Finance news

• India market regulator pitches country to Silicon Valley investors

  02-06-2016 23:48 via news.yahoo.com
  
  By Noel Randewich SAN FRANCISCO (Reuters) - The head of India's financial markets regulator visited Silicon Valley this week to promote rule changes in his country protecting minority shareholders and encourage more investment in his country's thriving technology startups. U.K. Sinha, chairman of the Securities and Exchange Board of India, said improved regulations make it much easier for investors in the country's over-4,000 technology startups to eventually cash out through initial public offe
  
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• Healthcare helps Wall St. to slight gains; jobs report next

  02-06-2016 23:37 via news.yahoo.com
  
  Wall Street closed slightly higher on Thursday as fresh data gave a rosier view of the economy and further gains for healthcare shares countered declines in energy names. The S&P 500 ended at its highest closing level in seven months, while the Nasdaq minted its seventh straight day of gains. Investors now await Friday's payrolls report as they evaluate economic data to determine whether the Federal Reserve will hike interest rates as soon as its June 14-15 meeting.
  
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• Wall St shrugs off Europe, Japan losses; S&P at 7-month high

  02-06-2016 23:32 via news.yahoo.com
  
  The S&P 500 hit a seven-month high Thursday as Wall Street brushed off losses in Japanese and European markets, with US investors confident ahead of Friday's May jobs report.
  
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• Euro slips on ECB's cautious view, oil reverses losses

  02-06-2016 22:22 via news.yahoo.com
  
  The euro declined on Thursday on the European Central Bank's cautious economic outlook, while oil prices recovered on a drop in U.S. crude inventories, erasing losses on OPEC's failure to reach a deal to set an output ceiling. U.S. and German government bond prices firmed on safe-haven bids as a possible U.S. interest rate increase and the June 23 referendum whether Britain would leave the European Union, or "Brexit," posed near-term risks that could rattle investors. The ECB nudged up its infla
  
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• S&P 500 closes at seven-month high on data boost

  02-06-2016 22:16 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street closed slightly higher on Thursday to send the S&P 500 to a seven-month high, as fresh data gave a rosier view of the economy and further gains for healthcare shares countered declines in energy and tech names. The Dow Jones industrial average rose 47.87 points, or 0.27 percent, to 17,837.54, the S&P 500 gained 5.83 points, or 0.28 percent, to 2,105.16 and the Nasdaq Composite added 19.11 points, or 0.39 percent, to 4,971.36. (Reporting by Chuck Mikolajcz
  
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• Tunisia's president urges new unity government to tackle tensions

  02-06-2016 21:20 via news.yahoo.com
  
  Tunisian President Beji Caid Essebsi on Thursday called for negotiations among political parties, unions and independents to form a new unity government to help advance economic reforms in an attempt to calm social tensions. Essebsi's call came as Tunisia's current ruling coalition is struggling to create more growth and jobs after a series of militant attacks battered the North African state's tourism industry and economy. "It is time for a change, and for audacity," Essebsi said in a televised
  
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• Wall St. edges up, buoyed by healthcare; jobs report looms

  02-06-2016 20:42 via news.yahoo.com
  
  Investors are evaluating economic data to determine whether the Federal Reserve will hike interest rates as soon as its June 14-15 meeting. "The fact that the market today, as well as yesterday, has been able to come back after being on the downside and grind its way back, to me it shows there isn’t a lot of conviction to be really dumping stocks right now prior to the Fed and earnings coming out in the next six weeks, and I think that’s positive," said Chuck Carlson, chief executive
  
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• Weak South African rand sours investment mood ahead of ratings decision

  02-06-2016 19:47 via news.yahoo.com
  
  By Mfuneko Toyana JOHANNESBURG (Reuters) - A feared credit downgrade for South Africa to "junk" could see direct investment in the ailing economy slide further as investors flee to other markets in search of higher returns. Standard and Poor's, which ranks Africa's most industrialised country just one step above subinvestment grade, is due to make its rating decision public on Friday. The Treasury says Fitch, which also puts South Africa's credit one notch above speculative grade, will release i
  
