Finance news

• Britain's Sun newspaper urges readers to vote to quit the EU

  13-06-2016 23:41 via news.yahoo.com
  Britain's biggest selling newspaper, The Sun, on Monday endorsed the campaign for the UK to leave the European Union. Britons will vote on June 23 on whether to remain part of the EU, a choice with far-reaching consequences for politics, the economy, defense and diplomacy in Britain and elsewhere. "This is our last chance to remove ourselves from the undemocratic Brussels machine ... and it's time to take it," The Sun, which is owned by media tycoon Rupert Murdoch, declared in a front page edito
  
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• Brexit and Fed fears weigh on world stocks; yen firms

  13-06-2016 23:04 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - World stock markets fell while the safe-haven yen firmed on Monday amid concerns that Britain may be on the verge of voting to leave the European Union in a referendum that is two weeks away. A vote by Britain to leave the 28-member EU, dubbed "Brexit," could tip Europe back into recession, putting more pressure on the global economy. Britain's "Out" campaign widened its lead over the "In" camp ahead of the country's June 23 referendum, according to
  
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• Canadian economy weathered oil rout, but housing boom a concern

  13-06-2016 22:54 via news.yahoo.com
  
  The Canadian economy -- bolstered by low interest rates and the depreciation of its currency -- has emerged from the oil shock poised for a rebound this year, the IMF said Monday. After struggling for more than a year, due to the 2014 oil rout that saw prices slashed in half, gross domestic product (GDP) is predicted to rise to 1.7 percent in 2016, the International Monetary Fund said in a report. Canada is the world's fifth-largest oil producer, and was hit hard by the price plunge.
  
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• Wall Street sags for third straight session as tech weighs

  13-06-2016 20:56 via news.yahoo.com
  
  Microsoft fell 2.7 percent after announcing it would buy online networking company LinkedIn for $26.2 billion in its biggest-ever deal. LinkedIn shares jumped 46.6 percent. Apple shares fell 1.2 percent as the iPhone maker held its developers conference in San Francisco.
  
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• Oil dips on dollar strength, Europe and Asia growth worries

  13-06-2016 20:22 via news.yahoo.com
  
  By Devika Krishna Kumar NEW YORK (Reuters) - Oil prices edged slightly lower on Monday, pressured by a strong U.S. dollar and gloomy economic prospects in Europe and Asia, but supported by ongoing supply outages in Nigeria. The Organization of the Petroleum Exporting Countries said its production fell by 100,000 barrels per day (bpd) in May led by Nigeria. Last week, prices hit 2016 highs above $50 a barrel on worries about sabotage of oil facilities in Nigeria.
  
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• U.S. to invest $200 million to shorten organ transplant wait lists

  13-06-2016 20:19 via news.yahoo.com
  (Reuters) - The U.S. government announced plans on Monday to invest $200 million to help shorten the waiting list for patients waiting for organ transplants. The investment, to be led by the Department of Defense, was announced at a White House summit to discuss the role of science and technology and innovation in organ transplantation. It is designed to support technologies aimed at repairing and replacing cells and tissues, Jeff Zients, director of the White House National Economic Council tol
  
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• Market reaction to Brexit 'doesn't bear thinking about', says business secretary

  13-06-2016 20:16 via news.yahoo.com
  
  Business Secretary Sajid Javid warned on Monday that financial markets could react sharply if Britain votes to leave the European Union on June 23, as traders pushed sterling to its lowest level in eight weeks. With polls showing public support is roughly evenly split, the outcome of the referendum has increasingly dominated the performance of Britain's currency and stock market, with investors already looking to protect themselves against price swings. Javid, who backs Britain remaining in the
  
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• Wall Street down for third-straight day as Microsoft drags

  13-06-2016 19:08 via news.yahoo.com
  
  U.S. stocks were lower a day ahead of a Federal Reserve policy meeting as Microsoft shares dragged all three major indexes down after the company said it would buy LinkedIn for $26.2 billion. Microsoft fell as much as 4.7 percent to a four-month low of $49.05. LinkedIn jumped 46.8 percent to $192.43.
  
