Finance news

• Ex-Argentine leader Fernandez indicted in central bank case

  13-05-2016 23:57 via news.yahoo.com
  
  By Hugh Bronstein BUENOS AIRES (Reuters) - Former Argentine President Cristina Fernandez was indicted on Friday over accusations that she oversaw irregularities in the central bank's sale of U.S. dollars in the futures market while she was in office. Federal Judge Claudio Bonadio charged Fernandez, her former economy minister Axel Kicillof and former central bank chief Alejandro Vanoli with "unfaithful administration to the detriment of public administration," according to court papers. The ruli
  
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• Puerto Rico debt bill due in 'coming days' -House Speaker Ryan

  13-05-2016 23:37
  
  WASHINGTON, May 13 (Reuters) - U.S. House of Representatives
  Speaker Paul Ryan said on Friday an updated bill dealing with
  Puerto Rico's debt will be introduced in "the coming days."
  
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• Brazil's interim government touts support for tough measures

  13-05-2016 23:08 via news.yahoo.com
  
  By Anthony Boadle and Maria Carolina Marcello BRASILIA (Reuters) - Brazil's center-right interim government said on Friday it has the political support for tough measures needed to return the economy to growth and can secure a permanent mandate once leftist President Dilma Rousseff's impeachment trial is over. Presidential Chief of Staff Eliseu Padilha said the incoming government understood it was only provisional for now and had ordered portraits of Rousseff to be left hanging in federal build
  
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• Trump taps climate change skeptic as energy adviser, pushes back on taxes

  13-05-2016 22:51 via news.yahoo.com
  
  By Valerie Volcovici WASHINGTON (Reuters) - Donald Trump on Friday pushed back against renewed calls that the presumptive Republican presidential nominee release his income tax returns before the election, and picked a prominent climate change skeptic to help him formulate his energy policy. American presidential candidates have voluntarily released their tax returns for decades. Democratic presidential front-runner Hillary Clinton and her rival, Senator Bernie Sanders of Vermont, have both rele
  
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• IMF weighs new loan for struggling Afghan economy

  13-05-2016 22:49 via news.yahoo.com
  
  The International Monetary Fund said Friday that it is considering new financial support for the Afghanistan government as the country's economy continues to stumble. The IMF lauded the country's gains under a just-concluded IMF-monitored program to close vulnerabilities with reforms in the government budget process and in the financial sector. The Washington-based global lender said that it expects the economy to grow only about two percent this year, barely faster than last year.
  
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• Wall Street drops at end of tough week for retailers

  13-05-2016 22:39 via news.yahoo.com
  
  U.S. stocks fell on Friday as a decline in oil prices added to pressure from consumer companies after gloomy quarterly reports from Nordstrom and J.C. Penney overshadowed upbeat April retail sales data. U.S. retail sales jumped 1.3 percent last month, the largest gain since March 2015 and a bigger rise than economists expected, the U.S. But consumer stocks, which have already been under pressure this week after a string of feeble earnings reports, fell again after Nordstrom and J.C. Penney repor
  
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• Exclusive: U.S. to renew most Myanmar sanctions with changes to aid business

  13-05-2016 22:39 via news.yahoo.com
  
  By Lesley Wroughton, Patricia Zengerle and Matt Spetalnick WASHINGTON (Reuters) - The United States plans to renew the bulk of its sanctions against Myanmar when they expire next week, but will make some changes aimed at boosting investment and trade, according to several senior U.S. officials and congressional aides. An announcement on extending much of the International Emergency Economic Powers Act, or IEEPA, could come as soon as Tuesday ahead of a visit to the Southeast Asian nation by Secr
  
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• New Brazil finance minister to tackle pension, labor reform

  13-05-2016 22:32 via news.yahoo.com
  
  BRASILIA, Brazil (AP) — Brazil's new finance minister pledged Friday to take on even potentially thorny reforms if they prove necessary to jump-start the stalled economy, even as the country's interim President Michel Temer came under increasing fire for appointing an all-white, all-male Cabinet.
  
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• Stronger dollar weighs on oil; Dow drops 1 percent

  13-05-2016 22:20 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - The U.S. dollar rose to a more than two-week high against a basket of currencies on Friday following strong U.S. economic data, putting pressure on oil prices, which fell after three days of gains. Wall Street closed lower, with the Dow down 1 percent, as oil's decline dragged on energy shares.
  
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• Wall Street ends down with consumer shares

  13-05-2016 22:07 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks ended lower on Friday as a decline in oil prices added to pressure from consumer companies after gloomy quarterly reports from retailers Nordstrom and J.C. Penney overshadowed upbeat April retail sales data.
  
