Finance news

• IMF extends Malawi loan program, adds $80 million for drought measures

  20-06-2016 23:49 via news.yahoo.com
  
  The International Monetary Fund (IMF) will increase loans to Malawi by $76.8 million, the global lender said on Monday following an economic review of the drought-hit country. The IMF said it was also augmenting Malawi's Extended Credit Facility (ECF) arrangement, signed in 2012, by another six months with funding equivalent to $49.2 million. "Malawi’s macroeconomic situation remains difficult, reflecting weather-related shocks and past policy slippages, which contributed to persistently h
  
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• Wall Street ends higher as Britain seen staying in EU

  20-06-2016 22:35 via news.yahoo.com
  
  The S&P 500 closed 0.6 percent higher after gaining as much as 1.4 percent, but the advance was still the largest in nearly a month. Stocks fell sharply last week, partly on worries of what a British exit from the EU would mean for the global economy. "The market is positioning for a 'remain' vote, so you see the fear and uncertainty trade unwinding right now," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.
  
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• Wall Street rises on relief over British EU vote

  20-06-2016 22:09 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street rose on Monday, though indexes ended far from the session highs, in a relief advance after indications that British voters later this week will choose to remain in the European Union. The Dow Jones industrial average rose 129.78 points, or 0.73 percent, to 17,804.94, the S&P 500 gained 12.03 points, or 0.58 percent, to 2,083.25 and the Nasdaq Composite added 36.88 points, or 0.77 percent, to 4,837.21. (Reporting by Rodrigo Campos; Editing by Nick Zieminski)
  
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• Wall St. rises on relief over British EU vote

  20-06-2016 22:07 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street rose on Monday, though indexes ended far from the session highs, in a relief advance after indications that British voters later this week will choose to remain in the European Union.
  
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• Ackman releases new Herbalife video; stock climbs

  20-06-2016 22:02
  
  BOSTON, June 20 (Reuters) - Billionaire investor William
  Ackman revved up his campaign against Herbalife on Monday as
  investors await the outcome of a U.S. Federal Trade Commission
  (FTC) probe into...
  
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• NATO's Stoltenberg: EU sanctions on Russia should remain

  20-06-2016 21:10 via news.yahoo.com
  
  The European Union should keep in place the sanctions imposed on Russia over the Ukraine crisis, NATO Secretary General Jens Stoltenberg told Reuters on Monday, a day after the German foreign minister said they should gradually be phased out. "My assessment is that one should not remove the economic sanctions before Russia has changed its behavior. German Foreign Minister Frank-Walter Steinmeier was quoted on Sunday as saying the EU should gradually phase out the sanctions if there is substantia
  
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• Stocks, sterling surge as Brexit momentum weakens in polls

  20-06-2016 20:57 via news.yahoo.com
  
  By Edward Krudy NEW YORK (Reuters) - Global stock indexes jumped on Monday and sterling rebounded broadly after polls showed support for Britain staying in the EU strengthened before Thursday's referendum. Monday's surge in equity markets saw Wall Street recover losses from last week, when the chances of the United Kingdom leaving the EU, or "Brexit", appeared to be gaining momentum. "Everyone is going to hold their breath until Thursday or Friday, when we get to know the result," said Adam Hewi
  
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• Obama takes turn as 'America's pitch man' to help sell TPP trade deal

  20-06-2016 20:32 via news.yahoo.com
  
  By Ayesha Rascoe and Roberta Rampton WASHINGTON (Reuters) - President Barack Obama made a plug on Monday for the Trans-Pacific Partnership trade deal to a group of 2,400 investors looking at locating business in the United States, saying the deal would help boost the global economy. Trade has become a hot-button issue in the Nov. 8 presidential election campaign, with presumptive candidates from both parties voicing objections to the 12-nation TPP deal that Obama wants the U.S. Congress to sign
  
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• Fed's Kashkari says Brexit could have moderate effect on U.S.

  20-06-2016 20:29 via news.yahoo.com
  A vote by Britain Thursday to leave the European Union could have "moderate direct effects" on the U.S. economy, but probably does not pose big financial risks, a top Federal Reserve official said on Monday. If that view is wrong and a Brexit has a bigger impact on U.S. growth, all policy choices will be on the table for the U.S. central bank, Minneapolis Fed President Neel Kashkari told reporters after a panel on bank regulation in Washington. "My outlook is for continued moderate economic grow
  
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• Bank analysts to face real and imagined stress on Thursday

  20-06-2016 20:21 via news.yahoo.com
  
  Wall Street analysts who cover big banks will endure a long night on Thursday, when a barrage of data will show how well the largest U.S. financial institutions can stand up under stress. The crunch will start at 4:30 p.m. EDT when the U.S. Federal Reserve will release the first of two sets of results from the banks' annual stress tests. As the night drags on, the analysts will see vote counts from Britain's referendum on whether to leave the European Union.
  
