Finance news

• US stocks fall on Fed rate talk as volatility picks up

  17-05-2016 23:47 via news.yahoo.com
  
  Wall Street stocks tumbled Tuesday, reversing the prior session's gains, as solid US economic data boosted the chances the Federal Reserve will move more quickly to hike interest rates.
  
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• Stocks sink, erasing gains from a rally the day before

  17-05-2016 23:16 via news.yahoo.com
  
  NEW YORK (AP) — Stocks fell across industries on Tuesday, erasing gains from a rally a day earlier, as investors sifted through economic reports for clues as to when the era of low interest rates may end.
  
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• China's Midea to make takeover offer for Germany's Kuka - sources

  17-05-2016 23:03 via news.yahoo.com
  
  Chinese home appliances maker Midea Group is close to making a takeover offer for German industrial robot maker Kuka AG , three sources familiar with the matter told Reuters on Tuesday. Midea Group raised its Kuka stake to a 10.2 percent February, saying at the time that it wanted to further raise its stake in Kuka. The Wall Street Journal was first to report that Midea is close to making an offer for around 114 euros a share, valuing Kuka at roughly 4.4 billion euros a share, citing people fami
  
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• Can virtual reality translate into real profits?

  17-05-2016 22:40 via news.yahoo.com
  
  By David Randall NEW YORK (Reuters) - A growing number of U.S. companies are counting on virtual reality for real profits. With growth hard to come by amid the lethargic economy, companies ranging from snowmobile manufacturers to furniture sellers are incorporating virtual reality that so far has mostly been found in video games. Theme park operator Six Flags Entertainment Corp is outfitting riders on some of its aging roller coasters with Samsung VR headsets, allowing the company to brand the r
  
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• Morgan Stanley CEO sticks by performance target in tough questioning

  17-05-2016 22:39 via news.yahoo.com
  
  By Olivia Oran PURCHASE, N.Y. (Reuters) - Morgan Stanley Chief Executive James Gorman on Tuesday stood by his intention to reach a key performance target after facing sharp questions from an analyst about whether he can achieve the goals he laid out. At the Wall Street bank's annual meeting, CLSA analyst Mike Mayo asked Gorman how confident he is that Morgan Stanley can get its return-on-equity up to a range of 9 to 11 percent by the end of 2017. One recently hung up the phone on him out of ange
  
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• Rate hike concern weighs on global stocks; crude oil up

  17-05-2016 22:37 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - A global gauge of stocks fell on Tuesday, weighed down by Wall Street on concerns that strong U.S. inflation data could bring closer an expected rate hike from the Federal Reserve. The U.S. dollar, expected to strengthen if the Fed tightens monetary policy, was little changed. Crude oil futures touched multi-month highs.
  
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• Rate hike concern weighs on stocks; crude oil up

  17-05-2016 22:34 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - A global gauge of stocks fell on Tuesday, weighed down by Wall Street on concerns that strong U.S. inflation data could bring closer an expected rate hike from the Federal Reserve. The U.S. dollar, expected to strengthen if the Fed tightens monetary policy, was little changed. Crude oil futures touched multi-month highs.
  
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• Wall Street sells off amid Fed rate hike jitters

  17-05-2016 22:21 via news.yahoo.com
  
  Wall Street sold off on Tuesday as investors boosted their bets on the Federal Reserve raising rates later this year, while Home Depot dragged on indexes following its quarterly report. The data pointed to a steady inflation build-up that could give the Fed ammunition to raise interest rates later this year. Also on Tuesday, a Fed policymaker said he will push for an interest rate hike in June or July, and two others still see up to three rate increases this year, leaving the door open to a chan
  
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• Wall Street falls on rate hike jitters, Home Depot

  17-05-2016 22:14 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street sold off on Tuesday as investors boosted their bets on the Federal Reserve raising rates later this year, while Home Depot dragged on indexes following its quarterly report. The Dow Jones industrial average fell 182.1 points, or 1.03 percent, to 17,528.61, the S&P 500 lost 19.55 points, or 0.95 percent, to 2,047.11 and the Nasdaq Composite dropped 59.73 points, or 1.25 percent, to 4,715.73. (Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)
  
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• Wall St. falls on rate hike jitters, Home Depot

  17-05-2016 22:04 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street sold off on Tuesday as investors boosted their bets on the Federal Reserve raising rates later this year, while Home Depot dragged on indexes following its quarterly report.
  
