Finance news

• European stocks rise; US stocks mixed ahead of jobs data

  07-07-2016 23:44 via news.yahoo.com
  
  New York (AFP) - European stocks rose Thursday following dovish ECB meeting minutes and disappointing German economic data as Wall Street investors looked ahead to a key US jobs report.
  
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• BRIEF-New Gulf Resources emerges from bankruptcy

  07-07-2016 23:29
  
  * Co and certain subsidiaries completed its financial
  restructuring and emerged from chapter 11 on May 13 , 2016
  
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• U.S. agrees to clean-up deal with bankrupt miner, hopes for payment

  07-07-2016 23:09
  
  July 7 (Reuters) - The U.S. government agreed to a mine
  clean-up deal that allows coal producer Alpha Natural Resources
  to exit bankruptcy, despite concerns that Alpha will be unable
  to fund $400...
  
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• IRS probes Facebook over Ireland asset transfer

  07-07-2016 22:33 via news.yahoo.com
  
  The U.S. Justice Department filed a lawsuit on Wednesday in federal court in San Francisco seeking to enforce IRS summonses served on Facebook and to force the world's largest social network to produce various documents as part of the probe. The lawsuit said the documents relate to an IRS examination of the company's tax liability for 2010, when Facebook's tax return reported royalty income from transfers of intangible property to Facebook Ireland Holdings Unlimited.
  
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• S&P, Dow end down; energy weighs

  07-07-2016 22:09 via news.yahoo.com
  
  NEW YORK (Reuters) - The S&P 500 and the Dow ended lower on Thursday, dragged down by energy shares, but gains in Costco and tech shares lifted the Nasdaq. Based on the latest available data, the Dow Jones industrial average was down 23.64 points, or 0.13 percent, to 17,894.98, the S&P 500 had lost 1.87 points, or 0.09 percent, to 2,097.86 and the Nasdaq Composite had added 17.65 points, or 0.36 percent, to 4,876.81. (Reporting by Caroline Valetkevitch; Editing by James Dalgleish)
  
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• Dividend-focused fund managers find more appeal in U.S. consumer stocks

  07-07-2016 21:53
  
  NEW YORK (Reuters) - Fund managers on the hunt for dividends find themselves wading into the shares of consumer companies that typically attract investors looking for growth instead.
  
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• Coupa Software hires investment banks for IPO: sources

  07-07-2016 21:45 via news.yahoo.com
  Coupa Software Inc, a U.S. provider of applications that help companies run their financial affairs, has hired investment banks for an initial public offering that could come later this year, people familiar with the matter said on Thursday. Coupa would be one of the largest software companies looking to float on the U.S. stock market this year, which has seen few IPOs due to market volatility. It would come on the heels of an offering by communications software maker Twilio Inc , which went pub
  
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• Once red-hot, UK real estate investments run into trouble

  07-07-2016 21:37 via news.yahoo.com
  By Sujata Rao LONDON (Reuters) - Commercial real estate has hit the headlines this week, a victim of the recent Brexit vote which has left over $20 billion trapped in funds that not long ago promised investors a slice of London's red-hot property market Money placed in real estate vehicles managed by big asset management firms such as Standard Life and Henderson may have yielded strong returns during the boom years, but with the pound in freefall and Britain headed toward economic recession, the
  
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• Venezuela state workers claim supporting Maduro recall costs them their jobs

  07-07-2016 21:20 via news.yahoo.com
  
  Seniat, Corpoelec and the information ministry did not respond to requests for comment. Low oil prices and a collapsing socialist economy have left Venezuela suffering from triple-digit inflation and chronic product shortages, helping fuel the opposition's recall campaign. "We will review (the signatures) one by one, if there is director of Ministry X, Y or Z signing to recall Nicolas Maduro, they must leave their position immediately," said Socialist Party Vice President Diosdado Cabello said i
  
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• US tax authorities query Facebook on Ireland dealings

  07-07-2016 21:17 via news.yahoo.com
  
  US tax authorities are asking Facebook to turn over documents for an investigation into the social networking giant's dealings with its Irish subsidiary, court documents show. In a petition filed in federal court in San Francisco, the Internal Revenue Service said it is "conducting an examination of the federal income tax liability" for Facebook in 2010. Some of the firms have taken advantage of tax breaks offered from Ireland, Belgium and Luxembourg.
  