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• GM halts some U.S. SUV sales after fuel economy overstated

  13-05-2016 22:05 via news.yahoo.com
  
  General Motors Co said on Friday it was temporarily halting sales of about 60,000 new 2016 U.S. SUVs because the vehicles' window labels overstated their fuel efficiency. A spokesman for the largest U.S. automaker said GM discovered an "inadvertent error" on U.S. 2016 GMC Acadia, Buick Enclave and Chevrolet Traverse SUVs that caused the estimated fuel economy to be listed on the window label as 1-2 miles per gallon higher than it should have been. GM is stopping sales of the SUVs in dealer showr
  
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• Risks to world economy to be focus for G7 finmins: Canada official

  13-05-2016 21:45 via news.yahoo.com
  The health of the world economy is expected to be a major focus at the upcoming meeting of Group of Seven finance ministers, given the increasing number of risks to growth, a senior Canadian official said on Friday. The topic of international tax evasion and avoidance is also likely to be prominent in the wake of the so-called "Panama Papers", the Finance Department official told reporters. Policymakers will begin the G7 meeting in Sendai, Japan next week with a discussion of the key risks to th
  
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• Gold rises as Wall Street falls, shrugs off firm dollar

  13-05-2016 21:12 via news.yahoo.com
  
  By Marcy Nicholson and Clara Denina NEW YORK/LONDON (Reuters) - Gold prices rose on Friday, buoyed by weak U.S. equity markets and chart-based strength, as it shrugged off a higher dollar and strong U.S. economic data suggesting a brightening outlook for the economy. Spot gold was up 0.8 percent at $1,273.53 an ounce at 2:46 p.m. EDT (1846 GMT). "We're getting a technical break out and equities are getting soft here." The dollar rose to a two-week high against a basket of currencies, as the stro
  
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• Wall Street falls as consumer stocks take a hit

  13-05-2016 21:11 via news.yahoo.com
  
  (Reuters) - U.S. stocks fell on Friday as a decline in oil prices added to pressure from consumer companies after gloomy earnings reports from Nordstrom and J.C. Penney overshadowed upbeat April retail sales data.
  
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• Stronger dollar pressures oil; Wall Street drops

  13-05-2016 21:11 via news.yahoo.com
  
  The U.S. dollar rose to a more than two-week high against a basket of currencies on Friday following strong U.S. economic data, putting pressure on oil prices, which fell after three days of gains. U.S. retail sales in April recorded their biggest increase in a year as Americans stepped up purchases of automobiles and a range of other goods, suggesting the economy was regaining momentum.
  
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• S&P downgrades EDF hybrids to junk status

  13-05-2016 21:09 via news.yahoo.com
  
  By Geert De Clercq PARIS (Reuters) - Standard & Poor's on Friday downgraded EDF's hybrid debt to non-investment grade, which will make refinancing the French utility's 10 billion euros (£8 billion) worth of hybrids complicated. Standard & Poor's lowered its rating on EDF's junior subordinated hybrid securities by two notches from BBB to BB+, the first level of non-investment grade. Late on Thursday, Moody's also downgraded EDF's perpetual junior subordinated (hybrid) debt one notch
  
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• U.S. energy bankruptcy wave surges despite recovering oil prices

  13-05-2016 20:36
  
  HOUSTON, May 13 (Reuters) - The wave of U.S. oil and gas
  bankruptcies surged past 60 this week, an ominous sign that the
  recovery of crude prices to near $50 a barrel is too little, too
  late for...
  
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• Brazil's new government says it has backing for big reforms

  13-05-2016 20:26 via news.yahoo.com
  
  By Anthony Boadle BRASILIA (Reuters) - Brazil's center-right interim government said on Friday it has the support in Congress to push through ambitious reforms to return the economy to growth and secure a permanent mandate once leftist President Dilma Rousseff's trial is up. Presidential Chief of Staff Eliseu Padilha said the government understood its mandate was only provisional at present and that portraits of Rousseff would be left hanging in government buildings. Interim President Michel Tem
  
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• South Africa's rand weakens on economic outlook, stocks rally on miners

  13-05-2016 19:48 via news.yahoo.com
  
  South Africa's rand fell nearly 2 percent against the dollar on Friday, weighed down by a pessimistic outlook for the economy and also reflecting the greenback's broadbased gains as investors bet on higher U.S. interest rates this year. Stocks however ended in the black, led by gold miners which climbed despite a court decision paving the way for a class action suit against the sector on behalf of thousands of workers who contracted the fatal lung disease silicosis. The rand tends to fare worse
  
