Finance news

• Leaving EU is 'self-destruct option' for economy and jobs, Cameron says

  23-05-2016 23:14 via news.yahoo.com
  
  By William James EASTLEIGH, England (Reuters) - Leaving the European Union would be economic self-destruction for Britain, shattering stability, Prime Minister David Cameron said on Monday, presenting a finance ministry report warning of recession, a tumble in the pound, and half a million job losses. Cameron and Chancellor George Osborne, who are campaigning for Britain to stay in the EU in the June 23 referendum, have warned that households would be hurt by a fall in the value of their homes a
  
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• U.S. ability to police 'shadow banking' under threat - senator

  23-05-2016 23:05 via news.yahoo.com
  
  Recent moves in the U.S. Congress and courts could defang the country's overarching financial regulatory council when it comes to policing "shadow banking," the most powerful Democrat on the Senate Banking Committee said on Monday. Senator Sherrod Brown, who has been mentioned as a possible vice presidential pick, wrote to Treasury Secretary Jack Lew about possible threats to the council's regulatory reach in the area. Lew is the chair of the Financial Stability Oversight Council, which is made
  
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• Coca-Cola cuts output in Venezuela due to sugar shortage

  23-05-2016 22:45 via news.yahoo.com
  
  The Coca-Cola Company said Monday that it was forced to cut back production of its popular sodas in Venezuela due to the shortage of sugar in the politically riven country. Venezuela's economy has been dragged down by shortages of many key products, both food and non-food, as the embattled government of President Nicolas Maduro reserves foreign currency to service its debt and struggles with recession and hyperinflation.
  
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• Stocks dip, yields inch up on Fed rate hike talk

  23-05-2016 22:44 via news.yahoo.com
  
  NEW YORK (Reuters) - Global stock markets edged lower while short-dated U.S. Treasury yields held near two-month highs on Monday as investors weighed the possibility that U.S. interest rates could soon rise.
  
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• Doubts mount over merger of health insurers Anthem, Cigna

  23-05-2016 22:43 via news.yahoo.com
  
  Wall Street expressed growing doubts about a pending $54 billion (£33 billion) merger of U.S. health insurers Anthem Inc and Cigna Corp on Monday as news of management squabbles added to concerns over its review by antitrust regulators. Cigna shares closed down 4 percent at $126.15, well below Anthem's original $188 per share offer of cash and stock announced last July. "The market is telling you that it feels the probability of the deal is significantly less than 100 percent," Morningstar
  
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• Key Brazil minister steps aside in political scandal

  23-05-2016 22:38 via news.yahoo.com
  
  By Silvio Cascione and Maria Carolina Marcello BRASILIA (Reuters) - Brazil's Planning Minister Romero Juca said on Monday he will temporarily step down after a newspaper published recordings of him discussing plans to obstruct the country's biggest-ever corruption investigation, which includes him among its targets. Juca's decision to take a leave from his post to defend himself is a huge blow for Interim President Michel Temer, who counted on the experienced senator to secure legislative suppor
  
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• Wall Street dips; Apple gain fails to offset rate worries

  23-05-2016 22:22 via news.yahoo.com
  
  (Reuters) - Wall Street ended lower on Monday as a bounce in Apple failed to offset concerns that the U.S. Federal Reserve could raise interest rates sooner than later.
  
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• Goldman Sachs banker flagged BHS suitor had history of bankruptcy

  23-05-2016 21:21
  
  LONDON, May 23 (Reuters) - Retail tycoon Philip Green's
  Arcadia group was warned by a senior Goldman Sachs banker
  that a possible suitor of its BHS department store chain had a
  history of bankruptcy,...
  
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• Far right narrowly defeated in Austrian presidential election

  23-05-2016 21:09 via news.yahoo.com
  
  By Francois Murphy and Michael Shields VIENNA (Reuters) - Austria came close to becoming the first European Union country to elect a far-right head of state as postal ballots on Monday decided a knife-edge presidential vote in favor of the anti-immigration candidate's environmentalist opponent. The results were awaited nervously by governments across Europe, where populist anti-immigration parties have surged over the past year on concerns over a refugee influx, continued weak economic growth an
  
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• REFILE-Sanders rejects deal on Puerto Rico, offers alternative

  23-05-2016 20:58
  
  WASHINGTON, May 23 (Reuters) - Democratic presidential
  candidate and U.S. Senator Bernie Sanders on Monday rejected a
  bipartisan deal reached in the House of Representatives on
  legislation to address...
  
