Finance news

• Ratings agencies downgrade UK after Brexit vote

  27-06-2016 23:55 via news.yahoo.com
  
  Two ratings agencies downgraded Britain on Monday because of its vote to leave the European Union, citing risks to its economy and political upheaval. Standard & Poor's removed Britain's coveted AAA status, downgrading it by two notches with a long-term negative outlook. "In our opinion, this outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the UK," a statement from the agency read.
  
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• UPDATE 3-U.S. Treasury's Lew urges Senate to act on Puerto Rico debt

  27-06-2016 23:52
  
  WASHINGTON, June 27 (Reuters) - U.S. Treasury Secretary Jack
  Lew on Monday called on the Senate to take immediate action this
  week to address Puerto Rico's $70 billion debt crisis before the
  critical...
  
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• Exclusive: Specialty drugmaker Endo explores asset sales - sources

  27-06-2016 23:48
  
  (Reuters) - Specialty pharmaceutical company Endo International Plchas held discussions with private equity firms about potential asset sales as it seeks to reduce its more than $8 billion debt...
  
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• Warning of instability, Dutch PM calls for gradual British departure from EU

  27-06-2016 23:42 via news.yahoo.com
  Dutch Prime Minister Mark Rutte called on Monday for Britain to make a gradual transition out of the European Union after its vote for Brexit, which he said had triggered a political and economic crisis that threatens the rest of the bloc. Rutte's comments to parliament in the Netherlands, which holds the rotating European Union presidency, came on the eve of a European Council meeting in Brussels. It would be prudent to give Britain time," he told parliament.
  
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• New York energy investor pleads guilty to $45 million tax scheme

  27-06-2016 23:41 via news.yahoo.com
  
  A New York energy investor pleaded guilty on Monday to charges that he engaged in a years-long scheme to avoid paying more than $45 million in income and other taxes stemming in part from his sale of an oil company. Morris Zukerman, a former Morgan Stanley banker who serves as chairman of investment firm M.E. Zukerman & Co, pleaded guilty in Manhattan federal court to one count of tax evasion and one count of obstructing the Internal Revenue Service. The plea came just a month after Zukerman
  
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• Moody's set to cut major UK banks' credit rating outlooks - Sky News

  27-06-2016 23:29 via news.yahoo.com
  
  Ratings agency Moody's will downgrade the credit rating outlook for major British banks to "negative" on Tuesday because of the fallout from the vote to leave the European Union, Sky News reported, citing sources. A Sky News reporter said "a number of big UK lenders" had been told by Moody's that their credit rating outlook would shift to negative from stable or positive. Fitch and Standard & Poor's cut Britain's sovereign credit ratings earlier on Monday, judging the vote to leave the EU wi
  
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• Equities sell off for second day, safe-havens up in Brexit aftermath

  27-06-2016 23:28 via news.yahoo.com
  
  By Hilary Russ NEW YORK (Reuters) - Global markets sold off for a second straight day on Monday, dragging the British pound to a 31-year low, while gold and safe-haven government debt rallied on Britain's shock vote last week to leave the European Union. Major U.S. stock indexes recorded their worst two-day drop in about 10 months. Banking stocks led losses amid uncertainty over London's future as the region's financial capital. On Wall Street, the S&P financial index fell nearly 2.79 percen
  
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• Williams shareholders vote for deal as ETE prepares to walk

  27-06-2016 23:08
  
  NEW YORK (Reuters) - Williams Cos Incshareholders voted on Monday for the pipeline company's agreed upon takeover by rival Energy Transfer Equity , while Williams appeals a court ruling that would...
  
