Finance news

• Two charged in cyberfraud against JPMorgan, others plead not guilty

  09-06-2016 23:59 via news.yahoo.com
  
  By Brendan Pierson NEW YORK (Reuters) - Two Israeli citizens pleaded not guilty on Thursday to orchestrating a massive computer hacking and fraud scheme that included an attack against JPMorgan Chase & Co and generated hundreds of millions of dollars of illegal profit. Gery Shalon, 32, and Ziv Orenstein, 41, entered their pleas in Manhattan federal court before U.S. Magistrate Judge Nathaniel Fox. Shalon, Orenstein and a third defendant, Joshua Samuel Aaron, all from Israel, were charged in
  
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• Draghi call for governments to boost growth sends markets lower

  09-06-2016 23:57 via news.yahoo.com
  
  New York (AFP) - World stock markets fell Thursday as European Central Bank chief Mario Draghi again called for urgent action by politicians to breathe new life into the tepid eurozone economy.
  
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• Wall Street retreats with oil prices after three-day rally

  09-06-2016 23:52 via news.yahoo.com
  
  U.S. stocks retreated on Thursday after three days of gains as oil prices fell and global growth worries drove investors to safer assets like bonds. Energy shares declined 0.5 percent as crude oil prices also snapped a three-day streak of gains, while the more defensive S&P utilities index rose 0.9 percent, leading sector gains. "It was a cautious tone investors took, investing in utilities and other high-dividend stocks and selling some more volatile sectors and securities, like small caps,
  
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• Wall Street falls back as oil drops

  09-06-2016 22:32 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks retreated on Thursday after three days of gains as oil prices fell and investors turned to less-risky assets like bonds. The Dow Jones industrial average fell 19.45 points, or 0.11 percent, to 17,985.6, the S&P 500 lost 3.58 points, or 0.17 percent, to 2,115.54 and the Nasdaq Composite dropped 16.03 points, or 0.32 percent, to 4,958.62. (Reporting by Caroline Valetkevitch; Editing by Nick Zieminski)
  
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• Chipotle shares at pricey multiples as Wall Street eyes May sales

  09-06-2016 20:53 via news.yahoo.com
  Shares of Chipotle Mexican Grill appear expensive as Wall Street awaits fresh data on the burrito chain's struggle to recover from a string of food-borne illness outbreaks. Sales data for May, which analysts believe the company might release in the next several days, could provide evidence of whether two-for-one deals are successfully luring customers back after Chipotle posted its first-ever loss in the first quarter. Its same-restaurant sales may have fallen 20 percent year-on-year in May, acc
  
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• Brazil mulls emergency loan to Rio de Janeiro ahead of Olympics

  09-06-2016 20:48 via news.yahoo.com
  (Adds meetings with states' officials) By Alonso Soto and Marcela Ayres BRASILIA, June 9 (Reuters) - Brazil is considering an emergency loan to the cash-strapped state of Rio de Janeiro as it prepares to host the Olympic Games in less than two months, according to two senior government officials familiar with the situation. The loan would be guaranteed by the state's participation in local companies and could be extended to the states of Minas Gerais and Rio Grande do Sul, which are struggling t
  
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• Italy economy minister says Trump victory could unseat Wall Street

  09-06-2016 20:46 via news.yahoo.com
  
  By Gavin Jones and Giselda Vagnoni ROME (Reuters) - Italy's economy minister warned on Thursday of shocks to financial markets if Republican candidate Donald Trump wins the U.S. presidential election this year, and said that a Trump presidency would hurt New York's appeal as a financial centre. In some of the strongest criticisms of Trump by one of Washington's G7 partners, Pier Carlo Padoan told Reuters that the economic consequences of Trump beating Democratic candidate Hillary Clinton in Nove
  
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• German economy minister urges quick addition of Russia to G7: website

  09-06-2016 20:46 via news.yahoo.com
  
  The Group of Seven (G7) leading industrial nations should quickly allow Russia to rejoin the economic organization, German Economy Minister Sigmar Gabriel said in an interview published on Thursday. "Russia is an important global player and not a regional power," Gabriel told the Russlandkontrovers.de website. "That is why I am calling for Russia to rejoin the group, and turn the G7 back into the G8." Russlandkontrovers.de is the website of the established German-Russian Forum, which was founded
  
