Finance news

• Global stocks retreat ahead of central bank action

  25-04-2016 23:50 via news.yahoo.com
  
  New York (AFP) - Global stocks pulled back Monday ahead of key central bank meetings later in the week and a heavy schedule of earnings and economic data releases.
  
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• Citadel tops list of private U.S. trading venues: report

  25-04-2016 23:46 via news.yahoo.com
  
  By John McCrank NEW YORK (Reuters) - Citadel Securities, one of the top market makers in U.S. stocks and listed stock options, runs one of the largest stock trading venues in the country, according to a report released on Monday aimed at providing transparency into where stock trading occurs. Citadel LLC, which also operates a hedge fund, executed just over 1.1 billion shares in its brokerage the week of April 4, according to the Financial Industry Regulatory Authority, Wall Street's own watchdo
  
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• UPDATE 4-UK retailer BHS close to collapse with 11,000 jobs at risk

  25-04-2016 23:07
  * Pensions regulator to investigate scheme(Adds initial approaches to administrator)
  
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• Colombia's Santos names new cabinet for peace and post conflict

  25-04-2016 23:01 via news.yahoo.com
  
  Colombian President Juan Manuel Santos named a new cabinet on Monday to strengthen his government as peace talks with Marxist FARC rebels enter their final phase and as the economy struggles with slumping oil revenue and increasing inflation. Santos said the new line-up would be "a cabinet of peace" and "one that would consolidate the economy." He called on each new minister to help the nation navigate a post-conflict period once there is an end to five decades of war with the FARC, or Revolutio
  
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• U.S. stocks fall on oil, earnings; dollar retreats

  25-04-2016 22:58 via news.yahoo.com
  
  By Dion Rabouin and Richard Leong NEW YORK (Reuters) - U.S. stock prices fell on Monday due to weaker oil prices and disappointing company results, while the dollar retreated on profit-taking ahead of central bank policy meetings in the United States and Japan later this week. Reluctance to make big bets in advance of these policy-maker meetings lifted U.S. government yields to four-week peaks and German yields to their highest in five weeks. ...
  
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• Wall Street ends slightly lower on energy, earnings

  25-04-2016 22:52 via news.yahoo.com
  
  Energy shares dragged Wall Street slightly lower on Monday, tracking a decline in oil prices, while earnings and guidance from companies including Perrigo and Xerox also weighed on U.S. stocks. With the S&P 500 up in eight of the past 10 weeks and nearing the record high set almost a year ago, traders are struggling to find reasons to push it even higher as underwhelming earnings and the spectre of higher interest rates hover over markets. Perrigo Co , down 18 percent after it lowered its ad
  
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• Saudi Aramco CEO expects oil price upturn by year-end

  25-04-2016 22:52 via news.yahoo.com
  Saudi Aramco [SDABO.UL] expects a recovery in oil prices by the end of this year, the state oil giant's chief executive said on Monday, emphasizing that Saudi Arabia will always meet customer demand. The comments by CEO Amin Nasser came after the powerful young prince overseeing Saudi Arabia's economy, Deputy Crown Prince Mohammed bin Salman, unveiled ambitious plans on Monday aimed at ending the kingdom's "addiction" to oil and transforming it into a global investment power. The two-year downtu
  
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• Wall St. ends slightly lower on energy, earnings

  25-04-2016 22:51 via news.yahoo.com
  
  With the S&P 500 up in eight of the past 10 weeks and nearing the record high set almost a year ago, traders are struggling to find reasons to push it even higher as underwhelming earnings and the specter of higher interest rates hover over markets. Perrigo Co , down 18 percent after it lowered its adjusted profit forecast for the full year, was among the largest drags on the S&P 500.
  
