Finance news

• Canadian manufacturing growth slows in June

  04-07-2016 21:16 via news.yahoo.com
  
  The pace of growth in Canada's manufacturing sector stepped back in June as measures of output, new business and employment all fell, data showed on Monday, the latest sign Canada's economy is struggling to gain momentum. The RBC Canadian Manufacturing Purchasing Managers' index (PMI), a measure of manufacturing business conditions, dipped to a seasonally adjusted 51.8 last month from 52.1 in May. It was the fourth month in a row the index has been above the 50 threshold that indicates growth in
  
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• Brazil's Oleo e Gas restarts Tubarão Martelo oil field

  04-07-2016 19:00
  
  RIO DE JANEIRO, July 4 (Reuters) - Brazil's Óleo e Gás
  Participações SA, which has been under bankruptcy
  protection for nearly three years, said on Monday it has
  restarted output from its Tubarão...
  
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• EMERGING MARKETS-Brazil stocks rise as CPFL jumps in thin trade

  04-07-2016 18:22
  
  By Bruno Federowski and Paula Arend LaierSAO PAULO, July 4 (Reuters) - Brazilian equities rose on
  Monday as shares of CPFL Energia SA jumped on news
  that the world's largest utility, China's...
  
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• GLOBAL MARKETS-European, UK shares snap winning streak, silver surges

  04-07-2016 18:05
  
  LONDON, July 4 (Reuters) - The post-Brexit recovery across
  European markets sputtered to a halt on Monday with major equity
  indices lower and safe-haven demand for precious metals helping
  the price...
  
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• Chancellor Osborne says meeting major banks on Tuesday for post-Brexit talks

  04-07-2016 18:05 via news.yahoo.com
  British Chancellor George Osborne will meet heads of major banks on Tuesday to discuss how the country should respond to the decision to leave the European Union. "I have had numerous conversations with various business leaders and indeed leaders of financial institutions over the last 10 days," Osborne told parliament. "Tomorrow I am meeting the heads of some of the major banks as well to discuss how we proceed." Osborne said the UK's public finances would be impacted by a cyclical downturn, bu
  
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• UK's Osborne says meeting major banks on Tuesday for post-Brexit talks

  04-07-2016 18:02
  
  LONDON, July 4 (Reuters) - British finance minister George
  Osborne will meet heads of major banks on Tuesday to discuss how
  the country should respond to the decision to leave the European
  Union.
  
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• FTSE's post-Brexit recovery falters as property stocks weaken

  04-07-2016 17:59
  
  LONDON, July 4 (Reuters) - Britain's top shares index
  retreated from a 10-month high on Monday as weaker property and
  housebuilding stocks weighed on the market and halted its
  rebound from a slump...
  
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• UPDATE 1-Brazil eyes extra 10 bln reais from hydroelectric auctions -sources

  04-07-2016 17:53
  
  BRASILIA, July 4 (Reuters) - The Brazilian government
  expects to collect an extra 10 billion reais in 2017 with the
  auction of several hydroelectric power plants in the south of
  the country, three...
  
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• UPDATE 3-Russian central bank started buying Chinese yuan assets last year

  04-07-2016 17:43
  
  MOSCOW, July 4 (Reuters) - Russia's central bank started
  buying Chinese yuan-denominated assets in the fourth quarter of
  last year as part of its drive to diversify its foreign-currency
  reserves and...
  
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• UPDATE 2-Italian yields rise as post-Brexit slide in euro zone borrowing costs halts

  04-07-2016 17:38
  
  LONDON, July 4 (Reuters) - Italian government bonds rose on
  Monday as worries about the country's banks and some 20 billion
  euros of issuance in the region this week combined to brake a
  post-Brexit...
  
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• Brazil eyes extra 10 bln reais from hydroelectric auctions -sources

  04-07-2016 17:32
  
  BRASILIA, July 4 (Reuters) - The Brazilian government
  expects to collect an extra 10 billion reais in 2017 with the
  auction of several hydroelectric power plants in the south of
  the country, three...
  