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• South Africa's dismal economic growth a concern: Standard & Poor's

  13-05-2016 19:36 via news.yahoo.com
  
  By Mfuneko Toyana JOHANNESBURG (Reuters) - A Standard & Poor's executive expressed concern on Friday about South Africa's dismal growth and its reliance on capital flows, while the deputy central bank governor said the economy was "flat on its back". The economy of Africa's most industrialised country is seen growing less than 1 percent this year after expanding 1.3 percent in 2015, hobbled by low commodity prices, drought and political ructions that have unnerved investors. In December, S&a
  
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• Strong U.S. retail sales, consumer sentiment data buoy economic outlook

  13-05-2016 19:22 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. retail sales in April recorded their biggest increase in a year as Americans stepped up purchases of automobiles and a range of other goods, suggesting the economy was regaining momentum after growth almost stalled in the first quarter. The jump in sales reported by the Commerce Department on Friday is a boost for the sector that has been hit by sluggish demand. It comes days after major retailers, including Macy's and Nordstrom, reported sales tumbl
  
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• Wall Street lower as oil price drop adds to consumer stock woes

  13-05-2016 19:14 via news.yahoo.com
  
  The Nasdaq gave up early gains to trade flat as the drop in consumer stocks was offset by gains in technology shares, led by Apple and Nvidia. Oil prices slipped on Friday as a strong dollar weighed and investors cashed in on gains during a three-day rally.
  
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• US open: Wall Street mixed despite strong economic reports

  13-05-2016 18:58 via news.yahoo.com
  (ShareCast News) - US stocks were trading mixed as oil prices fell and on the heels of 'hawkish' rhetoric from some Fed officials overnight, apparently brushing off better-than-expected readings on retail ...
  
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• Africa urged to dismantle trade, movement barriers to spur growth

  13-05-2016 18:50 via news.yahoo.com
  By Duncan Miriri and Clement Uwiringiyimana KIGALI (Reuters) - African economies must reduce trade barriers and make it easier for people and goods to cross borders to boost growth in the face of headwinds from a commodity price drop, African officials and delegates at the World Economic Forum in Rwanda said. The International Monetary Fund said average growth in sub-Saharan Africa would fall to its lowest in nearly two decades this year, at 3 percent, with commodity exporters struggling and gov
  
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• Bright data shine on European stocks

  13-05-2016 18:49 via news.yahoo.com
  
  A raft of upbeat economic data helped push up European equity markets on Friday, with London overcoming a dire Brexit warning from the IMF.
  
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• BRIEF-Energy & Exploration Partners, LLC emerges from chapter 11 restructuring

  13-05-2016 18:27
  
  * Energy & exploration partners, llc emerges from chapter 11
  restructuring
  
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• Bank of England should ready forex swap lines for Brexit tension: IMF

  13-05-2016 18:10 via news.yahoo.com
  The Bank of England may need to call on other central banks for foreign currency if Britain's referendum on European Union membership hits the world's biggest currency trading center, the International Monetary Fund said on Friday. The IMF's call for the BoE to be ready to activate swap facilities suggested preparations for intervening, if necessary, to prevent excessive volatility in sterling after the vote on June 23, senior banking industry figures told Reuters. The IMF, which published an an
  
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• Bank of England should ready FX swap lines for Brexit tension - IMF

  13-05-2016 17:54 via news.yahoo.com
  By David Milliken and Patrick Graham LONDON (Reuters) - The Bank of England may need to call on other central banks for foreign currency if Britain's referendum on European Union membership hits the world's biggest currency trading centre, the International Monetary Fund said on Friday. The IMF's call for the BoE to be ready to activate swap facilities suggested preparations for intervening, if necessary, to prevent excessive volatility in sterling after the vote on June 23, senior banking indus
  
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• Dollar strengthens after economic data, pressuring oil

  13-05-2016 17:48 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - The U.S. dollar surged to a more than two-week high against a basket of currencies following stronger-than-expected U.S. economic data, putting pressure on oil prices, which fell after three days of gains. After cutting losses following the economic data, Wall Street was little changed in late morning trading. U.S. retail sales in April recorded their biggest increase in a year as Americans stepped up purchases of automobiles and a range of other goods, su
  
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• S&P, Dow flat on mixed retail picture; Apple boosts Nasdaq

  13-05-2016 17:43 via news.yahoo.com
  
  The Nasdaq eked out a small gain, helped by a bounce in Apple's shares a day after they hit a two-year low. The U.S. Commerce Department said retail sales jumped 1.3 percent last month, the largest gain since March 2015 and a bigger rise than the 0.8 percent economists were expecting.
  
