Finance news

• Migration key to new relationship, Cameron tells EU

  28-06-2016 23:10 via news.yahoo.com
  By Gabriela Baczynska and Robert-Jan Bartunek BRUSSELS (Reuters) - Outgoing Prime Minister David Cameron told European Union leaders on Tuesday that Britain's future relations with the bloc it voted last week to leave would depend on the EU's willingness to allow it to curb free movement of workers. Cameron, who resigned after losing a referendum on remaining in the EU last week, told what may be his last summit of the 28-nation bloc he hoped the United Kingdom would maintain as close as possibl
  
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• AP FACT CHECK: Trump's vision improbably resembles past

  28-06-2016 22:52 via news.yahoo.com
  
  WASHINGTON (AP) — Donald Trump laid out an economic future Tuesday that improbably resembles the past, declaring "it will be American steel" that once again builds gleaming skyscrapers and fortifies the bridges and American factories that broadly revive a manufacturing economy long gone.
  
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• Short sellers ramp up bets against Tesla, SolarCity shares: S3 Partners

  28-06-2016 22:46
  
  NEW YORK (Reuters) - Bets against both Tesla Motors Inc and SolarCity Corp shares have risen after Elon Musk announced a proposed merger last week, but any further bets will be small as both stocks...
  
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• Congressional watchdog expands probe of lax Wall Street oversight

  28-06-2016 22:34 via news.yahoo.com
  
  By Jonathan Spicer NEW YORK (Reuters) - A U.S. congressional watchdog said on Tuesday it has formally added three agencies to its investigation into whether government regulators are too soft on the banks they are meant to police. In March, Reuters exclusively reported that the Government Accountability Office (GAO) was preparing a probe of the U.S. Federal Reserve and other to-be-determined regulators, in response to a request by Democratic U.S. Representatives Maxine Waters and Al Green for it
  
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• Wall Street bounces back after two-day Brexit rout

  28-06-2016 22:29 via news.yahoo.com
  
  Wall Street bounced back on Tuesday, recouping some recent losses, as investors sought cheap assets after a two-day equities rout sparked by Britain's decision to leave the European Union. U.S. indexes joined stock markets around the world in the rebound after global equity markets had shed $3 trillion in value in the two days following Britain's shock vote, according to S&P Dow Jones Indices. "So I think you’ve seen a bit of bargain-hunting." The Dow Jones industrial average rose 269.
  
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• Airbnb seeks funds valuing it at $30 billion: source

  28-06-2016 22:20
  
  (Reuters) - Apartment-sharing startup Airbnb is in talks for a new round of funding that would value the company at $30 billion, a source close to the company said on Tuesday.
  
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• Economic espionage a 'tremendous problem': U.S. attorney general

  28-06-2016 22:18 via news.yahoo.com
  
  PHOENIX (Reuters) - U.S. Attorney General Loretta Lynch said on Tuesday fighting economic espionage was a priority for the Department of Justice. Interviewed by Reuters in Phoenix, she said: "When it comes to economic espionage, this is in fact a tremendous problem because ... be they individuals or be they state actors ... essentially they're stealing from future generations also. We take these matters very seriously... It is a matter of priority for us." (Reporting by Julia Edwards in Phoenix;
  
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• REFILE-UPDATE 1-Draghi sees Brexit vote hitting euro zone growth by up to 0.5 pct over 3 years - official

  28-06-2016 22:15
  
  BERLIN, June 28 (Reuters) - European Central Bank President
  Mario Draghi told EU leaders on Tuesday the euro zone's
  cumulative growth may be between 0.3 and 0.5 less over the next
  three years than...
  
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• Democratic Senator Wyden says he will vote for Puerto Rico debt bill

  28-06-2016 22:06
  
  WASHINGTON, June 28 (Reuters) - Democratic U.S. Senator Ron
  Wyden said on Tuesday he will vote for a crucial Puerto Rico
  debt restructuring bill, saying it was the best alternative for
  the...
  
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• Moody's cuts outlook on UK banking system, 12 banks after Brexit

  28-06-2016 22:02
  
  June 28 (Reuters) - Moody's Investors Service cut its
  outlook on the UK banking system to 'negative' from 'stable' on
  Tuesday, citing the referendum vote in favor of the UK leaving
  the European Union.
  