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• Canada sees no guarantees on EU trade pact, hard work ahead

  02-06-2016 19:34 via news.yahoo.com
  
  By David Ljunggren OTTAWA (Reuters) - There are no guarantees a free trade deal between Canada and the European Union will come into force and a lot of hard work still needs to be done, Canadian Trade Minister Chrystia Freeland said on Thursday. The Comprehensive Economic and Trade Agreement (CETA) faces increasing opposition in some of the EU's 28 member states as well as from European trade unions. "We're taking nothing for granted and nothing is guaranteed," Freeland said in a phone interview
  
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• Nigeria cenbank fails to clarify currency plans: bankers

  02-06-2016 19:29 via news.yahoo.com
  
  By Oludare Mayowa and Chijioke Ohuocha LAGOS (Reuters) - A meeting between Nigeria's central bank governor and local currency traders has failed to dispel uncertainty over the implementation of plans to abandon the naira peg and adopt a flexible currency, bankers said on Thursday. The Financial Market Dealers Association (FMDA), an association made up of local currency dealers, initiated the meeting with central bank governor Godwin Emefiele on Wednesday to discuss the policy, they said. The cen
  
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• Mozambique's grain production down by 5 percent: minister

  02-06-2016 19:25 via news.yahoo.com
  Mozambique's grain production fell 4.8 percent to 2.39 million tonnes last year from 2.51 million tonnes the previous year, the minister of agriculture said on Thursday, blaming a severe drought. The drought has hit much of the southern African region including the maize belt in South Africa, the continent's most advanced economy and the top producer of the staple grain. Jose Pacheco, the agriculture minister, did not give a breakdown of the grains affected by the drought.
  
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• IMF says not recanting on neoliberalism, austerity

  02-06-2016 18:57 via news.yahoo.com
  
  The International Monetary Fund's top economist said Thursday that the global crisis lender is not abandoning its much-criticized neoliberal approach to boosting economic growth. Responding to an article by three other IMF economists that sparked widespread reports that the Fund was pulling back from a pro-markets, pro-austerity and slim-government agenda, Maurice Obstfeld said the article was "widely misinterpreted". In their article the three economists focused on the IMF's insistence on auste
  
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• Saudi signals new investment strategies in $3.5 billion Uber deal

  02-06-2016 18:55 via news.yahoo.com
  DUBAI/RIYADH (Reuters) - Saudi Arabia has signaled it is adopting new strategies to invest its petrodollars - more aggressive, more high-profile and more closely linked to its economic development plans - with the $3.5 billion purchase of a stake in U.S. ride-hailing firm Uber. The deal, announced on Wednesday, makes the Saudi state's Public Investment Fund (PIF) a player in the technology start-up market - a break from Riyadh's past emphasis on conservative, low-risk foreign investments. It als
  
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• Wall Street lower; cuts losses as oil prices reverse course

  02-06-2016 18:53 via news.yahoo.com
  
  Oil prices were up about 0.5 percent after data showed a weekly drawdown in U.S. crude stockpiles. Crude prices' reversal helped the S&P energy index cut its losses to 0.76 percent, from 1 percent, and surrender its position as the biggest drag on the S&P 500. "The bulk of the important data is going to be coming out tomorrow so markets tend to get relatively quiet, going into the sideways mode waiting for that," said Randy Frederick, managing director of trading and derivatives for Char
  
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• Atlantic City could lose four more casinos if N.J. expands gambling

  02-06-2016 18:43 via news.yahoo.com
  New Jersey allows casinos only in Atlantic City. State voters will decide in November whether to approve two more casinos in the northern part of the state. Atlantic City is already down on its luck because its suffering casino industry eroded the municipal property tax base and the revenues that come from it.
  