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• US STOCKS-Wall St ends slightly lower on energy, earnings

  25-04-2016 22:50 via news.yahoo.com
  Energy shares dragged Wall Street slightly lower on Monday, tracking a decline in oil prices, while earnings and guidance from companies including Perrigo and Xerox (Swiss: XRX.SW - news) also weighed on U.S (Other OTC: UBGXF - news) . With (Other OTC: WWTH - news) the S&P 500 up in eight of the past 10 weeks and nearing the record high set almost a year ago, traders are struggling to find reasons to push it even higher as underwhelming earnings and the specter of higher interest rates hover
  
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• Chipotle's troubles might help Panera as both serve up reports

  25-04-2016 21:58 via news.yahoo.com
  
  By Noel Randewich SAN FRANCISCO (Reuters) - Wall Street expects little from Chipotle Mexican Grill Inc's first-quarter results late on Tuesday as the burrito chain struggles to recover from a string of food-borne illness outbreaks. Shares of Chipotle have dropped 38 percent since August after norovirus and E.coli outbreaks at some of its outlets led to a plunge in sales for the company, which markets its food as healthier than rivals'. At least some customers steering clear of Chipotle appear to
  
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• Saudi unveils far-reaching plan to move away from oil

  25-04-2016 21:44 via news.yahoo.com
  
  Saudi Arabia said Monday it would create the world's largest sovereign investment fund and sell shares in state energy giant Aramco under a vast plan unveiled to transform its oil-dependent economy. The announcement of the long-term reform programme, dubbed "Vision 2030", marks the beginning of a hugely ambitious attempt to move Saudi Arabia beyond oil, the backbone of its economy for decades. Although it comes against a steep fall in oil prices, the plan "was not created only" to face that chal
  
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• Oil drop, lackluster earnings weigh on Wall Street

  25-04-2016 21:44 via news.yahoo.com
  
  With the S&P 500 up in eight of the past 10 weeks and nearing the record high set almost a year ago, traders are struggling to find reasons to push it even higher as underwhelming earnings and the specter of higher interest rates hover over markets. The U.S. Federal Reserve is expected to hold interest rates steady after a two-day meeting set to begin Tuesday, but policymakers may be more upbeat on the economic outlook leaving the path open for future rate hikes. Perrigo Co , down 17 percent
  
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• Saudi reform plan pleases markets, doesn't reassure skeptics

  25-04-2016 21:28 via news.yahoo.com
  A sweeping economic reform plan announced by Saudi Arabia on Monday pleased the financial markets but fell short of convincing sceptics that the kingdom can prosper in an era of cheap oil. Deputy Crown Prince Mohammed bin Salman promised to invest Saudi petrodollars more aggressively, sell stakes in state firms such as oil giant Saudi Aramco, restructure ministries to make them efficient, modernize the education system and even give foreigners long-term residency rights. A 2.5 percent jump by th
  
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• Brexit would threaten London financial dominance - UK minister Jo Johnson

  25-04-2016 21:13 via news.yahoo.com
  
  By David Milliken LONDON (Reuters) - If Britain votes to leave the European Union, London's dominant position as the pre-eminent global financial centre in its time zone would be placed under threat and other EU centres would seek to rip away business, British minister Jo Johnson said. London dominates the $5.3-trillion-a-day (3.7 trillion pounds-a-day) global foreign exchange market and is by far the most important financial centre in the European Union, vying with New York for the title of the
  
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• Canada non-resource exports to surge in 2016: export agency

  25-04-2016 21:08 via news.yahoo.com
  By David Ljunggren OTTAWA (Reuters) - Canadian non-resource exports should post healthy gains this year, the country's trade financing agency said on Monday, a development the central bank is counting on to help revive an economy hobbled by weak global energy prices. Export Development Canada predicted the consumer goods, automotive and aerospace sectors would post double-digit growth in 2016 on the back of a robust U.S. economy. Canada is a major energy exporter and has been hit hard by slumpin
  
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• Facebook developing camera app similar to Snapchat: WSJ

  25-04-2016 20:58 via news.yahoo.com
  
  (Reuters) - Facebook Inc is developing a stand-alone camera app, similar to disappearing photo app Snapchat, to increase user engagement, the Wall Street Journal reported, citing people familiar with the matter. The app, being developed by Facebook's "friend-sharing" team in London, is in its early stages and may never come to fruition, according to the report. (http://on.wsj.com/24fDRxN) The company is also planning a feature that allows a user to record video through the app to begin live
  