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• U.S. Supreme Court to weigh Miami predatory lending lawsuit

  28-06-2016 22:01
  
  WASHINGTON (Reuters) - The U.S. Supreme Court on Tuesday agreed to decide whether Miami can pursue lawsuits accusing major banks of predatory mortgage lending to black and Hispanic home buyers...
  
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• UPDATE 2-U.S. Supreme Court to weigh Miami predatory lending lawsuit

  28-06-2016 21:59
  
  WASHINGTON, June 28 (Reuters) - The U.S. Supreme Court on
  Tuesday agreed to decide whether Miami can pursue lawsuits
  accusing major banks of predatory mortgage lending to black and
  Hispanic home...
  
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• UPDATE 1-Brazil central gov't posts biggest deficit ever for May

  28-06-2016 21:59
  
  BRASILIA, June 28 (Reuters) - Brazil's central government on
  Tuesday recorded its biggest primary budget deficit ever for the
  month of May, with revenues down and the economy stuck in a
  second year...
  
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• U.S. SEC proposes rule on transition plans for investment advisers

  28-06-2016 21:53
  
  WASHINGTON (Reuters) - The top U.S. securities regulator on Tuesday proposed a rule intended to ensure that investors are not harmed when asset managers fall on hard times or close up shop.
  
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• BRIEF-Airbnb raising a new round of funding at $30 bln valuation - source

  28-06-2016 21:46
  
  * Airbnb is raising a new round of funding at a $30 billion
  valuation - source close to the company
  
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• TREASURIES-U.S. bonds firm as growth worries offset stock rebound

  28-06-2016 21:43
  
  * U.S. bond demand persists after Brexit vote outcome* Quarter-end demand seen supporting longer-dated Treasuries* Investors most bullish on U.S. bonds since 2010 - J.P.
  Morgan(Update...
  
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• AP FACT CHECK: Overstatements in Trump's economic speech

  28-06-2016 21:43 via news.yahoo.com
  
  WASHINGTON (AP) — Donald Trump laid out economic ideas in a speech in Pennsylvania on Tuesday that did not always deal squarely with economic realities. A look at some of his statements and how they compare with the facts:
  
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• BRIEF-Cintas says unit entered seventh amendment agreement with Keybank National Association - SEC filing

  28-06-2016 21:41
  
  * On June 23, 2016, co'swholly-owned unit entered into a
  seventh amendment agreement with Keybank National Association -
  SEC filing
  
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• TREASURIES-U.S. bonds add gains after Moody's move on UK banks

  28-06-2016 21:28
  
  NEW YORK, June 28 (Reuters) - Longer-dated U.S. Treasury
  prices ticked up slightly late Tuesday after Moody's changed its
  outlook on 12 UK banks and building societies following
  Britain's vote to...
  
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• Wall Street licks its wounds after two-day Brexit rout

  28-06-2016 20:57 via news.yahoo.com
  
  Wall Street recouped some recent losses on Tuesday as investors sought cheap assets after a two-day equities rout sparked by Britain's decision to leave the European Union. U.S. indexes joined stock markets around the world in the rebound after global equity markets had shed $3 trillion in value in the two days following Britain's shock vote, according to S&P Dow Jones Indices. "People are starting to say maybe this is going to take longer than they thought and maybe the impacts on the U.S.
  
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• Canada primary dealers push back rate hike forecast after Brexit

  28-06-2016 20:55 via news.yahoo.com
  
  By Fergal Smith and Leah Schnurr TORONTO/OTTAWA (Reuters) - Expectations for the next Bank of Canada interest rate hike have been pushed back to the first quarter of 2018, according to a Reuters poll of primary dealers, who expect Britain's vote to leave the European Union to weigh on Canada's economy. Primary dealers, the institutions that deal directly with the Bank of Canada at debt auctions, had previously expected a rate hike in the last quarter of 2017, according to a poll taken in late Ma
  
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• Zimbabwe restores electricity after losing half of its daily supply

  28-06-2016 20:44 via news.yahoo.com
  Zimbabwe restored electricity on Tuesday after earlier losing half of its daily supply following a technical hitch that disrupted business in an economy struggling to overcome a commodities downturn and severe drought. "All supplies are now back to normal levels after our power restoration efforts," state power company ZESA Holdings spokesman Fullard Gwasira told Reuters. A large amount of the power lost is generated at Zimbabwe's Kariba hydro power plant while the rest is made up of imports fro
  
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• US stocks rebound as anxiety over British vote eases

  28-06-2016 20:38 via news.yahoo.com
  
  Encouraging data on the U.S. economy and housing market helped lift U.S. stock indexes higher in afternoon trading Tuesday. The rebound followed even bigger gains in Europe as global markets recovered from a two-day rout triggered by Britain's vote to leave the European Union.
  
