Finance news

• World stocks mostly rise as oil gains

  07-06-2016 23:42 via news.yahoo.com
  
  New York (AFP) - Global stock markets mostly gained Tuesday, with petroleum-linked shares leading the way as the US benchmark oil contract closed above $50 a barrel for the first time since July.
  
  Read more

• Stocks rise to six-week high on Fed view, higher oil prices

  07-06-2016 22:46 via news.yahoo.com
  
  NEW YORK (Reuters) - Stocks gained broadly on Tuesday, helped by buoyant oil prices, a day after Federal Reserve Chair Janet Yellen pushed back expectations for an interest rate increase without raising concerns over the strength of the world's largest economy.
  
  Read more

• World Bank slashes global growth forecast to 2.4 percent

  07-06-2016 22:39 via news.yahoo.com
  
  A worried World Bank slashed its growth forecast for the global economy Tuesday, saying advanced economies are rebounding more slowly than expected and low commodity prices continue to hurt other countries. The Bank said that the global economy should grow at just 2.4 percent this year, the same lethargic pace of 2015 and much slower than the 2.9 percent it predicted in January. It said risks to growth have risen since the beginning of the year, particularly the high level of borrowing by compan
  
  Read more

• S&P edges closer to record high; energy shares lead

  07-06-2016 22:30 via news.yahoo.com
  
  The S&P 500 ended at its best level since July on Tuesday, helped by a big jump in energy shares and investor confidence that higher interest rates will not derail the economy. The index finished below its best levels of the session, though, while the Nasdaq ended lower. The Nasdaq Biotech Index was down 2.5 percent, its biggest daily percentage decline since May 11.
  
  Read more

• Advertisement

• Republican's plan to revamp Dodd-Frank highlights U.S. political divide

  07-06-2016 21:40 via news.yahoo.com
  
  By Dan Freed NEW YORK (Reuters) - The chair of the House Financial Services Committee has proposed getting rid of much of the regulation put in place after the financial crisis, unveiling a plan on Tuesday that ignited fierce debate in the presidential election but is expected to flame out in Washington. In a sweeping speech at the Economic Club of New York, Republican Representative Jeb Hensarling, from Texas, laid out his ideas on weakening the 2010 Dodd-Frank Wall Street reform law just as po
  
  Read more

• Brazil central bank expected to keep rate at 14.25%

  07-06-2016 21:10 via news.yahoo.com
  
  Brasília (AFP) - Brazil's central bank was expected to maintain its benchmark interest rate at 14.25 percent Wednesday for a seventh consecutive time, amid the worst recession in decades and political instability. Despite the flailing economy -- with a 3.8 percent shrink in GDP last year forecast to persist through 2016 -- the latest consensus of 100 economists and analysts in a weekly survey by the Central Bank's Focus magazine is for no change. This month, the bank is also expected to w
  
  Read more

• One percent of world's population holds almost half its wealth

  07-06-2016 20:29 via news.yahoo.com
  
  Just one percent of the world's population can call themselves millionaires or richer. Some 18.5 million households around the world have at least $1 million worth of assets, for a total of $78.8 trillion -- or about the same size as global annual economic output -- Boston Consulting Group's annual report on global private wealth says. The elite one percent have steadily grown their share of global wealth from 45 percent in 2013 to 47 percent last year, the findings show, supporting worries amon
  
  Read more

• Global stocks rise to five-week high on Fed view, higher oil prices

  07-06-2016 20:23 via news.yahoo.com
  
  By Saqib Iqbal Ahmed NEW YORK (Reuters) - World stocks advanced on Tuesday while the U.S. dollar was near a four-week low against a basket of currencies, a day after Federal Reserve Chair Janet Yellen expressed confidence in the health of the U.S. economy but offered no fresh hints on the timing of the next interest rate hike. The MSCI world equity index , which tracks shares in 45 nations, rose to the highest in more than five weeks, and oil prices climbed to a 2016 peak, buoyed by the softer d
  
  Read more

• Advertisement

• UPDATE 1-Oilfield service firm Seventy Seven Energy files for bankruptcy

  07-06-2016 20:20
  
  June 7 (Reuters) - Oilfield services company Seventy Seven
  Energy Inc filed for a prepackaged Chapter 11
  bankruptcy on Tuesday to carry out a plan to convert $1.1
  billion of its debt into equity in a...
  
