Finance news

• In boost for Renzi, Italy drilling referendum fails to draw quorum

  17-04-2016 23:58 via news.yahoo.com
  
  By Crispian Balmer ROME (Reuters) - A referendum aimed at curbing Italy's offshore oil and gas industry was sunk on Sunday when it failed to secure the necessary quorum, with a sizeable majority of voters shunning the ballot, initial data showed. The result was a relief for Prime Minister Matteo Renzi, who had called on people to abstain, saying the vote was unnecessary and would have hurt the economy. It was also good news for energy firm Eni which potentially had the most to lose. ...
  
  Read more

• Brazil lawmakers begin vote crucial to Rousseff political fate

  17-04-2016 23:51 via news.yahoo.com
  
  By Alonso Soto and Marcela Ayres BRASILIA (Reuters) - Brazil's lower house of Congress began voting on Sunday on whether to back the impeachment of President Dilma Rousseff in a fiercely contested ballot that could hasten the end of 13 years of leftist rule in Latin America's largest economy. With 100 votes cast, 73 congressmen voted in favor of Rousseff's impeachment and 27 voted against or abstained. The opposition needs votes from 342 out of the 513 congressmen to force Rousseff to face an im
  
  Read more

• Italy drilling referendum fails to draw necessary quorum: initial data

  17-04-2016 23:33 via news.yahoo.com
  ROME (Reuters) - A referendum aimed at curbing Italy's offshore oil and gas industry was sunk on Sunday when it failed to secure the necessary quorum, with a majority of voters shunning the ballot, initial official data showed. The result was a relief for Prime Minister Matteo Renzi, who had called on people to abstain, saying the ballot was unnecessary and would end up hurting the economy. ...
  
  Read more

• 12 Tips To File A Last Minute (Mostly) Flawless Tax Return

  17-04-2016 23:31 via news.yahoo.com
  Still need to file your tax return for 2015? Relax. You've got time. Tax Day is April 18, 2016, and here's what you need to know.
  
  Read more

• Advertisement

• UK finance ministry to publish 'sober analysis' of Brexit risk

  17-04-2016 23:03 via news.yahoo.com
  
  Britain's finance ministry will present a "serious, sober analysis" on Monday of the long-term economic impact if Britain votes to leave the European Union in a June referendum, a source close to the document said. The report by the ministry, known in Britain as the Treasury, will "show that the hit to the economy of a vote to Leave would not just be temporary, but permanent, because of lower trade and investment", the source said. Britain would be worse off for decades to come." The latest appe
  
  Read more

• Nail polish and mascara: beauty brands eye up Iran

  17-04-2016 22:04 via news.yahoo.com
  
  By Hadeel Al Sayegh and Bozorgmehr Sharafedin DUBAI (Reuters) - When Dubai businesswoman Negin Fattahi-Dasmal opened the first branch of her luxurious nail salon chain in Iran this year, it was met with both excitement and scepticism among image-conscious young Iranians. Despite -- or perhaps partly because of -- strict Islamic dress codes, cosmetics sales in Iran are among the highest in the Middle East. With most international economic sanctions now lifted after a nuclear agreement with world
  
  Read more

• Greece considers proposal to unblock bailout review talks

  17-04-2016 21:22 via news.yahoo.com
  
  Greece is considering adopting measures proposed by EU institutions now and agreeing to implement additional reforms if it misses its 2018 bailout targets, in an effort to unlock new bailout loans, a government official said on Sunday. Talks on the review of Greek reforms have dragged on for months partly because the International Monetary Fund and EU institutions cannot agree between themselves on some economic assumptions and scenarios of how the Greek economy might develop. The European Commi
  
  Read more

• Chinese official calls Trump 'irrational' on trade

  17-04-2016 20:02 via news.yahoo.com
  
  Chinese Finance Minister Lou Jiwei criticized Republican presidential front-runner Donald Trump, calling him "an irrational type" due to the candidate's proposal that tariffs on imported Chinese goods be increased to up to 45 percent. In an interview with the Wall Street Journal published on Sunday, Lou said, "Trump is an irrational type. Lou said that if the United States put Trump's proposal into effect, it "would not be entitled to its position as the world’s major power.
  
