Finance news

• Berkshire applies to boost Wells Fargo stake above 10 percent

  01-07-2016 23:48
  
  (Reuters) - Warren Buffett's Berkshire Hathaway Inc has applied to increase its ownership stake in Wells Fargo & Co past the 10 percent level that could prompt increased regulatory scrutiny, the...
  
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• UPDATE 4-Tesla crash raises concerns about autonomous vehicle regulation

  01-07-2016 23:35
  
  July 1 (Reuters) - The fatal crash of a Tesla Motors Inc
  Model S in Autopilot mode has turned up pressure on
  auto industry executives and regulators to ensure that automated
  driving technology is...
  
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• U.S. municipal bond sales total just $1.6 bln next week

  01-07-2016 23:29
  
  July 1 (Reuters) - U.S. municipal bond and note sales will
  total just $1.6 billion during next week's shortened calendar
  because of the July 4th holiday, compared with nearly $9 billion
  this week,...
  
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• Australia votes in dead-heat polls as PM seeks mandate for reform

  01-07-2016 23:12 via news.yahoo.com
  
  By Matt Siegel SYDNEY (Reuters) - Australia votes in a dead-heat general election on Saturday, with Prime Minister Malcolm Turnbull warning of economic chaos if his gamble on an early poll backfires and leaves him without the outright majority he needs to enact major reforms. The leader of Australia's conservative Liberal Party-led coalition prompted the election by dissolving both houses of parliament in May, blaming intransigent independents in the upper house Senate for blocking his agenda. T
  
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• Aetna launches Medicare Advantage asset sale: sources

  01-07-2016 23:09
  
  (Reuters) - Aetna Inc has launched an auction to sell a portfolio of Medicare Advantage assets as it seeks antitrust approval for its $37 billion acquisition of U.S. health insurance peer Humana Inc,...
  
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• After market spasm, Wall Street looks past Brexit

  01-07-2016 22:50 via news.yahoo.com
  
  By Noel Randewich SAN FRANCISCO (Reuters) - A week-long convulsion in U.S. stocks induced by Britain's vote to leave the European Union has left some on Wall Street feeling a little bit better thanks to stronger expectations of prolonged low interest rates. The result of the June 23 referendum has created a bounty of uncertainty about the future of the United Kingdom, Europe and the global economy.
  
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• Bond yields sink as markets eye central bank action

  01-07-2016 22:38 via news.yahoo.com
  
  Global stock markets climbed for a fourth day and government bond yields around the world hit their lowest levels in years on Friday, driven by the prospect of further cuts in interest rates and more central bank bond buying to support weak economies. Signs that the world's big central banks will go even easier on monetary conditions, extending an era of ultra-low interest rates, have helped drive a recovery for stock markets after a short bout of volatility following Britain's vote to leave the
  
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• Wall Street ends higher for fourth straight day

  01-07-2016 22:32 via news.yahoo.com
  
  The S&P 500 tallied its best week since November, staging a strong rebound from its worst two-day decline in 10 months sparked by Britain's shock vote last week to leave the European Union. "Clearly, people have assessed that either, one, it's not a big deal, or, two, it’s not going to happen at all, and they’re positioning according to those views," said Walter Todd, chief investment officer at Greenwood Capital in Greenwood, South Carolina. The Dow Jones industrial average rose
  
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• Personal projects are key to dream job, says Facebook's creative 'rebel'

  01-07-2016 22:32 via news.yahoo.com
  
  San José (AFP) - Standing out from the crowd in today's digital economy isn't easy, but the key might be pursuing personal projects more than polishing CVs, according to a senior member of Facebook's creative team. Diving into a passion and making it public can bring valuable exposure and teach more skills that any amount of corporate ladder-climbing, Ji Lee, creative strategist at Facebook and its Instagram unit, told a conference in Costa Rica on Thursday. "Today every individual, if yo
  
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• Wall Street up for fourth day on manufacturing lift

  01-07-2016 22:13 via news.yahoo.com
  
  NEW YORK (Reuters) - The major U.S. stock indexes rose modestly on Friday, for a fourth straight day of gains, helped by encouraging U.S. manufacturing data. The Dow Jones industrial average rose 19.38 points, or 0.11 percent, to 17,949.37, the S&P 500 gained 4.09 points, or 0.19 percent, to 2,102.95 and the Nasdaq Composite added 19.90 points, or 0.41 percent, to 4,862.57. (Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)
  
