Finance news

• Argentina jobs recovery to start in August: minister

  19-04-2016 22:56 via news.yahoo.com
  
  By Nicolás Misculin BUENOS AIRES (Reuters) - Argentina's economy should start adding jobs in August, as the country's return to global credit markets after a record 2002 default promises to boost foreign investment and public works, the labor minister said on Tuesday. "In the second half of the year we should start to see the impact of investment in both private and public works ... in August or September," Labor Minister Jorge Triaca told Reuters in an interview punctuated by fireworks s
  
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• Hopes fade of finding survivors from Ecuador quake as death toll nears 500

  19-04-2016 22:53 via news.yahoo.com
  
  By Julia Symmes Cobb and Ana Isabel Martinez PEDERNALES, Ecuador (Reuters) - Rescuers in Ecuador were losing hope on Tuesday of finding more survivors from an earthquake that killed nearly 500 people and dealt a shattering blow to the South American OPEC country's already fragile economy. The 7.8 magnitude quake, which struck late Saturday, also left 107 people missing, and injured more than 4,000, according to the latest government tallies. Supervising rescue work in the disaster zone, Ecuador'
  
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• Intuitive Surgical first-quarter net profit beats expectations

  19-04-2016 22:45 via news.yahoo.com
  (Reuters) - Intuitive Surgical Inc on Tuesday reported a first-quarter net profit that topped Wall Street expectations, helped by expanded use of its da Vinci surgical robots in U.S. general surgery procedures. Analysts on average expected $4.33 a share, according to Thomson Reuters I/B/E/S. Net profit for the quarter rose to $136 million, or $3.54 a share, from $97 million, or $2.57 a share, a year ago. The company's net quarterly profit had been projected at $3.43 a share, according to Thomson
  
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• Wall Street nears record as quarterly reports roll in

  19-04-2016 22:35 via news.yahoo.com
  
  The S&P 500 climbed closer to a record high on Tuesday, lifted by energy stocks and a solid quarterly report from Johnson & Johnson. After dipping into negative territory and then recovering, the S&P 500 ended less than 2 percent short of last May's record high close, with investors laser-focused on a growing flow of first-quarter earnings scorecards. Following two months of steady gains, the S&P 500 is trading at about 17.8 times expected earnings, the highest level since 2004,
  
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• Oil gains on Kuwait strike; global shares highest since December

  19-04-2016 22:28 via news.yahoo.com
  
  Oil prices rose on Tuesday following a workers' strike in Kuwait, while a global stock index hit its highest level since early December as signs of economic stabilization in China lifted demand for riskier assets. Copper prices also jumped, and MSCI's emerging markets index rose 1.32 percent. Copper has been boosted in recent days by economic data showing a surge in new debt has fueled a recovery in industrial production and investment in China.
  
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• Cuba's Castro keeps top job but leadership changes to come

  19-04-2016 22:05 via news.yahoo.com
  
  By Frank Jack Daniel and Nelson Acosta HAVANA (Reuters) - President Raul Castro will serve a second term as head of Cuba's Communist Party as the island's aging leaders see out a final period in power, amid economic reform and detente with the United States. The Communist Party, which announced the result of internal elections on Tuesday, wants to avoid any chaotic shake-up within its ranks as it wrestles with economic change and a transition from the generation of leaders who fought in the 1959
  
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• North Carolina business leaders demand repeal of transgender law

  19-04-2016 22:04 via news.yahoo.com
  WINSTON-SALEM, N.C. (Reuters) - North Carolina business leaders on Tuesday called for a repeal of a new state law they blamed for mounting economic losses as opponents cancel jobs and events over concerns that it discriminates against gay and transgender people. The state last month became the first to require transgender people to use restrooms and locker rooms in schools and other public facilities that match their sex at birth rather than their gender identity. The Greater Raleigh Chamber of
  
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• Wall St. inches closer to record on energy, earnings

  19-04-2016 22:03 via news.yahoo.com
  
  NEW YORK (Reuters) - The S&P 500 climbed closer to a record high on Tuesday, lifted by energy stocks and a solid quarterly report from Johnson & Johnson.
  
