Finance news

• The happy marriage of activist and passive investors: James Saft

  04-05-2016 23:51
  
  (Reuters) - Activist and passive investors make unlikely bed-fellows but there is reason to think they work well together.
  
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• Rousseff's woes mount as Brazilian senator backs impeachment trial

  04-05-2016 23:43 via news.yahoo.com
  
  By Anthony Boadle and Maria Carolina Marcello BRASILIA (Reuters) - Brazilian President Dilma Rousseff's chances of remaining in office plummeted on Wednesday after a key senator recommended the leftist leader face an impeachment trial and a top prosecutor said she should be included in a vast corruption investigation. Rousseff, whose popularity has fallen in the last year due in large part to a deepening economic recession, is expected to become the first Brazilian president to fail to complete
  
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• Druckenmiller says U.S. stock bull market 'exhausting itself'

  04-05-2016 23:33 via news.yahoo.com
  Stanley Druckenmiller, chief executive of Duquesne Family Office LLC, said on Wednesday he is bearish on the U.S. stock market, given the negative impact of the U.S. Federal Reserve and China's monetary policies on global growth. Druckenmiller, who acquired expertise in making global bets on interest rates and currencies while working at Soros Fund Management, said at the Sohn Investment Conference in New York that declining global growth suggests that stocks are just starting to bear the brunt
  
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• World stocks extend losses as US hiring data weakens

  04-05-2016 23:30 via news.yahoo.com
  
  New York (AFP) - Global stock markets extended their sell-off Wednesday as disappointing US jobs figures added to concerns about slowing global growth.
  
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• Slower growth dominates picks at hedge fund conference

  04-05-2016 22:33 via news.yahoo.com
  
  By Svea Herbst-Bayliss and David Randall NEW YORK (Reuters) - Against a backdrop of slower economic growth, prominent hedge fund managers, including Larry Robbins and Stanley Druckenmiller, said it will take longer for stocks to rise and laid out best ideas that markets barely reacted to. The remarks come as the hedge fund industry has come under fire for hefty fees, sluggish returns and even a lack of talent. Robbins, whose Glenview Capital Management LLC has fallen on hard times with heavy los
  
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• Municipal upgrades have strongest run since 2001 -S&P

  04-05-2016 22:23
  
  NEW YORK, May 4 (Reuters) - Upgrades to credit ratings of
  municipal debt issuers outpaced downgrades for a third
  consecutive year in 2015, the strongest such run since 2001,
  according to a study...
  
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• Peru's Fujimori would lift annual growth rate to 5-6 percent: adviser

  04-05-2016 22:20 via news.yahoo.com
  
  Economic growth in global metals exporter Peru will quicken to 5 to 6 percent a year from 3.3 percent in 2015 if Keiko Fujimori wins the June 5 presidential election, her new economic adviser said on Wednesday. Elmer Cuba, an economist with local consulting firm Macroconsult, who previously worked at the central bank, said he decided to join Fujimori's campaign after "long conversations" with the center-right candidate in recent weeks. "We're going to accelerate economic growth with strongly cou
  
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• GLOBAL MARKETS-Stocks retreat a second day on growth worries, copper slips

  04-05-2016 22:11 via news.yahoo.com
  On Wall Street, stocks fell even as data showed the vast U.S. services sector expanded in April as new orders and employment accelerated, bolstering views that economic growth would rebound after almost stalling in the first quarter.
  
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• Approval of Venezuelan leader drops as crisis bites: poll

  04-05-2016 22:11 via news.yahoo.com
  
  By Alexandra Ulmer CARACAS (Reuters) - Just over one in four Venezuelans approves of President Nicolas Maduro's governance as a crippling economic crisis weighs on the leftist leader, according to a leading pollster. Venezuelans are suffering rampant shortages of products including bread and antibiotics, salary-destroying inflation, and increasingly frequent power and water cuts as the OPEC country's state-led model flounders. Maduro, whom the opposition is vying to remove from office this year,
  
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• Wall Street falls for second day as tepid data weighs

  04-05-2016 22:04 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks declined for a second day on Wednesday, weighed down by tepid data on private sector U.S. jobs and a retreat in biotech shares. The Dow Jones industrial average fell 99.17 points, or 0.56 percent, to 17,651.74, the S&P 500 lost 12.2 points, or 0.59 percent, to 2,051.17 and the Nasdaq Composite dropped 37.59 points, or 0.79 percent, to 4,725.64. (Reporting by Caroline Valetkevitch in New York; Editing by Nick Zieminski)
  