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• Turkey mends fences with Israel and Russia in foreign policy reset

  27-06-2016 23:07 via news.yahoo.com
  
  By Nick Tattersall, Jack Stubbs and Jeffrey Heller ISTANBUL/MOSCOW/JERUSALEM (Reuters) - Turkey announced the restoration of diplomatic ties with Israel on Monday after a six-year rupture and expressed regret to Russia over the downing of a warplane, seeking to mend strained alliances and ease a sense of isolation on the world stage. The deal with Israel after years of negotiation was a rare rapprochement in the divided Middle East, driven by the prospect of lucrative Mediterranean gas deals as
  
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• TSX at lowest in seven weeks as Brexit hits financial shares

  27-06-2016 23:04 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index notched its lowest close in seven weeks on Monday, as the fallout from Britain's vote to leave the European Union pummeled financial stocks and energy shares fell with retreating oil prices. The heavyweight financials sector fell 2.1 percent, to its weakest since early April, as uncertainty over London's position as a global financial hub weighed and investors sought to calculate the likely hit to global economic growth. The Toronto
  
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• UPDATE 2-U.S. Treasury's Lew urges Senate to act on Puerto Rico debt

  27-06-2016 22:49
  
  WASHINGTON, June 27 (Reuters) - U.S. Treasury Secretary Jack
  Lew on Monday called on the Senate to take immediate action this
  week to address Puerto Rico's $70 billion debt crisis before the
  critical...
  
  Read more

• C$ weakens to three-week low as Brexit shockwaves weigh

  27-06-2016 22:47 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - The Canadian dollar weakened to a three-week low against its U.S. counterpart on Monday as Britain's vote to leave the European Union sent new shockwaves through financial markets, weighing on Canada's risk-sensitive currency. Canada's commodity-linked economy will suffer weaker growth because of Britain's vote to leave the EU, which has put the prospect of Canadian interest rate cuts back on the table.
  
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• Wall Street sings Brexit blues with brutal two-day slide

  27-06-2016 22:46 via news.yahoo.com
  
  (Reuters) - Wall Street tumbled again on Monday after Britain's shock vote to leave the European Union, sending major U.S. stock indexes to their worst two-day swoon in about 10 months.
  
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• Fitch cuts UK credit rating by one notch to AA after Brexit vote

  27-06-2016 22:33 via news.yahoo.com
  
  Fitch Ratings cut Britain's credit rating on Monday and warned more downgrades could follow, joining Standard & Poor's in judging that last week's vote to leave the European Union will hurt the economy. Fitch downgraded the United Kingdom's sovereign rating to "AA" from "AA+" and said the outlook was negative - meaning that it could further cut its judgment of the country's creditworthiness. Earlier on Monday, S&P stripped Britain of its last remaining top-notch credit rating, slashing i
  
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• UK credit rating slashed, Cameron insists economy is robust

  27-06-2016 22:19 via news.yahoo.com
  
  LONDON (AP) — Prime Minister David Cameron insisted Monday that Britain's shock vote to leave the European Union won't send the economy into a tailspin, even as Standard & Poor's stripped the U.K. of its top credit rating.
  
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• Druckenmiller's Duquesne Family long gold futures ahead of Brexit

  27-06-2016 21:27
  
  NEW YORK (Reuters) - Billionaire investor Stanley Druckenmiller's Duquesne Family Office LLC was long gold futures ahead of last week's vote in Britain to leave the European Union, a source familiar...
  
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• Brexit vote sends new shocks through markets; political chaos deepens

  27-06-2016 21:13 via news.yahoo.com
  
  By Kylie MacLellan and Anirban Nag LONDON (Reuters) - Britain's vote to leave the European Union sent new shockwaves through financial markets, with the pound falling despite the country's leaders' attempts to ease the political and economic turmoil it has unleashed. Finance minister George Osborne said on Monday the British economy was strong enough to cope with the volatility caused by Thursday's referendum, the biggest blow since World War Two to the European goal of forging greater unity. Wi
  
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• Wall Street sings Brexit blues, set for brutal two-day drop

