Finance news

• Aeropostale to challenge Sycamore's status as creditor

  21-07-2016 23:55
  
  July 21 (Reuters) - U.S. teen retailer Aeropostale Inc
  plans to challenge in court private equity firm
  Sycamore Partners' claims as a creditor in its bankruptcy,
  according to a transcript from a...
  
  Read more

• PayPal announces Visa partnership; earnings rise

  21-07-2016 22:56 via news.yahoo.com
  
  PayPal Holdings Inc on Thursday showed strong growth in its online payments business, meeting Wall Street expectations on earnings and announcing a partnership with Visa Inc that is expected to bring a significant revenue increase. The company also unveiled a partnership with Visa - a deal for which investors had been eager - intended to make it easier for PayPal customers to use Visa credit cards in their transactions and allow shoppers to use PayPal in brick-and-mortar retail locations.
  
  Read more

• TSX rises to 11-month high as mining stocks rally

  21-07-2016 22:41 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's main stock index rose to an 11-month high on Thursday as mining stocks rallied and strong earnings reports boosted the shares of Rogers Communications Inc and Encana Corp . "Canada is actually in OK economic shape relative to other parts of the world," said Bryden Teich, portfolio manager at Avenue Investment Management, who expects fiscal spending to give the economy an additional boost. "Relatively speaking the stock market still offers a place to g
  
  Read more

• Global stocks fall on disappointing results; yen jumps

  21-07-2016 22:40 via news.yahoo.com
  
  NEW YORK (Reuters) - Stock prices around the world fell on Thursday on disappointing earnings, while the yen jumped after Bank of Japan chief Haruhiko Kuroda said he saw no need to use "helicopter money" to boost the world's No. 3 economy.
  
  Read more

• Advertisement

• PayPal announces Visa partnership, 15 percent revenue growth

  21-07-2016 22:31 via news.yahoo.com
  
  (Reuters) - PayPal Holdings Inc on Thursday showed strong growth in its online payments business, meeting Wall Street expectations on earnings and announcing a new partnership with Visa Inc that is expected to bring a significant revenue increase. PayPal posted second-quarter earnings of 36 cents per share, in line with analysts' expectations, and revenue growth of 15 percent to $2.65 billion. (Reporting by Heather Somerville in San Francisco; Editing by Matthew Lewis)
  
  Read more

• Intel, transports sap Wall Street's strength

  21-07-2016 22:31 via news.yahoo.com
  
  The S&P 500 and Dow industrials pulled back from record highs and the Dow snapped a nine-session streak of gains. Southwest Airlines fell 11.2 percent and led other airline stocks lower after the company forecast a drop in a key profitability metric. The stocks dragged down the Dow Jones transport index , which is often seen as a barometer of the market's health and the overall economy.
  
  Read more

• JPMorgan to pay about $200 million to settle Asia hiring probes

  21-07-2016 22:26 via news.yahoo.com
  
  JPMorgan Chase and Co is expected to pay about $200 million to settle criminal and civil probes over its Asian hiring practices, according to a person familiar with the matter. A settlement, which could come later this year, would end probes that began three years ago into whether JPMorgan investment banking executives in Hong Kong hired sons and daughters of officials of Chinese companies as a way to win business. The prospect of a settlement was reported on Thursday by the Wall Street Journal.
  
  Read more

• UPDATE 1-Brazil banks fall on Odebrecht concern, despite company denial

  21-07-2016 22:20
  
  SAO PAULO, July 21 (Reuters) - Shares in Brazil's largest
  listed banks posted their biggest decline in a month on Thursday
  on concerns about the financial health of Odebrecht SA, the
  engineering...
  
  Read more

• Advertisement

• U.S. CEOs back board diversity, GAAP adherence in reform push

  21-07-2016 21:55 via news.yahoo.com
  Leaders of top U.S. companies and investment firms on Thursday released a set of governance recommendations meant to encourage long-term economic growth, an unusual step that drew mixed reviews from advocates of deeper corporate reforms. The executive group urged companies to maintain diverse boards, to feel free to avoid issuing earnings guidance, and to report results clearly, in keeping with generally accepted accounting principles, among other suggestions, according to a statement posted on
  
  Read more

• UPDATE 1-Corzine, others settle most litigation over MF Global collapse

  21-07-2016 21:33
  
  NEW YORK, July 21 (Reuters) - Jon Corzine has settled a
  lawsuit by the trustee for the former New Jersey governor's
  company MF Global Holdings Ltd, as part of a $132 million accord
  to end much of the...
  