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• UPDATE 1-U.S. SEC sets penalties in two corporate fraud cases

  19-04-2016 22:01
  
  April 19 (Reuters) - The U.S. Securities and Exchange
  Commission announced two fraud cases alleging that accounting
  failures left investors in the dark about the finances of
  computer accessories...
  
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• Oil gains on Kuwait strike; global shares highest since Dec

  19-04-2016 21:26 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - Oil prices rose on Tuesday following a workers' strike in Kuwait, while a global stock index hit its highest level since early December as signs of economic stabilization in China lifted demand for riskier assets. The rise in crude prices drove up the currencies of countries dependent on commodity exports, including Australia and Canada, where the local currency rose to 10-month and 9-month highs against the U.S. dollar, respectively. Copper prices a
  
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• Wall Street nears record terrain as quarterly reports roll in

  19-04-2016 21:06 via news.yahoo.com
  
  The S&P 500 rose towards a record high in a choppy session on Tuesday, lifted by energy stocks and a solid quarterly report from Johnson & Johnson. After dipping into negative territory and then recovering, the S&P 500 was less than 2 percent short of last May's record high close, with investors laser-focused on a growing flow of first-quarter earnings scorecards, including Intel and Yahoo after the bell. Chevron and other energy stocks got a lift from a rally in crude after a strike
  
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• IMF, World Bank, UN unite to fight tax evasion

  19-04-2016 21:00 via news.yahoo.com
  
  Four of the world's largest multilateral organizations joined hands Tuesday in the fight to help developing countries fight tax evasion. The International Monetary Fund, World Bank, United Nations and the Organisation for Economic Co-operation and Development (OECD), announced a joint platform for collaboration on tax issues, a beginning step to design and implement international standards. The announcement came on the heels of the so-called "Panama Papers", a trove of documents leaked from a Pa
  
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• IOC chief predicts spectacular Rio Games despite crisis

  19-04-2016 20:45 via news.yahoo.com
  
  By Brian Homewood LAUSANNE (Reuters) - International Olympic Committee (IOC) president Thomas Bach said on Tuesday that the Rio de Janeiro Olympics would be "spectacular" and a "great success" despite a political and economic crisis gripping the host nation. Bach's comments came after Rio's Olympic chief Carlos Nuzman brushed aside complaints over power failures and other problems revealed during a gymnastics test event. Brazil President Dilma Rousseff suffered a humiliating loss in a crucial im
  
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• FIFA's Infantino: Russia says economic crisis won't affect World Cup

  19-04-2016 20:38 via news.yahoo.com
  
  By Jack Stubbs MOSCOW (Reuters) - FIFA President Gianni Infantino said on Tuesday he had received assurances from the Russian government that the economic crisis convulsing Russia would not affect preparations for the 2018 soccer World Cup. Russia, which faces a second straight year of recession after its gross domestic product fell 3.7 percent last year due to lower global oil prices and Western sanctions, plans to cut state spending by 10 percent on average in 2016. Its World Cup budget has be
  
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• Hopes fade of finding survivors from Ecuador quake as death toll reaches 443

  19-04-2016 20:37 via news.yahoo.com
  
  By Julia Symmes Cobb and Ana Isabel Martinez PEDERNALES, Ecuador (Reuters) - Rescuers in Ecuador were losing hope on Tuesday of finding more survivors from an earthquake that killed nearly 450 people and dealt a shattering blow to the South American OPEC country's already fragile economy. The 7.8 magnitude quake, which struck late Saturday, also left 231 people missing and injured more than 4,000, according to the latest government tallies. Supervising rescue work in the disaster zone, Ecuador's
  
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• Goldman posts weakest results in four years, revenue tumbles 40 percent

  19-04-2016 20:01 via news.yahoo.com
  
  Goldman Sachs Group Inc reported the worst quarterly results in more than four years on Tuesday as volatile markets kept clients from trading, investing or issuing new securities. The previous day, its most comparable rival, Morgan Stanley, also said its profit fell by more than one-half due to tough markets. Goldman's first-quarter revenues tumbled 40 percent, hit by sliding commodity prices, worries about the Chinese economy and uncertainty about U.S. interest rates.
  
