Finance news

• UPDATE 2-Gundlach says 'reasonable' to start moving into Treasuries

  26-04-2016 23:53
  
  NEW YORK, April 26 (Reuters) - Jeffrey Gundlach, the
  influential head of DoubleLine Capital, said on Tuesday that
  investors looking to purchase Treasuries in the wake of the bond
  market's sell-off...
  
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• UPDATE 2-Former Epix executive arrested for $8 million fraud at network

  26-04-2016 23:50
  NEW YORK, April 26 (Reuters) - The former chief digital
  officer of the Epix cable television network was arrested on
  Tuesday on charges that he defrauded it of more than $8 million.
  
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• BRIEF-Mack-Cali says it sold about $300 mln of assets year to date

  26-04-2016 23:49
  * Cali realty corp says announced a series of transactions
  in redeployment of disposition proceeds as part of its announced
  strategic plan
  
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• Euro zone: more time needed for Greek reforms; Tsipras to seek EU summit

  26-04-2016 23:47 via news.yahoo.com
  
  Euro zone finance ministers will not meet on Thursday and need more time to discuss Greek reforms that would unlock new loans, signaling significant differences remain between Athens and its lenders on bailout targets. The meeting was a possibility because Athens and its EU/IMF lenders aimed to reach an agreement this week on reforms needed to conclude a key review of the country's bailout progress that would unlock funds under a multibillion-euro bailout package it signed up to in July. Greece
  
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• Chipotle sales fall short despite free food; stock off 3 percent

  26-04-2016 23:13 via news.yahoo.com
  
  Chipotle Mexican Grill Inc's free food giveaways aimed at luring back diners after a string of food safety lapses last year failed to revive sales as much as Wall Street expected during the first quarter and its stock fell almost 3 percent. Shares in the burrito chain have lost about one-third of their value since food safety woes surfaced with news it had closed dozens of restaurants in the Pacific Northwest due to an E. coli outbreak. Its net loss of $26.4 million, or 88 cents per share, was l
  
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• Apple quarterly earnings, revenue miss Wall Street target

  26-04-2016 23:02 via news.yahoo.com
  
  Apple Inc on Tuesday reported quarterly results below Wall Street targets and forecast another disappointing quarter, while sales of iPhones, its most important product, declined for the first time. Apple also said it was raising its capital return program by $50 billion through a $35 billion increase in its share buyback authorization and a 10 percent rise in the quarterly dividend. Apple said it sold 51.2 million iPhones in its second fiscal quarter, down from 61.2 million in the same quarter
  
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• Saudi reform plans flirt with social change

  26-04-2016 22:47 via news.yahoo.com
  
  By Angus McDowall RIYADH (Reuters) - Reforms promised by a young Saudi prince are couched in references to the kingdom's Islamic tradition but include ideas likely to upset some conservatives, risking future ruptures over the direction of society. Deputy Crown Prince Mohammed bin Salman's "Vision 2030" plan, which the 31-year-old announced on Monday, largely aims to transform Saudi Arabia's economy in an era of low oil prices and made few specific pledges of social change. For the Al Saud dynast
  
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• Mitsubishi Motors says false mileage tests done since 1991

  26-04-2016 22:42 via news.yahoo.com
  
  TOKYO (AP) — Mitsubishi Motors Corp., the Japanese automaker that acknowledged last week that it had intentionally lied about fuel economy data for some models, said an internal investigation found such tampering dated to 1991.
  
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• Oil rises on weak dollar, Treasury yields hit five-week high ahead of FOMC

  26-04-2016 22:28 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - The dollar fell on Tuesday after weaker-than-expected U.S. economic data boosted expectations the Federal Reserve would hold interest rates lower for longer, while U.S. Treasury yields touched five-week highs as traders made room for government debt supply ahead of the central bank's policy statement. Tuesday's economic data "plays into the idea that the Fed need not be in any rush to raise rates," said Richard Franulovich, senior currency strategist at Westp
  
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• S&P buoyed by commodity sectors; eyes on Apple earnings

  26-04-2016 21:43 via news.yahoo.com
  
  By Rodrigo Campos (Reuters) - The S&P 500 hovered near the unchanged mark on Tuesday, buoyed by gains in energy and materials as soft economic data weakened the dollar, giving commodities support. The greenback fell after orders for long-lasting U.S. manufactured goods rebounded far less than expected in March as demand for cars, computers and appliances slumped. Consumers appeared a bit pessimistic on the economy's short-term outlook and sent a measure of confidence lower. The data came as
  
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• Will $25 Million Persuade Young Americans to Vote?