  27-06-2016 20:57 via news.yahoo.com
  
  Wall Street slid sharply again on Monday after Britain's shock vote to leave the European Union, putting major U.S. stock indexes on track for their worst two-day swoon in about 10 months. The Nasdaq fell more than 2 percent, underperforming the other major indexes, amid fears that fallout from Britain's decision could hit business investment spending in the technology sector. It doesn’t feel panic-inspired." The Dow Jones industrial average was down 273.18 points, or 1.57 percent, at 17,1
  
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• S&P strips UK of last top-notch credit rating after Brexit vote

  27-06-2016 20:53 via news.yahoo.com
  
  Ratings agency Standard & Poor's stripped Britain of its last remaining top-notch credit rating on Monday, slashing it by two notches from AAA and warning more downgrades could follow after Britons voted to leave the European Union last week. S&P's move was a fresh blow to Britain's economic standing after the referendum. S&P said it was the first time it had chopped an AAA-rated sovereign credit rating by two notches in one go.
  
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• S&P downgrades UK AAA credit rating due to Brexit vote

  27-06-2016 20:51 via news.yahoo.com
  
  Ratings agency Standard & Poor's removed the United Kingdom's coveted AAA status on Monday because of its vote to leave the European Union, downgrading it by two notches with a long-term negative outlook. "In our opinion, this outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the UK," a statement from the agency read. The negative outlook reflects the risk to the economy, and the future of sterling as a reserve currency, it added.
  
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• Brexit will have a moderate impact on Mexico - president

  27-06-2016 20:20 via news.yahoo.com
  (Reuters) - Mexican President Enrique Pena Nieto said on Monday that Britain's vote to leave the European Union will have a moderate impact on Mexico. Pena Nieto, speaking to reporters in Quebec City ahead of a meeting of leaders from Mexico, the United States and Canada, said Mexico had already taken measures to help the Mexican economy, referring to budget cuts announced on Friday. [nL1N19G164] [nL1N19H066] (Reporting by Ana Isabel Martinez and Anahi Rama)
  
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• S&P strips UK of last top-notch credit rating after Brexit

  27-06-2016 20:16 via news.yahoo.com
  
  By Andy Bruce LONDON (Reuters) - Ratings agency Standard & Poor's stripped Britain of its last remaining top-notch credit rating on Monday, slashing it by two notches from AAA and warning more downgrades could follow after Britons voted to leave the European Union last week. "In our opinion, this outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the UK," S&P said in a statement, adding it saw a higher risk of Scotland breaking away
  
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• UK 10-year yield near record low after S&P downgrade

  27-06-2016 20:11 via news.yahoo.com
  (Reuters) - The yield on 10-year British government debt held near a record low on Monday after Standard & Poor's stripped the United Kingdom of its AAA credit rating following the country's surprise vote to leave the European Union last Thursday. The 10-year Gilt yield was last at 0.935 percent, not far above its record low 0.933 percent set earlier Monday. (Reporting by Richard Leong; Editing by Chris Reese)
  
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• Germany, France, Italy sketch out new goals for EU in joint statement

  27-06-2016 19:57 via news.yahoo.com
  Germany, France and Italy said they will propose a clear plan to secure the European Union's borders, strengthen its economy and create jobs for young people at an EU summit on Tuesday to discuss Britain's vote to leave the bloc. Chancellor Angela Merkel, President Francois Hollande and Italian Prime Minister Matteo Renzi said in a joint statement after talks in Berlin that the EU needed the support of its people to move forward and must respond to their concerns.
  