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• Philippines' Duterte says he won't surrender rights in South China Sea

  02-06-2016 18:37 via news.yahoo.com
  Philippines President-elect Rodrigo Duterte said on Thursday he would not surrender the country's rights over the disputed Scarborough Shoal in the South China Sea, which China seized in 2012. "There will never be an instance that we will surrender our right over Scarborough Shoal," Duterte told a news conference after holding talks with China's ambassador Zhang Jianhua. It is an issue about being obstructed or impeded because of the constructions there and we cannot exercise freely the rights u
  
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• Bank of Canada: various signs of divergence across Canada

  02-06-2016 18:05 via news.yahoo.com
  
  SYDNEY, NOVA SCOTIA (Reuters) - Various indicators, including measures of employment and housing, are illustrating a divergence across the Canadian economy in the wake of the oil price shock, Bank of Canada Deputy Governor Lawrence Schembri said on Thursday. In a presentation, Schembri also noted that export-related industries are picking up, while industries most affected by commodity prices remain depressed. (Reporting by Erin Pottie, writing by Leah Schnurr)
  
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• EU warns against curbing 'sharing economy' firms like Uber

  02-06-2016 17:47 via news.yahoo.com
  
  The EU on Thursday warned member states against banning "sharing economy" services such as Uber and Airbnb, especially if only to protect existing businesses from competition. "You cannot put an absolute ban on activity if the reason for this is only protecting a business model," EU industry commissioner Elzbieta Bienkowska said at a news briefing in Brussels. Online success stories like ride-sharing app Uber and Airbnb have caused major disruptions in Europe, with taxi drivers and hotel owners
  
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• Tightening U.S. labor market boosts economic growth outlook

  02-06-2016 17:25 via news.yahoo.com
  
  U.S. private employers increased hiring in May and new applications for jobless benefits fell last week, further boosting the economic outlook for the second quarter. "Labor market conditions are stable, which is all the reassurance the Fed will need to act soon," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto. The ADP National Employment Report showed private payrolls increased 173,000 last month on top of the 166,000 jobs added in April.
  
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• Euro slips on ECB's cautious view, oil falls on OPEC

  02-06-2016 17:23 via news.yahoo.com
  
  By Richard Leong NEW YORK (Reuters) - The euro declined on Thursday on the European Central Bank's cautious economic outlook, while oil prices took a hard knock after OPEC failed to reach a deal to freeze output. Stock prices across major markets fell near one-week lows, bogged down by a 2-percent slump in Japan. The ECB nudged up its inflation forecast for 2016 but predicted price growth would remain below target through 2018 as depressed energy costs have held down prices of other goods and se
  
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• European Central Bank: stimulus is working, give it time

  02-06-2016 16:48 via news.yahoo.com
  
  VIENNA (AP) — The European Central Bank says its stimulus measures are helping the economy of the 19 countries that use the euro — and need time to work before any new monetary jolts are added.
  
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• EU throws support behind 'sharing economy' firms like Uber, Airbnb

  02-06-2016 16:21 via news.yahoo.com
  
  By Julia Fioretti BRUSSELS (Reuters) - The European Union executive threw its weight behind the "sharing economy" on Thursday, saying governments should only ban services such as ride-hailing app Uber [UBER.UL] and Airbnb as a last resort. In new guidelines intended to foster development of the new Internet-based services in Europe, the European Commission said any restrictions on them by EU member states should be proportionate to the public interest at stake, such as public safety or social po
  
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• TREASURIES-U.S. debt yields slide on weak stocks, Brexit worries

  02-06-2016 16:16 via news.yahoo.com
  U.S. Treasury debt yields fell on Wednesday, spooked by weakness in global stock markets and persistent concerns about Britain's future in the European Union. Tom Digaloma, managing director at Seaport Global in New (KOSDAQ: 160550.KQ - news) York, said Treasuries were particularly well-bid in Tokyo overnight due to the general weakness in the Japanese stock market.
  
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• Wall St. dragged lower by Apple, oil prices

  02-06-2016 15:34 via news.yahoo.com
  
  (Reuters) - Wall Street opened lower on Thursday, hit by a drop in Apple and as a fall in oil prices dragged down energy companies.
  
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• European Central Bank sees stimulus slowly helping economy

  02-06-2016 15:32 via news.yahoo.com
  
  VIENNA (AP) — The European Central Bank says its stimulus measures are helping the economy of the 19 countries that use the euro — and need time to work before any new monetary jolts are added.
  