  26-04-2016 21:02 via news.yahoo.com
  
  Young voters have turned out in droves for Sen. Bernie Sanders of Vermont throughout the Democratic presidential primary season, rallying to his call for income equality as he bashes Wall Street and the ...
  
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• Exclusive: Brazil's Temer to overhaul economy, central bank to rescue confidence

  26-04-2016 20:29 via news.yahoo.com
  
  By Lisandra Paraguassu and Alonso Soto BRASILIA (Reuters) - The board of Brazil's central bank would be replaced as part of a drive to overhaul management of the economy and adopt sweeping reforms to regain investor confidence in a possible government of Vice President Michel Temer, three people familiar with the plan told Reuters. With President Dilma Rousseff likely to be suspended by the Senate by mid-May for allegedly breaking budget laws, Temer is already drafting an ambitious program to pu
  
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• Earnings could mark end to rally in U.S. media stocks

  26-04-2016 20:15 via news.yahoo.com
  
  U.S. fund managers' newfound love of media stocks will soon be put to the test. Shares of Time Warner Inc, Twenty-First Century Fox, and CBS Corp are all up by double digits since the start of the year. Now, with media stocks in the S&P 500 trading at a trailing price to earnings ratio of 19.4, their highest valuation in four months, investors will need confirmation that the momentum can continue.
  
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• Saudi to overhaul floundering financial district, economic cities

  26-04-2016 19:48 via news.yahoo.com
  
  By Katie Paul DUBAI (Reuters) - Saudi Arabia is revising plans for a glitzy financial district in Riyadh and the creation of six industrial cities, after the projects were plagued by delays and a lack of enthusiasm among potential tenants and investors. The government's frank, public assessments of the projects suggest Deputy Crown Prince Mohammed bin Salman is not hesitating to tackle projects which once enjoyed top-level political support as he pushes an economic reform drive launched this wee
  
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• Stung by low oil prices, Exxon loses 'AAA' rating from S&P

  26-04-2016 19:40 via news.yahoo.com
  
  NEW YORK (AP) — Low oil prices have helped cost Exxon its pristine "AAA" credit rating from Standard & Poor's, a label it held for over six decades.
  
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• House Republican leader sees Puerto Rico bill before July

  26-04-2016 19:28 via news.yahoo.com
  By David Morgan WASHINGTON (Reuters) - House of Representatives Republican leader Kevin McCarthy said on Tuesday he is "hopeful" lawmakers can move legislation on Puerto Rico out of the House before the U.S. territory must make a $1.55 billion debt payment in July. Puerto Rico faces $70 billion in total debt, a 45 percent poverty rate and a shrinking population, all of which threaten to cause its economy to collapse.
  
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• South Africa's Eskom to spend $23.5 billion on new plants

  26-04-2016 19:11 via news.yahoo.com
  
  By Wendell Roelf CAPE TOWN (Reuters) - South African power utility Eskom is not under pressure to tap international markets to help fund its 340 billion rand ($23.5 billion) five-year expansion plan, its chief executive said on Tuesday. State-owned Eskom is building new plants and transmission lines to augment a power grid that nearly collapsed in 2008 and was forced to implement controlled blackouts, or load shedding, early last year that dented economic growth. "Our funding for last year is co
  
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• S&P boosted by energy shares; Nasdaq, Dow flat

  26-04-2016 19:00 via news.yahoo.com
  
  U.S. stocks had opened slightly higher, with the Dow briefly crossing the 18,000 mark, as oil prices rose 2.9 percent due to a weaker dollar and hopes for an easing of the oil glut. Oil majors Exxon and Chevron were up about 1 percent and gave the biggest boost to the S&P 500. Fed officials have repeatedly said a hike in June is on the cards.
  
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• Can Elizabeth Warren Save Bernie Sanders?