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• House committee moves to cut funding for financial regulators

  09-06-2016 20:30 via news.yahoo.com
  
  A bill to slash funding for the U.S. Securities and Exchange Commission, Internal Revenue Service and other financial regulators passed a key committee in the U.S. House of Representatives on Thursday after a long partisan fight. The expansive legislation would also place a halt on the payday lending restrictions that the Consumer Financial Protection Bureau recently proposed. The Appropriations Committee voted 30-17 to approve the bill allocating funds for financial services and general governm
  
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• Shortage-plagued Venezuela puts socialist committees in charge of selling food

  09-06-2016 20:27 via news.yahoo.com
  
  By Brian Ellsworth CARACAS (Reuters) - Venezuela is putting neighborhood committees linked to the ruling Socialist Party in charge of distributing basic foods amid increasingly violent unrest over chronic shortages that have battered the socialist government's popularity. President Nicolas Maduro's government wants state agencies to buy some 70 percent of food produced in local plants and distribute much of it to the population, which is suffering under a severe recession and triple-digit inflat
  
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• Bank of Canada warns on hot Toronto, Vancouver home markets

  09-06-2016 20:10 via news.yahoo.com
  
  By Leah Schnurr and David Ljunggren OTTAWA (Reuters) - The rapid pace of home price increases in Toronto and Vancouver is unlikely to continue, while the potential for a downturn is growing, the Bank of Canada said on Thursday in one of its more direct warnings on housing. In a signal to those tempted to buy houses solely to make a profit, the bank said it was unlikely that economic fundamentals would justify continued strong price increases. "This suggests that prospective homebuyers and their
  
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• Why Big Paydays at Apple, Facebook and Google Mean Less Money for Uncle Sam

  09-06-2016 19:57 via news.yahoo.com
  
  Facebook, Apple and Google are even better than the giants of Wall Street when it comes to taking advantage of massive tax write-offs, according to a new analysis by Citizens for Tax Justice. The group examined financial reports filed by 315 Fortune 500 companies and determined that the three tech giants are the biggest beneficiaries of a rule that allows companies to deduct from their earnings the value of stock options granted to their executives, thereby reducing their tax liability. Facebook
  
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• South African rand falls as data suggest growth remains weak

  09-06-2016 19:46 via news.yahoo.com
  
  South Africa's rand gave back some of the previous day's gains against the dollar on Thursday, weighed down by data pointing to lethargic economic growth. The rand fell to a low for the day of 14.8925 to the dollar. Export-dependent industries face obstacles including low commodity prices and rising production costs, Nedbank analyst Nicky Weimar said.
  
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• Zimbabwe's Mugabe says "surrogate currency" will prevent dollar outflow

  09-06-2016 19:44 via news.yahoo.com
  
  Zimbabwean President Robert Mugabe said on Thursday the introduction of local bank notes by the central bank later this year, which he called a "surrogate currency", would help prevent foreigners taking greenbacks out of the country. In the grip of its worst drought in a quarter century that has left 4 million people facing food shortages, the southern African nation is also running out of cash, forcing the central bank to impose limits on imports and withdrawals from banks. Since January 2009 t
  
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• Wall St drops with banks and oil as bonds rally

  09-06-2016 19:42 via news.yahoo.com
  
  Banks led Wall Street lower on Thursday, mirroring global stocks, as oil prices fell and bond markets rallied amid demand for safe haven assets. Oil prices snapped a three-day rally as traders took profits, pulling commodity-related stocks lower. Global stocks were hit after European Central Bank President Mario Draghi warned that monetary policy alone would not avert the risk of Europe suffering lasting economic damage from weak productivity and low growth.
  