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• Nigerian naira tumbles 30 percent after peg removed

  20-06-2016 19:52 via news.yahoo.com
  
  By Chijioke Ohuocha and Oludare Mayowa LAGOS (Reuters) - Nigeria's naira slumped 30 percent against the dollar on Monday after the central bank removed its currency peg in an effort to alleviate the chronic foreign currency shortages choking growth in Africa's biggest economy. The central bank sold $530 million for 280 naira per dollar at a special auction and later sold a further $86.5 million directly on the interbank market at 281 to 285 naira, traders said. Monday's rate was notably weaker t
  
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• UPDATE 1-California regulator approves Aetna-Humana deal with conditions

  20-06-2016 19:40
  
  NEW YORK/WASHINGTON, June 20 (Reuters) - The California
  Department of Managed Health Care approved Aetna Inc'sacquisition of Humana Inc with conditions including the
  insurer's commitment to keeping...
  
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• Venezuela opposition lines up to seek Maduro recall

  20-06-2016 19:18 via news.yahoo.com
  
  By Sarah Dagher CARACAS (Reuters) - Venezuelan opposition sympathizers lined up on Monday around the country to validate signatures as part of a painstaking process to request a recall referendum against President Nicolas Maduro, who is deeply unpopular due to the country's economic crisis. The elections council has required that those who signed for a recall vote against the 53-year-old former bus driver return to polling stations to verify their signatures through fingerprint detection. Advers
  
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• Wall Street rally holds steady as Brexit chances weaken

  20-06-2016 19:00 via news.yahoo.com
  
  Wall Street held its rally steady on Monday, with the S&P and the Dow recovering last week's losses after the latest polls showed an increased possibility of Britain remaining in the European Union. Uncertainty about the consequences of Britain leaving the European Union sent global markets into a tizzy last week, with investors flocking safe havens such as gold and the yen. Britain will vote on its membership on Thursday.
  
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• Wall St. rally holds steady as Brexit chances weaken

  20-06-2016 18:56 via news.yahoo.com
  
  (Reuters) - Wall Street held its rally steady on Monday, with the S&P and the Dow recovering last week's losses after the latest polls showed an increased possibility of Britain remaining in the European Union.
  
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• Stocks, pound rally as Britain leans towards EU remain vote

  20-06-2016 18:53 via news.yahoo.com
  
  World stock markets surged Monday, led by rallying banking shares, on growing expectations that Britain will vote to remain part of the European Union in a hard fought referendum this week.
  
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• Too-tough capital rules may stifle U.S. lending: Fed's Kashkari

  20-06-2016 18:21 via news.yahoo.com
  
  By Patrick Rucker WASHINGTON (Reuters) - Regulators may hurt the economy and push borrowers toward non-bank lenders if they set too-high capital standards for Wall Street, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said on Monday. The U.S. banking system needs deep reform to prevent a repeat of the 2008 financial crisis and Wall Street firms should hold more capital to brace against economic shocks, said Kashkari, who was a Treasury Department official under the George
  
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• UPDATE 3-South Africa's MTN names Vodafone Europe head as new CEO

  20-06-2016 18:20
  
  * MTN looks to overhaul governance standards, strategy(Adds analyst comment, appointment of head M&A)
  
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• FTSE ends 3 pct higher as 'Remain' camp in Britain's EU referendum regains ground

  20-06-2016 18:08
  
  LONDON, June 20 (Reuters) - Britain's top share index ended
  sharply higher on Monday, with banking and housebuilding stocks
  surging following latest polls suggesting the campaign for
  Britain to...
  
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• GRAPHIC-Now 21, Britain's AIM is still struggling to grow up

  20-06-2016 17:59 via news.yahoo.com
  With a few exceptions, London's Alternative Investment Market is the only segment of the UK stock market that has, on average, lost money over the past two decades. Britain's junior stock exchange opened ...
  