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• Wall Street edges higher, pacing to fourth day of gains

  01-07-2016 20:57 via news.yahoo.com
  
  The S&P 500 was on track for its best week since November, staging a strong rebound after its worst two-day decline in 10 months after Britain's shock vote last week to leave the European Union. The Dow Jones industrial average was up 18.97 points, or 0.11 percent, at 17,948.96, the S&P 500 had gained 2.98 points, or 0.14 percent, at 2,101.84 and the Nasdaq Composite added 14.28 points, or 0.29 percent, at 4,856.95. Six of the 10 major S&P sectors were higher, with the consumer discr
  
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• Loeb's Third Point, Renaissance Technolgies funds gain in June

  01-07-2016 20:46
  
  BOSTON (Reuters) - Hedge funds Third Point and Renaissance Technologies told clients they made money in June, three people familiar with their numbers said on Friday.
  
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• Medical courier Marken up for sale: sources

  01-07-2016 20:31
  
  (Reuters) - Privately held U.S. cold-storage medical shipper Marken is exploring a sale that could value it at more than $1 billion, including debt, according to people familiar with the matter.
  
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• Ackman's Pershing Square hedge fund cuts eight staffers

  01-07-2016 20:21
  
  BOSTON (Reuters) - Billionaire investor William Ackman, whose hedge fund is having double digit losses this year, cut 10 percent of his staff this week when he laid off eight lower-level employees, a...
  
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• U.S. muni market debt sales dip to $214.5 billion in first half of year

  01-07-2016 20:13
  
  (Reuters) - Sales of debt by states, cities, schools and other issuers in the U.S. municipal bond market dipped to $214.5 billion in the first half of 2016, down 0.2 percent from the same period in...
  
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• U.S. factory data, auto sales improve, construction spending slips

  01-07-2016 20:11 via news.yahoo.com
  
  U.S. factory activity expanded at a healthy pace in June as new orders, output and exports rose, new industry data showed on Friday, providing another sign that U.S. economic growth was regaining its footing after weakness early this year. Despite signs of strength in other sectors of the economy, the weaker construction data could prompt some economists to trim back their second-quarter growth estimates and could help reinforce the Federal Reserve's view that there is currently too much uncerta
  
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• US stock indexes edge higher in afternoon trading

  01-07-2016 19:54 via news.yahoo.com
  
  Consumer-focused companies led U.S. stock indexes modestly higher in afternoon trading Friday, extending the market's gains to a fourth day. Financial and utilities stocks were among the laggards. Investors were weighing new economic data and company earnings news.
  
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• London bankers face Brexit choice: lobby or leave

  01-07-2016 19:13
  
  LONDON (Reuters) - A week after Britons voted themselves out of the European Union,many London-based bankers and their employers face two options if they are to secure their futures: lobby or leave.
  
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• South African assets firm as leading central banks seen keeping rates low

  01-07-2016 19:06 via news.yahoo.com
  South Africa's currency and stocks firmed alongside other emerging market assets on Friday as investors bet that leading central banks would keep rates low to minimise the damage to the global economy after Britons voted to exit the European Union. A hint from the Bank of England on Thursday that interest rates would be cut in the coming months gave risk appetite a further boost and strengthened the view that the U.S. Federal Reserve would hold rates in the coming months. "Although there is stil
  
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• Brazil M&A set to gain traction as political turmoil eases

  01-07-2016 18:55
  
  SAO PAULO (Reuters) - The value of mergers and acquisitions in Brazil in the second quarter jumped by the most in a year, as optimism over easing political and economic tensions lured investors back...
  
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• Wall Street gains as data points to improving economy

  01-07-2016 18:42 via news.yahoo.com
  
  (Reuters) - U.S. stocks extended their gains and were up for the fourth straight day on Friday as strong manufacturing data boosted prospects for an improvement in the economy.
  
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• UK shelves balanced budget goal as Brexit vote roils economy

  01-07-2016 18:33 via news.yahoo.com
  
  LONDON (AP) — Britain's Treasury chief on Friday abandoned the government's long-held goal of balancing the nation's books by 2020, warning that the country's vote to leave the European Union had sent shock waves and instability through the U.K. economy.
  