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• Canadian wildfire shifts north, prolonging oil sands shutdown

  17-05-2016 21:42 via news.yahoo.com
  
  By Nia Williams CALGARY, Alberta (Reuters) - A massive wildfire around the oil sands hub of Fort McMurray, Alberta, moved toward energy production facilities on Tuesday, extending a shutdown that has led to lost Canadian output of one million barrels a day. The fire jumped a critical firebreak area where plants and trees had been removed to stop its spread late Monday, moving north of Fort McMurray into oil sand camp areas. The wildfire was taking a toll on the province's economy, with one study
  
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• Venezuela's struggling, oil-dependent economy

  17-05-2016 21:38 via news.yahoo.com
  
  Venezuela may have the transparent waters of the Caribbean lapping on its coastline, but it's the vast black sea of oil under the country that defines its economy. Inflation is skyrocketing, the economy is shrinking, and food and basic goods have become scarce as foreign currency to pay for imports dries up. Half of Venezuela's GDP comes from oil, and sales of its heavy crude account for around 95 percent of export earnings.
  
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• China's Midea Group to make offer for Germany's Kuka - WSJ

  17-05-2016 21:38 via news.yahoo.com
  
  FRANKFURT (Reuters) - Chinese home appliances maker Midea Group is close to making an offer for German industrial robot maker Kuka AG , the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The offer could become one of the largest unsolicited approaches of a foreign company by a Chinese buyer and could value Kuka at roughly 4.4 billion euros (£3.4 billion), the paper said. Kuka and Midea could not immediately be reached for comment. As of Feb. 1 Midea Group
  
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• Venezuela leader sees 'disappearance' of opposition legislature

  17-05-2016 21:20 via news.yahoo.com
  
  By Andrew Cawthorne and Daniel Kai CARACAS (Reuters) - President Nicolas Maduro predicted on Wednesday the imminent demise of Venezuela's opposition-led parliament, amid an acrimonious conflict of powers that is delaying solutions to its economic crisis. "The National Assembly has lost political validity. It's a matter of time before it disappears," Maduro told reporters.
  
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• Wall Street sells off as rate hike expectations rise

  17-05-2016 20:53 via news.yahoo.com
  
  Wall Street sold off on Tuesday as investors boosted chances of an interest rate hike later this year after data pointed to firming inflation, while Home Depot weighed after its quarterly report. The data pointed to a steady inflation build-up that could give the Federal Reserve ammunition to raise interest rates later this year. Two Fed policymakers on Tuesday said the central bank could still raise interest rates two or three times this year.
  
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• Rate hike concern weighs on global stocks; oil rises

  17-05-2016 20:16 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Stocks fell on Wall Street on Tuesday after strong U.S. inflation data increased the probability of a rate hike from the Federal Reserve, while a global gauge of stocks ticked lower. A more confident Fed is a Fed that is more likely to hike again this (northern) summer or fall," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. Traders now see the probability of a rate hike after the Fed's Novembe
  
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• U.S. eases sanctions on Myanmar in bid to promote reforms

  17-05-2016 20:05 via news.yahoo.com
  
  By Joel Schectman and Yeganeh Torbati WASHINGTON (Reuters) - The United States eased some sanctions on Myanmar on Tuesday to support ongoing political reforms, but maintained most of its economic restrictions in an effort to punish those Washington sees as hampering the country's newly elected government. U.S. officials said they were easing sanctions to encourage the "historic" progress in Myanmar, including the formation of the country's first democratically elected government in more than 50
  
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• South African finmin says report of imminent arrest 'extremely distressing'

  17-05-2016 20:04 via news.yahoo.com
  
  By Mfuneko Toyana JOHANNESBURG (Reuters) - South Africa's finance minister said on Tuesday that reports of his imminent arrest were "extremely distressing", calling them an attack on the Treasury and asking for its protection to help deliver economic growth. In his first public comments on a report published in a Sunday newspaper that said he faced arrest, Finance Minister Pravin Gordhan said he had met with his lawyers and they would in turn meet with the elite police unit Hawks and the Nationa
  
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• Rate hike concern weighs on stocks; oil rises

  17-05-2016 20:01 via news.yahoo.com
  
  NEW YORK (Reuters) - Stocks fell on Wall Street on Tuesday after strong U.S. inflation data increased the probability of a rate hike from the Federal Reserve, while a global gauge of stocks ticked lower.
  