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• EU Commission to opt for simple approval for Canada deal: EU official

  28-06-2016 19:53 via news.yahoo.com
  
  The European Commission will propose next week a simple approval procedure for a planned EU-Canada trade deal in a bid to speed up the adoption of an agreement seen as a controversial in many EU capitals. Commission President Jean-Claude Juncker told EU leaders meeting on Tuesday that the Commission would make its proposal on July 5 that the Comprehensive Economic and Trade Agreement (CETA) would be an "EU-only" agreement, an EU official said. Trade Commissioner Cecelia Malmstrom has said she ho
  
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• Wall Street climbs after Brexit-sparked selloff

  28-06-2016 19:17 via news.yahoo.com
  
  Wall Street was higher on Tuesday as investors rushed to buy cheap after Britain's decision to leave the European Union wiped off $3 trillion from global markets over the last two trading days. Morgan Stanley, Bank of America, Citigroup and JPMorgan were all up more than 2.5 percent while Goldman Sachs rose 1 percent. Global equities commenced a downward spiral on Friday as investors scrambled to safe havens such as the yen and gold after the referendum threw questions over the future of the Eur
  
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• Q&A: Royal thoughts and life lessons from the prince next door

  28-06-2016 18:25
  
  NEW YORK (Reuters) - Among the wealthy, there is new money and old money. Then there is really old money.
  
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• U.S. first-quarter GDP revised up, Brexit risk to outlook

  28-06-2016 18:19 via news.yahoo.com
  
  U.S. economic growth slowed in the first quarter but not as sharply as previously estimated, with gains in exports and software investment partially offsetting weak consumer spending. Gross domestic product increased at a 1.1 percent annual rate, rather than the 0.8 percent pace reported last month, the Commerce Department said on Tuesday in its third GDP estimate. "The test comes in the next few months as the turbulence in financial markets may affect consumers' behavior and also weigh on busin
  
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• 'Brexiteer' Farage booed in rowdy EU parliament debate

  28-06-2016 17:54 via news.yahoo.com
  By Francesco Guarascio and Alissa de Carbonnel BRUSSELS (Reuters) - Leading Brexit campaigner Nigel Farage was booed and heckled in a raucous special session of the European Parliament on Tuesday as he accused the EU of imposing a superstate on its citizens and predicted other countries would leave the bloc like Britain. Facing Farage, who sat with a British "Union Jack" flag planted on the table in front of him, European Commission President Jean-Claude Juncker asked: "Why are you here?" When F
  
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• FTSE closes higher after post-Brexit slump, insurers rally

  28-06-2016 17:43
  
  LONDON, June 28 (Reuters) - Britain's top share index
  bounced back on Tuesday following two straight sessions of steep
  losses as insurers and banks, hit hard in the aftermath of
  Britain's decision to...
  
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• Soros had Deutsche Bank "short" bet at time of Brexit fallout

  28-06-2016 17:40
  
  FRANKFURT, June 28 (Reuters) - Billionaire investor George
  Soros took out a bet of more than 100 million euros ($111
  million) that Deutsche Bank shares would fall at the
  time of Britain's vote to...
  
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• BRIEF-UniCredit shares turn negative, down 1.8 percent

  28-06-2016 17:29
  
  * shares turn negative, down 1.8 percent
  Further company coverage:
  (Reporting by Milan newsroom)
  
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• EU leaders tell Britain to exit swiftly, market rout halts

  28-06-2016 17:22 via news.yahoo.com
  
  By Michael Holden and Elizabeth Piper LONDON/BRUSSELS (Reuters) - European leaders told Britain on Tuesday to act quickly to resolve the political and economic chaos unleashed by its vote to leave the European Union, a move the IMF said could put pressure on global growth. British Finance Minister George Osborne, whose attempt to calm markets had fallen on deaf ears on Monday, said the country would have to cut spending and raise taxes to stabilize the economy after a third credit ratings agency
  
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• UPDATE 2-Fastjet investors vote to keep chairman, shares drop on funds woes

  28-06-2016 17:20
  
  June 28 (Reuters) - Fastjet Plc investors voted to
  retain Chairman Colin Child, defeating a move by the African
  budget carrier's second-largest shareholder to force out a
  second top executive within...
  