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• IMF's Lagarde unleashes stark UK economy Brexit warning

  13-05-2016 17:14 via news.yahoo.com
  
  IMF boss Christine Lagarde waded into Britain's EU referendum battle on Friday, warning that quitting the European Union would be "pretty bad to very, very bad" for the UK economy. The International Monetary Fund's managing director issued a bleak outlook for Britain if it votes to leave the EU on June 23. Lagarde, unveiling the global lender's latest health check on the British economy, said a so-called Brexit could push the country into recession, echoing comments from Bank of England (BoE) go
  
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• Brazil's new government vows tough steps to curb runaway deficit

  13-05-2016 17:14 via news.yahoo.com
  By Silvio Cascione BRASILIA (Reuters) - Brazil's new center-right government plans to unveil tough measures soon to curb a massive budget deficit and, depending on the results of a thorough review of the fiscal situation, may consider raising taxes temporarily, the finance minister said on Friday. Henrique Meirelles, a former central bank governor who has been tasked with trying to haul Latin America's biggest economy out of recession, said his top priority was to return transparency to public f
  
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• Deutsche Bank pays up to prove market access

  13-05-2016 17:11
  
  * Deutsche reenters sub and US dollar markets after AT1
  meltdown
  
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• Capital concerns take UniCredit to bottom of AT1 class

  13-05-2016 16:48
  
  LONDON, May 13 (IFR) - UniCredit's Additional Tier 1 bonds
  are among the worst performing debt from a European national
  champion bank as concerns around the bank's capital levels and
  ability to pay...
  
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• US businesses increase stockpiles, sales in March

  13-05-2016 16:34 via news.yahoo.com
  
  WASHINGTON (AP) — U.S. businesses in March posted the biggest increases in inventories and sales since June, good news for economic growth.
  
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• U.S. retail sales rise strongly, boost economic outlook

  13-05-2016 16:33 via news.yahoo.com
  
  U.S. retail sales in April recorded their biggest increase in a year as Americans stepped up purchases of automobiles and a range of other goods, suggesting the economy was regaining momentum after growth almost stalled in the first quarter. The jump in sales reported by the Commerce Department on Friday is a boost for the sector that has been hit by sluggish demand. "The retail sales report shows that recent claims of the demise of the U.S. consumer have been greatly exaggerated," said Steve Mu
  
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• European stocks mostly rise on bright data

  13-05-2016 16:25 via news.yahoo.com
  
  European equity markets mostly rose on Friday, cheered by a raft of upbeat economic data, but London was hit by the IMF's latest Brexit warning, dealers said. On the downside, London dipped 0.2 percent on poor British construction data, and after the International Monetary Fund warned again of "significant downside risks" from Britain's potential EU exit. Markets in Europe had flatlined for most of the day but won a partial boost in afternoon deals from bright economic data in the United States.
  
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• US stocks mostly slide as retail suffering continues

  13-05-2016 16:13 via news.yahoo.com
  
  NEW YORK (AP) — Stocks are mixed Friday morning as investors wrap up a turbulent week on Wall Street. Department store companies continued to report plunging first-quarter sales, but the government reported that overall retail sales improved in April.
  
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• Wall Street flat as retail sales data allay spending fears

  13-05-2016 16:06 via news.yahoo.com
  
  The U.S. Commerce Department said retail sales jumped 1.3 percent last month, the largest gain since March 2015 and a bigger rise than the 0.8 percent economists were expecting. The stock was up 0.3 percent at $90.60.
  
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• Mitsubishi Motors deal may help Nissan crack emerging Asia at last

  13-05-2016 16:04 via news.yahoo.com
  
  NEW DELHI/BEIJING (Reuters) - Despite years of trying, Asia's fast-growing emerging markets have proved elusive for Japan's Nissan Motor Co , one reason behind its $2.2 billion move this week to take control of scandal-hit Mitsubishi Motors Corp . Nissan has invested aggressively in countries including Indonesia, deploying targeted models and beefing up distribution in Southeast Asia's largest car market. Turbo-charging its business there and in other growing economies in the region is one clear
  
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• South Africa's rand weakens on economic outlook, stocks fall

  13-05-2016 15:35 via news.yahoo.com
  
  South Africa's rand fell more than 1 percent against the dollar on Friday, partly reflecting the greenback's broadbased gains as investors bet on higher U.S. interest rates this year. The rand's weakness coincided with a warning from Standard & Poor's that it was concerned about South Africa's dismal economic growth and its reliance on capital flows. The rand hit a session trough of 15.2345/dollar, and was down 0.9 percent on the day at 15.1800 by 1225 GMT.
  