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• Oil prices dip on dollar strength, macroeconomic concerns

  13-06-2016 18:46 via news.yahoo.com
  
  By Devika Krishna Kumar NEW YORK (Reuters) - Oil prices edged slightly lower on Monday, pressured by a strong U.S. dollar and gloomy economic prospects in Europe and Asia, but supported by ongoing supply outages in Nigeria. The Organization of the Petroleum Exporting Countries said its production fell by 100,000 barrels per day (bpd) in May led by Nigeria. The dollar has risen about 1.4 percent from June lows, lifted by Brexit worries, concerns about Asia and nervousness about a potential U.S. r
  
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• Southern Europe's bonds battered by poll showing big Brexit lead

  13-06-2016 18:43 via news.yahoo.com
  Government bond yields in Europe's southern periphery rose sharply on Monday after a poll showed a significant 10-point lead for those campaigning to take Britain, the world's fifth largest economy, out of the European Union. Spanish and Italian 10-year bonds yields were set for their biggest one-day jump in just over two months, while Portugal's 10-year bond yield jumped 10 basis points in its largest daily rise in about five weeks . While most polls show Britons still closely divided ahead of
  
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• MTN to take immediate steps to list in Nigeria as part of $1.7 billion fine deal

  13-06-2016 18:40 via news.yahoo.com
  
  By Camillus Eboh ABUJA (Reuters) - South African telecoms group MTN will take immediate steps to list shares in Nigeria as part of a deal to settle a dispute over unregistered SIM cards and will also issue an apology, according to a copy of the agreement seen by Reuters. The company said on Friday, after months of talks, that it had agreed to pay a fine of $1.7 billion in a settlement with the Nigerian government for failing to deactivate more than 5 million unregistered SIM cards. Nigeria, batt
  
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• Brexit fears drag on world stocks, boost yen

  13-06-2016 18:30 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - Global stock markets eased while the yen firmed on Monday amid concerns Britain may be on the verge of leaving the European Union following a June 23 referendum on its membership, an outcome that could adversely impact the world economy. Boris Schlossberg, managing director of FX strategy at BK Asset Management in New York, said Brexit has kept the market on edge. Sterling, which was down broadly, also fell, to a three-year low of 149.50 yen .
  
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• Global stocks slide on looming Brexit risk

  13-06-2016 18:28 via news.yahoo.com
  
  World stock markets slid further Monday as fears heightened that Britain could vote to leave the European Union in next week's referendum, traders said.
  
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• OECD urges Canada to further tighten housing regulations

  13-06-2016 17:41 via news.yahoo.com
  
  Canada's housing regulations should be further tightened and regionally targeted to help cool real estate markets that are booming in some of its major cities, a report from the OECD recommended on Monday.     A disorderly housing market correction, particularly in Toronto and Vancouver, remains the main domestic downside risk to Canada's economic outlook, the Organisation for Economic Co-operation and Development said. Vulnerabilities related to housing and high household debt ar
  
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• Wall Street little changed as oil prices recover

  13-06-2016 17:39 via news.yahoo.com
  
  U.S. stocks were little changed on Monday as a recovery in oil prices limited earlier losses, a day before the Federal Reserve commences its policy meeting. Oil heavyweights Exxon and Chevron rose about 1 percent after oil prices snapped a two-day losing streak. Exxon gave the biggest boost to the S&P 500.
  
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• Airbus says Brexit could hurt UK investment

  13-06-2016 17:22 via news.yahoo.com
  
  Airbus said on Monday that a vote for Brexit could harm its future investment in Britain where the European aerospace giant employs 15,000 people. In an interview with AFP, Airbus Group UK chief Paul Kahn said the company can invest anywhere in the world so long as it remains globally competitive. "If the regulatory environment changes, if the economic environment changes, then those future investment decisions could change, and that's what being put at risk by a vote to leave," he said.
  