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• UPDATE 3-Shanda Group reports 11.7 percent stake in LendingClub

  23-05-2016 19:23
  
  May 23 (Reuters) - Chinese billionaire Chen Tianqiao has
  bought a nearly 12 percent stake in LendingClub Corp as
  the largest U.S. marketplace lender seeks funding after a
  botched sale of loans...
  
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• UPDATE 1-UniCredit set to start search for new CEO

  23-05-2016 19:11
  
  * Capital increase, cuts to international network among
  options(Rewrites first paragraph with sources, Ghizzoni's comments,
  board meeting details)
  
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• UPDATE 7-Bayer defies critics with $62 billion Monsanto offer

  23-05-2016 19:08
  
  * Bayer shares fall as much as 3.6 pct to 2-1/2 year low(Adds Thomson Reuters deals data, updates share price)
  
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• S&P, Dow little changed, Apple props up Nasdaq

  23-05-2016 18:55 via news.yahoo.com
  
  Apple's shares rose 1.44 percent to $96.58. Investors are awaiting speeches by several U.S. Federal Reserve officials this week for further clues on the trajectory of rate hikes, with Fed Chair Janet Yellen set to speak on Friday. The Fed surprised investors when the central bank's minutes released last week opened the door to a rate hike in June, roiling financial markets.
  
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• Versace names former head of Alexander McQueen as new CEO

  23-05-2016 18:50 via news.yahoo.com
  
  By Giulia Segreti MILAN (Reuters) - Italian fashion house Versace named the former head of British brand Alexander McQueen as its new chief executive, in an unexpected move ahead of a planned stock market listing against a backdrop of slowing luxury industry growth. Jonathan Akeroyd will take over from Gian Giacomo Ferraris who has led family-owned Versace since 2009 and is credited with relaunching the group in 2004. The brand famous for its Medusa head logo is seeking a stock market listing af
  
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• S&P cuts Finland's TVO debt to junk as nuclear struggles to compete

  23-05-2016 18:49 via news.yahoo.com
  Ratings agency S&P pushed Finland-based Teollisuuden Voima Oyj's long-term debt into non-investment grade as the nuclear power producer's reactors struggle to cover their costs. Standard & Poor's downgraded ...
  
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• IMF said Greece needs 'unconditional' debt relief from EU creditors

  23-05-2016 18:25 via news.yahoo.com
  
  A new IMF report on Greece's financial situation said the country needs unconditional debt relief from European Union creditors over the long term to rebuild its financial strength. The International Monetary Fund's debt sustainability analysis (DSA) released Monday also said that the relief needs to be deep through at least 2040, noting the country's limited prospects for achieving significant economic growth and a fiscal surplus. The DSA said Athens faces substantial challenges to achieving ev
  
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• European stocks retreat

  23-05-2016 18:03 via news.yahoo.com
  
  Hong Kong (AFP) - European stock markets retreated Monday following a largely downbeat performance by Asia, as Wall Street trod water.
  
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• Britain's FTSE ends lower as commodities stocks slip

  23-05-2016 17:58
  
  LONDON, May 23 (Reuters) - Britain's top share index ended
  lower on Monday, with a drop in the prices of crude oil and
  industrial metals putting pressure on commodities-related
  stocks.
  
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• India and Iran agree port deal, reviving trade ties

  23-05-2016 17:55 via news.yahoo.com
  
  India agreed Monday to finance the development of an Iranian port as a trading hub, as Prime Minister Narendra Modi sought to revive economic ties with Tehran after the lifting of sanctions. The Indian leader met Iranian officials including President Hassan Rouhani during a visit that he said would mark "a new chapter in our strategic partnership". Modi and Rouhani oversaw the signing of a memorandum of understanding for the provision of a line of credit from India's EXIM Bank to develop Iran's
  
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• Dollar up on rate hike talk; stocks flat

  23-05-2016 17:29 via news.yahoo.com
  
  Global stock markets were little changed and the U.S. dollar gained on Monday as investors weighed the possibility that U.S. interest rates could soon be raised. Oil prices fell and were on track for a fourth session of losses as investors worried about global supply, and copper prices fell toward the three-month lows hit last week. In the United States, an imminent rise in interest rates was looking more likely.
  
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• Appeals court reverses fraud finding against Bank of America

  23-05-2016 17:17 via news.yahoo.com
  NEW YORK (AP) — A federal appeals court has reversed a jury's finding that Bank of America Corp. was liable for fraud for its actions before the economy collapsed in 2008. It also negated a more than $1.2 billion penalty imposed after trial.
  