  Read more

• Al Jazeera to launch English language digital streaming service in U.S

  21-07-2016 21:21 via news.yahoo.com
  
  Al Jazeera Media Network is preparing to make its English language international news channel video content digitally available to U.S. viewers again, according to a July 21 email sent to employees obtained by Reuters. The move comes almost three months after it shut down its U.S. cable television network, Al Jazeera America, citing economic challenges in the U.S. media market. Al Jazeera English reaches more than 305 million households in over 160 countries.
  
  Read more

• Father of EU divorce clause demands tough stance on British exit

  21-07-2016 21:19 via news.yahoo.com
  
  By Crispian Balmer ROME (Reuters) - A former Italian premier who wrote the European Union divorce clause that Britain is poised to trigger said on Thursday that Brussels should offer no concessions to London in looming negotiations to quit the trading bloc. "When it comes to the economy they have to lose," said Giuliano Amato, explaining that only then might the British reconsider abandoning the world's largest single market. Britain voted in a referendum on June 23 to leave the EU.
  
  Read more

• British Columbia ends 2015-16 with larger-than-expected surplus

  21-07-2016 21:19 via news.yahoo.com
  
  By Julie Gordon VANCOUVER (Reuters) - British Columbia said on Thursday that it ended its 2015-2016 fiscal year with a larger-than-expected budget surplus, bolstered by higher tax revenues, including a 43.9 percent jump in its property transfer tax revenues. The western Canadian province ended the year with a surplus of C$730 million ($560 million), up from the C$377 million projected in February, and said it remains on track to balance the 2016-2017 budget. The province said it received C$1.2 b
  
  Read more

• Nigeria's budget minister expects economic growth by end of year

  21-07-2016 21:18 via news.yahoo.com
  Nigeria's economy is likely to be growing at a rate of about 3.3 to 3.5 percent by the end of this year, the budget minister said on Thursday. Udoma Udo Udoma made the comments at a news conference after a meeting of the National Economic Council, a body that advises the government. Nigeria's economy contracted by 0.36 percent in the first quarter of the year and the central bank governor has said a recession appears to be imminent.
  
  Read more

• South Africa's rand firms after rates decision, stocks flat

  21-07-2016 21:14 via news.yahoo.com
  
  South Africa's rand firmed to its strongest in nearly three months against the dollar on Thursday, boosted by a search for higher yield after the central bank left its repo rate unchanged and analysts ruled out any imminent policy easing. Stocks were largely flat even though the resources sector recovered after a dip in the previous session on weak production results. South Africa's Reserve Bank kept its benchmark repo rate unchanged at 7 percent, as expected, saying that while it was still conc
  
  Read more

• South African central bank holds rates amid growth concerns

  21-07-2016 21:14 via news.yahoo.com
  
  By Stella Mapenzauswa JOHANNESBURG (Reuters) - South Africa's central bank kept interest rates on hold on Thursday, saying a weak economy had persuaded it to pause a cycle of hikes that it was ready to resume if price pressures picked up again. The Reserve Bank called the growth outlook "extremely challenging", with Africa's most developed economy now expected to remain at a standstill in 2016 compared with earlier forecasts of a 0.6 percent expansion. All 31 economists surveyed by Reuters about
  
  Read more

• Trial date for Libya fund suit against SocGen pushed back to April

  21-07-2016 21:12
  
  LONDON (Reuters) - A trial date for a lawsuit brought by Libya's $67 billion (51 billion pounds) sovereign wealth fund against French investment bank Societe Generale was pushed back to April 25,...
  