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• Britain's trade options after Brexit: no easy way out

  13-06-2016 17:14 via news.yahoo.com
  
  By William Schomberg LONDON (Reuters) - Britain's status as a trade power has become one of the most contentious issues in the European Union membership referendum on June 23. The uncertain outlook for exporters, and the implications for investment in Britain, are driving much of the nervousness in financial markets where the pound has weakened sharply. "In" campaigners, led by Prime Minister David Cameron, warn that Britain's economy would suffer if it lost its unfettered access to the EU's sin
  
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• Buckle up! Why earnings at Apple Inc., GKN plc and Barratt Developments plc look set to explode

  13-06-2016 16:38 via news.yahoo.com
  Royston Wild explains why the bottom line looks set to bulge at Apple Inc. (NASDAQ: AAPL), GKN plc (LON: GKN) and Barratt Developments plc (LON: BDEV).
  
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• Microsoft drags Wall Street; Fed meet awaited

  13-06-2016 16:10 via news.yahoo.com
  
  Wall Street opened lower for the third straight trading day, pulled down by Microsoft, ahead of the Federal Reserve's policy meeting starting Tuesday. Microsoft was the biggest drag on all three major indexes after the software company agreed to buy LinkedIn for $26.2 billion. Microsoft stock fell 4.5 percent to $49.18 while LinkedIn jumped 47 percent to $193.13.
  
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• Iceland's tourism boom fuels recovery, lays bare locals' plight

  13-06-2016 15:14 via news.yahoo.com
  
  By Gwladys Fouche and Ragnhildur Sigurdardottir GRINDAVIK, Iceland (Reuters) - On a recent weeknight Iceland's top tourist attraction, the Blue Lagoon geothermal spa, is packed with visitors wearing mud masks and quaffing local beer, contributing to a tourism surge that is helping to fix an economy wrecked by the 2008 financial crisis. Many Icelanders are not having as much fun. Iceland suffered one of the first big financial implosions of the European economic meltdown after the collapse of its
  
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• Dutch PM urges 'seafaring' UK to stay in EU

  13-06-2016 15:13 via news.yahoo.com
  Dutch Prime Minister Mark Rutte said on Monday he hoped British voters would decide in a June 23 referendum to stay in the EU, saying the bloc needed such a strategically important country with its strong trading and "seafaring" traditions. "Britain is a free market economy facing outward, just like the Netherlands. It's of importance that a country with that kind of makeup remain," said Rutte, whose country holds the European Union's rotating presidency.
  
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• Wall Street set for lower open as Brexit vote, Fed meet loom

  13-06-2016 15:08 via news.yahoo.com
  
  Britain's chances of leaving the European Union stood at their highest since the June 23 referendum was announced four months ago. "Wall Street is likely to be a little off today on some nervousness around the Brexit vote," said John Brady, managing director of institutional sales at R.J. Brien & Associates in Chicago. The U.S. Federal Reserve Open Market Committee (FOMC) will meet on Tuesday and Wednesday to decide when to raise interest rates for the second time in nearly a decade.
  
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• Oil prices slip under pressure of economic worries

  13-06-2016 14:31 via news.yahoo.com
  
  Oil prices fell on Monday, weighed down by gloomy economic prospects in Europe and Asia and a related strengthening in the U.S. dollar, which makes fuel imports for countries using other currencies more expensive. The softening comes a week after crude prices hit 2016 highs on the back of a quicker-than-expected rebalancing in physical oil markets. Brent crude oil futures fell to $50.02 per barrel, at 1205 GMT, down 52 cents, after trading as low as $49.80.
  