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• Bank of Canada survey shows subdued business sentiment

  04-07-2016 17:22 via news.yahoo.com
  
  By David Ljunggren OTTAWA (Reuters) - Canadian business sentiment remained subdued in the second quarter, as the drag of cheaper oil and modest domestic demand canceled out the boost from foreign demand, the Bank of Canada said on Monday. The central bank's quarterly Business Outlook Survey is the latest sign the economy is still struggling with the energy sector slump. The survey, concluded before Britain's shock vote to leave the European Union on June 23, reported a sharp divergence between c
  
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• UPDATE 2-Bank of Canada survey shows subdued business sentiment

  04-07-2016 17:17
  
  OTTAWA, July 4 (Reuters) - Canadian business sentiment
  remained subdued in the second quarter, as the drag of cheaper
  oil and modest domestic demand canceled out the boost from
  foreign demand, the...
  
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• UPDATE 1-Brazil's Gol still looking for solution to debt issues -CFO

  04-07-2016 17:09
  
  SAO PAULO, July 4 (Reuters) - Brazilian airline Gol Linhas
  Aereas SA is still looking for ways to resolve its
  costly debt load, a senior executive said on Monday,
  renegotiating bank loans this month...
  
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• UPDATE 2-Poland announces big shakeup in pension system

  04-07-2016 16:35
  
  * Also will help government to keep lid on public debt(Recasts with comments, background)
  
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• UPDATE 2-ECB asks Italy's Monte dei Paschi to slash bad loans

  04-07-2016 16:32
  
  MILAN, July 4 (Reuters) - The European Central Bank has
  asked Italy's third-largest lender, Banca Monte dei Paschi di
  Siena, to slash its bad debts by 40 percent over three
  years, heaping more...
  
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• Stocks dip in Europe amid thin trading, US shut for holiday

  04-07-2016 16:32 via news.yahoo.com
  
  BEIJING (AP) — European stock markets slipped Monday, despite gains earlier in Asia, as investors awaited more clarity on Britain's future outside the European Union and a U.S. holiday kept trading volumes thin.
  
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• UK plans lower corporation tax to cushion hit from Brexit

  04-07-2016 16:31 via news.yahoo.com
  
  By William Schomberg and Conor Humphries LONDON/DUBLIN (Reuters) - Britain has announced plans to cut corporation tax to less than 15 percent in an attempt to cushion the shock of the country's decision to leave the European Union, raising the prospect of competitive tax cuts across the bloc. Chancellor George Osborne told the Financial Times he wanted to build a "super competitive economy" with low business taxes and a global focus, signalling a determination to remain in his job when a new pri
  
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• Zimbabwe police fire teargas as taxi drivers' protest turns violent

  04-07-2016 15:55 via news.yahoo.com
  
  A protest by Zimbabwean taxi drivers against a police crackdown turned violent on Monday when residents joined in and hurled rocks at police, who fired teargas to disperse the rioters. In the last month, Zimbabwe has witnessed spontaneous protests against government corruption, shortages of money and government plans to circulate local bank notes as the southern African nation struggles with a drought and a slowing economy. Zimbabwean taxi drivers, along with owners of taxi firms, accuse police
  
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• France's Macron - Corporate tax should not be first priority for UK

  04-07-2016 14:33 via news.yahoo.com
  France's Economy Minister Emmanuel Macron said on Monday that taking action on corporate tax should not be the priority for the British government as it comes to terms with a referendum vote to leave the European Union. Britain announced plans earlier on Monday to cut corporation tax to less than 15 percent in an attempt to cushion the shock of the country's decision to leave the European Union, raising the prospect of competitive tax cuts across the bloc. Asked for his reaction, Macron told Reu
  
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• BRIEF-LSE shares down 0.5 pct after co's shareholders approve LSE-Deutsche Boerse merger