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• South Africa and Poland downgrade threats remain, says S&P

  09-06-2016 19:40 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - There is still a threat hanging over South Africa's credit rating, Standard & Poor's said on Thursday, while the actions of Poland's incoming central bank chief could be crucial to whether it avoids another downgrade. Speaking to Reuters, S&P's EMEA sovereign chief Moritz Kraemer added that the pressure was not necessarily off Russia's rating and that unpredictable policymaking remained a hurdle to S&P following Fitch in lifting Hungary to investment
  
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• Nigeria to continue investor meetings after London roadshow: finance minister

  09-06-2016 19:37 via news.yahoo.com
  
  ABUJA (Reuters) - Nigeria plans to continue to engage with international investors as it explores fundraising options, Finance Minister Kemi Adeosun said on Thursday after a non-deal roadshow in London earlier this week. The one-day event, which took place on Tuesday, was attended by 65 representatives of European and global fund managers, said Adeosun adding that the event was aimed at updating existing bond holders on the government's economic strategy. Adeosun was joined by officials from the
  
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• Greece urges 'crazy' Germany to invest

  09-06-2016 19:02 via news.yahoo.com
  
  Greek Finance Minister Euclid Tsakalotos on Thursday urged economic powerhouse Germany to invest more in Europe and help stimulate growth in the lacklustre European economy. "We have a northern economy who have zero interest rates and to me as an economist (the lack of investment) is crazy," Tsakalotos told a conference in Brussels. "It just can not be the case that in Germany for instance there are not a lot of projects... when we have almost zero interest rates," he said.
  
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• U.S. second-quarter GDP holds at 2.5 percent after inventory data: Atlanta Fed

  09-06-2016 19:00 via news.yahoo.com
  The U.S. economy is on track to grow at a 2.5 percent annualized rate in the second quarter following the latest data on wholesale sales and inventories, the Atlanta Federal Reserve's GDPNow forecast model showed on Thursday. The latest GDP estimate was unchanged from the pace calculated on June 3, the regional Fed said on its website. Earlier Thursday, the Commerce Department said wholesale inventories grew by 0.6 percent in April, which was stronger than the 0.1 percent increase forecast among
  
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• U.S. economic outlook brightens on upbeat job, inventory data

  09-06-2016 18:58 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to sustained strength in the labor market despite a sharp slowdown in hiring last month. Initial claims for state unemployment benefits declined 4,000 to a seasonally adjusted 264,000 for the week ended June 4, the Labor Department said. "The hand-wringing over the May jobs report may be misplaced," said Joel Naroff, chief economist at Economic Advisors in Holla
  
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• Smelly bins, pickets plague France on eve of Euro soccer kickoff

  09-06-2016 18:49 via news.yahoo.com
  
  By Brian Love and Richard Lough PARIS (Reuters) - With the stench of rotting garbage wafting through parts of Paris and a pilot strike looming, France's government on Thursday slammed workers who persisted with strikes on the eve of the Euro 2016 soccer tournament. "Some people just don't give a damn that their country is about to host a big event which creates jobs and huge economic benefits," said Sports Minister Thierry Braillard. The hardline CGT union said it would extend a rubbish collecti
  
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• Stocks Are Dangerously Expensive Right Now

  09-06-2016 18:42 via news.yahoo.com
  
  The Dow Jones Industrial Average has fallen back below 18,000 after closing above that mark on Wednesday for the first time since April. Even with Thursday morning’s slide, though, the major stock market ...
  
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• Time Out to raise $130 million in London listing

  09-06-2016 18:38 via news.yahoo.com
  Time Out Group Plc, the media company that started as a London culture and entertainment magazine, said on Thursday it expects to raise 90 million pounds ($130 mln) in its initial public offering on London's junior stock market. The company's shares are due to start trading on Tuesday, just ahead of Britain's June 23 referendum on whether to stay in the European Union, although the company said it did not expect to be affected by investor uncertainty about the vote. "We were born here in London
  
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• Time Out to raise $130 mln in London listing

  09-06-2016 18:33 via news.yahoo.com
  Time Out Group Plc (IPO-TIME (Xetra: 17T.DE - news) .L), the media company that started as a London culture and entertainment magazine, said on Thursday it expects to raise 90 million pounds ($130 mln) in its initial public offering on London's junior stock market. The company's shares are due to start trading on Tuesday, just ahead of Britain's June 23 referendum on whether to stay in the European Union, although the company said it did not expect to be affected by investor uncertainty about th
  
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• Draghi reform warnings drag on stock markets