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• Wall Street moves higher after Brexit-induced selloff

  28-06-2016 17:18 via news.yahoo.com
  
  Banks, which were the worst hit since the referendum on Thursday, were among the most attractive stocks for bargain hunters. Morgan Stanley , Bank of America , Citigroup and JPMorgan were all up more than 2.5 percent while Goldman Sachs rose 1 percent.
  
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• Wall St moves higher after Brexit-induced selloff

  28-06-2016 17:16 via news.yahoo.com
  
  Wall Street was higher on Tuesday as investors rushed to pick up stocks after Britain's decision to leave the European Union sparked a massive two-day selloff in global markets. Banks, which were the worst hit since the referendum on Thursday, were among the most attractive stocks for bargain hunters. Morgan Stanley, Bank of America, Citigroup and JPMorgan were all up more than 2.5 percent while Goldman Sachs rose 1 percent.
  
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• Business leaders see pain, seek opportunity in British EU exit

  28-06-2016 17:07 via news.yahoo.com
  
  Britain is heading for an economic disaster and Chinese investors have already pulled investments in the wake of Britain’s vote to exit the European Union, Richard Branson, the boss of Virgin Group said. "I met with a group of Chinese businessmen yesterday morning who have invested heavily in England and who are now going to stop investing and withdraw investments they've already made," Branson told the Guardian newspaper. Warren East, chief executive of Rolls-Royce, Britain's biggest manu
  
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• FTSE rebounds after post-Brexit slump, insurers lead

  28-06-2016 17:03
  
  LONDON, June 28 (Reuters) - Britain's top share index
  bounced back on Tuesday following two straight sessions of steep
  losses as insurers and banks, hit hard in the aftermath of
  Britain's decision to...
  
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• Supreme Court agrees to review ATM fee antitrust lawsuit

  28-06-2016 16:32
  
  WASHINGTON (Reuters) - The U.S. Supreme Court on Tuesday agreed to hear appeals by Visa Inc, Mastercard Inc and several U.S. banks seeking to throw out lawsuits claiming they conspired to inflate the...
  
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• US raises first-quarter growth estimate to 1.1%

  28-06-2016 16:22 via news.yahoo.com
  
  The US economy grew a bit more strongly than thought in the first quarter but the modest pace was the weakest in a year, revised official data showed Tuesday. Growth in gross domestic product -- the broad measure of the world's largest economy's output in goods and services -- was revised upward to 1.1 percent from the previous estimate of 0.8 percent, the Commerce Department said. "US economic growth, as measured by GDP, took another winter vacation," said Scott Hoyt of Moody's Analytics.
  
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• Oracle expects to gain market share in Brazil: CEO

  28-06-2016 16:22 via news.yahoo.com
  
  SAO PAULO (Reuters) - Business software maker Oracle Corp expects to gain "a ton" of market share in Brazil, Chief Executive Mark Hurd said on Tuesday, adding that hiring has become easier during the economic downturn.
  
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• Wall Street rebounds as post-Brexit bargain hunt begins

  28-06-2016 16:09 via news.yahoo.com
  
  Morgan Stanley , Bank of America , Citigroup and JPMorgan were all up more than 2.5 percent while Goldman Sachs rose 1 percent. "I think this is a short-lived rally," said Paul Nolte, portfolio manager as Kingsview Asset Management.
  
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• S&P: No other EU downgrades post-Brexit, will look at UK banks

  28-06-2016 16:07 via news.yahoo.com
  
  Standard and Poor's said on Tuesday it had no plans to downgrade any other EU country in the wake of Britain's Brexit vote and that it will decide if any UK banks ratings should be cut in the coming weeks. "This does not lead to mechanical changes (in bank ratings)," S&P banking sector analyst Giles Edwards said on a webcast. S&P chopped the UK's credit rating by two notches to AA and kept it on a 'negative outlook' on Monday in the wake of last week's vote to leave the European Union.
  