  26-04-2016 19:00 via news.yahoo.com
  
  Faced with the possibility of across-the-board defeats on in five states voting on Tuesday, Sen. Bernie Sanders has floated an idea that could provide his lagging White House bid a bit of extra mojo near the end of the primary season: naming Elizabeth Warren as his running mate. Appearing on MSNBC’s “Morning Joe,” Sanders noted that “it’s a little bit early to be speculating” on who might be his vice president if he somehow won the Democratic  Party nomin
  
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• EU lawmakers to hold off from regulating blockchain for now

  26-04-2016 18:55 via news.yahoo.com
  
  By Huw Jones LONDON (Reuters) - The European Union should hold off for now from regulating blockchain, the technology that underpins bitcoin, an EU parliamentary committee agreed on Tuesday in the latest example of a softly-softly approach by authorities toward financial services. "We don't want pre-emptive regulation, but we do want precautionary monitoring," Jakob von Weizsaecker, a German center-left member of the European Parliament, told Reuters. The parliament's economic affairs committee
  
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• NYC recession generation may never catch up in workplace - report

  26-04-2016 18:48 via news.yahoo.com
  
  Young people who joined the New York City workforce during and after the 2007-2009 recession earn less than earlier generations, a disadvantage that could last their entire working lives, a report by city officials said. Academic research shows those joining the workforce during a recession can wind up in a lower paid and less prestigious job for years, and could even be less happy and less healthy than those who joined during a strong economy. The report from the city Comptroller's office goes
  
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• Fiat Chrysler chief says shifter recall won't hurt earnings

  26-04-2016 18:39 via news.yahoo.com
  DETROIT (AP) — A global recall of 1.1 million cars and SUVs because drivers can't tell if they are in park will have little impact on Fiat Chrysler's earnings, the company's CEO said.
  
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• Whirlpool posts unexpectedly low first-quarter earnings on soft emerging market demand

  26-04-2016 18:35 via news.yahoo.com
  
  In Latin America, weak demand in Brazil and the negative impact of currency exchange pulled sales down to $705 million, from about $900 million a year ago, the company said. Many U.S.-based manufacturers' sales have been hit by weakness in Brazil's currency and the country's unstable political environment. "There is some concern about European market loss," Gabelli analyst Alvaro Lacayo said.
  
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• Dollar, Treasuries prices fall as investors await central bank meetings

  26-04-2016 18:34 via news.yahoo.com
  
  By Dion Rabouin NEW YOEK (Reuters) - The dollar sank on Tuesday after weaker-than-expected U.S. economic data boosted expectations the Federal Reserve would hold interest rates lower for longer, while U.S. Treasury yields touched five-week highs as traders positioned ahead of the central bank's policy statement. Tuesday's economic data "plays into the idea that the Fed need not be in any rush to raise rates," said Richard Franulovich, senior currency strategist at Westpac Banking Corporation in
  
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• Bank of Canada: would need significant shock to resume easing bias

  26-04-2016 18:30 via news.yahoo.com
  
  By Jonathan Spicer NEW YORK (Reuters) - It would take another significant economic shock, such as a faltering U.S. economy, for the Bank of Canada to consider cutting interest rates again, the central bank's head said on Tuesday. After cutting interest rates twice last year to offset the economic shock of cheap oil, a major export for Canada, the bank has held steady so far this year and is expected to continue to do so when it meets next month. It would be another negative shock but it would ne
  
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• South African police to investigate Malema for "reckless" speech

  26-04-2016 18:28 via news.yahoo.com
  
  South African police are investigating opposition leader Julius Malema for "inflammatory" speech after the politician threatened to remove President Jacob Zuma's government through the "barrel of a gun", a cabinet minister said on Tuesday. Malema, the leader of the radical Economic Freedom Fighters (EFF) party told Al Jazeera television on Sunday that his party's protest marches were often met with violent resistance by security forces and that members of his party would run out of patience and
  
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• Weaker dollar boosts South Africa's rand, stocks edge higher

  26-04-2016 18:26 via news.yahoo.com
  
  South Africa's rand reversed earlier losses against the dollar on Tuesday, helped mainly by the greenback's weakness in the wake of data that undermined the case for a U.S. rate hike. Having earlier hit a session low of 14.5350/dollar, the rand clawed its way back to 14.3940 by 1530 GMT, up 0.4 percent from Monday's New York close at 14.4510. The rand's gains reflected general dollar weakness after weaker-than-expected U.S. economic data reinforced views that the Federal Reserve would take a dov
  
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• Weak U.S. factory, consumer confidence data cloud growth outlook

  26-04-2016 18:01 via news.yahoo.com
  
  Orders for long-lasting U.S. manufactured goods rebounded far less than expected in March as demand for automobiles, computers and electrical goods slumped, suggesting the downturn in the factory sector was far from over. Tuesday's report from the Commerce Department also implied that business spending and economic growth were weak in the first quarter. The U.S. central bank is expected to leave its benchmark overnight interest rate unchanged on Wednesday.
  
