jumps after says to drop Indian partnership * Egypt's OTMT tumbles on CI Capital acquisition hold-up By Celine Aswad DUBAI, April 14 (Reuters) - Gulf stock markets rose on Thursday after strong corporate earnings in Saudi Arabia and Oman, while Egypt climbed moderately as foreign investors accumulated shares. ...
  
  Read more

• Burberry update and housebuilders knock Britain's FTSE off 2016 high

  14-04-2016 16:10
  * Entertainment One surges on report of ITV interest(Adds detail and updates prices)
  
  Read more

• Wall St. flat after bank earnings, economic data

  14-04-2016 16:05 via news.yahoo.com
  
  (Reuters) - Wall Street was flat on Thursday as investors parsed earnings of big banks, while data pointed to strength in the labor market, despite sluggish economic growth.
  
  Read more

• BRIEF-Abengoa updates on standstill agreement in US

  14-04-2016 16:02
  
  * Says, as announced on March 30, it has filed in United States Bankruptcy Court for the
  District of Delaware, US, for court approval of the standstill deal homologation
  
  Read more

• Wells Fargo 1Q earnings fall as oil loans hit bottom line

  14-04-2016 15:55 via news.yahoo.com
  Wells Fargo's first quarter results fell 6 percent from a year ago, as the bank had to set aside more money to cover its struggling portfolio of oil and gas loans.
  
  Read more

• BRIEF-Energy XXI enters restructuring support agreement with second lien noteholders

  14-04-2016 15:36
  
  * Restructuring support agreement with 63% of second lien
  holders eliminates about $2.8 billion outstanding of secured and
  unsecured notes
  
  Read more

• UPDATE 1-SunEdison in talks to sell Indian solar stakes to Fortum - sources

  14-04-2016 15:27
  
  MUMBAI, April 14 (Reuters) - SunEdison Inc is in
  talks to sell minority stakes in its Indian solar projects to
  Finland's Fortum, two sources said, as the U.S. firm
  seeks funds to finish proposed...
  
  Read more

• Wall St set for flat open as investors parse earnings

  14-04-2016 14:58 via news.yahoo.com
  
  U.S. stocks were little changed on Thursday as investors assessed quarterly earnings from big banks, while economic data pointed to strength in the labor market. Bank of America and Wells Fargo shares were down 1 percent each in premarket trading after the banks posted lower quarterly earnings. "We're looking at a flattish kind of market that is looking to grasp a positive theme and the banks haven't delivered this morning," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville
  
  Read more

• U.S. jobless claims fall, revisit 1973 level

  14-04-2016 14:43 via news.yahoo.com
  
  WASHINGTON, April 14 (Reuters) - - The number of Americans filing for unemployment benefits unexpectedly fell last week, revisiting a level last seen in 1973 as the labor market continues to strengthen despite a sluggish economy. Initial claims for state unemployment benefits decreased 13,000 to a seasonally adjusted 253,000 for the week ended April 9, the Labor Department said on Thursday. Jobless claims have now been below 300,000, a threshold associated with healthy labor market conditions, f
  
  Read more

• Employer health benefits for U.S. retirees keep declining

  14-04-2016 14:25
  
  CHICAGO (Reuters) - (The opinions expressed here are those of the author, a columnist for Reuters.)
  
  Read more

• Bank of America hit by weak trading, provisions for energy loans

  14-04-2016 14:21 via news.yahoo.com
  
  Bank of America Corp, the No. 2 U.S. bank by assets, reported an 18 percent slide in quarterly profit on Thursday as its trading business was hit by concerns about a global economic slowdown and uncertainty about U.S. interest rates. Market volatility stemming from a slide in commodity and oil prices, worries about China's economy and uncertainty about interest rates hit trading activity globally in the quarter, particularly in January and February. The bank's revenue also fell short of Wall Str
  
  Read more

• Entertainment One shares higher after rumoured ITV deal in works

  14-04-2016 14:02 via news.yahoo.com
  
  Shares in Canadian-based entertainment conglomerate Entertainment One were up 13 per cent on the stock market Thursday after a report suggested British TV channel ITV was considering buying the company. Entertainment One, or eOne as it is often called, makes some of its own content but is primarily a distributor of more than 40,000 television shows and movies including the rights to franchises The Hunger Games, the Walking Dead TV show and the Twilight saga. Last fall, t
  
  Read more

• UPDATE 1-Greek electronics retailer becomes latest casualty of economic slump

  14-04-2016 14:00
  
  * Workers shocked by closure, disrupt press conference(Adds reaction by employees)
  
  Read more

• Lower hedge fund performance fees hurt BlackRock results - CEO

  14-04-2016 13:50 via news.yahoo.com
  NEW YORK (Reuters) - BlackRock Inc Chief Executive Officer Larry Fink said on Thursday that his company missed earnings expectations as Wall Street analysts were "anticipating higher per...
  