  09-06-2016 18:09 via news.yahoo.com
  
  World stock markets were lower Thursday as European Central Bank chief Mario Draghi again urged politicians to step up efforts to breathe new life into the tepid eurozone economy, analysts said. Draghi's call came a day after the ECB began unleashing a radical company bond-buying programme, while Britain's looming EU membership vote also seemed to be heavily on investors' minds. "Draghi’s warning that governments are not doing enough to stimulate growth feeds into the belief that the recov
  
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• Wall St. lower as financials stocks weigh, oil drops

  09-06-2016 17:46 via news.yahoo.com
  
  Globally stocks were hit after European Central Bank President Mario Draghi warned that monetary policy alone would not avert the risk of Europe suffering lasting economic damage from weak productivity and low growth. The ECB started buying back corporate bonds on Wednesday, which along with the concerns about Britain's referendum on European Union membership, pushed British and German sovereign debt yields to record lows. U.S. Treasury yields fell to three-and-a-half month lows on fading chance
  
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• Qatari bottled water firm Rayyan to list by end-2016

  09-06-2016 17:33 via news.yahoo.com
  By Tom Finn DOHA, June 9 (Reuters) - Qatar's largest local supplier of bottled water, Rayyan Water, plans a stock market flotation by the end of 2016, helping to diversify a bourse dominated by banks, real estate and insurance firms. It would be only the third new listing in Qatar since 2010, following the initial public offering of Mesaieed Petrochemicals in 2014 and the listing of Qatar First Bank last month. Rayyan would aim to list half of its shares in the initial public offering.
  
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• German court upholds ban of unlicensed Uber taxi service

  09-06-2016 17:18 via news.yahoo.com
  
  By Frank Siebelt FRANKFURT (Reuters) - A court on Thursday upheld Germany's ban on low-cost ride-hailing service UberPOP, in a further setback for Uber Technologies [UBER.UL] which faces legal battles throughout Europe. The Higher Regional Court in Frankfurt rejected Uber's appeal against the verdict by a lower court last year in March, which set stiff fines for any violations of local transport laws after German taxi operator group Taxi Deutschland filed a complaint. The European Commission cau
  
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• OECD warns of rising premature deaths, costs of air pollution

  09-06-2016 17:08 via news.yahoo.com
  By Nina Chestney LONDON (Reuters) - Outdoor air pollution could cause 6 to 9 million premature deaths and represent an economic cost of around $2.6 trillion a year by 2060 unless action is taken, the Organisation for Economic Co-operation and Development (OECD) said in a report released on Thursday. The OECD examined the economic consequences of air pollution and found that it could cost 1 percent of gross domestic product - or $2.6 trillion a year - by 2060. The economic cost would rise with a
  
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• Embracing Uber, Estonia shows tax needn't be an issue

  09-06-2016 16:56 via news.yahoo.com
  
  By David Mardiste TALLINN (Reuters) - With Estonia set to become the first country in Europe to fully legalize ride-sharing companies like Uber, authorities are linking up Uber drivers digitally to the tax office in a move that may set a precedent for regulating the new sharing economy. Some European cities have responded with curbs and bans on companies like Uber and home-sharing site Airbnb, which challenge traditional industries such as taxi services and hotels, drawing complaints of unfair c
  
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• Factbox: Britain and Brexit: what the rest of the world says

  09-06-2016 16:46 via news.yahoo.com
  The prospect of Britain leaving the European Union has worried many foreign leaders and international bodies, leading to a string of warnings about a loss of British influence and a possible blow to the global economy. Below is a summary of comments ranging from institutions such as the International Monetary Fund to China's premier. U.S. PRESIDENT BARACK OBAMA Obama told Britain on April 22 that it would go to "the back of the queue" for trade talks with Washington if it left the EU.
  
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• U.S. wholesale inventories post biggest gain in 10 months

  09-06-2016 16:39 via news.yahoo.com
  U.S. wholesale inventories recorded their largest increase in 10 months in April as stocks of machinery and farm products rose, suggesting inventories could be a boost to economic growth in the second quarter. The Commerce Department said on Thursday that wholesale inventories increased 0.6 percent. Inventories for March were revised up to show a 0.2 percent gain instead of the previously reported 0.1 percent rise.
  
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• Average US 30-year mortgage rate slips to 3.60 percent

  09-06-2016 16:27 via news.yahoo.com
  
  WASHINGTON (AP) — Long-term U.S. mortgage rates fell this week after three straight weeks of increases. The drop followed a surprisingly weak employment report that deepened doubts about the economy.
  