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• U.S. economy seen growing 0.4 percent in first quarter: Atlanta Fed

  26-04-2016 17:20 via news.yahoo.com
  
  NEW YORK (Reuters) - The U.S. economy is growing at a 0.4 percent pace in the first quarter following the latest data on home resales and durable goods orders, the Atlanta Federal Reserve's GDPNow forecast model showed on Tuesday.
  
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• Barrick Gold lowers cost forecast as earnings beat

  26-04-2016 17:11 via news.yahoo.com
  
  (Reuters) - Barrick Gold Corp , the world's largest gold producer, reported first-quarter earnings on Tuesday that beat market expectations and also lowered its outlook for costs this year. The Toronto-based miner reported adjusted earnings of 11 cents a share, up from 5 cents a year ago and ahead of analyst expectations of 11 cents, on average, according to Thomson Reuters I/B/E/S. Barrick cut its forecast for all-in sustaining costs, the industry benchmark, for this year to a range of $760 to
  
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• UPDATE 1-U.S. proposes rule to strengthen big banks' liquidity

  26-04-2016 17:03
  
  WASHINGTON, April 26 (Reuters) - The top U.S. banking
  regulator on Tuesday released its proposal for establishing a
  Net Stable Funding Ratio, a final piece in the puzzle to
  strengthen banks'...
  
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• CANADA STOCKS-TSX rises, led by energy and financial stocks as oil rallies

  26-04-2016 16:58
  TORONTO, April 26 (Reuters) - Canada's main stock index rose
  on Tuesday as higher oil prices supported energy stocks while
  financial sector stocks also advanced, offsetting deep losses
  for one of the...
  
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• BRIEF-Husky CEO confident Liwan dispute with CNOOC will be resolved

  26-04-2016 16:58
  * CEO Asim Ghosh says confident Husky will reach a
  satisfactory outcome on negotiations with CNOOC Ltdover balance of payment for Liwan gas deliveries
  
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• McDonald's sees McFlurry of demand

  26-04-2016 16:55
  LONDON, April 26 (IFR) - McDonald's garnered over 14bn of
  demand for its first benchmark foray in the European bond market
  since May 2015 as investors super-sized their orders for a taste
  of yield.
  
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• BRIEF-Reynolds American Inc reports Q1 adj. earnings $0.50/shr

  26-04-2016 16:54
  * Reynolds American Inc qtrly reported EPS: first quarter at
  $2.49
  
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• UPDATE 2-Lockheed raises 2016 forecast as F-35, Sikorsky lift sales

  26-04-2016 16:52
  
  * Shares rise as much as 2.2 pct(Adds details, analyst's comment, shares)
  
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• BRIEF-BlackRock raises stake in Prysmian to 6.38 pct - filing

  26-04-2016 16:52
  * BlackRock on April 18 raised its stake in Italian cable
  maker Prysmian to 6.38 percent from 5 percentFurther company coverage:
  (Reporting by Milan newsroom)
  
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• BRIEF-3M would reduce 250 positions worldwide - conf call

  26-04-2016 16:49
  * "will reduce 250 positions worldwide with majority of
  reductions on electronics side of business" - conf call
  
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• BRIEF-Remitly secures $38.5 million in Series C funding

  26-04-2016 16:48
  * Closed a $38.5 million series c funding round led by
  stripes groupSource text for Eikon:Further company coverage:
  (Bengaluru Newsroom: +1 646 223 8780)
  
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• Senate probe into Valeant includes top Wall Street investor

  26-04-2016 16:39 via news.yahoo.com
  WASHINGTON (AP) — Senate lawmakers investigating price hikes by the embattled drugmaker Valeant Pharmaceuticals will also question one of the company's leading investors, hedge fund manager William Ackman.
  
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• China imposes fresh curbs on commodities as iron ore, steel slide

  26-04-2016 16:30 via news.yahoo.com
  
  By Ruby Lian and Manolo Serapio Jr BEIJING/MANILA (Reuters) - Chinese commodities exchanges stepped up efforts on Tuesday to curb surging prices that some say have been driven by speculators, raising fears of another derivatives bubble after last year's stock market collapse. Transaction fees for iron ore futures were hiked for a second time in as many days, after the original increase led to a sharp drop in iron ore and steel futures in China that helped cool a week-long surge in local commodit
  
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• Net worth should not be a mystery to millennials

  26-04-2016 16:27
  
  NEW YORK (Reuters) - Ignorance is not bliss when it comes to one big number for millennials: their net worth. The vast majority of millennials (73 percent of those 18 to 34) have no idea what they...
  