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• Global stocks retreat a second day on growth worries, copper slips

  04-05-2016 21:37 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Global equity markets fell for a second straight day on Wednesday on mostly weak economic data while metals prices slipped on renewed concerns of a downturn in global growth. The U.S. services sector expanded in April as new orders and employment accelerated, but the growth outlook dimmed on another report showing private employers hired the fewest number of American workers in three years last month. A higher U.S. currency makes dollar-denominated commoditie
  
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• Merkel, Abe differ on how to fix world economy

  04-05-2016 21:08 via news.yahoo.com
  
  German Chancellor Angela Merkel and Japanese Prime Minister Shinzo Abe on Wednesday disagreed on how best to kick-start the global economy ahead of a G7 meeting this month. While Abe made a characteristic pitch for large-scale stimulus spending, Merkel suggested Germany was already doing enough, pointing to the extra economic activity brought by the arrival of one million refugees and migrants last year. The leaders of the major European and East Asian export powers will outline their competing
  
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• Industry groups recommend new U.S. rate benchmark

  04-05-2016 21:06 via news.yahoo.com
  Two financial industry groups said on Wednesday they would like to see the New York Federal Reserve's newly created funding rate replace the existing one, which is expected to cease near the end of July, as a new benchmark. The Risk Management Association and the Securities Industry and Financial Markets Association that represents Wall Street dealers and large investment firms recommended the change. ICAP planned to cease publication of its federal fund rate index on July 27.
  
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• Wall St. falls as tepid data adds to growth worries

  04-05-2016 20:49 via news.yahoo.com
  
  Wall Street was lower on Wednesday as tepid U.S. economic data and lackluster corporate results added to concerns about the health of the global economy. The unemployment rate is forecast holding steady at 5 percent.
  
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• Strong U.S. services sector data buoys economic outlook

  04-05-2016 19:48 via news.yahoo.com
  
  The U.S. services sector expanded in April as new orders and employment accelerated, bolstering views that economic growth would rebound after almost stalling in the first quarter. Economists say strong services industry activity together with a rebound in automobile sales in April reported on Tuesday, underscore the economy's firm fundamentals that could keep the Federal Reserve on track to raise interest rates twice this year. If Friday's payrolls report corroborates that trend, a June rate hi
  
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• Tesla revenue for Q1 tops Wall Street forecasts

  04-05-2016 19:27 via news.yahoo.com
  Shares of Tesla Motors were up more than four per cent in after-hours trading as the company posted higher revenues in the first quarter than analysts had been expecting. The Palo Alto, Calif.-based electric car maker posted revenue of $1.6 billion US in the period. Six analysts surveyed by Zacks expected $1.59 billion. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 54 cents per share.
  
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• Pop Vicenza can relaunch with bank fund, new management - PM Renzi

  04-05-2016 19:24 via news.yahoo.com
  
  Italian regional lender Banca Popolare di Vicenza can relaunch itself with the help of a newly-created bank rescue fund and the possibility of a change in its management, Prime Minister Matteo Renzi said on Wednesday. Popolare Vicenza's attempt to list on the Milan stock market last week failed because investors bought just 7.7 percent of a planned 1.5 billion euro share issue. Renzi said there had been "gross errors" in the bank's management in the past but the so-called Atlas fund, set up to b
  
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• Advisers stop investors from acting on political anxiety

  04-05-2016 19:13
  
  NEW YORK (Reuters) - The last two weeks of definitive primaries have not only been a game-changer for the 2016 U.S. Presidential race, but they also have been a bellwether for some investors.
  
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• SABMiller, Coke agree concessions with South Africa over bottling deal

  04-05-2016 18:50 via news.yahoo.com
  
  By Tiisetso Motsoeneng and Martinne Geller JOHANNESBURG/LONDON (Reuters) - SABMiller and Coca-Cola have agreed concessions with the South African government to win approval for their plan to merge African soft drink operations into what would be the continent's biggest Coke drinks bottler. The concessions, announced on Wednesday, agreed with the South African Ministry of Economic Development, include a three-year freeze on layoffs and the companies investing 800 million rand ($54 million) to sup
  
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• World stocks extend retreat as growth worries resurge

  04-05-2016 18:43 via news.yahoo.com
  
  London (AFP) - Global stock markets extended their sell-off Wednesday as disappointing US jobs figures added to reignited concerns about weak growth.
  