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• EU should give UK a quick and fair exit deal: Bundesbank

  01-07-2016 18:04 via news.yahoo.com
  
  The European Union should give Britain a quick and fair exit deal to minimise the economic cost and not hinder the process for the sake of setting a political example, Bundesbank President Jens Weidmann said on Friday. "Neither side has an interest in putting up trade barriers," Weidmann, who also sits on the European Central Bank's Governing Council, said in a speech. "But the EU should also not give the UK a better treatment than it does to Switzerland and Norway." He also said that while Brex
  
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• Most Brazilians unhappy with interim president: poll

  01-07-2016 18:02 via news.yahoo.com
  An overwhelming majority of Brazilians do not approve of interim President Michel Temer's style of government or trust him after six weeks in office, a survey by pollster CNI/Ibope showed on Friday. The survey comes as Latin America's biggest country continues to suffer through economic recession and political turmoil. It is the first published by a major polling firm since Temer took over following the May suspension of President Dilma Rousseff because of ongoing impeachment proceedings.
  
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• Wall Street extends gains on robust manufacturing data

  01-07-2016 18:01 via news.yahoo.com
  
  The S&P 500 and the Dow were on track for their best weekly gains since October, recovering sharply from a bruising selloff after Britain voted to quit the European Union. Data from the Institute for Supply Management (ISM) showed its index of national factory activity rose to 53.2, topping expectations of 51.4, according to a Reuters poll. "It's been a wild ride, but positive economic momentum in the United States has and continues to be a ray of sunshine," said Daniel Kern, chief investmen
  
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• Post-Brexit rebound sees FTSE setting biggest weekly rise since 2011

  01-07-2016 17:58
  
  LONDON, July 1 (Reuters) - Britain's top share index climbed
  to a 10-month high on Friday and recorded its biggest weekly
  rise in 4-1/2 years, as hopes of fresh Bank of England stimulus
  lent momentum...
  
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• Traffic deaths surged in 2015 as driving hit new record

  01-07-2016 17:48 via news.yahoo.com
  WASHINGTON (AP) — Traffic deaths surged last year as drivers racked up more miles behind the wheel than ever before, a result of an improved economy and lower gas prices, according to preliminary government data released Friday.
  
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• U.S. small cap stocks shake off Brexit shock, for now

  01-07-2016 17:47
  
  NEW YORK (Reuters) - U.S. small-cap stocks have clawed back most of the losses they sustained after Britain’s vote last week to leave the European Union rattled market confidence in riskier assets.
  
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• U.S. growth seen holding above 2 percent: N.Y. Fed

  01-07-2016 17:41 via news.yahoo.com
  
  The U.S. economy remained on track to expand a tad above 2 percent in the coming months as this week's data hinted at moderate growth in consumer spending and a rebound in factory activity, the New York Federal Reserve said on Friday. The regional central bank said its Nowcast model showed the gross domestic product likely grew at a 2.08 percent annualized pace in the second quarter, compared with a 2.11 percent estimate a week ago.
  
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• EU extends Russia sanctions to Jan 2017

  01-07-2016 17:29 via news.yahoo.com
  
  The European Union on Friday formally extended damaging economic sanctions against Russia by six months due to a lack of progress in resolving the conflict in eastern Ukraine. Russia immediately blasted the "short-sighted" move and said it would not make Moscow change course. The measures target the oil, financial and defence sectors of the Russian economy and were first imposed after the shooting down of Malaysia Airlines flight MH17 in July 2014, blamed on pro-Moscow rebels in eastern Ukraine.
  
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• Fed's Fischer watching how quickly Brexit unfolds: CNBC

  01-07-2016 17:08 via news.yahoo.com
  
  The U.S. economy has shown signs of improvement in recent weeks but the Federal Reserve expects it will take some time before it can assess the impact of Britain's vote to leave the European Union, Fed Vice Chair Stanley Fischer said on Friday. A June 3 report showing a sharp slowdown in hiring during May and the risks around Britain's June 23 Brexit vote have raised concerns at the Fed over whether the U.S. economy was ready for more interest rate increases. More recent economic data has eased
  
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• U.S. factory activity improves, construction spending slips

  01-07-2016 17:05 via news.yahoo.com
  
  The Institute for Supply Management reported on Friday that its national factory index rose to 53.2 in June from 51.3 in May. A reading above 50 indicates expansion in the manufacturing sector, which accounts for about 12 percent of the U.S. economy. Outlays on private residential construction were flat, while spending on private nonresidential construction was down 0.7 percent.
  
