Finance news

• Puerto Rico declares moratorium on Government Development Bank's debt

  01-05-2016 23:23
  
  SAN JUAN/NEW YORK, May 1(Reuters) - Puerto Rico's governor
  on Sunday said he declared a moratorium on a $422 million debt
  payment due Monday by the island's Government Development Bank,
  the most...
  
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• Puerto Rico faces default as governor plans to address island

  01-05-2016 21:54 via news.yahoo.com
  
  By Nick Brown and Daniel Bases SAN JUAN/NEW YORK (Reuters) - Puerto Rico's governor will make a televised speech on Sunday ahead of an expected default on $422 million of debt due on Monday, as the U.S. territory's economic crisis enters its most dire stretch yet.      The Government Development Bank, Puerto Rico's primary fiscal agent, is expected to skip at least the principal portion of its payment to hedge funds, credit unions and other bondholders.     Still, an ele
  
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• Eyeing an Indiana victory, Trump says, 'It's over'

  01-05-2016 21:23 via news.yahoo.com
  
  By Steve Holland and Valerie Volcovici WASHINGTON (Reuters) - Front-runner Donald Trump said on Sunday that he will have essentially sealed the Republican U.S. presidential nomination if he wins Tuesday's contest in Indiana, where he holds a big lead over chief rival Ted Cruz. A new NBC/Wall Street Journal/Marist opinion poll showed Trump with a wide lead in Indiana, 49 percent to 34 percent for Cruz and 13 percent for a third candidate, Ohio Governor John Kasich. Trump, a 69-year-old billionair
  
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• Rousseff says opponents plotting to water down Brazil labor laws

  01-05-2016 20:37 via news.yahoo.com
  
  Brazilian President Dilma Rousseff on Sunday accused her opponents of plotting to water down existing labor legislation and cutting social stipends for the poor if Congress puts her on trial for allegedly breaching budget rules. Rousseff, speaking at a Labor Day rally in São Paulo, said her ouster from office would open room for a dismantling of labor rules that have protected millions of workers in Latin America's largest economy. In her speech, she did not name the opponents she was ref
  
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• Kazakh leader evokes Ukraine as land protests spread

  01-05-2016 18:17 via news.yahoo.com
  
  Kazakh President Nursultan Nazarbayev, facing a growing wave of protests against planned changes to land ownership, evoked the image of war-torn Ukraine on Sunday as he called for national unity. Speaking at an event in Almaty to mark the annual May 1 Unity Day celebrations, Nazarbayev highlighted Ukraine, where street protests in 2013-2014 toppled the government of Viktor Yanukovich, as an example of what could happen in the absence of unity. "Ukraine, the second-biggest ex-Soviet state, today
  
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• Donald Trump says Republican race all but over if he wins Indiana

  01-05-2016 17:33 via news.yahoo.com
  
  By Steve Holland and Valerie Volcovici WASHINGTON (Reuters) - Front-runner Donald Trump said on Sunday that he will have essentially sealed the Republican U.S. presidential nomination if he wins Tuesday's contest in Indiana, where he now holds a big lead over chief rival Ted Cruz. A new NBC/Wall Street Journal/Marist opinion poll showed Trump with a wide lead in Indiana, 49 percent to 34 percent for Cruz and 13 percent for a third candidate, Ohio Governor John Kasich. Trump, a 69-year-old real e
  
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• Foreign minister reaffirms Japan's economic ties to Thailand

  01-05-2016 15:57 via news.yahoo.com
  
  Japan's foreign minister arrived in Bangkok on Sunday aiming to reaffirm economic ties after Japanese investments in Thailand slumped last year amid political concerns as well as stiff competition emerging from more nimble neighbors. Japan has historically been the largest investor in Thailand, Southeast Asia's second biggest economy, which it sees as an important production base. Increased competition from the region's newer economies, such as Vietnam and Myanmar, is posing another threat to fo
  
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• German economy minister cancels Iran trip due to illness, official says

  01-05-2016 13:39 via news.yahoo.com
  
  German Economy Minister Sigmar Gabriel has fallen ill and therefore canceled a trip to Iran where he was expected to co-chair an economic conference with his Iranian counterpart, a German government official said on Sunday. German industry has been hoping for a surge in exports to Iran after international sanctions were lifted in January in return for the Islamic Republic complying with a deal to curb its nuclear program. The minister had planned to co-chair an economic conference with Iranian c
  
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• China manufacturing index expands at slower pace

  01-05-2016 13:12 via news.yahoo.com
  
  China's economic recovery stabilised in April, an official factory activity gauge showed Sunday, as the property market recovered and credit grew. The Purchasing Manager's Index (PMI), tracking activity in factories and workshops, rose for the second successive month, the National Bureau of Statistics said.
  