  04-07-2016 14:31
  
  * Shares in London Stock Exchange down 0.5 pct after its
  shareholders vote to approve LSE-Deutsche Boerse mergerFurther company coverage:
  (Bengaluru Newsroom)
  
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• Weaker property stocks halt FTSE's post-Brexit recovery

  04-07-2016 14:27
  
  LONDON, July 4 (Reuters) - Britain's top shares index fell
  on Monday, as weaker property and housebuilding stocks weighed
  on the market and halted its rebound from a slump caused by the
  UK's decision...
  
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• UK to slash corporation tax to cushion hit from Brexit

  04-07-2016 13:23 via news.yahoo.com
  
  By William Schomberg and Conor Humphries LONDON/DUBLIN (Reuters) - Britain has announced plans to cut corporation tax to less than 15 percent in an attempt to cushion the shock of the country's decision to leave the European Union, raising the prospect of competitive tax cuts across the bloc. Finance minister George Osborne told the Financial Times he wanted to build a "super competitive economy" with low business taxes and a global focus. The new rate, which was announced without a target date,
  
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• German new car sales rise in June

  04-07-2016 13:03 via news.yahoo.com
  
  New car registrations in Germany, a key indicator of demand in Europe's top economy, rose strongly in June, official data showed on Monday. A total of 339,600 new cars were registered last month, up eight percent from the figure for the same month in 2015, according to data compiled by the car manufacturers' federation VDA. Taking the six months to June as a whole, new registrations were up seven percent at 1.734 million cars over the same period a year earlier, VDA calculated.
  
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• UPDATE 1-West China Cement shares plunge after Anhui Conch scraps deal

  04-07-2016 13:00
  
  * 24 pct share decline follows steep share slide last week(Recasts and adds analyst comment)
  
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• Turkey proposes cooperation with Russia in fighting Islamic State

  04-07-2016 12:19 via news.yahoo.com
  
  ANKARA/MOSCOW (Reuters) - Turkey has proposed cooperating with Moscow to combat Islamic State in Syria, suggesting it could open its Incirlik Air Base to Russia - comments that highlight a revival in ties strained by Turkey's shooting down of a Russian warplane last year. Moscow pledged to rebuild relations after Turkish President Tayyip Erdogan last week expressed regret over the shooting down of the aircraft, with the loss of the pilot, near the Syrian frontier. Moscow had broken off virtually
  
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• CORRECTED-West China Cement shares plunge after Anhui Conch scraps deal

  04-07-2016 12:03
  
  HONG KONG, July 4 (Reuters) - Shares in West China Cement
  Ltd fell as much as 35 percent on Monday after larger
  rival Anhui Conch Cement Co Ltdscrapped a
  planned takeover of the Hong Kong-listed...
  
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• BUZZ-UK builders: Brexit concerns grow after construction data, analyst cautions

  04-07-2016 12:00
  
  ** UK's housing and commercial builders spend another day in the red, dominate the FTSE 100
  losers list as data shows Britain's construction industry suffered its worst contraction
  in 7 yrs in June
  
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• Turkey proposes cooperation with Russia in fighting IS: foreign minister

  04-07-2016 11:18 via news.yahoo.com
  
  Turkey has proposed cooperating with Moscow to combat Islamic State in Syria, suggesting it could open its Incirlik Air Base to Russia - comments that highlighted a revival in ties strained by Turkey's shooting down of a Russian warplane last year. Moscow pledged to rebuild relations after Turkish President Tayyip Erdogan last week expressed regret over the shooting down of the aircraft, with the loss of the pilot, near the Syrian frontier. Moscow had broken off virtually all economic ties and b
  
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• European, UK shares snap winning streak, silver surges