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• Stock market majors launch electronic book mechanism

  01-07-2016 16:48 via news.yahoo.com
  BSE and the National Stock Exchange of India (NSE) -- on Friday launched the electronic book mechanism (EBM) for issuance of debt securities on private placement. The BSE launched its "BSE BOND" for issuance of debt securities on private placement basis. "The first placement of bond through BSE BOND was raised by HDB Financial Services Limited with an issue size of Rs 100 crore, which was fully subscribed," the BSE said in a statement.
  
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• With Brexit clouding outlook, U.S. payrolls to tilt focus back to Fed

  01-07-2016 16:33 via news.yahoo.com
  
  By Hugh Lawson LONDON (Reuters) - Investors will start to peek beyond the Brexit-dominated headlines in the coming week to gauge the outlook for the global economy, and what impact an expected rebound in U.S. job creation will have on central banks eyeing looser policy. Britain's shock vote to leave the European Union has cast a cloud of doubt over the world economic outlook that is unlikely to clear for months to come as economists - and central banks like the U.S. Federal Reserve - see how the
  
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• Wall Street opens flat as rough week draws to a close

  01-07-2016 16:18 via news.yahoo.com
  
  The recovery rally was supported by Bank of England Governor Mark Carney's comments on Thursday that raised the possibility of interest rate cuts to support the British economy. "I think we are going to have a slow drift up," said Brad McMillan, chief investment officer of Commonwealth Financial Network in Massachusetts. At 9:37 a.m. ET (1337 GMT), the Dow Jones Industrial Average was up 12.84 points, or 0.07 percent, at 17,942.83, the S&P 500 was up 2.37 points, or 0.11 percent, at 2,101.23
  
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• Wall St opens flat as rough week draws to a close

  01-07-2016 16:09 via news.yahoo.com
  
  Wall Street opened higher for the fourth straight day as increased prospects of central bank stimulus around the world bolstered investor confidence. The recovery rally was supported by Bank of England Governor Mark Carney's comments on Thursday that raised the possibility of interest rate cuts to support the British economy. "I think we are going to have a slow drift up," said Brad McMillan, chief investment officer of Commonwealth Financial Network in Massachusetts.
  
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• South Africa's rand firmer as leading central banks seen keeping rates low

  01-07-2016 16:05 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - South Africa's rand firmed alongside other emerging market currencies on Friday as investors bet that leading central banks would keep rates low to minimise the damage to the global economy after Britons voted to exit the European Union. The rand strengthened to 14.5000 versus the greenback, up 1.5 percent from Thursday's close. Government bonds also climbed higher, with the yield on debt due in 2026 falling 15 basis points to 8.69 percent. (Reporting by Stella Mapenzaus
  
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• UK's Osborne drops 2020 budget surplus target after Brexit vote

  01-07-2016 16:00 via news.yahoo.com
  By William Schomberg LONDON (Reuters) - Finance minister George Osborne on Friday gave up his centerpiece policy of turning Britain's budget deficit into a surplus by 2020, faced with potential economic stress following the country's shock decision to leave the European Union. It was the latest setback for Osborne who was once considered a future British leader but who has not put himself forward to succeed Prime Minister David Cameron after the two men failed in their campaign to keep Britain i
  
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• Angola's central bank lifts benchmark lending rate by 200 basis points to 16 pct

  01-07-2016 15:47 via news.yahoo.com
  LUANDA (Reuters) - Angola's central bank raised its benchmark interest rate by 200 basis points to 16 percent on Thursday, it said on its website. The southern African nation, one of the continent's two largest oil producers, has been hit hard by the slump in global crude prices, which has ramped up pressure on its kwanza currency and increased the prices of goods in the economy, the central bank said. (Writing by TJ Strydom)
  
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• Wall Street opens flat as investors assess Brexit damage

  01-07-2016 15:38 via news.yahoo.com
  
  (Reuters) - U.S. stocks opened flat on Friday, the first day of the third quarter, as investors assessed their positions after a tumultuous week following Britain's vote to leave the European Union.
  