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• Castro keeps top job as Cuba holds back on leadership changes

  19-04-2016 19:31 via news.yahoo.com
  
  By Frank Jack Daniel HAVANA (Reuters) - Cuban President Raul Castro will serve a second term as head of the Communist Party and others in power for decades also kept their jobs on Tuesday, in a sign political change will be slow despite economic reform and detente with the United States. The Communist Party wants avoid any chaotic collapse as it wrestles with an inevitable transition from the generation of leaders who fought in the 1959 revolution and the modernization of the Soviet-style comman
  
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• Bank of England's Carney hits back at critics over EU comments

  19-04-2016 19:26 via news.yahoo.com
  
  By Ana Nicolaci da Costa and David Milliken LONDON (Reuters) - Bank of England Governor Mark Carney hit back at critics who have accused him of venturing into politics with his comments that a vote to leave the European Union could hurt Britain's economy, saying it would be political for him to stay silent. Carney told members of parliament on Tuesday it was the duty of the Bank to weigh up the implications of Britain's membership of the world's biggest single market. Rather it would be politica
  
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• Wall Street flat as weak earnings offset rise in oil

  19-04-2016 19:20 via news.yahoo.com
  
  The S&P 500 and the Dow gave up early gains on Tuesday, but were still within shouting distance of their record highs, as investors assessed weak earnings reports by IBM and Netflix. A rebound in oil and better-than-expected earnings from Goldman Sachs and Johnson & Johnson had pushed the S&P briefly over 2,100, within 30 points of its record high. The Nasdaq composite was weighed by a 25 percent slide in Illumina.
  
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• Oil rises on Kuwait strike; global stock index highest since December

  19-04-2016 19:09 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - Oil prices rose on Tuesday following a workers' strike in Kuwait, while a global stock index hit its highest since December as signs of economic stabilization in China lifted demand for riskier assets. The rise in oil prices drove up the currencies of countries dependant on commodity exports, including the Australian dollar which rose to a 10-month high. Copper prices also jumped.
  
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• Wall St. flat as weak earnings offset rise in oil

  19-04-2016 19:00 via news.yahoo.com
  
  A rebound in oil and better-than-expected earnings from Goldman Sachs and Johnson & Johnson had pushed the S&P briefly over 2,100, within 30 points of its record high. The Nasdaq composite was weighed by a 25 percent slide in Illumina. First-quarter earnings at S&P 500 companies are expected to fall 7.6 percent on average, according to Thomson Reuters I/B/E/S.
  
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• Johnson & Johnson rides strong prescription sales in 1Q

  19-04-2016 19:00 via news.yahoo.com
  
  Johnson & Johnson beat Wall Street expectations despite flat first-quarter profit, as higher sales of new prescription drugs and other key medicines couldn't quite offset another hit from the strong dollar and other issues.
  
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• Teamsters recommends members approve new Costco contract

  19-04-2016 18:37 via news.yahoo.com
  
  The new agreement allows Costco employees on a 401(k) pension plan on the East Coast to join the defined benefit pension plan provided to 12,500 Teamsters members in California, the International Brotherhood of Teamsters said on Tuesday. "Language changes and economic changes were made that enabled the committee to reverse its position from a rejection to a positive recommendation of the latest offer," the union said.
  
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• Bank of England's Carney speaks on Brexit, economy

  19-04-2016 18:03 via news.yahoo.com
  Bank of England Governor Mark Carney was speaking to members of Britain's parliament on Tuesday about the country's membership of the European Union and the outlook for its economy. UK TREASURY ANALYSIS VALUABLE FOR SENSE OF DIRECTION The analysis that was published yesterday and similar analyses published by different groups look at the implications of a specific policy change: in this a case a big, structural policy choice that could be made and is valuable only for the sense of the direction
  
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• Britain's FTSE hits four-month high as miners rally

  19-04-2016 17:56 via news.yahoo.com
  Britain's benchmark stock market index rose to its highest level in four months on Tuesday, lifted by stronger mining and banking stocks. The blue-chip FTSE 100 index was up 51.83 points, or 0.4 percent ...
  