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• Futures set to open lower as oil slides

  13-06-2016 13:21 via news.yahoo.com
  
  (Reuters) - Stock futures pointed to a lower opening for Canada's main stock index on Monday as oil prices fell, weighed down by gloomy economic prospects in Europe and Asia and a related strengthening in the U.S. dollar. June futures on the S&P TSX index were down 0.18 percent at 7:15 a.m. ET. No major economic events are scheduled for the day. Canada's main stock index posted its largest drop since February on Friday, falling to a one-week low as energy stocks tumbled with oil prices and g
  
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• Stocks slide on Brexit fears

  13-06-2016 12:58 via news.yahoo.com
  
  Hong Kong (AFP) - World stock markets slid further on Monday on rising fears that Britain could vote to leave the European Union in next week's referendum, traders said.
  
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• Brexit fear factor sends stocks spinning

  13-06-2016 12:56 via news.yahoo.com
  
  Fears Britain is on the verge of voting to leave the European Union next week coursed through global financial markets on Monday, sending Asian and European shares sharply lower and the pound to an eight-week low. The world economy is looking shaky and weak jobs data suggest even the United States is not ready for the higher interest rates that banks say they need to shore up profitability, while concerns that a vote for Brexit could tip Europe back into recession have lurked in the background f
  
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• Lebanese banks say Blom Bank attack targets them all

  13-06-2016 12:33 via news.yahoo.com
  The Association of Banks in Lebanon said on Monday that a bomb attack outside Blom Bank's Beirut headquarters had targeted the entire banking sector and was aimed at destabilizing the Lebanese economy. The association convened an emergency meeting on Monday following the bombing on Sunday that damaged Blom Bank's offices but caused no fatalities. Blom Bank is one of the Lebanese banks that has closed bank accounts held by people suspected of ties to the powerful Lebanese Shi'ite group Hezbollah
  
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• BRIEF-Connacher Oil And Gas announces extension of CCAA stay

  13-06-2016 12:32
  
  * Obtained order extending period of court-ordered stay of
  proceedings against co until August 16, 2016
  
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• Why the Stock Market Is Growing Jittery Again

  13-06-2016 12:00 via news.yahoo.com
  
  After large-cap stocks pushed to levels not seen since November, market bears emerged from hibernation last week thanks to a collection of concerns — including an upcoming Federal Reserve policy meeting, weakness in crude oil as supply concerns ease and growing worries the United Kingdom could really leave the European Union. While stocks merely retraced recent gains, the CBOE Volatility Index (VIX), known as Wall Street's "fear gauge," surged up and out of a tight three-month sideways pat
  
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• Fitch cuts outlook on Japan over sales-tax delay

  13-06-2016 11:55 via news.yahoo.com
  
  Fitch on Monday cut its outlook for Japan, citing Tokyo's decision to postpone a sales tax hike seen as critical to paying down one of the world's biggest national debts. The company said it was changing its view to negative from stable but left Japan's "A" credit rating unchanged, after downgrading the heavily indebted country last year. Delaying the tax rise undermined Japan's commitment to paying a debt mountain that has grown to more than twice the size of an economy, Fitch said.
  
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• BRIEF-Mine Restoration says exploring opportunities with Stellar Capital

  13-06-2016 11:40
  
  * As at 29 February 2016, MRI had a loan owing to Stellar
  Capital Partners in amount of approximately r12 million
  
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• Oil prices under pressure from rising economic concerns

  13-06-2016 11:34 via news.yahoo.com
  
  Oil prices fell on Monday, weighed down by gloomy economic prospects in Europe and Asia and a related strengthening in the U.S. dollar, which makes fuel imports for countries using other currencies more expensive. The softening comes a week after crude prices hit 2016 highs on the back of a quicker-than-expected rebalancing in physical oil markets. The dollar has risen 1.2 percent from June lows against a basket of currencies, lifted by the prospect of a potential hike in U.S. interest rates, co
  
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• Ex-Sarkozy aide says will run in French presidential election

  13-06-2016 11:28 via news.yahoo.com
  
  A former top aide to Nicolas Sarkozy said on Monday he would run against him in the conservative party's primaries for the 2017 presidential election, further weakening Sarkozy's own bid. Henri Guaino, who wrote many of Sarkozy's key speeches when he was president in 2007-2012 and was one of his closest advisers, backs a statist economic policy that is absent from the increasingly large field of candidates for Les Republicains (LR) party's November primaries. "I am tired of that single world vie
  