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• Global stocks, sterling surge as Brexit momentum weakens in polls

  20-06-2016 17:44 via news.yahoo.com
  
  By Edward Krudy NEW YORK (Reuters) - Global stock indexes jumped on Monday and sterling rebounded broadly after polls showed support for Britain staying in the EU strengthened before Thursday's referendum. Monday's surge in equity markets saw Wall Street recover losses from last week, when the chances of the United Kingdom leaving the EU, or "Brexit", appeared to be gaining momentum. "Everyone is going to hold their breath until Thursday or Friday, when we get to know the result," said Adam Hewi
  
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• Factbox - Opinion polls in the run-up to the referendum

  20-06-2016 17:24 via news.yahoo.com
  Opinion polls published over the weekend showed a shift in support among voters towards keeping Britain in the European Union, boosting the value of the pound and stock markets worldwide on Monday. Below are details of nine opinion polls which are expected to be published between now and Thursday, when Britain is due to hold its EU membership referendum. MONDAY – polls by ORB and YouGov, two polling firms, are due to be published in the Daily Telegraph and The Times, both at around 2100 GM
  
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• India now most open economy in world for FDI: Modi

  20-06-2016 16:54 via news.yahoo.com
  NEW DELHI (Reuters) - Indian Prime Minister Narendra Modi hailed a sweeping liberalization of rules on foreign direct investment on Monday, saying they would make Asia's third-largest economy the most open in the world.
  
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• Factbox: India relaxes foreign investment norms in several sectors

  20-06-2016 16:54 via news.yahoo.com
  India on Monday announced sweeping reforms to rules on foreign direct investment (FDI), opening up its defense and civil aviation sectors to complete outside ownership. Prime Minister Narendra Modi said the changes would make India "the most open economy in the world for FDI" and provide a "major impetus to employment and job creation". The government has allowed 100 percent FDI in civil aviation, of which 49 percent is under the "automatic route", meaning that it would not require government ap
  
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• Factbox: Bank of England risks being caught in Brexit cross-currents

  20-06-2016 16:46 via news.yahoo.com
  By Ana Nicolaci da Costa LONDON (Reuters) - The Bank of England could be pulled in very different directions if British voters take the historic step of leaving the European Union in Thursday's referendum. The Bank, along with most private economists, has warned that a Brexit vote would deliver a shock to Britain's economy. The BoE could attempt to soften the hit by cutting interest rates from their current record low of 0.5 percent.
  
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• India unveils sweeping foreign investment reforms

  20-06-2016 16:27 via news.yahoo.com
  
  India Monday announced sweeping moves to expand foreign investment in civil aviation, defence and a string of other sectors as part of attempts to open up the economy. The government eased restrictions on foreign direct investment (FDI) in nine areas as it looks to spur investment in the world's second most populous country. Prime Minister Narendra Modi tweeted that the "radical" changes would make "India the most open economy in the world for FDI" and were aimed at generating jobs for the count
  
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• Toyota and union put case for keeping Britain in EU

  20-06-2016 16:06 via news.yahoo.com
  
  Japanese carmaker Toyota sent a letter to its British staff Monday, jointly signed by Britain's biggest union Unite, warning of the economic consequences of the country leaving the European Union. Ahead of Thursday's referendum on British EU membership, Toyota said it wished to clarify "misrepresentation" of its position by Leave campaigners which the company "strongly" objects to. While holding back from urging staff and union members to vote for Remain, the letter warned of "significant busine
  
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• China's Xi weaves Poland into 'new silk road' plan

  20-06-2016 15:32 via news.yahoo.com
  
  Chinese President Xi Jinping drummed up investment and trade with Poland on Monday as the European Union's largest eastern economy eyes financing by the Asian giant. Xi and Polish President Andrzej Duda inked a broad strategic partnership deal on political and economic cooperation, part of Beijing's much vaunted efforts of establishing land and sea links for European trade, known as the "Belt and Road" policy. Poland is China's largest trade partner in eastern Europe and in 2015 bilateral trade
  
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• Germany expects growth to slow after strong first quarter

  20-06-2016 15:25 via news.yahoo.com
  
  BERLIN/FRANKFURT (Reuters) - German economic growth is likely to slow after a robust start to the year, expanding at a slower pace for the rest of 2016 as foreign trade cools, the Finance Ministry and central bank said on Monday. Europe's largest economy grew 0.7 percent between January and March, its strongest quarterly rate in two years, as soaring private consumption, higher construction investment and state spending on migrants more than offset weak foreign trade. In its monthly report, the
  
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• Wall Street set to open sharply higher as Brexit worries ease

  20-06-2016 14:54 via news.yahoo.com
  
  Wall Street was set to open sharply higher on Monday after polls over the weekend showed an increased possibility of Britain remaining in the European Union. "Everyone is going to hold their breath until Thursday or Friday, when we get to know the result of the British referendum," said Adam Hewison, chief executive of Ino.com in Maryland. Barrick Gold and Newmont Mining were down about 3 percent each premarket.
  