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• FIFA's Infantino: Russia gave pledge that crisis will not affect World Cup

  19-04-2016 17:45 via news.yahoo.com
  
  MOSCOW (Reuters) - FIFA President Gianni Infantino said on Tuesday he had received assurances from the Russian government that the economic crisis convulsing Russia will not affect preparations for the 2018 soccer World Cup. Infantino, visiting Moscow, said he thought the tournament would help boost the Russian economy. He also used the opportunity to once again dismiss any suggestion of wrongdoing arising from his name being mentioned in the Panama Papers leaks and media reports about a contrac
  
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• Hopes dim for Ecuador quake survivors; death toll hits 443

  19-04-2016 17:40 via news.yahoo.com
  
  By Julia Symmes Cobb and Ana Isabel Martinez PEDERNALES/CANOA, Ecuador (Reuters) - Rescuers in Ecuador were losing hope of finding more survivors on Tuesday from an earthquake which killed more than 400 people and dealt a shattering blow to the South American OPEC nation's already fragile economy. The 7.8 magnitude quake, which struck late Saturday, also left 231 people missing and injured more than 4,000, according to latest government tallies on Tuesday morning. Supervising rescue work in the
  
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• Global stocks, oil rise; demand for risky assets up

  19-04-2016 17:30 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - Major world stock markets rose on Tuesday as the bounce in oil prices helped the energy sector, following signs of economic stabilization in China, increasing demand for riskier assets. The rise in oil prices, largely driven by a workers' strike that nearly halved output from Kuwait, drove the Australian dollar to a 10-month high and boosted the currencies of other countries dependant on commodities. The Dow Jones industrial average was up 0.44 perce
  
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• S&P 500 breaches 2100 as oil, earnings drive gains

  19-04-2016 17:27 via news.yahoo.com
  
  The Dow Jones industrial average stayed above 18,000, a day after crossing the key psychological barrier for the first time since July, on rising optimism that corporate earnings would continue to beat tempered expectations. Only the Nasdaq composite edged lower, weighed by a 25 percent slide in Illumina. First-quarter earnings at S&P 500 companies are expected to fall 7.7 percent on average, according to Thomson Reuters I/B/E/S.
  
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• Bank of Canada's Poloz: recent economic data encouraging but variable

  19-04-2016 17:26 via news.yahoo.com
  
  OTTAWA (Reuters) - Recent economic data in Canada have been encouraging on balance but also quite variable, Bank of Canada Governor Stephen Poloz told the House of Commons finance committee on Tuesday. Poloz also said the central bank had not yet seen concrete evidence of higher investment and strong creation of firms. (Reporting by David Ljunggren, Editing by Franklin Paul)
  
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• Bank of England's Carney hits backs at critics over EU comments

  19-04-2016 17:23 via news.yahoo.com
  
  Bank of England Governor Mark Carney hit back at critics who have accused him of venturing into politics when assessing the economic impact of a British vote to leave the European Union, saying it would be political to omit such judgments. Carney told members of parliament on Tuesday that the Bank had to assess the implications of Britain's membership of the EU as part of its job to manage the country's economy. "Assessing and reporting major risks does not mean becoming involved in politics," C
  
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• Investors eager for Argentina in landmark cash call

  19-04-2016 17:19 via news.yahoo.com
  
  Global investors welcomed Argentina back to international credit markets, with demand for $60 billion of bonds far outstripping supply in the country's first debt auction since a 2001 default, the government said Tuesday. Latin America's third-biggest economy ended its financial isolation by borrowing cash on world credit markets for the first time in 15 years. Investors offered to buy more than $60 billion of government bonds, Finance Minister Alfonso Prat-Gay said.
  