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• Saudi reform plan pleases markets, doesn't reassure sceptics

  25-04-2016 20:31 via news.yahoo.com
  
  By Andrew Torchia DUBAI (Reuters) - A sweeping economic reform plan announced by Saudi Arabia on Monday pleased the financial markets but fell short of convincing sceptics that the kingdom can prosper in an era of cheap oil. Deputy Crown Prince Mohammed bin Salman promised to invest Saudi petrodollars more aggressively, sell stakes in state firms such as oil giant Saudi Aramco, restructure ministries to make them efficient, modernise the education system and even give foreigners long-term reside
  
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• Aramco executives say Saudi reform plan will boost company

  25-04-2016 20:25 via news.yahoo.com
  Executives at state-owned oil major Saudi Aramco said the economic reform plan announced by Saudi Arabia's powerful young prince on Monday would fuel growth by boosting existing company initiatives and attracting new capital. Chief executive Amin Nasser said in comments posted on the firm's official Twitter account that the plan will be a "major boost" to initiatives including the renewable energy program. The IPO will attract new capital to diversify the kingdom's economy and increase global co
  
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• U.S. freedom of navigation ops targeted China, 12 other countries last year: Pentagon

  25-04-2016 20:17 via news.yahoo.com
  The U.S. military carried out freedom of navigation operations against 13 countries last year, including several against China for what it views as excessive claims to maritime and airspace jurisdiction, the Pentagon said in an annual report on Monday. The Defense Department carried out multiple freedom of navigation operations against China, India, Indonesia, Iran, Libya, Malaysia, the Maldives, Oman, the Philippines and Vietnam, the two-page report said. In operations targeting Chinese claims,
  
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• Sector movers: Banks dip on eve of earnings season

  25-04-2016 19:32 via news.yahoo.com
  (ShareCast News) - Bank shares were mostly in the red on Monday ahead of a week in which most of the UK's big players are due to report first quarter earnings this week.
  
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• Global stocks fall with dollar, oil ahead of Fed, BOJ meetings

  25-04-2016 19:06 via news.yahoo.com
  
  Global stocks fell along with the dollar and oil prices on Monday as an unexpected drop in U.S. new home sales added to investor uncertainty over the economy's outlook ahead of central bank policy meetings in the United States and Japan this week. Wall Street moved lower, following stock markets in Asia and Europe which sank in early trading. "People are taking some profits and stocks are looking a little bit expensive at the moment, especially since there is no earnings growth," said Randy Fred
  
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• Wall Street dragged down by oil, lackluster earnings

  25-04-2016 19:00 via news.yahoo.com
  
  By Tanya Agrawal (Reuters) - Wall Street was lower on Monday as a drop in oil prices, lackluster quarterly earnings and an impending Federal Reserve meeting weighed on investor sentiment. The central bank's policymakers are expected to hold interest rates steady when they meet on Tuesday and Wednesday, but may tweak their description of the economic outlook to reflect more benign conditions. Oil prices fell more than 1 percent after traders cited reports of a supply buildup, interrupting the sto
  
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• European stocks close lower awaiting central bank action

  25-04-2016 19:00 via news.yahoo.com
  
  European stock markets ended lower Monday following losses across Asia, as traders looked ahead to key central bank meetings due towards the end of the week.
  