  Read more

• Wall Street cools as Intel, transport results disappoint

  21-07-2016 21:02 via news.yahoo.com
  
  Wall Street cooled off on Thursday as disappointing results from tech stalwart Intel and from transportation companies stalled momentum in a U.S. corporate reporting season that has been better than feared. The S&P 500 and Dow industrials pulled back from record highs and the Dow was set to snap a nine-session streak of gains. Southwest Airlines fell 11.1 percent and led other airline stocks lower after the company forecast a drop in a key profitability metric.
  
  Read more

• Nigeria central bank grants loan to Skye Bank after capital problems

  21-07-2016 20:43 via news.yahoo.com
  By Chijioke Ohuocha LAGOS (Reuters) - Nigeria's central bank has provided a short-term loan to Skye Bank to help to stabilise its operations after it replaced top executives for failing to meet minimum capital requirements. The central bank has been seeking to contain growing problems at Nigerian banks where profits have been falling and bad loans rising due to a heavy exposure to the oil industry and a weak economy due to low oil prices. "We provide a short-term facility to help them manage the
  
  Read more

• Brazil banks slump, blog says Odebrecht mulls bankruptcy protection, company denies

  21-07-2016 20:37
  
  SAO PAULO, July 21 (Reuters) - Shares in Brazil's largest
  listed commercial lenders posted their biggest drop in a month
  on Thursday on a financial blog report that Odebrecht SA could
  be considering...
  
  Read more

• May wants close economic ties with France despite Brexit

  21-07-2016 20:22 via news.yahoo.com
  PARIS (Reuters) - Prime Minister Theresa May said on Thursday she wanted to maintain close economic links with France despite Britain's vote to leave the European Union. "As the UK leaves the EU we will have to determine how to maintain the closest possible economic relationship between our countries," she said at a joint news conference in Paris with President Francois Hollande. She said she wanted to "maximise the opportunities for both the UK and the EU".
  
  Read more

• JPMorgan to pay about $200 million to settle Asia hiring probes: WSJ

  21-07-2016 20:20 via news.yahoo.com
  
  (Reuters) - JPMorgan Chase and Co is expected to pay about $200 million to settle criminal and civil probes over its Asia hiring practices, the Wall Street Journal reported, citing people familiar with the matter. JPMorgan would likely admit that its hiring practices, including a China program in which it hired the children of powerful people, violated a U.S. law prohibiting giving something of value in exchange for business, the Journal said. (http://on.wsj. ...
  
  Read more

• Corzine, others settle with MF Global trustee over collapse

  21-07-2016 19:19
  
  NEW YORK, July 21 (Reuters) - Jon Corzine has reached a
  settlement with the trustee for the former New Jersey governor's
  collapsed brokerage MF Global Holdings Ltd, as part of a series
  of accords...
  
  Read more

• Wall Street falls on disappointing reports from Intel, others

  21-07-2016 19:04 via news.yahoo.com
  
  Intel shares were down 4.3 percent at $34.14 after it reported slowing revenue growth at its key data center business. The stock was the biggest drag on the S&P and Nasdaq. Fellow chipmaker Qualcomm was the biggest positive influence on the S&P and Nasdaq, rising 7.4 percent after its results and forecast topped estimates.
  
  Read more

• Canadian energy earnings hint at brighter outlook for oil

  21-07-2016 19:03 via news.yahoo.com
  
  By Nia Williams and Amrutha Gayathri CALGARY, Alberta (Reuters) - The Canadian oil and gas earnings season kicked off on Thursday with signs of an industry recovery as Encana Corp and Precision Drilling Corp outlined plans to boost activity. Calgary-based Encana reported an unexpected quarterly operating profit and said it would boost 2016 capital spending by $200 million from a previously announced range of $900 million to $1 billion. It also plans to increase production by about 13,000 barrels
  
  Read more

• Liberty Media CEO made offer for Pandora in recent months: WSJ

  21-07-2016 18:52 via news.yahoo.com
  
  (Reuters) - Liberty Media Corp Chief Executive Greg Maffei made an offer to buy internet radio company Pandora Media Inc in recent months, valuing the company at more than $3.4 billion, the Wall Street Journal reported on Thursday. Pandora's board rebuffed the advance, because it believed the company's true value was closer to what it was in the fall, when the shares were trading around $20, the Journal said, citing people familiar with the matter. The $15 per share offer from Maffei was several
  
  Read more

• Ex-Goldman banker Gordon Dyal beefs up M&A boutique

  21-07-2016 18:52
  
  LONDON/NEW YORK (Reuters) - Former senior Goldman Sachs investment banker Gordon Dyal has poached several new hires for his investment banking boutique Dyal Co after emerging as the lead adviser to...
  