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• Nigerian naira tumbles 23 percent after currency peg ends

  20-06-2016 14:52 via news.yahoo.com
  
  By Chijioke Ohuocha and Oludare Mayowa LAGOS (Reuters) - Nigeria's naira slumped 23 percent against the dollar on Monday after the central bank removed its currency peg to alleviate chronic foreign currency shortages choking growth in Africa's biggest economy. The naira traded just twice at 255 against the dollar, and less than $1 million had changed hands around midday, Thomson Reuters data showed, as dealers said they were nervous about foreign exchange liquidity under the new system. The cent
  
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• Canadian wholesale trade up less than expected in April

  20-06-2016 14:42 via news.yahoo.com
  
  The value of Canadian wholesale trade rose far less than expected in April as activity increased in just three sectors, including the food and beverage industry, data from Statistics Canada showed on Monday. In Alberta, where the economy has been hurt by the decline in oil prices, sales were down 0.6 percent weighed by lower sales of machinery, equipment and supplies.
  
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• Cat allergy flop torpedoes high-profile UK biotech Circassia

  20-06-2016 14:37 via news.yahoo.com
  Circassia Pharmaceuticals lost nearly two-thirds of its value on Monday as its experimental cat allergy treatment failed in a late-stage trial, dealing a major blow to the high-profile British biotech company. Circassia listed on the London stock market in March 2014 in Britain's largest biotech flotation for decades and last year it expanded by buying two companies focused on asthma. Its two biggest shareholders are Invesco and Neil Woodford, both longstanding backers of UK life science.
  
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• Wal-Mart in talks to sell China e-commerce unit to JD.com: WSJ

  20-06-2016 14:35 via news.yahoo.com
  
  (Reuters) - Wal-Mart Stores Inc is in talks to sell its Chinese e-commerce business, Yihaodian, to JD.com Inc, the Wall Street Journal reported, citing people familiar with the situation. The exact terms of the proposed deal are unclear and discussions remain fluid, but one of the people said it could include a broader partnership between Wal-Mart and JD.com, according to the report. (http://on.wsj.com/28IQUlW) Wal-Mart took full ownership of Yihaodian, a smaller rival to Alibaba Group Holding L
  
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• UPDATE 2-Cat allergy flop torpedoes high-profile UK biotech Circassia

  20-06-2016 14:32
  
  * Treatment fails to show benefit over big placebo effect(Adds CEO interview, details on investors, updates shares)
  
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• Apple to lose weighting in Russell index, shares could fall

  20-06-2016 13:30
  
  NEW YORK, June 20 (Reuters) - After dropping more than $200
  billion in market capitalization in one year, Apple shares could
  fall further as they are set to lose their weighting and be
  reclassified...
  
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• Pakistan shares end lower on profit-taking

  20-06-2016 13:12
  
  KARACHI, June 20 (Reuters) - Pakistan stocks closed lower on
  Monday on profit-taking in banking stocks, dealers said, after
  hitting a record high last week when the country's stock market
  was...
  
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• Monsoon rains cover half of India; to accelerate sowing

  20-06-2016 13:11 via news.yahoo.com
  
  Indian monsoon rains have covered nearly half of the country, the weather department said on Monday, accelerating planting of summer crops like paddy rice, soybeans, cotton and pulses. The June to September monsoon is crucial for farm output and economic growth in India, where just over half of arable land is fed by rain. The sowing has been held up this year due to a delay in the arrival of monsoon rains, but now conditions are becoming favorable for further progress of the monsoon in central a
  
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• World stocks leap as fears ease over British vote on EU

  20-06-2016 13:08 via news.yahoo.com
  
  HONG KONG (AP) — World stock markets jumped and the pound rallied Monday as polls suggested British voters will choose to remain in the European Union in a referendum this week, easing investor worries about a possible "Brexit."
  
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• Stocks, pound rally as Britain leans to EU remain vote

  20-06-2016 13:08 via news.yahoo.com
  
  London (AFP) - World stock markets surged Monday, led by rallying banking shares, on growing expectations that Britain will vote to remain part of the European Union in Thursday's referendum.
  
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• Board of Saudi contractor Mojil quits after three sentenced

  20-06-2016 12:42 via news.yahoo.com
  An effort to restructure debt-burdened Saudi builder Mohammad Al Mojil Group (MMG) was thrown into doubt on Monday when the firm said its board had resigned after three people involved with the company were sentenced to jail. Last week, Saudi Arabia's stock market regulator fined MMG 1.6 billion riyals ($427 million) and sentenced three people, including founder Mohammad Al-Mojil, to jail on charges of manipulation and fraud relating to the firm's initial public offer of shares. In a statement o
  
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• Merkel insists Russia sanctions tied to Minsk accord

  20-06-2016 12:11 via news.yahoo.com
  
  BERLIN (Reuters) - German Chancellor Angela Merkel stands by her view that European sanctions against Russia can only be unwound once Moscow fully implements the Minsk peace deal for eastern Ukraine, her spokesman said on Monday. "The sanctions can be removed as soon as Russia fulfills these obligations," spokesman Steffen Seibert told a regular government news conference, reiterating the stance agreed at a meeting of the Group of Seven economic powers last month. ...
  