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• Brazil's suspended lower house speaker resigns

  07-07-2016 21:12 via news.yahoo.com
  
  By Maria Carolina Marcello and Alonso Soto BRASILIA (Reuters) - The corruption-tainted speaker of the lower house of Brazil's Congress announced his resignation on Thursday, ending months of political bickering that threatened to deepen a legislative stalemate blamed for keeping the economy mired in recession. An emotional Eduardo Cunha, who had already been suspended from his speakership duties, said with a cracking voice that he was the victim of persecution for starting the process to impeach
  
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• Trump adviser, on Moscow visit, dodges questions about U.S. policy on Russia

  07-07-2016 20:58 via news.yahoo.com
  A foreign-policy adviser to U.S. presidential candidate Donald Trump avoided all questions about how the United States should shape its policy toward Russia on a visit to Moscow on Thursday. Carter Page said at a lecture he gave to students and business figures organized by Moscow's New Economic School that he did not want to comment on the U.S. election campaign.
  
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• World stocks up, Wall St. drops ahead of jobs report

  07-07-2016 20:33 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - World stocks broadly climbed as riskier assets like equities received a bump from positive U.S. data, though U.S. equities and long-dated Treasury yields fell along with oil prices amid investor caution ahead of Friday's non-farm payrolls report. Wall Street initially opened higher as strong private sector employment data and a drop in jobless claims pointed to a steadying labor market ahead of the key monthly payrolls report, but reversed course to follow oi
  
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• EU Commission begins deficit sanction procedure for Spain, Portugal

  07-07-2016 20:27 via news.yahoo.com
  By Francesco Guarascio BRUSSELS (Reuters) - The European Commission began formal disciplinary procedures against Spain and Portugal on Thursday for their excessive deficits in 2014 and 2015, which may lead to fines for the two countries before the end of July. Both had deficits greater than the European Union's limit of 3 percent of gross domestic product in the past two years and failed to correct the deficits quickly enough, the Commission said. Spanish Economy Minister Luis de Guindos said hi
  
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• Global stocks up, Wall St drops ahead of jobs report

  07-07-2016 20:21 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - World stocks broadly climbed as riskier assets like equities received a bump from positive U.S. data, though U.S. equities and long-dated Treasury yields fell along with oil prices amid investor caution ahead of Friday's non-farm payrolls report. Wall Street initially opened higher as strong private sector employment data and a drop in jobless claims pointed to a steadying labour market ahead of the key monthly payrolls report, but reversed course to follow o
  
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• Bank of Canada to hold rates to late 2017, Brexit immediate risk: Reuters poll

  07-07-2016 20:11 via news.yahoo.com
  
  The Bank of Canada will keep interest rates unchanged for at least another year given the still-depressed price of oil, a major export, and risks to global economic growth from Britain's shock vote to leave the European Union, a Reuters poll found. "Brexit could lead to slower world growth including (in) the U.S. which would hurt Canada's exports, which the BoC sees as the key to growth," said James Blumenthal, chief Canada market analyst at Informa Global Markets.
  
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• Poland wants emigrants in Britain to return, just not yet

  07-07-2016 20:01 via news.yahoo.com
  By Justyna Pawlak and Pawel Sobczak WARSAW (Reuters) - Poland's eurosceptic government has long said it would like Poles living in Britain to return home, but it is now promising to fight for their right to stay after the British vote to leave the European Union. The roughly 800,000 Poles resident in Britain helped stimulate an emotive debate over record high immigration that helped the "Leave" side win the June 23 referendum on EU membership, and the conditions under which Poles may be able to
  
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• Four firms cut value of UK property funds, Aberdeen fund extends suspension

  07-07-2016 19:01 via news.yahoo.com
  
  By Carolyn Cohn and Simon Jessop LONDON (Reuters) - Four fund managers cut the value of their UK property funds and a fifth extended a 24-hour trading suspension on Thursday, as the industry seeks to stem a tide of redemption requests since Britain's vote to leave the European Union. A slump in the value of the pound and volatile stock markets since the referendum on June 23 have unnerved investors who are worried that the uncertainty will slow down business investment in Britain and hit demand
  