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• U.S. presidential campaign not discussed at Fed policy meetings: official

  17-05-2016 19:29 via news.yahoo.com
  
  WASHINGTON (Reuters) - The U.S. presidential campaign is not a subject of discussion at the Federal Reserve's policy meetings, Atlanta Fed President Dennis Lockhart said on Tuesday. "It does not come up at the meetings," Lockhart told an audience at an event on economic policy in Washington. (Reporting by Jason Lange and Lindsay Dunsmuir; Editing by Jonathan Oatis)
  
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• S&P cuts Icahn Enterprises rating to junk, outlook stable

  17-05-2016 19:28 via news.yahoo.com
  
  U.S. ratings agency Standard & Poor's on Tuesday cut the credit rating of billionaire investor Carl Icahn's Icahn Enterprises to junk status after the portfolio absorbed declining investment values and higher leverage in the last few months. S&P dropped the long-term issuer credit rating and senior unsecured debt rating of Icahn Enterprises to double-B-plus from triple-B-minus, the agency said in a statement. Additionally, S&P said it removed all of Icahn Enterprises' ratings from "C
  
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• Nigerian court blocks general strike over petrol price rise

  17-05-2016 19:26 via news.yahoo.com
  By Camillus Eboh ABUJA (Reuters) - Nigerian labor unions representing millions of workers have been blocked from staging a general strike in protest against government plans to increase petrol prices by up to 67 percent. The unions announced last week that they would hold an indefinite strike from Wednesday unless the government reversed its decision to scrap a costly fuel subsidy scheme and raise gasoline prices to help it to tackle Nigeria's worst economic crisis in decades. Ministers hope the
  
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• Canada government says confident Alberta can fight widening fires

  17-05-2016 19:18 via news.yahoo.com
  OTTAWA (Reuters) - The Canadian federal government has full confidence in the ability of Alberta to fight a resurgent wildfire in the oil sands region and has not received any additional requests for help, Public Safety Minister Ralph Goodale said on Tuesday. Goodale told reporters that it was not a good sign that the fire is attacking oil sands facilities and said that the fire would have dampening effect on the economy. (Reporting by David Ljunggren and Leah Schnurr; Editing by Nick Zieminski)
  
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• Wall Street lower as strong data raises chances of rate hike

  17-05-2016 19:11 via news.yahoo.com
  
  "This morning the economic news was generally favorable suggesting that ... the U.S. economy has improved to levels warranting something other that crises-level rates," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis.
  
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• CEO-worker pay gap stays wide despite wage hikes: unions

  17-05-2016 19:10 via news.yahoo.com
  
  By Ross Kerber BOSTON (Reuters) - Chief executive officers of S&P 500 companies on average made 335 times more money than U.S. rank-and-file workers last year, down from a multiple of 373 in 2014, according to a union study released on Tuesday. The figures are issued annually by the AFL-CIO, the largest U.S. federation of labor unions. Pay disparities, which have persisted despite a steady U.S. economy that has reduced the joblessness rate to around 5 percent and raised wages somewhat, have
  
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• South African finmin Gordhan says "distressed" over report of imminent arrest

  17-05-2016 19:04 via news.yahoo.com
  
  South Africa's finance minister said on Tuesday that reports of his imminent arrest were "extremely distressing", calling them an attack on the Treasury and asking for its protection to help deliver economic growth. In his first public comments on a report that said he faced arrest published in a Sunday newspaper, Finance Minister Pravin Gordhan said he had met with his lawyers and they would in turn meet with the elite police unit Hawks and the National Prosecuting Authority for further informa
  
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• US open: Wall Street lower after slightly mixed data

  17-05-2016 19:00 via news.yahoo.com
  (ShareCast News) - Wall Street was struggling following the release of slightly mixed readings on US industrial production and homebuilding.
  