  04-07-2016 11:05 via news.yahoo.com
  
  By Vikram Subhedar LONDON (Reuters) - A post-Brexit recovery across European markets stalled on Monday with major share indexes mixed while safe-haven demand for precious metals helped the price of silver surge to a near-two year high. Earlier in the day, the Australian dollar recovered from a wobbly start caused by political uncertainty while Asian shares and base metal prices rose, partly on expectations of economic stimulus from China. Positioning is not washed out, market internals are not p
  
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• Britain's FTSE 100 rises to build on post-Brexit recovery

  04-07-2016 10:38
  
  LONDON, July 4 (Reuters) - Britain's top shares index rose
  on Monday, as firmer mining stocks helped the market build on
  last week's recovery from a slump caused by the UK's decision to
  leave the...
  
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• ECB asks Italy's Monte dei Paschi to cut bad loans by 30 pct

  04-07-2016 10:29
  
  MILAN, July 4 (Reuters) - Ailing Italian bank Monte dei
  Paschi di Siena, the country's third-biggest lender, said on
  Monday the European Central Bank had told it to cut
  non-performing loans by 30...
  
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• South Africa's rand firms, stocks set to open higher

  04-07-2016 10:15 via news.yahoo.com
  
  South Africa's rand firmed in early trade on Monday as it continued its recovery from a Brexit-triggered slump, but traders remained wary before a slew of local and global economic data later in the week. "Data has been largely ignored in the past two weeks but there is no getting away from Friday’s U.S. payrolls data," Rand Merchant Bank analyst John Cairns said in a note. Cairns said locally, focus was on huge capital inflows after Johannesburg Stock Exchange (JSE) data showed 19 billion
  
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• Botswana's economy grows 1.8 percent in first quarter

  04-07-2016 10:13 via news.yahoo.com
  GABORONE (Reuters) - Botswana's economy grew 1.8 percent quarter-on-quarter in the three months to end-March versus a 4.9 percent expansion in the fourth quarter of 2015, data from the statistics office showed. On a year-on-year basis, gross domestic product (GDP) growth was at 2.8 percent in Q1 after contracting by 1.9 percent in Q4. (Writing by Olivia Kumwenda-Mtambo; Editing by Ed Cropley)
  
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• Precious metals miners set new peaks, Randgold hits record high

  04-07-2016 09:50
  
  LONDON, July 4 (Reuters) - London-listed shares of precious
  metals miners advanced to new highs on Monday, tracking gains in
  gold and silver prices, with Randgold Resources climbing
  to a record high...
  
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• Asian stocks climb, Aussie recovers as markets digest uncertain election

  04-07-2016 09:01 via news.yahoo.com
  
  TOKYO/SINGAPORE (Reuters) - Asian shares shrugged off early losses and edged higher on Monday, while pressure on the Australian dollar eased after Moody's played down political uncertainties that could threaten the country's credit ratings after weekend elections. European markets are poised for a mixed start with financial spreadbetter CMC Markets expecting Britain's FTSE 100 to open up 0.3 percent, Germany's DAX to be little changed and France's CAC 40 to start the day 0.1 percent lower. Inves
  
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• Ratings threat as political uncertainty weighs on Australia

  04-07-2016 08:49 via news.yahoo.com
  
  A potential hung parliament is bad news for Australia's economy and investment markets, economists said Monday, with warnings that political paralysis threatens the nation's coveted AAA credit rating. It adds to the global trend of rising political uncertainty, amid concern about Donald Trump's run for the White House and Britain's vote to leave the European Union.
  
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• BOJ should refrain from easing, eye tapering: former board member Shirai

  04-07-2016 08:18 via news.yahoo.com
  
  TOKYO (Reuters) - The Bank of Japan should refrain from expanding monetary stimulus, including at this month's policy meeting, as borrowing costs are already very low and the economy is in fairly good shape, former BOJ board member Sayuri Shirai said on Monday.
  