  Read more

• As Modi meets Obama, activists call for talks on human trafficking

  07-06-2016 19:19 via news.yahoo.com
  
  By Nita Bhalla NEW DELHI (Thomson Reuters Foundation) - U.S. President Barack Obama should press the visiting prime minister of India to strengthen his country's anti-trafficking laws and deliver justice to victims, human rights campaigners said on Tuesday. Obama was due to meet Prime Minister Narendra Modi at the White House on Tuesday to discuss economic growth, climate change, clean energy and defense cooperation. India has the most slaves in the world with more than 18 million people trapped
  
  Read more

• Oilfield service firm Seventy Seven Energy files for bankruptcy

  07-06-2016 19:15
  
  June 7 (Reuters) - Oilfield services company Seventy Seven
  Energy Inc filed for a prepackaged Chapter 11
  bankruptcy on Tuesday to carry out a plan to convert $1.1
  billion of its debt into equity in a...
  
  Read more

• South Africa's Zuma and finmin meet to discuss state-owned firms before Fitch review

  07-06-2016 19:07 via news.yahoo.com
  
  South Africa's President Jacob Zuma and Finance Minister Pravin Gordhan met on Tuesday to discuss measures to turn around the economy and struggling state owned firms a day before a ratings review by Fitch. State-owned companies, which Treasury has said have 467 billion rand ($31 billion) in state guarantees, have been singled out by ratings agencies as a major risk to the credit rating of Africa's most industrialised economy. South Africa has dodged downgrades from S&P Global Ratings and Mo
  
  Read more

• S&P just shy of record on oil rally, biotechs curb Nasdaq

  07-06-2016 18:58 via news.yahoo.com
  
  The S&P energy index surged 1.86 percent, on track for its best two-day percentage gain since March, as oil prices reached 2016 highs due to supply constraints and a weak dollar. The stocks were among the top three giving the biggest boost to the S&P and the Dow. "Demand for oil seems to be stronger than we anticipated and the price continues to rise, that is something that is positive," said Kim Forrest, senior equity research analyst, Fort Pitt Capital Group in Pittsburgh.
  
  Read more

• Russia's Rusagro files for bankruptcy of Razgulay

  07-06-2016 18:34
  
  MOSCOW, June 7 (Reuters) - Russian farming conglomerate
  Rusagro has filed a bankruptcy claim against Razgulay
  , according to materials of the Moscow Arbitration
  Court.
  
  Read more

• S&P nears record high on oil rally, healthcare curbs Nasdaq

  07-06-2016 18:30 via news.yahoo.com
  
  The S&P 500 touched an 11-month high on Tuesday and was just 18 points shy of its record high, helped by gains in energy shares, while tumbling healthcare stocks capped gains on the Nasdaq. The S&P energy index surged 1.79 percent as oil prices hit 2016 highs due to supply constraints and a weak dollar. The stocks were among those giving the biggest boost to the S&P and the Dow.
  
  Read more

• Republican's plan to weaken Dodd-Frank spotlights U.S. political divide

  07-06-2016 18:17 via news.yahoo.com
  
  By Dan Freed NEW YORK (Reuters) - The chair of the U.S. House Financial Services Committee on Tuesday proposed wiping out much of the U.S. regulation put in place after the financial crisis with a plan expected to ignite debate in the presidential election but flame out in Washington. In a sweeping speech at the Economic Club of New York, Republican Representative Jeb Hensarling, from Texas, presented his ideas on weakening the 2010 Dodd-Frank Wall Street reform law just as polls opened in six s
  
  Read more

• BRIEF-Seventy Seven Energy files for court approval of reorganization plan

  07-06-2016 18:03
  
  * Seventy Seven Energy Inc. files for court approval of
  prepackaged reorganization plan
  