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• BRIEF-Fitch: Bankrupt E&P companies less likely to seek dips

  23-05-2016 16:57
  
  * Bankrupt E&P companies less likely to seek dips;
  distressed investors wait out volatility
  
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• TREASURIES-Short-dated U.S. yields edge up on rate-hike bets

  23-05-2016 16:25
  
  NEW YORK, May 23 (Reuters) - Short-dated U.S. Treasury
  yields rose on Monday, with the two-year yield hovering at its
  highest in two months, as traders bet the Federal Reserve may
  raise interest...
  
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• UPDATE 3-Russia launches first Eurobond since sanctions imposed

  23-05-2016 16:22
  
  * Demand at $3 bln - Reuters' IFR citing market source(Recasts, adds new quotes)
  
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• UPDATE 2-Tribune gets $70.5 mln investment from billionaire Soon-Shiong

  23-05-2016 16:22
  
  * Shares fall as much as 21.5 pct(Adds details, Gannett response; updates shares)
  
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• Greece to get lenders' OK for new loans on Tuesday, but no debt relief yet

  23-05-2016 16:14
  
  BRUSSELS, May 23 (Reuters) - After a six month delay, the
  euro zone is likely to say on Tuesday that Greece has passed the
  reforms needed to unblock 10 billion euros ($11.2 billion) in
  new loans, but...
  
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• Sberbank not invited to arrange Russia's Eurobond - CEO

  23-05-2016 16:09
  
  MOSCOW, May 23 (Reuters) - Sberbank, Russia's
  largest bank by assets, had not been invited to participate in
  arranging the country's Eurobond issue, the bank's Chief
  Executive Officer German Gref...
  
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• 'Brexit' looms over mid-June Fed meeting, Williams says

  23-05-2016 16:01
  
  NEW YORK, May 23 (Reuters) - The possibility that Britons
  could vote to leave the European Union a week after a mid-June
  Federal Reserve decision on raising interest rates will play a
  role in that...
  
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• Manchester United shares rise in New York as Mourinho hire expected

  23-05-2016 15:54 via news.yahoo.com
  
  By Sudip Kar-Gupta LONDON (Reuters) - Shares in English soccer giant Manchester United rose in New York on Monday after media reports the club was set to replace its manager with former Chelsea boss Jose Mourinho. Manchester United's main stock market listing is in New York, although it has a secondary, and less widely traded, share listing in Frankfurt. British media reported that Mourinho, 53, would take over at Manchester United even though Dutchman Louis van Gaal, who steered United to an ex
  
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• Wall Street opens flat as focus turns to Fed speakers

  23-05-2016 15:53 via news.yahoo.com
  
  The Fed surprised investors when the central bank's minutes released last week opened the door to a rate hike in June, roiling financial markets. San Francisco Fed President John Williams said on Monday that two-to-three rate hikes this year were reasonable and that inflation was on track to meet the Fed's goal of 2 percent in the next year or two. St. Louis Federal Reserve President James Bullard also said a relatively tight labor market in the United States may put upward pressure on inflation
  
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• Brazil debt slips as minister vows to stay

  23-05-2016 15:51
  
  NEW YORK, May 23 (IFR) - Brazilian sovereign debt was weaker
  on Monday following reports that the new planning minister had
  tried to stall the corruption investigation at state-controlled
  oil company...
  
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• Man Utd shares rise in New York as Mourinho hire expected

  23-05-2016 15:48 via news.yahoo.com
  (Updates with New York shares reaction) By Sudip Kar-Gupta LONDON, May 23 (Reuters) - Shares in English soccer giant Manchester United rose in New York on Monday after media reports the club was set to replace its manager with former Chelsea boss Jose Mourinho. Manchester United's main stock market listing is in New York , although it has a secondary, and less widely traded, share listing in Frankfurt. British media reported that Mourinho, 53, would take over at Manchester United even though Dut
  
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• Binding bids for Greece's Thessaloniki port expected end September-sources

  23-05-2016 15:40
  
  ATHENS, May 23 (Reuters) - Greece will invite investors to
  submit binding bids for a majority stake in the country's second
  largest port in Thessaloniki at the end of September,
  sources close to the...
  
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• UPDATE 2-Ares Capital to buy American Capital for $3.4 bln

  23-05-2016 15:36
  
  May 23 (Reuters) - Ares Capital Corp, an investment
  company focused on mid-sized firms, is buying smaller rival
  American Capital Ltd in a cash-and-stock deal valued at
  $3.4 billion to better fill the...
  