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• South Africa's Zuma unfazed after EFF party ejected from parliament

  04-05-2016 18:15 via news.yahoo.com
  
  South Africa's parliamentary protection services forcibly removed members of the ultra-left Economic Freedom Fighters party from the chamber on Wednesday as they attempted to disrupt proceedings ahead of an address by President Jacob Zuma. The EFF parliamentarians were ejected by parliament's Speaker after ignoring several warnings for order after they tried to prevent Zuma from speaking following recent court orders against him. This included a High Court ruling on April 29 to overturn a previo
  
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• World stock markets retreat for second day on growth worries

  04-05-2016 18:01 via news.yahoo.com
  
  NEW YORK (Reuters) - Global equity markets fell for a second straight day on Wednesday on mostly weak economic data and metals prices slipped on renewed signs of a downturn in global growth.
  
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• Zimbabwe economy ravaged by drought, needs bold reforms:IMF

  04-05-2016 17:49 via news.yahoo.com
  
  HARARE (Reuters) - Zimbabwe's economic difficulties have deepened after drought weakened agricultural production and disrupted hydro power generation and the southern African nation needs bold reforms, the International Monetary Fund said on Wednesday. "Unless the country takes bold reforms, the economic difficulties will continue in (the) medium-term," the fund said in a statement after a consultation with Zimbabwean officials. (Reporting by MacDonald Dzirutwe; Writing by TJ Strydom; Editing by
  
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• EU lawmakers want to increase free carbon allowance share

  04-05-2016 17:35 via news.yahoo.com
  
  The largest political group in the European Parliament said on Wednesday it wants a greater proportion of EU carbon permits to be handed out free to industry from 2020. EU politicians are debating how to reform the Emissions Trading System (ETS). The scheme is designed to make big polluters pay for their emissions but a surplus of carbon credits following the economic crisis has crushed the market.
  
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• Wall St. lower as tepid data adds to growth worries

  04-05-2016 17:34 via news.yahoo.com
  
  (Reuters) - Wall Street was lower on Wednesday after tepid U.S. economic data and lackluster corporate results added to concerns about the health of the global economy.
  
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• Investors pull most money from U.S. stock mutual funds this year: ICI

  04-05-2016 17:29
  
  NEW YORK (Reuters) - Mutual fund investors punished U.S.-based stock funds with their seventh consecutive week of withdrawals and their largest outflows so far this year, Investment Company Institute...
  
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• Weak US hiring report sends stocks lower on Wall Street

  04-05-2016 17:25 via news.yahoo.com
  
  NEW YORK (AP) — U.S. and global stock indexes were lower for a second day early Wednesday, following a dismal report on job creation that gave investors concern over the state of the economy. The data followed a round of economic news out of China and Europe a day earlier that also suggested sluggish growth.
  
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• Survey: Growth at US services firms strengthened in April

  04-05-2016 17:19 via news.yahoo.com
  
  WASHINGTON (AP) — A private survey says growth accelerated in April at U.S. services companies, a potential positive for the economy after a sluggish start to 2016.
  
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• Saudi prince makes bold challenges to kingdom's old ways

  04-05-2016 17:12 via news.yahoo.com
  
  By Samia Nakhoul, William Maclean and Angus McDowall RIYADH (Reuters) - Saudi Deputy Crown Prince Mohammed bin Salman got a standing ovation when he visited a gathering of Saudi youth last month. Prince Mohammed works 16-hour days -- unlike the more sluggish schedules of his older predecessors -- and has appointed business people and economic experts instead of other royals to top jobs.     Many younger Saudis see the rise of a man who is usually referred to as "MbS" as evide
  
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• Greek bank stocks could rise 90 percent on bailout cash deal: Morgan Stanley

  04-05-2016 16:59 via news.yahoo.com
  
  Greek banking stocks could rise 90 percent from current levels and yield premiums over German benchmark bonds narrow if Greece and its creditors can reach a deal on releasing new bailout funds and debt relief, Morgan Stanley said on Wednesday. The broker upgraded Greek bank stocks to "overweight", saying current valuations did not reflect the compression in bond yield spreads that would follow a deal with Athens' lenders and took an overly pessimistic view on the banks' return on equity targets.
  