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• S. Korea's troubled Lotte group scraps huge IPO amid probe

  13-06-2016 11:25 via news.yahoo.com
  
  South Korea's Lotte Group said Monday it was scrapping an initial public offering worth almost four billion dollars amid a widening investigation into alleged embezzlement by its founding family. Hotel Lotte -- the group's key unit -- had planned to list shares worth at least 4.6 trillion won ($3.9 billion) on Seoul's main stock market in July. The Seoul-based group, founded in Tokyo in 1948 by Shin Kyuk-Ho, has a vast network of businesses in South Korea and Japan including department stores, h
  
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• China auto sales increase in May: industry group

  13-06-2016 11:06 via news.yahoo.com
  
  Car sales in China, the world's top auto market, increased at a faster pace in May than the previous month, an industry group reported Monday, despite continued woes in the country's economy. A total of 2.09 million vehicles were sold in China last month, up 9.8 percent from a year ago, the China Association of Automobile Manufacturers (CAAM) said in a statement. Some economists have predicted China's expansion will slow further in the second quarter.
  
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• Powerful Saudi prince to meet Obama, Ban on U.S visit

  13-06-2016 10:50 via news.yahoo.com
  
  Saudi Arabia's powerful deputy crown prince flew to the United States on Monday for meetings with U.S. President Barack Obama and U.N. Secretary-General Ban Ki-moon, Saudi media reported. The visit of Mohammed bin Salman, whose powers include his role as defense minister, comes amid a diplomatic row with the United Nations and policy differences with the United States over the war in Syria and relations with Iran. Prince Mohammed, spearheading an ambitious plan to revamp the economy of the world
  
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• Trade disputes loom over Merkel's China visit

  13-06-2016 10:38 via news.yahoo.com
  
  Tensions over trade and Chinese investment in a German robotics firm dominated Chancellor Angela Merkel's visit to Beijing Monday, with differences about steel and China's future market status on display. China has been pressing the European Union to grant it "market economy" status this year, making it harder for the bloc to levy anti-dumping tariffs even as Beijing is accused of selling excess steel cheaply on world markets at the cost of European jobs. At a press conference with Merkel, Chine
  
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• South Africa bolsters power capacity as new unit linked to grid: Eskom

  13-06-2016 10:24 via news.yahoo.com
  
  South Africa's Eskom linked up the first of four units at its Ingula power plant on Friday, the utility said on Monday, as it raises capacity to overcome chronic electricity shortages in Africa's most developed economy. Eskom, which has in the past been forced to impose power cuts to prevent demand from surging past capacity, is scrambling to repair its ageing power plants and grid as well as adding new plants.
  
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• Saudi prince in charge of economy, defense to meet Obama on U.S visit: report

  13-06-2016 09:04 via news.yahoo.com
  
  Saudi Arabia's deputy crown prince will fly to the United States on Monday for meetings with U.S. President Barack Obama, U.N. Secretary-General Ban Ki-moon and senior officials, Saudi-owned newspaper Asharq al-Awsat reported. The visit of Mohammed bin Salman, in charge of an ambitious plan to revamp the economy of the world's top oil exporter, comes amid a diplomatic row with the United Nations and policy differences with the United States over the war in Syria and Iran's role in the Middle Eas
  
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• Oil prices fall as economic concerns rise

  13-06-2016 08:57 via news.yahoo.com
  
  Oil prices fell on Monday, weighed down by Asia's darkening economic prospects and a related strengthening in the U.S. dollar, which makes fuel imports for countries using other currencies more expensive. "A strong dollar is helping bring prices down as well as fairly weak data from Asia," said Matt Stanley of brokerage Freight Investor Services (FIS) in Dubai. The dollar has recovered 1.2 percent from June lows against a basket of currencies, pushed by the prospect of a potential hike in U.S. i
  
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• Pound at two-month low on British EU exit fears