  Read more

• Ukraine approves new PM in bid to end reform deadlock

  14-04-2016 13:37 via news.yahoo.com
  
  By Pavel Polityuk and Natalia Zinets KIEV (Reuters) - Ukraine's parliament approved presidential ally Volodymyr Groysman as prime minister on Thursday in the biggest political shakeup since a 2014 uprising brought in a pro-Western leadership. President Petro Poroshenko hopes the appointment of the former parliamentary speaker will end months of political deadlock that has delayed billions of dollars in foreign loans to shore up Ukraine's war-battered economy. Some deputies said the new governmen
  
  Read more

• Putin seeks to charm, insists Russian economy on the mend

  14-04-2016 13:37 via news.yahoo.com
  
  MOSCOW (AP) — Mixing wry jokes with economic statistics, Russian President Vladimir Putin sought to charm the nation during his annual marathon call-in TV show Thursday, promising that its troubled economy will rebound and vowing to make other countries reckon with Russia's interests.
  
  Read more

• German institutes see domestic demand driving growth in 2016, 2017

  14-04-2016 13:35 via news.yahoo.com
  
  Germany's leading economic institutes trimmed their growth forecast for the current year on Thursday, but insisted Europe's biggest economy is enjoying a moderate recovery, fuelled by cheap oil and robust consumer spending. The institutes -- the DIW in Berlin, IWH in Halle, Ifo in Munich and RWI in Essen -- predicted that gross domestic product (GDP) would expand by 1.6 percent this year and then by 1.5 percent in 2017, after growth of 1.7 percent in 2015. The 2016 forecast is slightly lower tha
  
  Read more

• Futures point to weak start as metal prices slip

  14-04-2016 13:29 via news.yahoo.com
  
  (Reuters) - Stock futures pointed to a lower start for Canada's main stock index on Thursday as gold and copper prices fell ahead of the release of key economic data from China. June futures on the S&P TSX index were down 0.04 percent at 7:20 a.m. ET. New housing price index data is due at 8:30 a.m. ET. China is scheduled to release its gross domestic product and industrial output data for the first quarter on Friday. ...
  
  Read more

• BRIEF-Corenergy Infrastructure says Energy XXI Gigs Services LLC has not filed for bankruptcy

  14-04-2016 13:25
  
  * Corenergy Infrastructure Trust Inc says Corenergy's tenant
  under gigs lease, Energy XXI gigs services, LLC has not filed
  for bankruptcy
  
  Read more

• Putin says shares Russians' pain over economic hardship

  14-04-2016 13:24 via news.yahoo.com
  
  By Andrew Osborn and Alexander Winning MOSCOW (Reuters) - President Vladimir Putin assured ordinary Russians on Thursday that he was trying to relieve the hardships they face, with the economy in recession and consumer prices pushed up as a consequence of the Kremlin's standoff with the West. Putin used a televised phone-in, an annual event when he fields questions from ordinary citizens around the country, to strike a conciliatory tone on foreign policy, saying Russia wanted friendly relations
  
  Read more

• UPDATE 1-Prosecutors call for family behind defunct German retailer Schlecker to face trial

  14-04-2016 13:11
  
  FRANKFURT, April 14 (Reuters) - German prosecutors said on
  Thursday they would press criminal charges against the family
  behind drugstore chain Schlecker, which folded four years ago.
  
  Read more

• SunEdison in talks to sell India solar stakes to Fortum- sources

  14-04-2016 13:08
  
  MUMBAI, April 14 (Reuters) - SunEdison Inc is in
  talks to sell minority stakes in its India solar projects to
  Finland's Fortum, two sources said, as the U.S. firm
  seeks funds to finish proposed...
  
  Read more

• European equities wobble as dealers pause

  14-04-2016 13:07 via news.yahoo.com
  
  London (AFP) - Europe's main stock markets wobbled on Thursday, despite gains elsewhere, as dealers paused for breath following bumper gains so far this week.
  
  Read more

• China lowers yuan rate by most in three months

  14-04-2016 12:58 via news.yahoo.com
  
  China’s central bank cut its exchange rate for the yuan currency against the US dollar by the largest amount in three months Thursday as the greenback strengthened on improved Chinese trade data. The People's Bank of China (PBoC) set the yuan at 6.4891 to the dollar, down 0.46 percent from Wednesday's fix, according to the China Foreign Exchange Trade System, marking the biggest one-day drop since January. The dollar rose after China released data Wednesday showing exports surged more than
  
  Read more

• Putin says liberal ex-finmin Kudrin to have bigger advisory role

  14-04-2016 12:55 via news.yahoo.com
  Russian President Vladimir Putin said on Thursday he wanted a prominent liberal, ex-finance minister Alexei Kudrin, to play a bigger role on a panel of economic experts that advises the Kremlin, in what might signal a change of tack in policy. Kudrin, who served as finance minister between 2000 and 2011, is admired by investors because of his conservative fiscal policies which helped to build up the large reserves that are now enabling Russia to weather its economic downturn. "He (Kudrin) is one
  
  Read more

Follow @FinanceUSA_News on Twitter!