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• Demand in Argentina bond sale tops $60 bn: minister

  19-04-2016 16:49 via news.yahoo.com
  
  Buenos Aires (AFP) - Investor demand for Argentine debt in its return to the international markets topped $60 billion, the government said Tuesday, calling it the highest demand ever for sovereign bonds of an emerging economy.
  
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• South Africa to iron out differences with mining firms in draft empowerment review

  19-04-2016 16:48 via news.yahoo.com
  
  South Africa's government will talk with mining firms to overcome differences in a new proposed Mining Charter that requires the companies to keep black ownership at 26 percent, the mining minister said on Tuesday. The state published the requirements on Friday but companies have opposed the proposals saying that once a company should be considered to have met the empowerment principle even if shareholders subsequently sell off their stake. Regulatory uncertainty is a key concern for miners in A
  
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• IMF, World Bank, U.N., OECD form new group to stop tax erosion

  19-04-2016 16:29 via news.yahoo.com
  
  The International Monetary Fund and the World Bank said on Tuesday they are joining forces with other international organizations to cooperate on tax issues and develop new tools and standards for taxing multinational enterprises. The new group, which will also include the United Nations and the Organization for Economic Cooperation and Development (OECD), will especially focus on building effective tax systems in developing countries and avoid tax base erosion, the partners said. The decision b
  
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• Global stocks push higher as Doha disappointment fades

  19-04-2016 16:16 via news.yahoo.com
  
  Global equities charged higher Tuesday, boosted by rising oil prices and news of buoyant German investor confidence. Crude oil continued to climb despite lingering disappointment over last weekend's failed Doha oil output talks. In the eurozone, Frankfurt rallied 2.0 percent in mid afternoon trading as a key survey, the German investor confidence index calculated by the ZEW economic institute, posted a robust increase in April.
  
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• MIDEAST STOCKS-Saudi earnings, oil boost Gulf, Egypt breaks chart barrier

  19-04-2016 16:11 via news.yahoo.com
  * Saudi's SABIC surges after profit drops less than expected * Builder Khodari, Mouwasat Medical also beat estimates * Dubai's Emaar up on chairman's positive comments * Dubai Parks falls on rights issue plan * Egypt's index rises above October peak By Andrew Torchia DUBAI, April 19 (Reuters) - Gulf stock markets rose on Tuesday as several Saudi companies beat first-quarter earnings estimates and oil prices held up better than feared after the failure of Sunday's Doha meeting to agree on an outp
  
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• Dwindling hopes for survivors after Ecuador quake kills 413

  19-04-2016 15:52 via news.yahoo.com
  
  By Julia Symmes Cobb and Ana Isabel Martinez PEDERNALES/CANOA, Ecuador (Reuters) - Earthquake-stricken Ecuador faced the grim reality of recovering more bodies than survivors as rescue efforts went into a third day on Tuesday and the death toll climbed over 400 in the poor South American country. Meanwhile, a moved President Rafael Correa, visiting the disaster zone, said the quake had inflicted between $2 billion and $3 billion of damage on the OPEC nation's already-fragile economy. "Let's not
  
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• Markets Right Now: Wall Street opens higher

  19-04-2016 15:42 via news.yahoo.com
  
  NEW YORK (AP) — The Latest news on global financial markets (all times local):
  
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• Wall Street slightly higher as oil steadies

  19-04-2016 15:40 via news.yahoo.com
  
  REUTERS - U.S. stock indexes were slightly higher at the open on Tuesday, after a strike by oil workers in Kuwait sparked a rise in crude. The Dow Jones industrial average rose 31.77 points, or 0.18 percent, to 18,035.93, the S&P 500 gained 4.64 points, or 0.22 percent, to 2,098.98 and the Nasdaq composite added 0.66 points, or 0.01 percent, to 4,960.68. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Don Sebastian)
  
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• Goldman Sachs revenue slumps to lowest in more than four years

  19-04-2016 15:40 via news.yahoo.com
  
  Goldman Sachs Group Inc's quarterly profit fell by more than half and revenue slumped to its lowest in more than four years as market volatility hit the Wall Street bank's bond trading and investment banking businesses. Goldman, wrapping up a dismal quarter for big U.S. banks, reported a 40 percent drop in net revenue, reflecting declines in all of its main businesses. As with other banks, Goldman's trading revenue was hit by sliding commodity and oil prices, worries about the Chinese economy an
  