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• UK lawmakers demand to see civil servant who wrote a blueprint for Brexit

  25-04-2016 18:20 via news.yahoo.com
  British lawmakers insisted on Monday that a civil servant who wrote a prize-winning essay on how Britain could leave the European Union should address a committee in parliament. Parliament's Treasury Committee has repeatedly summoned Iain Mansfield, an official at the business ministry, but he and the government have turned down the request, citing rules that say civil servants should be politically neutral. Mansfield won 100,000 euros ($112,660) in 2014 from the Institute for Economic Affairs,
  
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• Accountants, journalist face tax leaks trial in Luxembourg

  25-04-2016 18:16 via news.yahoo.com
  Two former employees of accountancy giant PwC go on trial in Luxembourg on Tuesday along with a French journalist, accused of leaking details of corporate tax deals that have fueled global demands for reform. The case, coming 18 months after revelations dubbed LuxLeaks sparked accusations the Grand Duchy conspired with multinational companies to deprive other EU states of tax revenue, has drawn strong criticism from civil rights and media groups who argue the men are whistleblowers in need of pr
  
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• MPs demand to see civil servant who wrote a blueprint for Brexit

  25-04-2016 18:07 via news.yahoo.com
  
  MPs insisted on Monday that a civil servant who wrote a prize-winning essay on how Britain could leave the European Union should address a committee in parliament. Parliament's Treasury Committee has repeatedly summoned Iain Mansfield, an official at the business ministry, but he and the government have turned down the request, citing rules that say civil servants should be politically neutral. Mansfield won 100,000 euros (£77,800) in 2014 from the Institute for Economic Affairs, a free-ma
  
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• TTIP trade deal: what you need to know

  25-04-2016 17:38 via news.yahoo.com
  
  It would be the world's biggest ever trade deal, linking the United States and European Union, two giant economies which are home to 850 million people. Despite its vaunted economic benefits, however, many people on each side of the Atlantic are either deeply suspicious or flat-out opposed to the Transatlantic Trade and Investment Partnership (TTIP). The pact, negotiated largely behind closed doors since 2013 with many of its details still undisclosed, aims to topple regulatory and tariff barrie
  
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• ANALYST VIEW 2-Saudi Arabia's Vision 2030 reform plan

  25-04-2016 17:28 via news.yahoo.com
  Saudi Arabia's Deputy Crown Prince Mohammed bin Salman announced on Monday the Vision 2030 reform plan, a package of economic and social policies designed to free the kingdom from dependence on oil exports. ALI AL NASSER, FUND MANAGER AT LONDON-BASED DUET GROUP, WHICH HAS MORE THAN $1 BILLION INVESTED IN MIDDLE EAST AND NORTH AFRICAN STRATEGIES The question is now again about execution. In terms of the stock market's reaction - the market reacted positively to the interview and some of the headl
  
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• Wall St. dragged down by oil, lackluster earnings

  25-04-2016 17:26 via news.yahoo.com
  
  Oil prices fell about 1 percent after traders cited reports of a supply buildup, interrupting the stock market's long bull run. "We have run into technical resistance now that we're near the record high," said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas. At 10:53 a.m. ET the Dow Jones industrial average was down 133.89 points, or 0.74 percent, at 17,869.86, the S&P 500 was down 12.8 points, or 0.61 percent, at 2,078.78 and the Nasdaq Comp
  
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• Tuesday preview: Standard Chartered begins bank earnings week

  25-04-2016 17:18 via news.yahoo.com
  (ShareCast News) - Standard Chartered will kick off the UK banking industry's latest earnings season with its first quarter results on Tuesday.
  
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• Fed will likely keep rates unchanged in face of global slump

  25-04-2016 17:18 via news.yahoo.com
  
  WASHINGTON (AP) — The U.S. job market is healthy. The stock market is up. Home prices are rising. Yet as the Federal Reserve prepares to meet this week, it seems in no mood to resume raising interest rates from ultra-lows.
  
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• MIDEAST STOCKS-Saudi surges as reforms announced, rest of Gulf weak

  25-04-2016 17:00 via news.yahoo.com
  * Economic reform plan creates positive buzz * Trading volume highest since last August * Bank shares are main beneficiaries * Dubai's Mashreq bank falls after posting weaker earnings * Industries Qatar drops on net profit fall By Celine Aswad DUBAI, April 25 (Reuters) - Saudi Arabia's stock market recovered from early losses and jumped 2.5 percent on Monday as Deputy Crown Prince Mohammed bin Salman announced an economic overhaul for the oil-dependent kingdom. ...
  