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• S&P cuts UK's credit rating by two notches after Brexit

  27-06-2016 19:56 via news.yahoo.com
  
  Ratings agency Standard & Poor's hit Britain with a two-notch downgrade to its credit rating on Monday and warned it could cut it further after Britons voted to leave the European Union last week. "The negative outlook reflects the risk to economic prospects, fiscal and external performance, and the role of sterling as a reserve currency, as well as risks to the constitutional and economic integrity of the UK if there is another referendum on Scottish independence," S&P said. S&P had
  
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• Nigerian market falls on fears of Brexit curbing foreign interest

  27-06-2016 19:49 via news.yahoo.com
  
  Nigerian shares fell on Monday as local funds sold on concerns that Britain's vote to leave the European Union may slow foreign interest in the market, traders said. Nigeria's stock market rallied more than 8 percent last week, fuelled by investors hoping that a central bank reform to interbank currency trading would lure back foreign funds. "Brexit may slow the pace of foreign investors," he said Quitting the EU could cost Britain access to the EU's single market and means it will need to seek
  
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• Europe is strong, needs to be more 'caring' in future - Italy's Renzi

  27-06-2016 19:31 via news.yahoo.com
  BERLIN (Reuters) - Europe is strong and solid even after Britain voted to leave the bloc's economic and political union, but needs to take a more "caring" approach in the future, Italian prime minister Matteo Renzi said on Monday. Speaking in Berlin at a joint news conference with German Chancellor Angela Merkel and French president Francois Hollande, Renzi also said no time should be wasted after the Brexit vote and that the opinion of the British public should be respected. (Reporting by Isla
  
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• Aurelius unit seeks bankruptcy of Netherlands-based Oi subsidiary

  27-06-2016 19:30
  
  SAO PAULO, June 27 (Reuters) - A unit of distressed debt
  firm Aurelius Capital Management LP is asking a Dutch court to
  start bankruptcy proceedings against a Netherlands-based
  subsidiary of phone...
  
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• Ryanair says to shift investment away from UK after Brexit vote - WSJ

  27-06-2016 19:15 via news.yahoo.com
  
  Ryanair will not deploy new planes on United Kingdom routes next year and will focus on the EU instead after Britain voted to leave the bloc, chief executive Michael O'Leary told the Wall Street Journal. The Irish low-cost airline, Europe's largest by passenger numbers, flies 40 million of its 100 million-plus passengers a year to and from the United Kingdom and has its largest hub at London's Stansted Airport. Its shares have fallen over 23 percent since the United Kingdom voted on Thursday to
  
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• Illinois insurance regulator approves Aetna purchase of Humana

  27-06-2016 19:13
  
  NEW YORK (Reuters) - The Illinois Department of Insurance has approved Aetna Inc'sproposed $34 billion acquisition of Humana Incprovided it is approved by the U.S. Department of Justice,...
  
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• Some Deutsche Boerse investors seek better LSE merger terms post Brexit

  27-06-2016 19:08
  
  FRANKFURT (Reuters) - Some Deutsche Boerseshareholders are urging the exchanges group to seek more favorable terms in its planned merger with the London Stock Exchange Group (LSE)after Britain's...
  
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• British government puts sale of RBS, Lloyds stakes on hold after Brexit vote: sources

  27-06-2016 19:03 via news.yahoo.com
  
  Britain's government has scrapped plans to sell stakes in Royal Bank of Scotland and Lloyds Banking Group this year in the wake of the Brexit vote, sources said, a decision set to leave a multi-billion pound hole in its finances. The Treasury had planned to further reduce its exposure to the banks it took over during the financial crisis, by raising 9 billion pounds ($11.9 billion) via sales of stock to fund managers and a discounted offer to the public. While decisions to put financial asset sa
  
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• Brexit sets Dow, S&P up for worst two-day drop in 10 months

  27-06-2016 18:58 via news.yahoo.com
  
  The S&P financial index was down nearly 2.48 percent by early afternoon as investors fret about London's future as the region's finance capital and fading chances of a U.S. Federal Reserve rate hike. JPMorgan , down 3.2 percent, and Bank of America , down 5.4 percent, were among the biggest drags on the S&P 500. Britons moves to exit the EU confounded expectations and triggered a selloff on Friday that eroded $2.08 trillion in market capitalization globally - the biggest one-day loss eve
  
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• BRIEF-John Hammons Hotels & Resorts files for Chapter 11 to implement financial restructuring

  27-06-2016 18:44
  
  * Family of cos, revocable trust of John Q. Hammons have
  filed Chapter 11 to implement financial restructuring
  
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• Brexit vote wipes $130 billion off FTSE 100 in 2 days; banks slump

  27-06-2016 18:40 via news.yahoo.com
  LONDON (Reuters) - Britain's top share index extended the previous session's steep losses on Monday as the country's vote last week to leave the European Union hurled it into political and economic uncertainty, hitting banks, housebuilders and airlines hard.
  