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• Factbox: EU proposal for 'automatic' distribution of asylum-seekers

  04-05-2016 16:59 via news.yahoo.com
  By Gabriela Baczynska BRUSSELS (Reuters) - The European Commission made a proposal on Wednesday to automatically distribute asylum-seekers across the EU from member states overwhelmed by arrivals. Below are the main points of the proposal, which would help ease the burden on frontline countries like Greece and Italy, and require the backing of the majority of the 28 member states as well as the European Parliament. * Depending on the number of asylum seekers in the European Union, each country w
  
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• Brazil's Rousseff says probe requested by prosecutor based on lies

  04-05-2016 16:57 via news.yahoo.com
  
  BRASILIA (Reuters) - Brazil's President Dilma Rousseff said on Wednesday that a request by the country's top prosecutor to investigate her for alleged obstruction of justice was based on outright lies by a former Workers Party senator. "Any opening of an investigation I am sure will show that Senator Delcidio do Amaral was lying," Rousseff told reporters after announcing the annual financial subsidy plan for agriculture. Rousseff said that despite the gridlock caused by the political crisis over
  
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• BRIEF-Solar-Fabrik says exploitation of Solar Fabrik assets close to completion

  04-05-2016 16:49
  
  * Exploitation of fixed and current assets of SFAG in
  insolvency proceedings in self-administration close to
  completion; evacuation of plant by June 30, 2016Source text for Eikon:Further company...
  
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• U.S. services sector expands strongly as orders, employment rise

  04-05-2016 16:38 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - The vast U.S. services sector expanded in April as new orders and employment accelerated, bolstering views that economic growth would rebound after almost stalling in the first quarter. The Institute for Supply Management said its nonmanufacturing index rose 1.2 percentage points to a reading of 55.7 in April. A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of the U.S. economy.
  
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• BRIEF-Teak Holz International says has disposed its essential assets in insolvency proceedings

  04-05-2016 16:28
  
  * Says has disposed its essential assets in insolvency
  proceedingsSource text for Eikon:Further company coverage:
  (Gdynia Newsroom)
  
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• Germany raises tax income forecast, bolstering budget plans

  04-05-2016 15:48 via news.yahoo.com
  
  BERLIN (AP) — Germany has raised its forecast for government tax income thanks to a healthy economy and low unemployment, bolstering its insistence that it can continue to avoid running up new debt.
  
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• TSX falls as financials, materials stocks retreat

  04-05-2016 15:40 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock index fell on Wednesday, including losses for financials and materials stocks as investors remained cautious about the health of global economy, although higher oil prices helped support energy stocks. The Toronto Stock Exchange's S&P/TSX composite index was down 15.92 points, or 0.12 percent, at 13,691.76, shortly after the open. Seven of the index's 10 main groups were lower. (Reporting by Fergal Smith; Editing by Chizu Nomiyama)
  
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• U.S. private hiring slows; trade deficit narrows sharply

  04-05-2016 15:33 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. private employers hired the fewest number of workers in three years in April, which could raise concerns that a recent sharp slowdown in economic growth was spilling over to the labor market. Other data on Wednesday showed a steep decline in the trade deficit in March. While the smaller trade gap could be a potential boost to the weak first-quarter economic growth estimate, the plunge in imports of goods to their lowest level since 2010 hinted at slu
  
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• Brazil corporate bankruptcy filings double this year, Experian says

  04-05-2016 15:31
  
  SAO PAULO, May 4 (Reuters) - Businesses' requests for
  bankruptcy protection in Brazil doubled in the first four months
  of 2016 as the harshest recession in decades and borrowing costs
  at nine-year...
  
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• South Africa's EFF party ejected from parliament ahead of Zuma address

  04-05-2016 15:23 via news.yahoo.com
  
  CAPE TOWN (Reuters) - South Africa's parliamentary protection services forcefully removed members of the ultra-left Economic Freedom Fighters party on Wednesday from the chamber as they attempted to disrupt proceedings ahead of an address by President Jacob Zuma. (Reporting by Wendell Roelf; Writing by Ed Stoddard; Editing by James Macharia)
  
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• Canadian dollar set to weaken again after recent rally: Reuters Poll