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• BRIEF-Elbit Imaging says unit sells MUP plot in Belgrade for EUR 15.9 mln

  17-05-2016 18:59
  
  * Elbit Imaging announces its subsidiary, Plaza Centers, has
  announced sale of MUP plot in Belgrade for EUR 15.9 million
  
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• Oracle co-CEO says Google caused Oracle revenue to plummet

  17-05-2016 18:58
  
  SAN FRANCISCO, May 17 (Reuters) - Longtime customers
  dramatically reduced the amount of licensing revenue they paid
  to use Oracle products after Google stole its copyrighted
  software to enter the...
  
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• UPDATE 1-Euro zone ministers to seek Greek reform, debt deal on May 24

  17-05-2016 18:56
  
  BRUSSELS, May 17 (Reuters) - Euro zone finance ministers
  will seek to clinch a deal with Greece next Tuesday on a package
  of contingency steps to ensure Athens will meet future fiscal
  targets as well...
  
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• Searching for real growth, U.S. companies turn to virtual reality

  17-05-2016 18:55
  
  NEW YORK, May 17 (Reuters) - A growing number of U.S.
  companies are counting on virtual reality for real profits.
  
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• Samson Resources' banks to gain ownership in new bankruptcy plan

  17-05-2016 18:54
  
  May 17 (Reuters) - Samson Resources Corp, one of the largest
  energy companies to file for bankruptcy in the commodity
  downturn, proposed a new Chapter 11 exit plan on Tuesday that
  would swap...
  
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• Order books for Petrobras bond near US$20bn - lead

  17-05-2016 18:54
  
  NEW YORK, May 17 (IFR) - Books on Petrobras's bond were
  nearing US$20bn on Tuesday as the state-owned oil company
  approached investors with the first international deal from a
  Brazilian corporate...
  
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• EMERGING MARKETS-Latam currencies gain as commodities rise for 3rd day

  17-05-2016 18:53
  
  BRASILIA, May 17 (Reuters) - Latin American currencies
  advanced slightly on Tuesday as commodities prices rose for a
  third consecutive day, while a drop in banking shares dragged
  Brazilian stocks...
  
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• BRIEF-S&P says Icahn Enterprises LP downgraded to 'BB+' on declining investment values, higher leverage

  17-05-2016 18:53
  
  * Icahn Enterprises L.P. Downgraded to 'bb+' on declining
  investment values and higher leverage
  
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• UPDATE 1-Walgreens makes overdose remedy prescription-free in New Mexico

  17-05-2016 18:48
  
  May 17 (Reuters) - Walgreens Boots Alliance Inc. is
  making the opioid antidote naloxone available without a
  prescription in all its pharmacies in New Mexico, part of a plan
  to make the drug readily...
  
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• Two to three interest rate hikes still possible this year - Fed officials

  17-05-2016 18:47
  
  WASHINGTON, May 17 (Reuters) - The U.S. Federal Reserve
  could still raise interest rates two or three times this year,
  two top Fed officials said on Tuesday.
  
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• Britain to fully offload rescued Lloyds bank this year

  17-05-2016 18:42 via news.yahoo.com
  
  Britain's government on Tuesday said it would sell the final tranche of shares in state-rescued Lloyds Banking Group before the end of 2016, after a delay caused by financial turbulence. Economic Secretary to the Treasury Harriett Baldwin said she was determined to build on LBG's recovery "by making Lloyds shares available to the public this year". Up to that point, the Conservative government of Prime Minister David Cameron had been gradually reducing its 43-percent stake in the lender, returni
  
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• London stocks buck weak global trend on strong company news

  17-05-2016 18:39 via news.yahoo.com
  
  Stock markets in Europe weakened on Tuesday, led lower by Wall Street, but London won support from a raft of positive company results and oil price gains. Frankfurt and Paris stocks closed in the red, while London edged 0.3 percent higher in value. London's resources-heavy FTSE 100 was also buoyed by oil prices striking recent multi-month high points, pushing close to $50.
  
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• Strong U.S. data bolsters second-quarter growth prospects

  17-05-2016 18:37 via news.yahoo.com
  
  U.S. consumer prices recorded their biggest increase in more than three years in April as gasoline and rents rose, pointing to a steady inflation build-up that could give the Federal Reserve ammunition to raise interest rates later this year. Other data on Tuesday showed housing starts and industrial production rebounded strongly last month, suggesting the economy was regaining steam early in the second quarter after almost stalling early in the year. "The combination of higher prices, housing g
  
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• Germans sue European Central Bank over stimulus

  17-05-2016 18:33 via news.yahoo.com
  FRANKFURT, Germany (AP) — German opponents of the European Central Bank's latest economic stimulus program have filed a legal challenge in an attempt to bar their national central bank from taking part.
  