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• Factbox: Impact of Russian sanctions on trade ties with Turkey

  27-06-2016 18:39 via news.yahoo.com
  (Reuters) - Turkish President Tayyip Erdogan has written to Russian leader Vladimir Putin to apologize over the shooting down of a Russian air force jet by Turkey's military, the Kremlin said on Monday, opening the way for Moscow to lift economic sanctions. The Russian jet was shot down, with the loss of the pilot, last November while it took part in Moscow's military campaign in Syria. Moscow denied that was the case.
  
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• Cohen’s Point72 to relocate New York offices to 55 Hudson Yards

  27-06-2016 18:25
  
  NEW YORK (Reuters) - Point72 Asset Management, billionaire Steve Cohen's family office which manages about $11 billion, said Monday that the firm will consolidate its New York offices in 2018,...
  
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• Brexit fallout crushes financial stocks

  27-06-2016 17:33 via news.yahoo.com
  
  U.S. bank stocks led a steep decline on Wall Street on Monday as aftershocks from Britain's vote to leave the European Union roiled global markets for a second day. The S&P financial index was down nearly 3 percent by late morning, with investors increasingly worrying about London's future as the region's finance capital. JPMorgan fell 3.7 percent, while Bank of America dropped 5.4 percent.
  
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• U.S. banks' stress tests may offer comfort in Brexit tumult

  27-06-2016 17:29
  
  NEW YORK (Reuters) - The stress tests created for banks by U.S. regulators after the 2008 financial crisis may prove their worth this week, providing a timely message on banks' hardiness in the midst...
  
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• U.S. officials try to calm markets, urge 'responsible' UK-EU divorce

  27-06-2016 17:18 via news.yahoo.com
  
  Senior Obama administration officials sought to calm jittery markets on Monday, insisting there was no financial crisis brewing after Britain's vote to leave the European Union and urging officials on both sides to take a "responsible" approach to the looming separation. "There's no question that this is an additional headwind, but I think that it is something that we can manage through and Europe and the UK can manage through," Lew said in an interview on CNBC. The U.S. stock market on Monday f
  
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• Kremlin says Turkey apologized for shooting down Russian jet

  27-06-2016 16:55 via news.yahoo.com
  
  By Jack Stubbs and Dmitry Solovyov MOSCOW (Reuters) - Turkish President Tayyip Erdogan has apologized to Russian leader Vladimir Putin over last year's shooting down of a Russian air force jet by Turkey's military, the Kremlin said on Monday, opening the way for Russia to lift economic sanctions. The Russian jet was shot down, with the loss of the pilot, in November while it took part in the Kremlin's military campaign in Syria. "I want to once again express my sympathy and deep condolences to t
  
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• Post-Brexit slowdown fears hit holiday firms, builders and airlines

  27-06-2016 16:46 via news.yahoo.com
  
  By Paul Sandle LONDON (Reuters) - Airlines, holiday companies and housebuilders joined British banks in bearing the brunt of Brexit-induced market turmoil on Monday, which analysts said reflected expectations Britain was headed for recession following its vote to leave the EU. The FTSE 250 index , which is more closely aligned to the British economy than the multi-national heavy FTSE 100 , was down 12.8 percent in the two days of trading since Thursday's vote. The FTSE 100 was down 5.2 percent,
  
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• Moldovan court jails ex-PM for nine years for abuse of power