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• If Mitsubishi Motors needs help, group firms may look away

  25-04-2016 16:45 via news.yahoo.com
  
  A decade ago, Japanese automaker Mitsubishi Motors survived a defect cover-up scandal through a bail-out by other Mitsubishi Group companies. Multiple senior officials at Mitsubishi companies said it would be "difficult" for them to help the car maker as they face their own financial squeeze, as well as calls to put shareholder returns above ties with the former Mitsubishi business empire, or "zaibatsu", which was split up into independent companies after the Second World War. A task force at Ba
  
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• European, US stocks drop awaiting central bank action

  25-04-2016 16:41 via news.yahoo.com
  
  European stock markets dropped on Monday following losses across Asia, as traders looked ahead to key central bank meetings due towards the end of the week.
  
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• Obama takes on role of America's pitchman at German trade show

  25-04-2016 16:24 via news.yahoo.com
  
  By Roberta Rampton HANOVER, Germany (Reuters) - U.S. President Barack Obama slipped on on a pair of virtual reality glasses bedecked with plastic googly eyes and mused about someday using the technology to talk with his daughter after she leaves home for college. The display was but one of many stops on a two-hour tour of Hanover Messe, the world's largest trade show of industrial technology, and a tour de force of economic diplomacy by Obama and German Chancellor Angela Merkel. "It's a brave ne
  
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• Saudi does not expect oil price below $30 due to global demand

  25-04-2016 16:22 via news.yahoo.com
  RIYADH (Reuters) - Saudi Arabia does not see oil prices falling below $30 a barrel again due to improvement in global demand for crude, Deputy Crown Prince Mohammed bin Salman said on Monday as he outlined a sweeping economic reform plan, known as Vision 2030.
  
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• El-Erian says this week's Fed meeting to set stage for June hike

  25-04-2016 16:20 via news.yahoo.com
  
  Mohamed El-Erian, the chief economic adviser at Allianz SE , said on Monday he expects this week's Federal Reserve policy-setting meeting to set the stage for a June interest rate hike. El-Erian told Reuters: "Fed officials may even be tempted to hike as early this week though this remains a lower probability event." The Federal Open Market Committee is due to meet Tuesday and Wednesday and then next on June 14-15. "Notwithstanding the headwinds from abroad, the Fed is likely to hike this year a
  
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• Wall Street opens lower as earnings continue to underwhelm

  25-04-2016 16:06 via news.yahoo.com
  
  U.S. stocks opened lower on Monday as corporate earnings continued to underwhelm and investors stayed away from risky assets a day before the start of the Federal Reserve's two-day policy meeting. "We are looking at a mixed to lower session today as investors assess events that could cause some gyrations," said Peter Cardillo, chief market economist at First Standard Financial in New York. The stock market is on one of its longest bull runs, with the S&P 500 about 2 percent away from its all
  
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• Saudi prince unveils sweeping plans to end 'addiction' to oil

  25-04-2016 15:49 via news.yahoo.com
  
  The powerful young prince overseeing Saudi Arabia's economy unveiled ambitious plans on Monday aimed at ending the kingdom's "addiction" to oil and transforming it into a global investment power. Deputy Crown Prince Mohammed bin Salman said Riyadh would raise the capital of its public investment fund to 7 trillion riyals ($2 trillion) from 600 billion riyals ($160 billion) and would sell up to five percent of shares in state oil giant Aramco. The plans announced by Prince Mohammed also included
  
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• China expected to see $538 billion capital exodus in 2016, IIF says

  25-04-2016 15:22 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - Global investors are expected to pull $538 billion out of China's slowing economy in 2016, the Institute of International Finance estimated on Monday, although the pace of outflows has dropped. Capital exodus from China is crucial for emerging markets more generally, partly because of its sheer size and partly because sustained outflows can trigger more exchange rate volatility, which would then feed a fresh wave outflows. "A sharp drop in the renminbi would like
  
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• Analyst view: Saudi Arabia's Vision 2030 reform plan

  25-04-2016 15:10 via news.yahoo.com
  (Reuters) - Saudi Arabia announced on Monday its Vision 2030 reform plan, a package of economic and social policies designed to free the kingdom from dependence on oil exports.
  