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• S&P and Dow waver, Nasdaq pares gains as oil prices drop

  07-07-2016 18:55 via news.yahoo.com
  
  The S&P 500 and the Dow fluctuated between small gains and losses, while the Nasdaq pared some gains on Thursday, as the impact of strong labor market data was offset by a drop in oil prices. Oil prices fell more than 3 percent, wiping out early gains after the U.S. government reported a weekly crude draw that was within analysts' forecasts, while market optimists expected larger declines.
  
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• EU declares Spain, Portugal in violation of budget rules

  07-07-2016 18:48 via news.yahoo.com
  
  The European Commission on Thursday officially declared Spain and Portugal in violation of the EU public spending rules, the first step towards what would be unprecedented penalties against members of the 28-country bloc. The commission, the EU's executive arm, set the countdown to possible sanctions despite fears that austerity orthodoxy by Brussels will further stoke anti-EU populism in the wake of the Brexit vote and slow a weak economic recovery. Many EU powers led by Germany have long hoped
  
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• South African cenbank should hold rates to shore up growth, IMF says

  07-07-2016 18:44 via news.yahoo.com
  
  By Olivia Kumwenda-Mtambo JOHANNESBURG (Reuters) - South Africa's ailing economy will at best barely grow this year and its central bank should resist the temptation to raise interest rates further, the International Monetary Fund said on Thursday. There were also risks to its lowered outlook, it said, stemming "mainly from linkages with China, heightened global financial volatility, and domestic politics and policies that are perceived to harm confidence." The country has been beset by politica
  
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• IMF's Lagarde warns against Trump-style protectionism: FT

  07-07-2016 18:26 via news.yahoo.com
  
  International Monetary Fund Managing Director Christine Lagarde warned in an interview published on Thursday that anti-trade policies like those championed by Republican presidential candidate Donald Trump risked a protectionist movement that could severely damage global growth. Lagarde told the Financial Times that with Britain's vote to leave the European Union already casting a shadow over global growth, the imposition of new trade barriers in another larger economy could have "disastrous" ef
  
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• S&P, Dow little changed ahead of crucial jobs data

  07-07-2016 17:36 via news.yahoo.com
  
  The S&P 500 and the Dow were little changed in late morning trading on Thursday while the Nasdaq was boosted by Apple, ahead of the crucial monthly jobs report. After a roller-coaster ride sparked by Britain's June 23 vote to leave the European Union, U.S. investors are looking for signs of the health of the economy and the possible impact of the vote on quarterly earnings. "Investors are marking their time ahead of the jobs data," said Terry Sandven, chief equities strategist at U.S. Bank W
  
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• Jobless claims, hiring data brighten U.S. labor market view

  07-07-2016 17:28 via news.yahoo.com
  
  U.S. private payrolls increased more than expected in June as small businesses ramped up hiring, and fewer Americans applied for unemployment benefits last week, suggesting a rebound in job growth after May's paltry gains. Thursday's reports underscored the economy's strength and supported views that the United States would weather the impact of last month's British referendum to leave the European Union. "The labor market does not seem to be faltering.
  
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• From tweets to streets, Zimbabwe social media anger erupts into anti-Mugabe protests

  07-07-2016 17:11 via news.yahoo.com
  
  By MacDonald Dzirutwe HARARE (Reuters) - Organizers of a general strike against Zimbabwean President Robert Mugabe pledged on Thursday to continue action until he falls, as a spontaneous social media movement has coalesced into the biggest uprising against his rule in nearly a decade. Zimbabweans have been using the Internet in recent weeks to mobilize for street protests against Mugabe's government, bypassing traditional opposition parties as anger grows over his administration's handling of a
  
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• Average US 30-year mortgage rate falls to new 2016 lows

  07-07-2016 16:55 via news.yahoo.com
  
  WASHINGTON (AP) — Long-term U.S. mortgage rates fell this week to the lowest level since May 2013, driven down by financial tumult in Europe.
  