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• Whirlpool 2016 earnings outlook unchanged, first quarter lower than expected

  26-04-2016 16:23 via news.yahoo.com
  
  Whirlpool Corp shares fell in early trading on Tuesday after the company posted a lower-than-expected first-quarter net profit but kept its previous 2016 earnings per share outlook. The biggest driver of the weakness appears to be Whirlpool's European business. Whirlpool shares fell about 5.5 percent to $175.71 but are up about 19 percent year-to-date.
  
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• Wall Street opens slightly higher, Dow retakes 18,000 mark

  26-04-2016 15:57 via news.yahoo.com
  
  Wall Street opened slightly higher on Tuesday, with the Dow rising above the 18,000 mark, as investors assess quarterly earnings and await the outcome of a two-day U.S. Federal Reserve meeting. A rise in oil prices and a 2 percent rise in Dupont helped the Dow Jones industrial average cross the key psychological barrier. Fed officials have repeatedly said a hike in June is on the cards.
  
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• South African police minister says case lodged against Malema for 'reckless' speech

  26-04-2016 15:49 via news.yahoo.com
  
  CAPE TOWN (Reuters) - South African police said on Tuesday they are investigating firebrand opposition leader Julius Malema for "reckless and inflammatory" speech after the politician threatened to remove President Jacob Zuma's government through the "barrel of a gun". Malema, the leader of the radical Economic Freedom Fighters (EFF) party told Al Jazeera television on Sunday that EFF protest marches were often met with violent resistance by security forces and that members of his party would ru
  
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• South African supermarket chain Pick n Pay to expand into Nigeria

  26-04-2016 15:19 via news.yahoo.com
  
  By Zandi Shabalala JOHANNESBURG (Reuters) - South African supermarket operator Pick n Pay plans to expand into Nigeria next year through a partnership with a local conglomerate, as it seeks to reduce its reliance on its home market, it said on Tuesday. Pick n Pay already operates in Botswana, Zimbabwe and Namibia and plans to open new stores in Ghana next year. Like many other South African companies it wants to expand further across the continent amid sluggish economic growth at home.
  
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• Bank of Canada: slowing global trade not sign of imminent crisis

  26-04-2016 15:16 via news.yahoo.com
  
  (Reuters) - Global trade is likely to grow more slowly than it did in the past, but this should not be taken as a sign of an impending recession, the head of Canada's central bank said on Tuesday. About half of the slowdown in trade growth among advanced economies in the years since the financial crisis can be explained by weak economic activity, particularly sluggish business investment, Bank of Canada Governor Stephen Poloz said.
  
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• Mitsubishi Motors says cheated on mileage tests for 25 years

  26-04-2016 14:54 via news.yahoo.com
  
  Japanese car maker Mitsubishi Motors Corp said on Tuesday it used fuel economy testing methods that did not comply with Japanese regulations for 25 years, much longer than previously known. It said aggressive internal targets may have put pressure on employees to overstate the fuel economy of its vehicles, and would set up an external committee to investigate the matter. Japan's sixth-largest automaker has lost half its market value - some $3.9 billion - since it admitted last week to manipulati
  
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• BP sees Q1 earnings slide as low oil prices take their toll

  26-04-2016 14:52 via news.yahoo.com
  
  LONDON (AP) — Cost-cutting and a solid performance from the refining and marketing arm helped British energy producer BP cushion the hit from low oil prices in the first quarter.
  
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• Whirlpool 2016 earnings outlook unchanged, first-quarter earnings lower than expected

  26-04-2016 14:49 via news.yahoo.com
  
  Whirlpool Corp. shares fell in light pre-market trade on Tuesday after the company posted a lower-than-expected first-quarter net profit but kept its previous 2016 earnings per share outlook. Whirlpool shares fell more than 5 percent after it said cost and capacity reductions were offset by soft demand in emerging markets and unfavorable currency exchange rates. Ongoing business earnings per share exclude special items such as restructuring charges or other one-time fees that do not reflect the
  
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