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• Congo to seek up to $500 million in budget support from World Bank

  17-05-2016 17:35 via news.yahoo.com
  
  By Aaron Ross KINSHASA (Reuters) - Democratic Republic of Congo will seek between $250 million and $500 million in budgetary support from the World Bank this year, pending a review of its economy by the International Monetary Fund next month, the government said on Tuesday. The IMF called off a $530 million loan programme in 2012 after the government failed to provide sufficient details on the cession of mining assets by state miner Gecamines to a company based in the British Virgin Islands.
  
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• Wall Street slips as strong data raises chances of rate hike

  17-05-2016 17:32 via news.yahoo.com
  
  The Labor Department said the Consumer Price Index increased 0.4 percent last month, the largest gain since February 2013, after rising 0.1 percent in March. "This morning the economic news was generally favorable suggesting that ... the U.S. economy has improved to levels warranting something other that crises-level rates," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis.
  
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• Global stocks weighed by U.S. Fed watch; oil rises

  17-05-2016 17:23 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Stocks fell on Wall Street Tuesday after strong U.S. inflation data increased the probability of a rate hike from the Federal Reserve, while a global gauge of stocks cut its gains. The U.S. dollar lost ground against a basket of currencies. U.S. consumer prices recorded their biggest increase in more than three years in April, pointing to a steady inflation build-up.
  
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• South Africa's Zuma criticizes ultra-left over bid to block speech

  17-05-2016 17:05 via news.yahoo.com
  
  South African security officers forcibly removed members of the ultra-left Economic Freedom Fighters (EFF) party from parliament on Tuesday when they tried to prevent an address by President Jacob Zuma. The EFF argued that Zuma was not fit to address the house after recent court decisions against the president, and said they would repeat their disruptive actions until he resigned. The EFF's actions in parliament pile pressure on Zuma's ruling African National Congress ahead of local government e
  
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• IMF official: Iran can't count on big jump in oil revenue

  17-05-2016 16:55 via news.yahoo.com
  TEHRAN, Iran (AP) — A senior International Monetary Fund official says Iran must deal with a shift to lower crude prices and cannot count on a big jump in oil revenue as it looks to boost production and better integrate with the global economy.
  
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• South Africa's Zuma criticises ultra-left over bid to block speech

  17-05-2016 16:49 via news.yahoo.com
  
  South African security officers forcibly removed members of the ultra-left Economic Freedom Fighters (EFF) party from parliament on Tuesday when they tried to prevent an address by President Jacob Zuma. The EFF argued that Zuma was not fit to address the house after recent court decisions against the president, and said they would repeat their disruptive actions until he resigned. The EFF's actions in parliament pile pressure on Zuma's ruling African National Congress ahead of local government e
  
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• Europe, US stocks mostly slip but London lifted by results, oil

  17-05-2016 16:31 via news.yahoo.com
  
  London (AFP) - Stocks markets in Europe weakened on Tuesday, led lower by Wall Street, but London won support from a raft of positive company results and oil price gains.
  
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• Brazil names new central bank head, eyes reforms

  17-05-2016 16:20 via news.yahoo.com
  
  Brasília (AFP) - Brazil's interim government on Tuesday named economist Ilan Goldfajn as the new head of the central bank, a key post in the fight to ease the giant economy out of recession and inflation. Acting president Michel Temer's new finance minister, Henrique Meirelles, was due to announce the rest of his team later in the day. Meirelles says his priority now is to scrutinize the country's battered finances to know the full extent of mounting macroeconomic problems.
  
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• Wall Street slips as solid data raises prospect of rate hike

  17-05-2016 15:56 via news.yahoo.com
  
  The Labor Department said the Consumer Price Index increased 0.4 percent last month, the largest gain since February 2013, after rising 0.1 percent in March. "We have the CPI which came in more than expected and that's going to put us again on Fed watch," said Peter Cardillo, chief market economist at First Standard Financial in New York.
  
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