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• Soccer mad Germans declare sympathy for France before Euro clash

  07-07-2016 16:53 via news.yahoo.com
  
  By Madeline Chambers BERLIN (Reuters) - Germans appear to be tempering characteristic ambition to win the day in a Euro 2016 clash against France with higher sympathies for a core European partner hit by economic travails and militant attacks. Thursday's soccer match decides who will qualify for next weekend's final at the Paris Stade de France, one of the targets of Nov. 13 attacks that shook Europe. In an editorial on Tuesday entitled "Allez, allez", the Sueddeutsche Zeitung wrote how France n
  
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• Internal Revenue Service investigates Facebook over Ireland asset transfer

  07-07-2016 16:47 via news.yahoo.com
  
  (Reuters) - The U.S. Internal Revenue Service is examining Facebook Inc over its transfer of various rights associated with its worldwide business to a holding company in Ireland, according to court papers. The U.S. Justice Department filed a lawsuit on Wednesday in federal court in San Francisco seeking to enforce IRS summonses served on Facebook and to force the company to produce various documents as part of the agency's examination. The lawsuit said that the documents in question relate to a
  
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• Three firms cut value of UK property funds, Aberdeen fund extends suspension

  07-07-2016 16:43 via news.yahoo.com
  
  By Carolyn Cohn and Simon Jessop LONDON (Reuters) - Three fund managers said on Thursday they had cut the value of their UK property funds and a fourth extended a 24-hour trading suspension, as the industry seeks to stem a tide of redemption requests since Britain's vote to leave the European Union. A slump in the value of the pound and volatile stock markets since the referendum last month have unnerved investors who are worried that the uncertainty will slow down business investment in Britain
  
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• South Africa's competition watchdog probes Transnet over pricing

  07-07-2016 16:28 via news.yahoo.com
  South Africa's Competition Commission said on Thursday it was investigating state-owned logistics company Transnet for excessive pricing and giving preferential treatment to some consumers at its ports. Transnet, operates nearly three quarters of all Africa's rail network and most of the ports in Africa's most industrialised economy, said its processes were all above board. The commission said in a statement that it will probe into whether Transnet contravened the Competition Act.
  
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• UK economy heading for marked slowdown after second quarter pick-up: NIESR

  07-07-2016 16:27 via news.yahoo.com
  
  Britain's economy looks set for a significant slowdown after a strong second quarter, a think tank said on Thursday, based on data mostly recorded before last month's decision by voters to leave the European Union. The warning from the National Institute of Economic and Social Research (NIESR) follows some early signs that businesses and consumers might be suffering from uncertainty created by the June 23 vote to leave the EU. NIESR estimated Britain's economy expanded 0.6 percent in the second
  
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• China forex reserves rise unexpectedly in June

  07-07-2016 16:23 via news.yahoo.com
  
  Pékin (AFP) - China’s foreign exchange reserves unexpectedly increased by $13 billion last month, officials said Thursday, as pressure on its currency the yuan to depreciate apparently eased. The world’s largest currency hoard rose to $3.21 trillion in June, the People’s Bank of China said on its website. The result follows months of declines as China sold dollars to defend the yuan against depreciation caused by capital outflows as its economy slows.
  
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• UK banks spared downgrades by S&P in mass outlook cull

  07-07-2016 16:12 via news.yahoo.com
  
  Standard & Poor's carried out a mass-cull of British bank rating outlooks on Thursday in the wake of the country's vote to end its membership of the European Union, but stopped short of downgrading them despite its brutal cut of Britain's sovereign rating. The country's big institutions including HSBC Barclays , Lloyds and well as the UK arms of banks like Santander all saw their rating outlooks cut to negative from stable, while RBS dropped to stable from positive. S&P stripped Britain
  
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• Facebook faces U.S. tax exam over Ireland asset tranfer: lawsuit

  07-07-2016 16:11 via news.yahoo.com
  
  (Reuters) - The U.S. Internal Revenue Service is examining Facebook Inc in connection with its transfer of various rights associated with its worldwide business to a holding company in Ireland, according to court papers. The U.S. Justice Department filed a lawsuit on Wednesday in federal court in San Francisco seeking to enforce IRS summonses served on Facebook and force the company to produce various documents as part of the agency's examination. (Reporting by Nate Raymond in New York; Editing
  