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• 10 Sahara properties to be auctioned

  02-06-2016 15:14 via news.yahoo.com
  New Delhi, June 2 (IANS) Stock market regulator Sebi (Securities and Exchange Board of India) on Thursday said it will auction ten properties of the Sahara Group at a reserve price of Rs 1,192 crore.
  
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• U.S. private payrolls rise in May; weekly jobless claims fall

  02-06-2016 15:11 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. private employers increased hiring in May and new applications for jobless benefits fell last week, further boosting the economic outlook for the second quarter. The steady stream of upbeat data suggest the economy is regaining momentum after growth slowed sharply at the start of the year, which could allow the Federal Reserve to raise interest rates later this month or in July. "Labor market conditions are stable, which is all the reassurance the Fe
  
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• Merkel says better for Britain to wield power from within EU

  02-06-2016 14:41 via news.yahoo.com
  BERLIN (Reuters) - Germany wants Britain to stay in the European Union, Chancellor Angela Merkel said on Thursday, adding it would be better for Britons if London can wield power from within the 28-member bloc rather than from the outside. Merkel made her comments at a news conference with NATO Secretary General Jens Stoltenberg in Berlin. Britons vote on June 23 on whether to remain in the EU, with important implications for its trade, economic and political status. (Reporting by Madeline Chamb
  
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• Investor Gross: historic investment returns 'impossible' to repeat

  02-06-2016 14:41
  
  NEW YORK (Reuters) - Bond investor Bill Gross of Janus Capital Group Inc said on Thursday the historic returns that investors have reaped for over four decades are over, given the near end of falling...
  
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• Canadian dollar to dip near-term as economy weakens, Fed hikes: Reuters poll

  02-06-2016 14:17 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - The Canadian dollar is expected to weaken in the near-term on prospects of slower economic growth and a U.S. interest rate hike this month or next, a Reuters poll found, but an eventual oil price recovery is set to bolster the currency over the longer term. Meanwhile, wildfires disrupted oil production in Alberta, and speculation has increased that the U.S. Federal Reserve will raise interest rates this summer. The Canadian dollar is likely to weaken against t
  
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• European stocks rise before ECB, OPEC outcomes

  02-06-2016 13:13 via news.yahoo.com
  
  European stock markets rose on Thursday, with investors awaiting the outcomes of key meetings of the ECB and OPEC in Vienna. "Equity indices have regained poise... either testing or having overcome their downtrends from end-May highs," said Mike van Dulken, head of research at Accendo Markets. "Whether this is the beginnings of a recovery or merely a teasing bounce remains to be seen, especially with so much event risk in play over the next two sessions," he added in reference to the meetings of
  
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• EU cautions governments against banning Uber, Airbnb

  02-06-2016 12:02 via news.yahoo.com
  
  By Julia Fioretti BRUSSELS (Reuters) - Services such as ride-hailing app Uber [UBER.UL] and home-rental site Airbnb should only be banned as a last resort, the European Union executive said on Thursday, as it seeks to foster development of the "sharing economy". In its new guidelines, the European Commission said any restrictions by EU member states on these online services should be proportionate to the public interest at stake. "Absolute bans and quantitative restrictions should only be used a
  
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• Global shares mixed, markets plagued by uncertainty

  02-06-2016 11:54 via news.yahoo.com
  
  MANILA, Philippines (AP) — Global shares meandered Thursday amid uncertainty over the world outlook in general and the Japanese economy in particular, following a decision by Prime Minister Shinzo Abe to postpone a sales tax hike to avoid shocks to the country's faltering recovery.
  