  Read more

• Global stocks rise to 5-week high on Fed view, higher oil prices

  07-06-2016 17:30 via news.yahoo.com
  
  By Saqib Iqbal Ahmed NEW YORK (Reuters) - World stocks advanced on Tuesday while the U.S. dollar was near a four-week low against a basket of currencies, a day after Federal Reserve Chair Janet Yellen expressed confidence in the health of the U.S. economy but offered no fresh hints on the timing of the next interest rate hike. The MSCI world equity index , which tracks shares in 45 nations, rose to the highest in more than five weeks, and oil prices climbed to a 2016 peak, buoyed by the softer d
  
  Read more

• Brexit fears knock UK bank spreads

  07-06-2016 16:54
  
  LONDON, June 7 (IFR) - UK banks' subordinated debt has
  tumbled as the threat of the country leaving the European Union
  later this month escalates.
  
  Read more

• World stocks up on growth boost, oil

  07-06-2016 16:46 via news.yahoo.com
  
  London (AFP) - Global stock markets posted gains Tuesday triggered by US Federal Reserve chief Janet Yellen expressing confidence in the US economy despite poor jobs data.
  
  Read more

• Saudi Arabia unveils first targets in sweeping reform plan

  07-06-2016 16:28 via news.yahoo.com
  
  Saudi Arabia has unveiled the first concrete targets in its ambitious effort to move its crude-dependent economy away from oil. In a press conference in the early hours of Tuesday in Jeddah, officials revealed sweeping plans to create some 450,000 non-government jobs by 2020, boost non-oil revenues and cut the cost of public wages. The National Transformation Programme (NTP), endorsed by the Saudi cabinet late on Monday, is part of Saudi Vision 2030, a reform drive led by Deputy Crown Prince Moh
  
  Read more

• MIDEAST STOCKS-Saudi up after reform announcement; rest of region strong

  07-06-2016 16:28 via news.yahoo.com
  * Saudi mining, healthcare shares outperform * Alhokair limit-up on asset sale hope * Upbeat global stock markets aid region * Heavy trade in Dubai Parks and Resorts * Egypt's PHDC surges on share capital increase By Celine Aswad DUBAI, June 7 (Reuters) - Saudi Arabia's stock market rose on Tuesday after the government announced details of its economic reform plans, while an improved mood in global markets lifted bourses elsewhere in the Middle East. A 110-page Saudi reform document released on
  
  Read more

• Saudis to create more jobs, cut subsidies in reform plan

  07-06-2016 16:20 via news.yahoo.com
  
  DUBAI, United Arab Emirates (AP) — Saudi Arabia on Tuesday unveiled the details of the first phase of an economic overhaul aimed at reducing reliance on oil exports and preparing for the millions of young people who will be seeking jobs and affordable housing in the coming years.
  
  Read more

• Plunging business sentiment points to South African recession

  07-06-2016 16:13 via news.yahoo.com
  
  By Mfuneko Toyana JOHANNESBURG (Reuters) - South Africa's economy looked set on Tuesday for its first quarterly contraction in a year after measures of business sentiment tumbled, dragged down by shrinking consumer spending that has sunk hopes of a retail-led recovery. Rising inflation due to severe drought and a weakening currency have triggered a steep rise in lending rates over the past two years, strangling sentiment among businesses and consumers in Africa's most industrialised economy. A s
  
  Read more

• Oil, tech boost S&P and Dow, healthcare caps Nasdaq gains

  07-06-2016 16:00 via news.yahoo.com
  
  Eight of the 10 major S&P sectors were higher, led by the energy index's 0.8 percent rise as oil prices hovered around 2016 highs. "There is a good possibility we may see the S&P make a new 52-week high as enthusiasm continues to build." said Peter Cardillo, chief market economist at First Standard Financial in New York.
  