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• South Africa's Eskom says secures $1.4 billion in loan facilities from AfDB

  07-07-2016 16:09 via news.yahoo.com
  
  South Africa's state-run power utility Eskom has secured a 20 billion rand ($1.4 billion) loan from the African Development Bank, the company battling to keep itself financially afloat said on Thursday. Eskom supplies virtually all of the power for Africa's most industrialised economy and has shown signs of turning a corner over the past year after being forced to impose power cuts in the first half of last year owing to a supply shortage. Eskom said in a statement on Thursday that the loan woul
  
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• Emmitt Smith tackles a second act off the field

  07-07-2016 16:08
  
  NEW YORK (Reuters) - It is difficult enough to create a second act in life, but how do you possibly follow up being the National Football League's all-time leading rusher?
  
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• South Africa's central bank should consider keeping rates steady -IMF

  07-07-2016 16:07 via news.yahoo.com
  South Africa's central bank should consider holding interest rates steady unless inflation expectations rise substantially, the International Monetary Fund said on Thursday as it cut its 2016 growth forecast for Africa's most industrialised economy. "As the impact of past policy hikes is still filtering through, and the weak economy should keep inflation contained," the IMF said in statement released after Article IV discussions with South Africa. The central bank, which faces a policy dilemma o
  
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• South Africa more positive about economic growth than IMF - Treasury

  07-07-2016 16:07 via news.yahoo.com
  South Africa is more positive about its economic growth and recognises that structural reforms are necessary to boost growth and create jobs, the Treasury said on Thursday after the International Monetary Fund cut its growth forecast. "National Treasury forecast is more positive compared to the IMF. In the immediate term, we expect growth and employment to be supported by several structural reforms and targeted government interventions," the Treasury said in a statement.
  
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• Wall Street opens higher on strong labor market data

  07-07-2016 16:00 via news.yahoo.com
  
  Wall Street opened higher on Thursday as strong private sector employment data and a drop in jobless claims pointed to a steadying labor market ahead of the monthly payrolls report on Friday. The ADP national employment report showed that 172,000 jobs were added in the private sector in June, compared to economists' expectation of 159,000. The number of Americans filing for unemployment benefits also fell unexpectedly last week, confirming that the labor market remains on solid footing despite t
  
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• At start of second term, Brexit crisis challenges IMF's Lagarde anew

  07-07-2016 15:36 via news.yahoo.com
  
  International Monetary Fund chief Christine Lagarde says that Britain's vote to quit the European Union has injected significant uncertainty into the global economy but is nevertheless unlikely to cause a world recession. Two weeks after the British referendum on cutting its EU ties, Lagarde, speaking in her Washington offices at the launch of her second five year term as IMF managing director, called the event a "major downside risk" for the world. "The key word about this Brexit affair is unce
  
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• Canadian dollar strengthens with oil, U.S. jobs data boosts sentiment

  07-07-2016 15:20 via news.yahoo.com
  
  The Canadian dollar strengthened against its U.S. counterpart on Thursday as oil prices moved higher, while robust U.S. jobs data boosted sentiment. Oil prices drew support from declines in U.S. crude oil inventories, although a glut of refined products and economic growth concerns loom over the market. At 8:59 a.m. EDT (1259 GMT), the Canadian dollar was trading at C$1.2924 to the greenback, or 77.38 U.S. cents, stronger than the Bank of Canada's official close of C$1.2959, or 77.17 U.S. cents.
  
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• Private payrolls, low jobless claims underscore U.S. labor market strength

  07-07-2016 15:12 via news.yahoo.com
  
  U.S. private payrolls increased more than expected in June and fewer Americans applied for unemployment benefits last week, suggesting a rebound in job growth after May's paltry gains. Thursday's reports underscored the economy's strength and supported views that the United States would weather the impact of last month's British referendum to leave the European Union. "The labor market is tight, there are plenty of job openings, firms are holding onto labor, and the main factor restraining job g
  
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• Factbox: Tracking Brexit - how referendum shock is affecting UK economy

  07-07-2016 14:58 via news.yahoo.com
  Britain looks set for an economic slowdown and possibly a recession after voters decided to leave the European Union in a referendum on June 23. Official data showing how the decision is affecting the economy will not be published until mid-August but there have already been some early signs of the impact. Below is a summary of some signals of the Brexit effect on Britain's economy.
  