  Read more

• Advertisement

• Top Chinese finance official says Trump is 'irrational'

  17-04-2016 19:17 via news.yahoo.com
  
  Chinese Finance Minister Lou Jiwei called Donald Trump an "irrational type" in an interview published Sunday, slamming the Republican presidential frontrunner's calls for a trade war with the Asian giant. Lou told The Wall Street Journal that the United States "wouldn't be entitled to world leadership" if Trump's proposal to impose tariffs as high as 45 percent on Chinese imports was realized. China is a frequent target of the brash New York real estate developer in his campaign for the White Ho
  
  Read more

• Algeria launches local bond issue to offset energy earnings drop

  17-04-2016 17:12 via news.yahoo.com
  By Hamid Ould Ahmed ALGIERS (Reuters) - Algeria's first local bond issue in years was opened on Sunday with the government hoping to secure new financing sources after a sharp drop in world oil prices has cut energy earnings that make up 60 percent of its budget. Algeria's government has already started to cut back some state-subsidised energy services, reduced its 2015 and 2016 public spending and frozen some infrastructure projects. The bond issue, with a maturity of 3 to 5 years, will carry a
  
  Read more

• MIDEAST STOCKS-Saudi pulls back as Doha deal in doubt; Egypt gains

  17-04-2016 16:29 via news.yahoo.com
  * Saudi stock market pulls back from three-month high * But most valuable Saudi bank beats earnings forecasts * Dubai down as investors sell mid- to large-caps * Abu Dhabi's Dana Gas jumps * Egypt gains as local investors return to market By Celine Aswad DUBAI, April 17 (Reuters) - Uncertainty at talks among oil producers in Doha dampened Gulf stock markets on Sunday, with Saudi Arabia pulling back after a 4 percent jump last week. Egypt edged up as local investors returned to buy shares. ...
  
  Read more

• Airbus says no plans to make offer for stake in Russian Helicopters

  17-04-2016 14:57 via news.yahoo.com
  
  Airbus Group has not expressed an intention to take a stake in Russian Helicopters, an Airbus spokesman said on Sunday. Russian economy minister Alexei Ulyukayev said on Friday that the European aerospace company was interested in the privatization of the state-owned Russian Helicopters for which Russia is looking for a strategic partner. "Airbus Group naturally follows potential changes in the competitive environment, and as such, has informally inquired about the announced sale of a part of Ru
  
  Read more

• Saudi stock market to hire investment bank for flotation

  17-04-2016 13:58 via news.yahoo.com
  The Saudi Stock Exchange is in the process of hiring an investment bank to advise on its flotation, the bourse, known as Tadawul, said on Sunday. Saudi Arabia is expected to privatise and float a number of state-owned assets in the next few years, part of efforts to raise cash to help bridge a budget shortfall caused by lower oil prices. Among them is Tadawul, which said in December it planned to list its shares in 2018.
  
  Read more

• Italians go to polls in drilling referendum Renzi did not want

  17-04-2016 13:42 via news.yahoo.com
  
  By Crispian Balmer ROME (Reuters) - Italy went to the polls on Sunday in a referendum on offshore oil and gas drilling rights, a vote which Prime Minister Matteo Renzi has said he hopes people will not take part in. For the ballot to be valid, more than 50 percent of the Italian electorate must vote but Renzi has urged people to stay away, saying that the referendum is unnecessary and might end up hurting the economy. It would be a blow to Renzi if substantial numbers did turn out, suggesting vo
  
  Read more

• via news.yahoo.com
  
  Mozambique has no hidden loans and accusations by the International Monetary Fund (IMF) that it had borrowed $1 billion more than previously disclosed were the result of of confusion, the country's finance minister has said. The IMF cancelled a planned trip to Mozambique this week after announcing on Friday that it believed the southern African country had concealed borrowing for its defence sector from Credit Suisse and Russia VTB Bank. The IMF, which last year agreed to loan Mozambique $286 mi
  

• Britain would face consequences if it leaves EU: France's Macron

  17-04-2016 11:51 via news.yahoo.com
  
  Britain will face consequences if it votes to leave the European Union, French Economy Minister Emmanuel Macron said on Sunday, the latest warning from a foreign leader about the possible impact of Brexit. Britain will vote in a referendum on June 23 on whether to stay in the 28-member bloc, with those supporting a British exit saying the country could easily renegotiate trade deals with the European Union and reclaim its status in the world. "For sure you will have consequences because otherwis
  
  Read more

• Finance leaders pledge effort to boost global growth

  17-04-2016 11:04 via news.yahoo.com
  
  WASHINGTON (AP) — Global finance officials are vowing to try to reinvigorate a lackluster global economy and urging governments to embrace free trade and do more to fight tax evasion.
  