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• Ireland hopeful of damage limitation as Fitch warns on Brexit

  28-06-2016 16:04 via news.yahoo.com
  By Padraic Halpin DUBLIN (Reuters) - Ireland is "quietly hopeful" it can avoid a big shock from whatever post-Brexit settlement Britain reaches with the EU, finance minister Michael Noonan said on Tuesday, as Fitch warned that an adverse outcome could impact Ireland's credit rating. Ireland, Europe's fastest-growing economy last year, is considered to have more to lose than any fellow European Union member after its nearest neighbor and biggest trade partner voted to quit the bloc. "If there are
  
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• Ratings agency S&P says expects BoE to help UK to dodge recession

  28-06-2016 15:56 via news.yahoo.com
  
  Britain is likely to avoid entering recession after voting to leave the European Union if the Bank of England cuts interest and restarts its quantitative easing programme, ratings agency Standard & Poor's said on Tuesday. On Monday S&P stripped Britain of its triple-A credit status, downgrading it by two notches and assigning a negative outlook due to the weaker economic outlook and more complicated relations with the EU. "Brexit is likely to represent a drag of about 1.2 percent of GDP
  
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• Wall Street opens higher as bargain hunt begins

  28-06-2016 15:37 via news.yahoo.com
  
  (Reuters) - U.S. stocks opened sharply higher on Tuesday as investors rushed to pick up stocks beaten down by the fears and uncertainty surrounding Britain's decision to exit the European Union.
  
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• London Mayor Khan demands more autonomy after Brexit vote

  28-06-2016 15:24 via news.yahoo.com
  
  By Kylie MacLellan LONDON (Reuters) - London should swiftly be granted more autonomy to help it ride out the economic uncertainty unleashed by Britain's vote to leave the European Union, Mayor Sadiq Khan said on Tuesday. While the United Kingdom voted 52 to 48 percent to leave the bloc, London voted to remain, unlike most of the rest of England. Since then, more than 175,000 people have signed an online petition calling for London to become an independent city-state.
  
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• Special EU-UK trade deal may be inevitable even if years in making

  28-06-2016 15:21 via news.yahoo.com
  By Philip Blenkinsop BRUSSELS (Reuters) - With no suitable ready-made deal, the European Union and Britain could face years of negotiations to find a settlement that balances London's wish to maximize access to EU markets with its demand to regain sovereignty and limit migration. The EU's off-the-shelf model, the European Economic Area, extending EU markets to Norway, Iceland and Liechtenstein, ticks the box of securing market access, although excludes agriculture and fisheries. The City of Lond
  
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• U.S. first-quarter GDP revised higher, but consumer spending weak

  28-06-2016 15:16 via news.yahoo.com
  
  U.S. economic growth slowed in the first quarter but not as sharply as previously estimated, with gains in exports and software investment partially offsetting weak consumer spending. Gross domestic product increased at a 1.1 percent annual rate, rather than the 0.8 percent pace reported last month, the Commerce Department said on Tuesday in its third GDP estimate. First-quarter GDP growth has now be revised higher by six-tenths of a point since the advance estimate was published in April.
  
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• U.S. first-quarter GDP growth revised up to 1.1 percent

  28-06-2016 15:10 via news.yahoo.com
  
  U.S. economic growth slowed in the first quarter but not as sharply as previously estimated, with gains in exports and investment in software partially offsetting weak consumer spending. First-quarter GDP growth has now be revised higher by six-tenths of a point since the advance estimate was published in April. Federal Reserve Chair Janet Yellen told lawmakers last week that data pointed to "a noticeable step-up" in GDP growth in the second quarter.
  
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• Europe presses Britain for swift exit to limit global fallout

  28-06-2016 15:08 via news.yahoo.com
  
  By Michael Holden and Elizabeth Piper LONDON/BRUSSELS (Reuters) - European leaders told Britain on Tuesday to act quickly to resolve the political and economic chaos unleashed by its vote to leave the European Union, a move the IMF said could put pressure on global growth. British finance minister George Osborne, whose attempt to calm markets fell on deaf ears on Monday, said the country would have to cut spending and raise taxes to stabilize the economy after a third credit ratings agency downg
  
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