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• U.S. housing data adds to signs of weak first-quarter GDP growth

  19-04-2016 15:01 via news.yahoo.com
  
  U.S. housing starts fell more than expected in March and permits for future home construction hit a one-year low, suggesting some cooling in the housing market in line with signs of a sharp slowdown in economic growth in the first quarter. Groundbreaking decreased 8.8 percent to a seasonally adjusted annual pace of 1.09 million units, the lowest level since October, the Commerce Department said on Tuesday. Economists polled by Reuters had forecast housing starts slipping to a 1.17 million-unit p
  
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• Serbia determined to join EU despite bloc's 'problems'

  19-04-2016 14:43 via news.yahoo.com
  
  By Aleksandar Vasovic BELGRADE (Reuters) - Serbia is determined to join European Union despite the bloc's "problems" but will do nothing to jeopardize its good relations with Russia, Foreign Minister Ivica Dacic said. Dacic is also deputy prime minister in Serbia's ruling coalition that is expected to win four more years in power in Sunday's general election. The government opened negotiations on EU membership last December, and hopes to complete them by 2019, but opinion polls show Serbs are in
  
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• Global stocks rise as strike in Kuwait lifts oil prices

  19-04-2016 14:36 via news.yahoo.com
  
  By Nigel Stephenson LONDON (Reuters) - Global stocks reached their highest levels since early December on Tuesday as oil prices rose, driven by a strike in Kuwait, and signs of economic stabilization in China improved demand for risky assets. MSCI's All Countries World Index , which tracks shares in 45 countries, rose as high as 407.45 points, its highest since Dec. 7, on strong gains in Europe and Asia. Wall Street looked set to join the party, with index futures suggesting stocks would open 0.
  
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• Kenya seeks to boost tax collection to cut deficit

  19-04-2016 14:08 via news.yahoo.com
  
  By Duncan Miriri NAIROBI (Reuters) - Kenya, whose budget deficit this fiscal year unnerved investors, is recruiting new taxpayers and investing in technology to boost collections, the head of its tax agency said on Tuesday. In a bid to reassure investors, East Africa's biggest economy aims to cut the deficit to 6.9 percent of gross domestic product in the fiscal year starting in July, from a forecast 8.1 percent for 2015/16. Kenya's tax collection stands at about 19 to 20 percent of GDP, more th
  
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• UPDATE 1-Surprise Italian bond sale drives up peripheral yields

  19-04-2016 13:50
  * 17 bln euros' worth of orders placed for new 20-yr bond
  -IFR
  
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• UPDATE 1-Polaris to recall 133,000 recreational all-terrain vehicles

  19-04-2016 13:50
  April 19 (Reuters) - Polaris Industries Inc will
  recall about 133,000 recreational all-terrain vehicles in the
  United States as they pose a fire risk.
  
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• China's Xi tells Party to go online to ease public concerns: Xinhua

  19-04-2016 13:46 via news.yahoo.com
  
  Chinese President Xi Jinping on Tuesday called on Communist Party officials to use the internet to better understand citizens and address their grievances, said state media, as an economic downturn sparks popular frustration. The party should be patient with internet users, resolve difficulties and correct erroneous opinions in a timely manner, said Xi, according to Xinhua. The government is embracing the internet as a key space in which to shape public discourse, an increasingly pressing issue
  
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• Russia won't rush with structural reforms - PM

  19-04-2016 13:34
  MOSCOW, April 19 (Reuters) - The Russian government should
  not rush to implement rapid structural reforms because this may
  extend the crisis for another few years and weigh heavily on...
  
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• Polaris to recall 133,000 recreational off-highway vehicles

  19-04-2016 13:28
  April 19 (Reuters) - All-terrain vehicle maker Polaris
  Industries Inc will recall about 133,000 recreational
  off-highway vehicles due to a fire risk.
  
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