  13-06-2016 08:48 via news.yahoo.com
  
  The pound dropped to a two-month low and the yen rallied as jittery investors shifted into safer assets on worries about Britain's possible exit from the European Union. The flight to lower-yielding investments came as Asian stock markets plunged, with dealers awaiting meetings this week of the US and Japanese central banks. Few expect any move on interest rates from the Federal Reserve, but observers are divided over the chances that the Bank of Japan will announce more stimulus after its polic
  
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• BRIEF-Adinotec says insolvency plan legally valid

  13-06-2016 08:11
  
  * Says insolvency plan is now legally validSource text
  for Eikon:
  
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• BRIEF-Hastings Entertainment initiates voluntary chapter 11

  13-06-2016 07:06
  
  * Hastings Entertainment Incinitiates voluntary chapter 11
  with commitment for $90 million in DIP financing
  
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• Asia markets tumble on global outlook, Britain EU worries

  13-06-2016 05:28 via news.yahoo.com
  
  Japanese stocks led a plunge in Asian markets Monday, tracing a sell-off in the US and Europe, on renewed worries about the global economy and uncertainty over Britain's future in the European Union. "The market hates uncertainty," Yoshinori Ogawa, a markets strategist at Okasan Securities Co. in Tokyo, told Bloomberg News. Tokyo's Nikkei took a hammering, sliding more than three percent at one point before ending the morning down 2.6 percent, with a stronger yen hitting exporters.
  
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• China's fixed asset investment up 9.6% on-year in first five months: govt

  13-06-2016 04:56 via news.yahoo.com
  
  China's fixed asset investment, an important gauge of infrastructure spending, rose 9.6 percent in the first five months of the year, government statistics showed Monday, as investment growth slows in the world's second-largest economy. Industrial output rose 6.0 percent year-on-year in May, matching expectations, while retail sales were up 10.0 percent year-on-year in May, according to data from the National Bureau of Statistics. The fixed asset investment results fell short of Bloomberg News'
  
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• Oil prices fall back below $50 as economic concerns rise

  13-06-2016 03:50 via news.yahoo.com
  
  By Henning Gloystein SINGAPORE (Reuters) - Oil prices fell in early trading on Monday, pulled down by rising economic concerns in Asia and a related strengthening in the U.S. dollar, which makes fuel imports for countries using other currencies more expensive. International Brent crude oil futures fell back below $50 per barrel, trading at $49.89 at 0127 GMT, down 65 cents, or 1.29 percent, from their last settlement. U.S. West Texas Intermediate (WTI) crude was down 78 cents, or over 1.5 percen
  
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• Japan corporate sentiment worsens, capex plans revised up

  13-06-2016 02:43 via news.yahoo.com
  
  By Stanley White TOKYO (Reuters) - Sentiment at large Japanese manufacturers worsened for the second consecutive quarter over April-June due to a rising yen, although companies did revise up their capital expenditure plans. Large manufacturers said they expect sentiment to rebound in July-September, offering encouragement to policymakers navigating weak exports and lingering concerns about the global economy. The survey results could offer some relief to the Bank of Japan, which holds a monetary
  
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• Euro, pound fall to lowest level vs yen since 2013

  13-06-2016 01:53 via news.yahoo.com
  
  The British pound and the euro fell to their lowest level since 2013 against the yen on worries a UK referendum later this month could pull Britain out of the European Union, possibly disrupting European political and economic affairs. The pound fell to as low as 151.50 yen , its lowest level since August 2013 while the euro fell to 119.87 yen , a level last seen in April 2013, as the yen has become something of a safe haven.
  
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• Warburg taps Coller for fundraising executive

  13-06-2016 01:00
  Appointment comes as Warburg is investing its 12th private equity fund, for which it raised more than $13.4bn
  
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• USS boxes clever with pensions champ hire

  13-06-2016 01:00
  
  Ex-Fidelity director-turned-consumer champion lands strategy role at UK's biggest pension fund
  
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