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• Wall Street set to open flat as investors parse jobs data

  07-07-2016 14:54 via news.yahoo.com
  
  The ADP national employment report showed that 172,000 jobs were added in the private sector in June, compared to economists' expectation of 159,000. The number of Americans filing for unemployment benefits unexpectedly fell last week, confirming that the labor market remains on solid footing despite tepid job gains in May. After a roller-coaster ride sparked by Britain's June 23 vote to leave the European Union, investors in the United States are looking for signs of the health of the economy a
  
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• Canada building permits drop as energy hub Alberta slumps

  07-07-2016 14:53 via news.yahoo.com
  
  OTTAWA (Reuters) - The value of Canadian building permits issued in May dropped 1.9 percent from April, in part due to sharply weaker construction intentions in energy-producing Alberta, Statistics Canada said on Thursday. Analysts polled by Reuters had predicted a 2.0 percent increase. Statscan revised April's drop of 0.3 percent to a rise of 0.1 percent. In Alberta, where a slump in oil prices has badly hit the province's economy, the value of permits dropped by 22.5 percent after increasing b
  
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• German firms lower UK export sights as Brexit bites eurozone

  07-07-2016 14:46 via news.yahoo.com
  
  By Paul Carrel and Michael Nienaber BERLIN (Reuters) - Germany's chambers of commerce lowered its sights for exports to Britain on Thursday, forecasting a darkening trade outlook as the impact of Britons' vote to leave the European Union seeps into the euro zone economy. Trade ties between Britain and Germany, Europe's largest economy, are close: Britain is Germany's fifth-biggest trading partner for goods. For the UK, Germany is the biggest partner.
  
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• GLOBAL MARKETS-Stocks, sterling lick wounds after Brexit bashing

  07-07-2016 14:44 via news.yahoo.com
  Stocks climbed and sterling edged off its three-decade long lows on Thursday, licking their wounds from a Brexit-driven pummelling as upbeat U.S (Other OTC: UBGXF - news) . Wall Street was expected to start broadly steady as an ADP national employment report for June came in stronger than expected with 172,000 jobs added, ahead of closely-followed payrolls data on Friday. In the currency market, Brexit-battered sterling clawed its way back above $1.30.
  
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• Angola's Sonangol halts all asset sale talks

  07-07-2016 14:42 via news.yahoo.com
  
  New Sonangol chief executive Isabel dos Santos has suspended all talks relating to the sale of assets belonging to the Angolan state oil firm and stripped its internal legal department of most of its powers, a statement said. Dos Santos, the billionaire daughter of President Jose Eduardo dos Santos, was appointed to the Sonangol helm last month with orders to improve the efficiency of the sprawling 40-year-old firm, the central pillar of Angola's economy. The statement posted on Sonangol's websi
  
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• Angola's Sonangol halts all asset sale talks - statement

  07-07-2016 14:26 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - New Sonangol Chief Executive Isabel dos Santos has suspended all talks relating to the sale of assets belonging to the Angolan state oil firm and stripped its internal legal department of most of its powers, a statement said. Dos Santos, the billionaire daughter of President Jose Eduardo dos Santos, told Reuters last month she planned to overhaul the sprawling 40-year-old firm - the central pillar of Angola's economy - to bring its focus back to producing oil as cheaply
  
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• IMF cuts South Africa's 2016 growth forecast to 0.1 percent, says outlook sobering

  07-07-2016 14:24 via news.yahoo.com
  
  The International Monetary Fund cut South Africa's 2016 growth forecast to barely above 0 percent on Thursday, saying that Africa's most industrialised economy was not keeping up with the increasing population. The economy would grow by 0.1 percent in 2016 versus a previous estimate of 0.6 percent given by the global lender in May, IMF mission chief for South Africa, Laura Papi, and senior economist with its African department, Yi Wu, said in a column in the Business Day newspaper. "The outlook
  
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