  Read more

• Wall Street flat as healthcare drag offsets energy gains

  07-06-2016 15:38 via news.yahoo.com
  
  REUTERS - U.S. stocks were little changed on Tuesday as gains in energy and IT companies were offset by tumbling healthcare shares, a day after Federal Reserve Chair Janet Yellen painted a mostly positive picture of the economy. The Dow Jones Industrial Average was up 28.59 points, or 0.16 percent, at 17,948.92, the S&P 500 was up 1.56 points, or 0.07 percent, at 2,110.97 and the Nasdaq Composite was up 3.22 points, or 0.06 percent, at 4,971.93. (Reporting by Yashaswini Swamynathan in Bengal
  
  Read more

• Wall Street hopes artificial intelligence software helps it hire loyal bankers

  07-06-2016 15:26 via news.yahoo.com
  
  Clinching a job on Wall Street soon may have as much to do with beating an algorithm as nailing the interview. Goldman Sachs Group Inc, Morgan Stanley, Citigroup Inc and UBS Group AG are exploring the use of artificial intelligence software to judge applicants on traits - such as teamwork, curiosity and grit - that help in the workplace but don't always show up on a resume or come through in an interview. Banks are turning to the hiring software at a time when they are under pressure to cut cost
  
  Read more

• Reading into the millennial book-buying boom

  07-06-2016 15:24
  
  NEW YORK (Reuters) - (The author is a Reuters contributor. The opinions expressed are her own.)
  
  Read more

• Standard Bank cautious on Mozambique due to debt concerns

  07-06-2016 14:59 via news.yahoo.com
  
  CAPE TOWN (Reuters) - Standard Bank is taking a cautious approach to projects in Mozambique due to recent sovereign debt issues but still believes in the potential of the power sector, Rentia van Tonder, the bank's head of renewable energy, power and infrastructure, said on Tuesday. Mozambique missed a loan repayment deadline in May, plunging one of the world's poorest countries into a debt crisis that has hit the economy and currency. Swiss and British authorities are investigating Credit Suiss
  
  Read more

• U.S. productivity contracts modestly in first quarter

  07-06-2016 14:53 via news.yahoo.com
  
  U.S. nonfarm productivity fell less sharply than previously thought in the first quarter, but labor-related costs still surged as companies employed more workers to boost output. The Labor Department said on Tuesday productivity, whichmeasures hourly output per worker, contracted at an annualized rate of 0.6 percent, instead of the 1.0 percent pace reported last month. The government last month raised its first-quarter economic growth estimate to a 0.8 percent rate from the 0.5 percent pace repo
  
  Read more

• Soothing Fed sounds send stocks to five-week high

  07-06-2016 14:52 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - World stocks hit their highest in five weeks on Tuesday as a dovish tone from Janet Yellen cooled near-term U.S. rate hike bets and a 2016 peak in crude prices cheered oil firms. European stocks were up 1.2 percent ahead of U.S. trading where Wall Street's S&P 500 was expected to hit a fresh seven-month high when it resumes. The gains came after the Fed chief Yellen on Monday had called last week's U.S. jobs numbers disappointing and opted not to repeat her m
  
  Read more

• Retailer Ralph Lauren to cut jobs, shut shops, lower real estate

  07-06-2016 14:45 via news.yahoo.com
  
  Ralph Lauren's shares were down 10 percent at $86.50 in premarket trading on Tuesday. The company said it would try to significantly reduce the time taken to manufacture its products and chop about three organizational layers to average about six layers to simplify its organizational structure. Ralph Lauren did not say how many employees would lose their jobs or how many stores it would close, but the Wall Street Journal said the retailer would cut 1,000 full-time jobs and close 50 mainly high-e
  
  Read more

• Stock futures up after Yellen eases worries over economic health

  07-06-2016 13:29 via news.yahoo.com
  
  * Yellen's remarks, likely her last public comments before a policy meeting next week, sought to soothe nerves after a shockingly weak monthly jobs report raised concerns about the economy's health and its ability to absorb a rate hike as early as June. * The S&P 500 closed at a 7-month high on Monday as Yellen's remarks helped ease those concerns, while underscoring views the Fed may be in no rush to raise rates, not the least at its meeting on June 14-15. * Yellen's more dovish comments we
  
  Read more

• Tunisia's ruling party demands new PM to speed up reforms

  07-06-2016 13:22 via news.yahoo.com
  
  By Tarek Amara TUNIS (Reuters) - Tunisia's ruling party Nidaa Tounes said on Tuesday the prime minister should be replaced in a new unity government proposed by President Beji Caid Essebsi as a way to overcome political inertia and speed up economic reforms. Essebsi, who was one of the founders of Nidaa Tounes, called last week for negotiations among political parties, unions and independents to form a new government to help advance economic restructuring that has lagged behind political liberal
  