  27-06-2016 16:44 via news.yahoo.com
  
  By Alexander Tanas CHISINAU (Reuters) - Former Moldovan prime minister Vlad Filat was sentenced on Monday to nine years in prison for abuse of power, a charge his lawyer said was a politically motivated attempt to humiliate him. Filat was arrested during a parliamentary session last October after months of mass street protests over the disappearance of $1 billion from the banking sector, equivalent to one-eighth of the tiny ex-Soviet republic's economy. Prosecutor Adriana Betisor, who had sought
  
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• Brexit vote sends new shocks through financial markets, political chaos deepens

  27-06-2016 16:31 via news.yahoo.com
  
  By Kylie MacLellan and Anirban Nag LONDON (Reuters) - Britain's decision to leave the European Union sent new shockwaves through financial markets on Monday, with the pound falling despite the country's leaders' attempts to ease political and economic turmoil unleashed by the move. Finance minister George Osborne said the British economy was strong enough to cope with the volatility caused by Thursday's referendum, the biggest blow since World War Two to the European goal of forging greater unit
  
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• MIDEAST STOCKS-Banks hold back Saudi as nearby markets tick higher

  27-06-2016 16:20 via news.yahoo.com
  * Egypt rebounds from post-Brexit vote plunge * CIB down despite scrapping of CEO term limits * Small and mid-cap stocks lift Dubai * Union Properties favoured for rental business By Celine Aswad DUBAI, June 27 (Reuters) - Banks were the main drag on Saudi Arabia's stock market on Monday as investors grew wary before second-quarter financial results, while most other Middle East bourses recovered some of the losses from the sell-off after Britain's Brexit vote. Riyadh's benchmark fell by 0.2 per
  
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• Wall Street - Financial stocks reel under Brexit impact

  27-06-2016 16:06 via news.yahoo.com
  
  Financial stocks led Wall Street sharply lower on Monday in the aftermath of a shock vote by Britons to leave the European Union. JPMorgan fell 2 percent, while Bank of America was down 3 percent. European stocks were hammered for a second day and the sterling fell more than 2 percent.
  
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• Naspers freezes African pay-TV prices as customers feel cash crunch

  27-06-2016 16:03 via news.yahoo.com
  
  Africa's largest provider of pay-television services Naspers has kept prices on the continent unchanged to halt a decline in subscriber numbers, its chief executive said on Monday. Naspers, the biggest listed firm on the continent, which sells access to popular American series and blockbuster movies in 50 countries in Africa and the Indian Ocean via its Multichoice unit, reported an 18 percent rise in full-year profit on Friday, but flagged pay-TV as a drag on its performance. Weaker currencies
  
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• UK bank shares plunge as Brexit spooks investors

  27-06-2016 15:58
  
  LONDON (Reuters) - Shares in UK banks plunged on Monday as fears over the fallout from Britain's decision to leave the European Union sparked earnings downgrades and sell-offs by shell-shocked...
  
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• C$ weakens slightly as Brexit shockwaves weigh

  27-06-2016 15:44 via news.yahoo.com
  
  The Canadian dollar edged lower against its U.S. counterpart on Monday as Britain's vote to leave the European Union sent new shockwaves through financial markets, weighing on Canada's risk-sensitive currency. Canada's commodity-linked economy will suffer weaker growth because of Britain's vote to leave the EU, which has put the prospect of Canadian interest rate cuts back on the table. Overnight index swaps implied a 33-percent chance of a Bank of Canada rate cut this year after having been pri
  
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• US Treasury's Lew says Brexit 'headwind' manageable

  27-06-2016 15:37 via news.yahoo.com
  
  US Treasury Secretary Jacob Lew said Monday that Britain's vote to leave the European Union was a "headwind" for the global economy but appears unlikely to trigger a financial crisis. "There is no question this is an additional headwind," Lew said in an interview on CNBC television. The Treasury chief said the Brexit vote last Thursday, which roiled financial markets in its wake, did not seem to be a financial storm brewing.
  
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