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• PIMCO sees 'significant' chance of Brexit vote in UK

  02-06-2016 11:03 via news.yahoo.com
  
  Global investment firm PIMCO believes the likelihood of Britain voting to stay in the European Union stands at around 60 percent, leaving a "significant" chance of a so-called Brexit vote, PIMCO managing director Mike Amey said on Thursday. It wouldn't derail the global economy." Amey, speaking to reporters, said PIMCO's views on the likely outcome of Britain's EU membership referendum on June 23 had remained unchanged in recent weeks despite gambling firms pricing the chance of a "Remain" vote
  
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• India's Odisha state becomes first to give welfare to transgender community

  02-06-2016 10:57 via news.yahoo.com
  By Jatindra Dash BHUBANESWAR, India (Thomson Reuters Foundation) - India's eastern Odisha state is the first region in the country to give transgender people social welfare benefits - such as a pension, housing and food grains - usually allocated for only the most impoverished, an official said on Thursday. Niten Chandra, principal secretary of Odisha's Department of Social Security, said the move to give the transgender community the same benefits as those living below the poverty line was aime
  
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• China says German robot maker deal should not be politicized

  02-06-2016 10:47 via news.yahoo.com
  
  China said on Thursday the purchase of German industrial robot maker Kuka by Chinese home appliance maker Midea Group Co Ltd should not be politicized as it is simply a commercial deal. Kuka is the latest and biggest German industrial technology group to be targeted by a Chinese buyer as the world's second-largest economy makes the transition from a low-cost manufacturer into a high-tech industrial hub. German government sources have said Berlin would examine how critical Kuka's technology is fo
  
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• Global stocks struggle as ECB and OPEC meetings loom

  02-06-2016 10:27 via news.yahoo.com
  
  By Sudip Kar-Gupta LONDON (Reuters) - Global stock markets made little headway on Thursday as Japan's Nikkei fell sharply following a jump in the yen while European markets were flat in the run-up to a key European Central Bank (ECB) meeting. Along with the ECB, an OPEC meeting in Vienna was also at the forefront of investors' minds, with oil prices holding steady as analysts said they did not expect the meeting to result in restrictions on crude oil output. Japanese stocks had earlier suffered
  
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• Yen builds on gains, stocks swing ahead of US jobs report

  02-06-2016 10:14 via news.yahoo.com
  
  Japanese Prime Minister Shinzo Abe on Wednesday said he would put back by more than two years a planned sales tax increase that threatened the country's torpid economy. "There's now less chance of more Japanese monetary policy, particularly when Abe said he's thinking about doing more fiscal initiatives," Tony Farnham, Sydney-based analyst at Patersons Securities, told Bloomberg News.
  
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• IMF team in Angola for loan talks, economy diversification on agenda

  02-06-2016 09:49 via news.yahoo.com
  
  A team from the International Monetary Fund is visiting Angola to negotiate a loan facility after lower oil prices hammered the finances of Africa's second largest crude exporter, the Ministry of Finance said on Wednesday. The ministry said the IMF team will be in Angola from June 1 to June 14 and would discuss options on how to diversify the economy and reduce the dependence on the oil sector. Angola said in April that it would begin loan negotiations with the IMF on a three-year loan facility.
  
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• Fastjet says expects to remain cash flow negative in 2016

  02-06-2016 09:33 via news.yahoo.com
  (Reuters) - Fastjet Plc said on Thursday it expected to report a trading loss and remain cash flow negative in 2016 as business in Tanzania remained weak. The African budget airline said load factor in Tanzania for 2015 was down 6.6 percentage points to 66.7 percent and revenues were impacted by a weakening Tanzanian economy and political uncertainty in the country. Fastjet, which announced the departure of Chief Executive Ed Winter in March, said it was in the advanced stage for recruitment of
  
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• BRIEF-UCI International files for voluntary chapter 11 bankruptcy -Court filing

  02-06-2016 09:15
  
  * Files for voluntary chapter 11 bankruptcy protection in
  District Of Delaware-Court filing
  
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• Asian stocks struggle on growth concerns, yen hits Japan stocks

  02-06-2016 09:15 via news.yahoo.com
  
  By Saikat Chatterjee HONG KONG (Reuters) - Asian stocks eased on Thursday after surveys showed global manufacturing activity and demand remain weak, while a jump in the yen sent Japan's Nikkei reeling more than 2 percent. MSCI's broadest index of Asia-Pacific shares outside Japan struggled to keep its head above water after rising more than 3 percent over the last seven days. Factory surveys over the past 24 hours highlighted a sluggish global economy, even as the U.S. Federal Reserve appears to
  