  04-05-2016 15:23 via news.yahoo.com
  
  The Canadian dollar, which recently hit a 10-month high, is expected to weaken again in the coming months if the U.S. Federal Reserve hikes interest rates as forecast in June and oil prices rally no further, a Reuters poll found. The currency, nicknamed the loonie, has surged 13 percent from a 12-year low of C$1.4689 in January, helped by a partial rebound in oil prices, the Canadian government's recent fiscal stimulus plan and an unexpectedly strong start to the year for the economy. "The Canad
  
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• South Africa's Impala wins court bid to claw back $201 mln from U.S. firm

  04-05-2016 15:19 via news.yahoo.com
  Impala Platinum (Implats) will be paid $201 million by a U.S. recycling company to compensate for years of defaulted payments, the South African mining company said on Wednesday. A United States district court confirmed an award from the London Court of International Arbitration that ordered platinum group metals recycler A1 Specialised Services and Supplies Limited to pay Implats the full amount sought, a statement from the South African firm said. A1 stopped delivering scrap platinum metals to
  
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• Wall St set to open lower as private jobs data weighs

  04-05-2016 15:15 via news.yahoo.com
  
  Wall Street looked set to open lower for the second straight day on Wednesday after data showed the private sector added the least number of jobs last month since April 2013. The ADP private sector employment report showed that 156,000 jobs were added in April. The number fell way below the 196,000 jobs estimated by economists that were polled by Reuters.
  
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• U.S. trade deficit shrinks as goods imports hit five-year low

  04-05-2016 14:44 via news.yahoo.com
  
  WASHINGTON, May 4 (Reuters) - - The U.S. trade deficit fell more than expected in March as imports of goods tumbled to their lowest level since 2010, a potential boost to first-quarter economic growth estimates that also hints at sluggish domestic demand. The Commerce Department said on Tuesday the trade gap fell 13.9 percent to $40.4 billion, the smallest since February 2015, also as exports fell. February's trade deficit was revised slightly down to $46.96 billion from the previously reported
  
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• BRIEF-ItN Nanovation applies for insolvency in self-administration

  04-05-2016 14:28
  
  * Subsidiary CeraNovis GmbH is not affected by insolvencySource text for Eikon:Further company coverage:
  (Gdynia Newsroom)
  
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• Janus's Bill Gross: 'Helicopter money' is coming in a year or so

  04-05-2016 13:56 via news.yahoo.com
  
  By Jennifer Ablan NEW YORK (Reuters) - The next big monetary and fiscal policy move should include an airdrop of money from helicopters to stimulate the U.S. economy, says Bill Gross, a portfolio manager at Janus Capital Group Inc . Gross may not be entirely serious about "helicopter money", but in his latest Investment Outlook note published on Wednesday, he said the Federal Reserve and U.S. Treasury should engage in another round of quantitative easing (QE), printing trillions of dollars to bu
  
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• UPDATE 2-Deutsche Bank plans subordinated debt market return

  04-05-2016 13:39
  
  LONDON, May 4 (IFR) - Deutsche Bank is planning a
  subordinated debt sale, the first test of investor appetite for
  its riskier bonds since a savage sell-off in February.
  
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• Oil steadies around $45 after slide, Canada wildfire supports

  04-05-2016 13:29 via news.yahoo.com
  
  Oil steadied around $45 a barrel on Wednesday as reduced production in Canada's oil sands region lent support, although expectations U.S. crude inventories will rise further from a record capped gains. Brent crude has fallen more than 7 percent from a 2016 high hit on Friday in response to rising output from the Organization of the Petroleum Exporting Countries , signs of economic slowdown in the United States and Asia, and a stronger dollar. "Oil prices could receive support from the wildfires
  
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• World stocks extend retreat

  04-05-2016 13:10 via news.yahoo.com
  
  London (AFP) - European and Asian stock markets extended a global sell-off Wednesday following sharp losses in New York as concerns about weak growth returned.
  
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• Sensex falls for third session on earnings, growth woes

  04-05-2016 12:33 via news.yahoo.com
  
  REUTERS - Indian shares fell for a third straight session on Wednesday on disappointment over quarterly earnings, including that of Adani Port which slumped nearly 12 percent, while regional markets languished due to global growth and deflation worries. The broader NSE Nifty fell 0.52 percent to 7,706.55, after declining 1.3 percent in the previous two sessions. The benchmark BSE Sensex dropped 0.51 percent to 25,101.73. (Reporting by Aastha Agnihotri in Bengaluru; Editing by Subhranshu Sahu)
  
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