  Read more

• German industrial output rebounds

  07-06-2016 13:05 via news.yahoo.com
  
  German industrial production rose in April, pushed up by the EU export power's manufacturing and energy sectors, after two months of decline, federal statistics office Destatis said Tuesday. Production in Europe's biggest economy rebounded in manufacturing and energy, rising by 1.1 percent in both sectors, but fell by 1.7 percent in construction in April. The German government expects GDP growth of 1.7 percent for the year as a whole and 1.5 percent for 2017.
  
  Read more

• Wall Street hopes software helps it hire loyal bankers

  07-06-2016 13:03 via news.yahoo.com
  
  Goldman Sachs Group Inc, Morgan Stanley, Citigroup Inc and UBS Group AG are exploring the use of artificial intelligence software to judge applicants on traits - such as teamwork, curiosity and grit - that help in the workplace but don't always show up on a resume or come through in an interview. Banks are turning to the hiring software at a time when they are under pressure to cut costs and finding it difficult to lure and retain top talent. Bank executives hope that artificial intelligence wil
  
  Read more

• Eurozone stocks rally on growth data, Fed

  07-06-2016 12:43 via news.yahoo.com
  
  European stock markets rallied on Tuesday following gains elsewhere that were triggered by Federal Reserve chief Janet Yellen expressing confidence in the US economy despite poor jobs data.
  
  Read more

• South Africa's Q2 business confidence tumbles to seven-year low

  07-06-2016 12:34 via news.yahoo.com
  
  South Africa's business confidence slipped to a seven-year low in the second quarter of this year as two thirds of businesses surveyed reported dissatisfaction with a fall in sales volumes for retailers, a survey showed on Tuesday. Rising inflation due to severe drought and a weakening currency have triggered a rise in lending rates over the past two years, strangling sentiment among businesses and consumers in Africa's most industrialised economy. The Rand Merchant Bank (RMB) index, which is co
  
  Read more

• District of Columbia to vote on $15/hour minimum wage

  07-06-2016 12:14 via news.yahoo.com
  
  The District of Columbia's city council is set to vote on Tuesday on a $15-an-hour minimum wage, a rate adopted by a growing number of U.S. cities and states seeking to battle income inequality. The measure is backed by Democratic Mayor Muriel Bowser, and supporters say it will help trim the gap between rich and poor and keep residents from being pushed out because of rising living costs. Washington's robust economy, rising number of businesses and growing population mean it can support a higher
  
  Read more

• Eurozone growth inches higher

  07-06-2016 11:45 via news.yahoo.com
  
  Growth in the eurozone strengthened to a revised 0.6 percent in the first quarter of 2016, official EU data showed Tuesday, a sign that the sluggish economy in Europe may be improving. The Eurostat statistics agency said growth in the 19-nation single currency bloc accelerated in January to March at a slightly greater pace than the previous estimate 0.5 percent.
  
  Read more

• Global stocks higher after Fed chief's remarks

  07-06-2016 11:38 via news.yahoo.com
  
  SEOUL, South Korea (AP) — Global stock markets rallied on Tuesday as investors took heart from reassuring comments by Federal Reserve Chair Janet Yellen on the strength of the U.S. economy.
  
  Read more

• Asian markets climb after Yellen comments

  07-06-2016 09:39 via news.yahoo.com
  
  Asian stock markets rose for a third straight trading day Tuesday after Federal Reserve boss Janet Yellen said the US economy was still in good shape and that any increase in borrowing costs would be slow and low. After Friday's well-below-forecast US jobs report raised worries about the country's growth -- and sent the dollar and Wall Street tumbling -- Yellen said that while they were "concerning" she was still upbeat about the outlook. Friday's news that the US economy created less than a qua
  
  Read more

• MIDEAST STOCKS-Saudi edges up after economic reform announcement

  07-06-2016 09:38 via news.yahoo.com
  Saudi Arabia's stock market edged up in early trade on Tuesday after the government announced details of its economic reform plans. Monday night's 110-page reform document contained hundreds of projects and targets, including substantial austerity measures. "The absence of a direct corporate tax and a tax on dividends are both positive catalysts for the Saudi equity market in the short term," said Mohamed el-Jamal, managing director of capital markets at Abu Dhabi's Waha Capital.
  