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• Wall St. set to open lower as investors pause

  25-04-2016 15:05 via news.yahoo.com
  
  The central bank's policymakers are expected to hold interest rates steady when they meet on Tuesday and Wednesday, but may tweak their description of the economic outlook to reflect more benign conditions that leave the path open for future rate rises. Traders are also keeping an eye on the outcome of a Bank of Japan meeting on Thursday, with expectations that Japan could push deeper into negative interest rate territory. Oil prices slipped on Monday and added to the pressure, as traders took p
  
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• Egypt tourism revenue down 66 pct in Q1 2016

  25-04-2016 14:40 via news.yahoo.com
  
  Egypt netted just $500 million in tourism revenue in the first quarter of 2016, down from $1.5 billion a year earlier, a tourism ministry adviser told Reuters, highlighting the country's struggle to kickstart a key dollar-earning industry. Egypt's tourism industry, a cornerstone of the economy and critical source of hard currency, has been struggling to rebound after the political and economic upheaval triggered by the 2011 uprising that ended Hosni Mubarak's 30-year rule. Tourism revenue has al
  
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• Saudi prince unveils sweeping reform plan for economy

  25-04-2016 14:35 via news.yahoo.com
  
  Saudi Arabia's Deputy Crown Prince Mohammed bin Salman announced a sweeping reform plan on Monday that he said would transform the kingdom into a global investment power and wean the world's top oil exporter off crude by 2020. Prince Mohammed, a son of the Saudi king who also serves as defense minister and head of the country's economic council, was giving his first nationally televised interview since his accession last year. "I think by 2020, if oil stops we can survive," Prince Mohammed said.
  
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• Randgold CEO says Ivory Coast power cuts weigh on Tongon

  25-04-2016 14:17 via news.yahoo.com
  Power cuts in Ivory Coast have hurt output and equipment at Randgold Resources' Tongon gold mine in the first three months of this year, Chief Executive Mark Bristow said. Ivory Coast, French-speaking West Africa's largest economy, is struggling to meet a surge in demand for electricity to power its expanding postwar economy. Randgold CEO said its mine was Ivory Coast's biggest power consumer, paying 8 billion CFA francs ($14 million) per year for power.
  
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• Nigeria to tap strategic wheat reserves to rein in food prices

  25-04-2016 13:57 via news.yahoo.com
  
  Nigeria will tap its strategic grain reserves to rein in food prices, President Muhammadu Buhari said, as Africa's biggest economy faces its worst economic crisis in decades fueled by a collapse in crude oil prices. Annual inflation in the continent's top oil exporter rose to a near four-year high of 12.8 percent in March from 11.4 percent in February, driven by a rise in food prices. "President Buhari has ordered the release of 10,000 tons of grain from the National Strategic Grains Reserve to
  
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• Oil price sees volumes, earnings shrink at Sterling Energy

  25-04-2016 13:38 via news.yahoo.com
  (ShareCast News) - Sterling Energy was bearing the brunt of the oil glut in its first quarter, reporting much lower production and earnings in an interim management statement on Monday.
  
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• European stocks drop awaiting central bank action

  25-04-2016 13:38 via news.yahoo.com
  
  European stock markets dropped on Monday following losses across Asia, as traders looked ahead to key central bank meetings due towards the end of the week.
  
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• UK retailer BHS placed into administration

  25-04-2016 13:24
  LONDON, April 25 (Reuters) - British department stores group
  BHS on Monday entered administration, a form of creditor
  protection, putting about 11,000 jobs at risk.
  
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• BRIEF-Swift Energy Company emerges from bankruptcy

  25-04-2016 13:24
  * Has completed its financial restructuring and emerged from
  Chapter 11
  
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