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• Bank of England may need cash from foreign central banks as Brexit vote nears, IMF says

  13-05-2016 15:16 via news.yahoo.com
  The Bank of England may need to call on other central banks for foreign currencies if fears over Britain's referendum on European Union membership hit the world's biggest currency trading center, the International Monetary Fund said on Friday. The IMF, which published an annual report on Britain's economy on Friday, welcomed a promise by the BoE to provide more sterling funds if needed, and said the June 23 referendum could also trigger currency market tension. "The Bank of England has appropria
  
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• Nigeria faces oil output slump as Exxon shuts flows

  13-05-2016 15:05 via news.yahoo.com
  
  By Florence Tan and Simon Falush SINGAPORE/LONDON (Reuters) - U.S. oil major Exxon Mobil has suspended exports from Nigeria's top crude stream, adding to economic strains from unrest and violence that have cut production to its lowest in decades. Exxon Mobil confirmed on Friday that it had declared a force majeure -- a suspension of deliveries because of events beyond its control -- on Nigeria's Qua Iboe crude oil grade, and that a portion of production had been curtailed. Brent crude has surged
  
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• Brazil's Meirelles vows tough measures, higher taxes not ruled out

  13-05-2016 15:01 via news.yahoo.com
  Brazil's new economic team plans to announce tough measures soon and may consider raising taxes temporarily, but will first take stock of the budget situation, new Finance Minister Henrique Meirelles said in a live interview with Globo TV on Friday. Meirelles said his top priority is to bring clarity to public finances. Meirelles was central bank president between 2003 and 2010.
  
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• Why earnings should keep flagging at J Sainsbury plc, Centrica plc and Weir Group plc

  13-05-2016 14:56 via news.yahoo.com
  Royston Wild explains why fresh bottom-line battles are expected at J Sainsbury plc (LON: SBRY), Centrica plc (LON: CNA) and Weir Group plc (LON: WEIR).
  
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• Futures erase losses after strong April retail sales data

  13-05-2016 14:55 via news.yahoo.com
  
  The U.S. Commerce Department said retail sales jumped 1.3 percent last month, the largest gain since March 2015 and beating expectations of a rise of 0.8 percent. The strong data also helped ease concerns after weak earnings reports from department stores including Macy's this week stoked fears about consumer spending, which accounts for more than two-thirds of U.S. economic activity.
  
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• U.S. April retail sales post largest gain in a year

  13-05-2016 14:39 via news.yahoo.com
  
  U.S. retail sales in April recorded their biggest increase in a year as Americans stepped up purchases of automobiles and a range of other goods, suggesting the economy was regaining momentum after growth almost stalled in the first quarter. The Commerce Department said on Friday retail sales jumped 1.3 percent last month, the largest gain since March 2015. March's retail sales were revised up to show a 0.3 percent decline instead of the previously reported 0.4 percent drop.
  
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• South Africa's economy "flat on its back": central bank deputy governor

  13-05-2016 14:13 via news.yahoo.com
  
  South Africa's economy is flat on its back and growth is below what is needed to create jobs in Africa's most industrialised country, South African Reserve Bank's Deputy Governor Daniel Mminele said said on Friday. South Africa's economy is seen growing less than 1 percent this year after expanding 1.3 percent in 2015, hobbled by power cuts last year, low commodity prices, drought and political ructions that have unnerved investors. "It is flat on its back," Mminele told Reuters in an interview
  
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• Global stocks drift lower on global growth concerns

  13-05-2016 14:07 via news.yahoo.com
  
  LONDON (AP) — Stock markets around the world and oil prices were weighed down Friday by concerns over the global economy ahead of a raft of U.S. and Chinese economic data.
  
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• IMF warns of economic risks from Brexit

  13-05-2016 13:42 via news.yahoo.com
  
  The International Monetary Fund on Friday warned that Britain's potential exit from the European Union posed a "significant downside risk" to the economy. IMF boss Christine Lagarde, unveiling the global lender's latest health check on the British economy just six weeks before Britain votes on whether to remain in the EU, added that Brexit could push the country into recession, echoing comments from Bank of England (BoE) chief Mark Carney. The latest warning comes as Prime Minister David Cameron
  
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