  Read more

• South Africa's rand weaker, focus on Fitch, GDP data

  07-06-2016 09:31 via news.yahoo.com
  
  South Africa's rand weakened in early trade on Tuesday as market focus shifted to a rating review from Fitch and first-quarter economic growth numbers both expected on Wednesday. The currency broke below 15.0000/dollar for first time in nearly four weeks on Monday after S&P Global Ratings on Friday affirmed the investment-grade credit status of Africa's most industrialised country. "While rating reprieve was welcomed by government, Fitch is also due to issue rating update this week, while re
  
  Read more

• Kenya's tourism earnings fall 3 pct in 2015

  07-06-2016 09:28 via news.yahoo.com
  
  Kenya's revenue from its tourism sector dropped 2.87 percent last year to 84.6 billion shillings ($837.21 million), its tourism minister said. Visitor numbers and earnings have plunged in the past four years as al Shabaab militants from neighbouring Somalia launched attacks on Kenyan soil in retaliation for Kenya's military intervention. Najib Balala said the sector was on course for a recovery in 2018, in line with government plans, but cautioned that violent protests against the country's elec
  
  Read more

• Australia keeps interest rates on hold after strong growth

  07-06-2016 08:43 via news.yahoo.com
  
  Australia's central bank held interest rates steady at the all-time low of 1.75 percent Tuesday following strong growth figures, while keeping an eye on low inflation. The Reserve Bank of Australia cut the official cash rate from 2.0 percent last month to spur the economy, but gave little indication of further easing in a statement Tuesday. "The Board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and inflation return
  
  Read more

• European firms' pessimism in China at all-time high: survey

  07-06-2016 08:27 via news.yahoo.com
  
  Pessimism among European companies about their prospects in China has hit an all-time high, a lobby group said Tuesday, saying the country's slowing growth has been accompanied by an "increasingly hostile" business environment. Fifty-six percent of European firms polled by the European Chamber of Commerce in China said they are finding it more difficult to do business in the world's second largest economy, a five-point increase from a year ago, the group said in its annual Business Confidence Su
  
  Read more

• US firms 'increasingly unwelcome' in China

  07-06-2016 08:14 via news.yahoo.com
  
  US firms feel increasingly unwelcome in China, top American officials said Tuesday, as disagreements overshadowed an annual dialogue in Beijing. The comments came as a survey of European firms said China's slowing growth was matched by an "increasingly hostile," business environment. American companies are "questioning whether they are welcome in China", US treasury secretary Jack Lew told a meeting of CEOs on the sidelines of the Strategic and Economic dialogue.
  
  Read more

• Asia stocks rise, dollar eases as Yellen green-lights risk

  07-06-2016 08:08 via news.yahoo.com
  
  Asian stocks rose to a five-week high on Tuesday after U.S. Federal Reserve Chair Janet Yellen gave a largely upbeat assessment of the U.S. economic outlook, while the dollar declined on easing expectations of interest rate increases in coming months. MSCI's broadest index of Asia-Pacific shares outside Japan rose more than 1 percent, taking its gains to 6 percent in two weeks, as investors judged the Fed's cautious stance as well-suited to equities. In Asia, Hong Kong led regional stock markets
  
  Read more

• MIDEAST STOCKS-Saudi bourse may edge up after reform announcement

  07-06-2016 07:51 via news.yahoo.com
  Saudi Arabia's stock market may edge up on Tuesday after the government announced details of its economic reform plan, while a positive global environment looks likely to support other Gulf markets, though turnover will be thin because of Ramadan. In Saudi Arabia, Monday night's 110-page reform announcement contained hundreds of projects and targets, including substantial austerity measures. Mohamad al-Hajj, senior analyst at EFG Hermes in Dubai, said there would be more pain for Saudi companies
  
  Read more

Follow @FinanceUSA_News on Twitter!