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• Nobel economists warn UK of lasting damage from Brexit

  20-06-2016 12:06 via news.yahoo.com
  
  Ten winners of the Nobel Prize in economics on Monday warned that leaving the European Union would "create major uncertainty" over Britain as a trading nation and inflicting lasting economic damage. "We believe that the UK would be better off economically inside the EU," the economists said in a letter to The Guardian newspaper. Brexit would create major uncertainty about Britain's alternative future trading arrangements, both with the rest of Europe and with important markets like the USA, Cana
  
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• Cat allergy flop sinks high-profile UK biotech Circassia

  20-06-2016 09:47 via news.yahoo.com
  (Reuters) - Circassia Pharmaceuticals lost more than half its value on Monday as its experimental cat allergy treatment failed in a late-stage trial, dealing a major blow to the high-profile British biotech company. Circassia listed on the London stock market in March 2014 in Britain's largest biotech flotation for decades and last year it expanded by buying two companies focused on asthma. Hopes for a cat allergy treatment have been central to its investment case, but its immunotherapy failed t
  
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• British politician quits Brexit camp, citing 'lies and xenophobia'

  20-06-2016 09:40 via news.yahoo.com
  
  A senior British politician on Monday accused those campaigning for Britain to leave the European Union of spreading lies, hate and xenophobia, saying she was switching to the "Remain" camp. Britons will cast their votes on Thursday in a referendum on whether to quit the 28-member bloc, a choice with far-reaching economic and political consequences for Britain and the rest of the continent. Sayeeda Warsi, a former minister and co-chair of the ruling Conservative Party, accused "Leave" campaigner
  
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• Sayeeda Warsi quits Brexit camp, citing 'lies and xenophobia'

  20-06-2016 09:38 via news.yahoo.com
  
  A senior British politician on Monday accused those campaigning for Britain to leave the European Union of spreading lies, hate and xenophobia, saying she was switching to the "Remain" camp. Britons will cast their votes on Thursday in a referendum on whether to quit the 28-member bloc, a choice with far-reaching economic and political consequences for Britain and the rest of the continent. Sayeeda Warsi, a former minister and co-chair of the ruling Conservative Party, accused "Leave" campaigner
  
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• Asian stocks leap as fears ease over British vote on EU

  20-06-2016 07:42 via news.yahoo.com
  
  Asian stock markets jumped and the pound rallied Monday as polls suggest British voters will choose to remain in the European Union in a referendum this week, easing investor worries about a possible "Brexit." ...
  
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• Incoming Philippine minister seeks emergency powers to fix traffic snarl

  20-06-2016 07:27 via news.yahoo.com
  
  DAVAO, Philippines (Reuters) - The incoming Philippines transportation chief said on Monday President-elect Rodrigo Duterte should be given emergency powers by Congress for two years to solve a debilitating traffic crisis in the capital Manila and elsewhere. The emergency powers will quicken the release of government funds aimed at declogging main roads that have hurt businesses and the overall economy. Transportation Secretary Arthur Tugade, speaking on the sidelines of a business conference, c
  
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• Hong Kong stock market to get $2 bln boost with Orient Sec, CDB Leasing share sales

  20-06-2016 06:06 via news.yahoo.com
  * Orient Sec, CDB Leasing deals lined up this week * Both secure big backing from 'cornerstone' investors (Recasts to add CDB Leasing deal, cornerstone investors) HONG KONG, June 20 (Reuters) - Hong Kong's stock market isset for a $2 billion boost this week as major mainland Chinafinancial firms list units in the city, relying on large-scalebacking from domestic institutions to offset investors jittersover political concerns in Europe and the potential for a U.S.interest rate hike. ...
  
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• Japan returns to trade deficit in May

  20-06-2016 04:17 via news.yahoo.com
  
  Japan fell into a trade deficit in May, the first since January, the finance ministry said Monday, as renewed yen strength pressured exports. Japanese exports fell for all major regions, including the nation's biggest trading partner China, as concerns linger over a slowdown in the largest Asian economy as well as other emerging markets. The government of Prime Minister Shinzo Abe has actively attempted to talk down the yen's strength, with ministers repeatedly suggesting that Tokyo could step i
  
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