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• BRIEF-Safe Bulkers to amend covenants to its credit facility

  23-05-2016 15:25
  
  * To amend certain financial covenants to its existing
  credit facility with an outstanding balance of $145.5 million
  
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• BRIEF-Tri Pointe announces proposed offering of $300 mln of senior notes due 2021

  23-05-2016 15:20
  
  * Intends to use proceeds to repay approximately $275
  million of borrowings under its $625 million unsecured revolving
  credit facility
  
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• Shanda Group reports 11.7 pct stake in LendingClub

  23-05-2016 15:18
  
  May 23 (Reuters) - Affiliates of investment firm Shanda
  Group reported an 11.7 percent stake in LendingClub Corp,
  sending the shares of the lending platform operator up more than
  8 percent in...
  
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• UPDATE 1-Czech unions join investors to bid for insolvent NWR arm

  23-05-2016 15:13
  
  PRAGUE, May 23 (Reuters) - Czech miners' unions have teamed
  up with lignite mine owner Pavel Tykac and another investor to
  make on offer for New World Resources'
  insolvent mining subsidiary OKD,...
  
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• Wall St set to open flat, focus on Fed speakers

  23-05-2016 15:01 via news.yahoo.com
  
  Wall Street looked set to open little changed on Monday as investors awaited speeches by U.S. Federal Reserve officials this week for clues on the timing of the next rate increase. The Fed surprised investors when the central bank's minutes released last week opened the door to a rate increase in June, roiling financial markets. San Francisco Fed President John Williams said on Monday that two-to-three rate hikes this year were reasonable and that inflation was on track to meet the Fed's goal of
  
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• South Africa arrests Chinese ships for illegal squid fishing

  23-05-2016 14:53 via news.yahoo.com
  South Africa's navy has detained three Chinese ships with around 100 crew on board on suspicion of illegal squid fishing, officials said on Monday. The ships were spotted on Friday having entered South Africa's 200 nautical mile economic exclusion zone without permits. When South African officials asked the ships to sail to port they attempted to flee but were eventually captured.
  
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• Pakistan shares end slightly higher; rupee weakens, o/n rates fall

  23-05-2016 14:35
  
  KARACHI, May 23 (Reuters) - Pakistan stocks closed
  marginally higher on Monday, with banks taking a hit after the
  central bank cut interest rates over the weekend, and energy
  stocks drop following...
  
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• BRIEF-Retail Opportunity Investments files for potential mixed shelf offering

  23-05-2016 14:30
  
  * Retail Opportunity Investments Files For Potential Mixed
  Shelf Filing - Sec filing
  
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• TREASURIES-U.S. bond prices hold gains after Fed Williams' remarks

  23-05-2016 14:28
  
  NEW YORK, May 23 (Reuters) - U.S. Treasury prices clung to
  their earlier gains on Monday as San Francisco Federal Reserve
  President John Williams said it is "about right" to expect the
  U.S. central...
  
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• Global stocks choppy after G-7 fails to deliver

  23-05-2016 14:22 via news.yahoo.com
  
  LONDON (AP) — Stock markets were choppy Monday after a meeting of the developed world's central bankers and finance ministers failed to yield fresh ideas for spurring economic growth.
  
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• Nissan likely to send former tech chief to lead reform at Mitsubishi: sources

  23-05-2016 14:15 via news.yahoo.com
  
  Nissan Motor Co , which plans to spend $2.2 billion on a one-third controlling stake in Mitsubishi Motors Corp , aims to place its former global tech chief in charge of reform at its smaller rival, which is mired in a fuel economy data scandal. According to two individuals with knowledge of the matter, Nissan and Mitsubishi are in final stage talks over an appointment of Mitsuhiko Yamashita as Mitsubishi's tech chief. Yamashita was Nissan’s executive vice president in charge of product and
  
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• Britain's FTSE edges lower as commodities stocks slip

  23-05-2016 14:12
  
  LONDON, May 23 (Reuters) - Britain's top share index edged
  lower on Monday, with a drop in the prices of crude oil and
  industrial metals putting pressure on commodities-related
  stocks.
  
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• BRIEF-Albertsons Companies LLC says intends to offer $1.250 bln senior notes due 2024

  23-05-2016 13:56
  
  * Albertsons Companies LLC announces proposed senior notes
  offering
  
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• REFILE-UPDATE 1-France faults Bial and Biotrial over fatal drug trial

  23-05-2016 13:52
  
  PARIS, May 23 (Reuters) - Portuguese drugmaker Bial and
  French laboratory Biotrial are at fault "on several counts" for
  a fatal drug trial that left one person dead and five others
  hospitalised in...
  
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• GLOBAL MARKETS-Stocks, oil, yields slip as investors start week in cautious mood

  23-05-2016 13:51
  
  LONDON, May 23 (Reuters) - Stocks, oil and yields on
  government bonds all fell on Monday, reversing some of their
  recent gains as investors began the week in a cautious mood,
  still grappling with the...
  
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