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• Japan transport ministry denies imminent Suzuki raid over mileage tests

  02-06-2016 09:06 via news.yahoo.com
  
  Japan's transport ministry on Thursday said it had yet to decide whether to conduct a raid on Suzuki Motor Corp over its use of improper fuel economy tests, denying a report by the Asahi newspaper that it was planning a raid. "We're considering it, but we haven't made a decision yet," a transport ministry official said.
  
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• Nasdaq CEO sees strong interest from Chinese firms for U.S. listings

  02-06-2016 08:09 via news.yahoo.com
  
  Nasdaq Inc sees "very strong" interest from Chinese companies to list in the United States, Chief Executive Officer Robert Greifeld said on Thursday, despite a recent spurt in delistings from mainland firms looking for higher valuations at home. Three Chinese firms have already listed on the technology-heavy Nasdaq so far in 2016 and "anything approaching double digits would be seen as a very good year" for Chinese listings, Greifeld told Reuters on the sidelines of the RISE technology conferenc
  
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• ECB to hold fire, let current stimulus programs work

  02-06-2016 07:11 via news.yahoo.com
  
  VIENNA (AP) — The European Central Bank is expected to stress its commitment to raise inflation and help the economy Thursday, but is unlikely to provide any new stimulus measures.
  
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• Asian stocks ease on global growth woes, firm yen rocks Japan

  02-06-2016 05:27 via news.yahoo.com
  
  Asian stocks eased on Thursday after surveys showed global manufacturing activity and demand remain weak, while a jump in the yen sent Japan's Nikkei reeling more than 2 percent. MSCI's broadest index of Asia-Pacific shares outside Japan struggled to keep its head above water after rising more than 3 percent over the last seven days. Factory surveys over the past 24 hours highlighted a sluggish global economy, even as the U.S. Federal Reserve appears to be preparing jittery financial markets for
  
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• 'Myth-busting' Obama tries to debunk GOP on the economy

  02-06-2016 04:26 via news.yahoo.com
  
  ELKHART, Ind. (AP) — President Barack Obama went on a "myth-busting" mission Wednesday aimed at undermining Republican arguments about the economy, working to give cover to Democrats to embrace his policies ahead of the presidential election.
  
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• Asian shares steady, but strong yen sinks Nikkei

  02-06-2016 02:47 via news.yahoo.com
  
  Asian shares were steady on Thursday as Wall Street eked out modest gains after the latest batch of U.S. data provided few clues on when the Federal Reserve might raise rates, while a resurgent yen pressured equity markets in Japan. MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trading. Japan's Nikkei skidded 1.3 percent, after the dollar sunk to a two-week low against the yen overnight following Japanese Prime Minister Shinzo Abe's official announcement late on We
  
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• S. Korea's Q1 growth slightly higher at 0.5%: BOK

  02-06-2016 02:40 via news.yahoo.com
  
  South Korea's economy grew just 0.5 percent in the first quarter, the Bank of Korea said Thursday -- a shade higher than originally estimated but weighed down by an extended export slump. The revised on-quarter growth figure for the January-March period was slightly up on the central bank's earlier estimate of 0.4 percent, but still down from 0.7 in the final quarter of last year. Exports, which account for nearly half of the South Korean economy, have been in decline for 17 straight months, whi
  
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• Cutting corners? China SUV makers forego key safety feature

  02-06-2016 01:14 via news.yahoo.com
  
  By Jake Spring BEIJING (Reuters) - In China's booming sport utility vehicle (SUV) market, many automakers are selling cars without electronic stability control (ESC) as a standard feature, potentially putting lives at risk from rollover accidents. SUV sales topped 6 million in China last year, a jump of more than 50 percent in an overall market that grew less than 5 percent, as drivers sought more room for their money. As China's economy weakens, price-conscious drivers have shifted from foreign
  
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