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• Saudi Arabia says to provide housing to 100,000 poorer families

  01-05-2016 12:35
  
  KHOBAR, Saudi Arabia, May 1 (Reuters) - Saudi Arabia's
  government will provide housing for 100,000 low-income families
  over the next year as part of a reform programme designed to
  strengthen the...
  
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• French new car registrations rise 7.1 pct in April - CCFA

  01-05-2016 12:10
  
  PARIS, May 1 (Reuters) - French new car registrations rose
  7.1 percent year-on-year in April, with foreign carmakers'
  figures up 8.8 percent and domestic ones up 5.7 percent, the
  CCFA automobile...
  
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• IEA chief says oil price bottoming depends on global growth

  01-05-2016 10:49 via news.yahoo.com
  
  By Osamu Tsukimori KITAKYUSHU, Japan (Reuters) - International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed out, providing that the health of the global economy does not pose a concern. Oil prices hit 2016 highs on Friday with Brent crude reaching $48.50 a barrel on optimism that a global oil glut will ease. A decline in non-OPEC production amounting to more than 700,000 barrels per day this year, and production outages such as in Nigeria and Kuwait, hav
  
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• BUZZ-Abu Dhabi's Union National Bank rises after Q1 earnings

  01-05-2016 08:46 via news.yahoo.com
  May 1 (Reuters) - ** Shares in Union National Bank rise 2.2 percent to 3.65 dirhams ** Bank posted 27 percent drop in first-quarter net profit attributable to equity holders to 447 million dirhams ($121.76 million); two analysts polled by Reuters had forecast 314.00 million dirhams and 454.30 million dirhams ** Other Abu Dhabi banks remain weak after disappointing first-quarter earnings last week; First Gulf Bank down 1.2 percent, Abu Dhabi Commercial Bank loses 2.3 percent ** Abu Dhabi stock in
  
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• Key bills and quarterly earnings to influence markets' trends

  01-05-2016 07:10 via news.yahoo.com
  Mumbai, May 1 (IANS) Quarterly earnings' results, along with the government's ability to break the parliament's logjam and inflow of foreign funds, are expected to set the tone for the Indian equity markets during the upcoming week. Companies like HDFC, Eicher Motors, Adani Ports, Adani Power, Hero MotoCorp, MRF, Godrej Consumer Products, Kotak Mahindra Bank and Century Textiles are expected to announce their Q4 results in the coming week. "The week would again focus on earnings with the global
  
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• Burundi economy battered by year-long crisis

  01-05-2016 06:58 via news.yahoo.com
  
  A year into a political crisis which has claimed about 500 lives, driven a quarter of a million into exile and prompted Western donors to suspend government aid, Burundi's economy is on the ropes. The central African country had only just begun to recover from a 1993-2006 ethnic-based civil war when it became sucked back into violence after President Pierre Nkurunziza announced a year ago that he would seek a third term in office. "The economy had been starting to stabilise, inflation was under
  
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• Future of scandal-hit Mitsubishi Motors in doubt -- again

  01-05-2016 06:17 via news.yahoo.com
  
  Mitsubishi Motors' future is hanging in the balance for the second time in a decade after a bombshell admission that it has been cheating on fuel-economy tests for years. The crisis is threatening to put the company into the ditch permanently, but some analysts think the vast web of shareholdings among Japanese firms may just save it from the scrap yard. "I really think the future of Mitsubishi Motors is grim," said Hideyuki Kobayashi, a business professor at Hitotsubashi University, who authore
  
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• China April official services PMI eases to 53.5

  01-05-2016 03:09
  
  BEIJING, May 1 (Reuters) - Activity in China's services
  industry expanded strongly in April, but at a slightly slower
  pace than in March, an official survey showed on Sunday.
  
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• Detroit schools can't meet payroll after June 30 - report

  01-05-2016 01:46
  
  April 30 (Reuters) - The emergency manager for the
  cash-strapped Detroit Public Schools said on Saturday the
  district would run out of money to pay employees after the
  fiscal year wraps up on June...
  
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• Buffett says hedge funds are a bad deal for investors

  01-05-2016 00:15 via news.yahoo.com
  The storied stockpicker - speaking at a table festooned with Berkshire Hathaway Inc-owned See's Candies at the conglomerate's annual shareholder meeting - suggested that "supposedly sophisticated people" and institutions are being fleeced by hedge funds and their backers. "There's been far, far, far more money made by people in Wall Street through salesmanship abilities than through investment abilities," Buffett said, citing a simple Vanguard Group index fund that tracks the S&P 500 index o
  
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