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• Osborne drops 2020 budget surplus target after Brexit vote

  01-07-2016 15:32 via news.yahoo.com
  
  By William Schomberg LONDON (Reuters) - Chancellor George Osborne on Friday gave up his centrepiece policy of turning Britain's budget deficit into a surplus by 2020, faced with potential economic stress following the country's shock decision to leave the European Union. It was the latest setback for Osborne who was once considered a future British leader but who has not put himself forward to succeed Prime Minister David Cameron after the two men failed in their campaign to keep Britain in the
  
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• Wall Street set to open flat as rough week draws to a close

  01-07-2016 14:56 via news.yahoo.com
  
  Wall Street closed higher on Thursday on prospects that the Bank of England could cut interest rates to support the British economy. "I think we are going to have a slow drift up," said Brad McMillan, chief investment officer of Commonwealth Financial Network in Massachusetts.
  
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• Deutsche Telekom looks to sell off German mobile masts: sources

  01-07-2016 14:44
  
  FRANKFURT (Reuters) - Deutsche Telekomis preparing to sell thousands of German mobile phone masts in a potential 5 billion-euro ($5.5 billion) deal as it seeks to free up funds for investing in its...
  
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• Tesla shares slip following fatality, but damage seen limited

  01-07-2016 14:34
  
  July 1 (Reuters) - Tesla Motors Inc's shares were
  down about 2 percent in premarket trading, with at least one
  analyst saying that worries stemming from the first fatality
  involving the company's...
  
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• Italian bank guarantee scheme has a ceiling of 150 bln euros - source

  01-07-2016 14:20
  
  MILAN, July 1 (Reuters) - A scheme set up by the Italian
  government to guarantee liquidity for domestic banks in the
  event of a financial crisis has a ceiling of 150 billion euros
  ($167 billion), a...
  
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• Puerto Rico faces historic default as rescue bill approved

  01-07-2016 13:36 via news.yahoo.com
  
  SAN JUAN, Puerto Rico (AP) — Puerto Rico faced a historic default Friday as the U.S. territory prepared to enter unchartered waters under the guidance of a newly enacted federal control board to oversee the island's finances amid a dire economic crisis.
  
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• EU prolongs economic sanctions on Russia until 31 Jan 2017

  01-07-2016 13:21 via news.yahoo.com
  
  The European Union on Friday extended its economic sanctions on Russia until the end of January next year in a widely expected decision after EU leaders called for more progress in bringing peace to eastern Ukraine. "Having assessed the implementation of the Minsk agreements, the Council decided to renew the sanctions for a further six months, until 31 January 2017," the Council of European governments said, referring to the Minsk peace deal. The EU and the United States imposed sanctions on Rus
  
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• Morocco GDP growth dips to 1.4 pct year-on-year in second quarter

  01-07-2016 13:20 via news.yahoo.com
  
  Morocco's economic growth fell to 1.4 percent year-on-year in the second quarter of 2016, slowing from 1.7 percent in the previous three months, due to a severe drought that hit the agricultural sector, the planning agency said on Friday. Compared to a year earlier, agricultural output fell 12.1 percent while HCP underlined a decline in the growth pattern of domestic consumption due to rising prices and unemployment. Domestic consumption has been a key engine of growth in the North African kingd
  
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• Germany offers incentives to buyers of electric cars

  01-07-2016 13:09 via news.yahoo.com
  
  The German economy ministry said a special incentive to persuade consumers to buy electric cars will finally come into effect on Saturday. "The purchase premium for electric cars begins on July 2," said Economy Minister Sigmar Gabriel on Friday. From this weekend, buyers of fully electric cars will receive a purchase premium of 4,000 euros ($4,444), with the carmakers and the government footing the bill equally.
  
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• Euro zone recovery strengthens but Brexit fallout a risk: Praet

  01-07-2016 12:50 via news.yahoo.com
  
  The euro zone's economy is recovering but still faces a number of risks, including the fallout from Britain's vote to leave the European Union, the European Central Bank's chief economist said on Friday. "The ongoing recovery has shown signs of strengthening," Peter Praet said in remarks prepared for a speech in London. "And the ECB is determined to continue playing its pivotal role in consolidating the upswing in the economic cycle.
  
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