  Read more

• France committed to UK nuclear project - BBC cites Macron

  17-04-2016 10:13 via news.yahoo.com
  
  France will go ahead with construction of the Hinkley Point nuclear power plant in Britain, the French economy minister was quoted as saying by the BBC. Emmanuel Macron was quoted by the BBC as saying the 18-billion-pound project was "very important" for France and state-owned utility company EDF. "We back Hinkley Point project, it's very important for France, it's very important for the nuclear sector and EDF," Macron told the BBC.
  
  Read more

• Argentina to borrow cash again, 15 years after default

  17-04-2016 09:43 via news.yahoo.com
  
  Argentina seeks to end 15 years of financial isolation on Monday when it sets out to borrow cash on international credit markets for the first time since a 2001 default. This week's debt issue "is an important, epoch-changing event," said Gaspard Estrada, a specialist at French Latin America affairs observatory OPALC. Economist Marina Del Poggetto warned however that the country will also have to lower its public deficit -- currently six percent of output -- and strengthen the economy.
  
  Read more

• BUZZ-Saudi's Al Rajhi Bank rises after earnings beat

  17-04-2016 09:34 via news.yahoo.com
  ** Shares in Saudi Arabia's Al Rajhi Bank rise 1.3 percent to 57.50 riyals ** It posted first-quarter net profit of 2.02 billion riyals ($538.7 million), a 32.8 percent jump, as it cut wage costs and fee income increased ** Six analysts surveyed by Reuters had on average forecast quarterly profit of 1.84 billion riyals ** Al Rajhi is ninth Saudi bank to report first-quarter earnings; all have topped or met analysts' expectations ** Bank sub-index rises 0.3 percent ** Saudi Arabia's stock index s
  
  Read more

• Saudi Arabia to announce reform plan April 25: Bloomberg

  17-04-2016 09:33 via news.yahoo.com
  
  Saudi Arabia will announce on April 25 a comprehensive plan to prepare the kingdom for an era in which it does not rely heavily on oil, Bloomberg quoted deputy crown prince Mohammed bin Salman as saying. The “Vision for the Kingdom of Saudi Arabia” will include developmental, economic, social and other programs, Prince Mohammed told Bloomberg. Part of the vision, a package of economic reforms known as the National Transformation Plan (NTP), will be launched a month or 45 days after t
  
  Read more

• Italians go to polls for drilling referendum Renzi did not want

  17-04-2016 09:20 via news.yahoo.com
  
  By Crispian Balmer ROME (Reuters) - Italy went to the polls on Sunday for a referendum on off-shore oil and gas drilling rights, a complex issue that the government hopes voters will shun. For the ballot to be valid, more than 50 percent of the Italian electorate must vote and Prime Minister Matteo Renzi has urged people to stay away, saying that the referendum is unnecessary and might end up hurting the economy. It would be a blow to Renzi if substantial numbers did turn out, suggesting voters
  
  Read more

• ECB, under fire from Germany, set to defend independence

  17-04-2016 06:15 via news.yahoo.com
  
  The European Central Bank, increasingly under fire in Germany over its ultra-loose monetary policies, will likely go out of its way to defend its independence at next week's governing council meeting, analysts said. ECB president Mario Draghi "will respond to German politicians' recent criticism ... by reiterating the bank's independence and stressing that more support is still possible," said Capital Economics economist Jennifer McKeown. German Finance Minister Wolfgang Schaeuble has been unusu
  
  Read more

• Saudi to announce reform plan April 25 - Bloomberg

  17-04-2016 06:01 via news.yahoo.com
  
  Saudi Arabia will announce on April 25 a comprehensive plan to prepare the kingdom for an era in which it does not rely heavily on oil, Bloomberg quoted deputy crown prince Mohammed bin Salman as saying. The “Vision for the Kingdom of Saudi Arabia” will include developmental, economic, social and other programs, Prince Mohammed told Bloomberg. Part of the vision, a package of economic reforms known as the National Transformation Plan (NTP), will be launched a month or 45 days after t
  
  Read more

Follow @FinanceUSA_News on Twitter!