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• Asian stocks rise on post-Brexit easing expectations

  04-07-2016 08:09 via news.yahoo.com
  
  BEIJING (AP) — Asian stocks rose Monday following Wall Street's gains as expectations increased that central banks might ease monetary policy following Britain's vote to leave the European Union.
  
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• Brexit vote shakes up London property market

  04-07-2016 08:07 via news.yahoo.com
  
  By Ana Nicolaci da Costa LONDON (Reuters) - The aftershocks of Britain's decision to leave the European Union have hit the property sector over the past week, with a foreign bank freezing loans for buyers and some investors pulling out of commercial deals. London property has long been a magnet for foreign investors, be it extravagant homes or iconic commercial real estate, and prices in the capital have sky-rocketed. Key to overseas investors will be whether the fall in the value of sterling is
  
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• Asian stocks recoup losses, Aussie wobbles on uncertain election

  04-07-2016 04:45 via news.yahoo.com
  
  Asian shares shrugged off early losses and edged higher on Monday, while the Australian dollar was under pressure after no clear winner emerged from a weekend election. Investors also continued to take stock of the potential financial market and economic fallout from the Brexit vote after days of volatile trade that followed in its wake. While Australian politics usually have a muted impact on broader markets, the vote count so far suggests possible policy paralysis ahead which could pose a thre
  
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• FOREX-Aussie dlr unsettled by political uncertainty, others calmer

  04-07-2016 01:34
  
  * Other major currencies steadier as Brexit continues to
  fade
  
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• Australia in limbo as vote counting in tight election to take days

  04-07-2016 01:32 via news.yahoo.com
  
  By Jane Wardell and Wayne Cole SYDNEY (Reuters) - Vote counting resumed on Monday in a dramatic Australian federal election but a winner is not expected to be announced for several days, raising the prospect of prolonged political and economic instability. The exceptionally close vote leaves Prime Minister Malcolm Turnbull chasing support from key independent and minor parties - the very groups he called a risky double dissolution election to circumvent - to retain power. The opposition Labor Pa
  
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• In race to be Asia's fintech hub, Singapore leads Hong Kong

  04-07-2016 01:27 via news.yahoo.com
  
  By Saeed Azhar and Marius Zaharia SINGAPORE (Reuters) - Singapore is rushing to reinvent itself as Asia's financial technology, or fintech, hub to fend off a regulatory threat to its wealth management industry and revive a sluggish economy. State funding, light-touch regulation and a recent move to allow start-ups to test financial products in a controlled environment have put Singapore ahead of rival Hong Kong to be Asia's fintech hotspot. Much like Uber, Airbnb and others have harnessed techno
  
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• Australia's Treasury Wine Estates sells US brand portfolio

  04-07-2016 01:13
  
  SYDNEY, July 4 (Reuters) - Australia's Treasury Wine Estates
  Ltd, the world's largest stand-alone winemaker, said
  Monday it would sell 12 U.S. wine brands.
  
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• Wall St Week Ahead-RPT-After market spasm, Wall Street looks past Brexit

  04-07-2016 01:02
  
  SAN FRANCISCO, July 1 (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...
  
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• FEATURE-Californians seek pot of gold in marijuana legalization

  04-07-2016 01:02
  
  SACRAMENTO, Calif., July 3 (Reuters) - There is no guarantee
  California will vote to legalize recreational marijuana in
  November, but political operative and father of four Daniel
  Conway has already...
  
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• Why LSE investors’ votes may be wasted

  04-07-2016 01:00
  
  Heard on the Street: Brexit threatens to crack the common regulatory ground in Europe and derail the merger
  
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• US and European buyout firms face writedowns

  04-07-2016 01:00
  
  Fall in the FTSE 250 combines with collapse in sterling to deliver blow to firms that account in dollars or euros
  
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• UBS calls on top dealmaker for Middle East mega-merger

  04-07-2016 01:00
  
  UBS and its Swiss rival Credit Suisse start the second half in style – working on a record-breaking banking merger in the Gulf
  
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