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• Time Out to raise £90 million in London listing

  09-06-2016 16:17 via news.yahoo.com
  (Reuters) - Time Out Group Plc , the media company that started as a London culture and entertainment magazine, said on Thursday it was raising 90 million pounds ($130 million) in an initial public offering of shares on London's junior stock market. It has conditionally sold shares at 150 pence apiece, and expects to have a market value of around 195 million pounds when they start trading on London's Alternative Investment Market on June 14. Time Out magazine was founded in 1968 by Tony Elliott,
  
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• Time Out to raise 90 mln stg in London listing

  09-06-2016 16:09 via news.yahoo.com
  Time Out Group Plc (IPO-TIME (Xetra: 17T.DE - news) .L), the media company that started as a London culture and entertainment magazine, said on Thursday it was raising 90 million pounds ($130 million) in an initial public offering of shares on London's junior stock market. It (Other OTC: ITGL - news) has conditionally sold shares at 150 pence apiece, and expects to have a market value of around 195 million pounds when they start trading on London's Alternative Investment Market on June 14. Time
  
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• Helge Lund appointed new CEO of Schlumberger-Wall Street Journal

  09-06-2016 15:35 via news.yahoo.com
  Helge Lund, the former CEO of oil companies Statoil and BG, has been appointed the new chief executive of oil services firm Schlumberger, the Wall Street Journal reported on Thursday, without naming sources. ...
  
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• MIDEAST STOCKS-Saudi makes more gains on economic reform, other markets lose steam

  09-06-2016 15:23 via news.yahoo.com
  * Saudi's Dar Al Arkan up for third day on talks to build homes * Almarai boosted by announcement of five-year business plans * Petrochemical shares cap stock market gains as oil dips * Dubai's Shuaa Capital down as investors cash out on recent gains * Banks weigh on Abu Dhabi's index By Celine Aswad DUBAI, June 9 (Reuters) - Saudi Arabia's stock index notched its fourth session of gains on Thursday following the announcements of various economic reform plans, while most other bourses lost steam
  
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• European Union approves a 500 million euro loan to Tunisia

  09-06-2016 15:17 via news.yahoo.com
  
  The European Union has approved a 500 million euro ($570 million) loan to help Tunisia address economic challenges and bolster its democratic processes, the bloc said on Thursday. Tunisia's transition to democracy has been hailed as the success story of the 2011 Arab Spring revolts, but economic development has floundered since the fall of autocrat Zine El-Abidine Ben Ali. "A plan to lend Tunisia 500 million euros on favourable terms to help it reduce its external debt and consolidate its democr
  
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• Disparate laws, low fines mean corporate bribery often pays: OECD

  09-06-2016 15:11 via news.yahoo.com
  
  A mixed set of rules internationally and low fines in some countries mean that bribery often pays off for companies even when they get caught, inter-governmental think-tank, the OECD, said on Thursday. The Organisation for Economic Cooperation and Development said punishments for bribery varied widely among the 41 signatories of its anti-bribery convention, which aims to make laws consistent among developed countries. Some countries have a maximum fine as low as $580,000 while others set a limit
  
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• Wall Street set to open lower as oil prices dip

  09-06-2016 15:02 via news.yahoo.com
  
  Wall Street was set for a lower open on Thursday as a drop in oil prices more than offset strong weekly labor market data. The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to sustained strength in the labor market despite a sharp slowdown in hiring last month. The jobless claims data gave investors their first read of the labor market since Friday when dismal May payrolls numbers jolted the markets.
  
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• Fewer Americans applied for jobless benefits last week

  09-06-2016 14:43 via news.yahoo.com
  
  WASHINGTON (AP) — Fewer Americans sought unemployment benefits last week, a sign that employers are hanging on to workers despite a sluggish economy.
  
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• South Africa's manufacturing output recovers, mining falls

  09-06-2016 14:18 via news.yahoo.com
  
  South Africa's manufacturing output rose more than expected in April, official data showed on Thursday, a bright spot in an economy facing declining production in its key mining sector. Manufacturing in Africa's most industrialised economy rose by 2.9 percent year-on-year in April after falling by a revised 2.4 percent in March, Statistics South Africa(Stats SA) said. The mining and manufacturing sectors will play key role in determining whether South Africa avoids a second quarter of contractio
  
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• Futures down as oil falls; jobless claims data awaited

  09-06-2016 13:28 via news.yahoo.com
  
  * The stock markets have rallied the past three days. * A report due 8:30 a.m. ET is likely to show initial jobless claims increased by 3,000 to 270,000 last week. * While Federal Reserve Chair Janet Yellen said the report was disappointing, she painted a broadly upbeat picture of the economy.
  
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• Global stocks slide amid concerns about world economy

  09-06-2016 13:17 via news.yahoo.com
  
  MANILA, Philippines (AP) — Global stocks fell on Thursday as investors worried about the health of the global economy given the Federal Reserve's cautious stance about raising its interest rates. Financial markets were closed for holidays in China, Hong Kong and Taiwan.
  
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• Germany's Gabriel seeks EU rule to block foreign takeover of key technologies

  09-06-2016 12:54 via news.yahoo.com
  
  A recent series of bids for German engineering firms has prompted Berlin to think about whether it needs to do more to protect technologies that are crucial for the online development of industry, one of its economic priorities. "Should it remain the case that government agencies are only allowed to conduct preliminary investigations into investment in areas deemed relevant for security and defense?" Gabriel wrote in a guest article for magazine WirtschaftsWoche. Gabriel's proposal comes amid co
  
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• Fall in Chinese factory gate prices eases again in May

  09-06-2016 12:01 via news.yahoo.com
  
  The fall in Chinese producer prices eased further in May, data showed Thursday, fuelling hopes a slowdown in the world's number two economy is bottoming out while stabilising consumer inflation also gave authorities room for fresh stimulus. The producer price index (PPI), which measures the cost of goods at the factory gate, fell 2.8 percent year on year last month, much narrower than the 3.4 percent decline in April and also better than the 3.2 percent drop forecast in a Bloomberg News survey o
  
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• 'IPO-ready' IronSource waits for more favourable markets

  09-06-2016 11:13 via news.yahoo.com
  By Tova Cohen TEL AVIV (Reuters) - IronSource, one of Israel's most valuable private tech firms, is waiting for more favourable conditions before considering a stock market listing, one of its founders said. IronSource, whose value exceeds $1 billion according to market estimates, makes tools to help mobile app developers distribute and profit from their apps. Last year, it raised over $100 million (69.11 billion pounds) from investors including New York-based Access Industries, China's PingAn V
  
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• 'IPO-ready' IronSource waits for more favorable markets

  09-06-2016 11:13 via news.yahoo.com
  By Tova Cohen TEL AVIV (Reuters) - IronSource, one of Israel's most valuable private tech firms, is waiting for more favorable conditions before considering a stock market listing, one of its founders said. IronSource, whose value exceeds $1 billion according to market estimates, makes tools to help mobile app developers distribute and profit from their apps. Last year, it raised over $100 million from investors including New York-based Access Industries, China's PingAn Ventures and China Broadb
  
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• Smooth success: Remy rides on cognac sales

  09-06-2016 11:00 via news.yahoo.com
  
  French spirits group Remy Cointreau said Thursday that record cognac sales and a shift upmarket had helped it increase net profit in its 2015-2016 fiscal year to 102.4 million euros ($116.6 million). "Exceptional spirits" of more than $50 per bottle and record sales of its Remy Martin cognac helped push sales up 8.9 percent to 1.05 billion euros and operating profit up by 14.7 percent to 178.4 million. Despite the uncertain economic environment "the Group remains confident in its strategy of acc
  
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• DONG Energy shares jump after biggest European IPO this year

  09-06-2016 10:47 via news.yahoo.com
  By Jacob Gronholt-Pedersen and Nikolaj Skydsgaard COPENHAGEN (Reuters) - Shares in DONG Energy jumped as much as 10 percent on Thursday after the Danish utility and wind farm developer sealed the biggest European stock market flotation this year. The company, which has built more than a quarter of the world's offshore wind farms, sold shares at 235 Danish crowns apiece, in the top half of its 200-255 crowns guidance range and valuing the business at 98 billion crowns ($15 billion). The flotation
  
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