  Read more

• Stocks pull back slightly after a record-setting win streak

  21-07-2016 18:22 via news.yahoo.com
  
  NEW YORK (AP) — Stocks pulled back moderately in midday trading on Wall Street Thursday as investors hit the pause button following a record-setting streak. Several companies including Intel and Southwest Airlines reported earnings that disappointed investors. Industrial and materials companies had some of the biggest declines.
  
  Read more

• Strong U.S. home sales, low layoffs highlight economy's strength

  21-07-2016 18:01 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. home resales hit their highest level in nearly 9-1/2 years in June as low interest rates lured first-time buyers into the market and the number of Americans filing for unemployment benefits fell last week, underscoring the economy's strength. With housing and consumers powering ahead, some of the clouds are dissipating and summer looks good from a data point of view," said Thomas Costerg, a U.S. economist at Standard Chartered Bank in New York. The N
  
  Read more

• Global equity markets little changed, euro slips after ECB

  21-07-2016 17:58 via news.yahoo.com
  
  By Richard Leong NEW YORK (Reuters) - World equity markets were little changed on Thursday, with the key U.S. Dow and S&P stock indexes hovering below record highs, while the euro fell, erasing earlier gains spurred by the European Central Bank's decision to refrain from more stimuli. U.S. and European equity markets have been on a tear due to upbeat company earnings and encouraging U.S. economic data, helping them rebound from losses tied to Britain's stunning vote to leave the European Uni
  
  Read more

• Equity markets little changed, euro slips after ECB

  21-07-2016 17:56 via news.yahoo.com
  
  By Richard Leong NEW YORK (Reuters) - World equity markets were little changed on Thursday, with the key U.S. Dow and S&P stock indexes hovering below record highs, while the euro fell, erasing earlier gains spurred by the European Central Bank's decision to refrain from more stimuli. U.S. and European equity markets have been on a tear due to upbeat company earnings and encouraging U.S. economic data, helping them rebound from losses tied to Britain's stunning vote to leave the European Uni
  
  Read more

• Cheap oil, soft U.S. demand to drag on Canadian economic growth: Reuters Poll

  21-07-2016 17:45 via news.yahoo.com
  
  Canadian economic growth will pick up a bit next year, helped by federal fiscal stimulus, but subdued U.S. demand and weak oil prices are expected to limit gains, a Reuters poll found. Canada is running a budget deficit of C$29.4 billion ($22.53 billion) this fiscal year to help fund increased infrastructure and social welfare spending, making it one of few major economies using fiscal policy to try to spur growth.
  
  Read more

• Wall Street flat as investors digest rally, earnings reports

  21-07-2016 17:28 via news.yahoo.com
  
  The Nasdaq Composite was up 3.66 points, or 0.07 percent, at 5,093.59. On the Nasdaq, 1,415 issues rose and 1,178 fell. The S&P 500 index showed 20 new 52-week highs and no new lows, while the Nasdaq recorded 60 new highs and 11 new lows.
  
  Read more

• Existing home sales continue to rise in June

  21-07-2016 17:25 via news.yahoo.com
  
  "Solid, but hard to see significant further gains until mortgage demand rises," Ian Richardson of Pantheon Macro wrote in a research note. "Sustained job growth as well as this year's descent in mortgage rates is undoubtedly driving the appetite for home purchases," he said.
  
  Read more

• Average US 30-year mortgage rate rises to 3.45 percent

  21-07-2016 17:20 via news.yahoo.com
  
  WASHINGTON (AP) — Long-term U.S. mortgage rates edged higher this week, remaining near historically low levels as a continued enticement to prospective homebuyers.
  
  Read more

• ECB keeps door open to easing after holding rates steady

  21-07-2016 16:53 via news.yahoo.com
  
  By Balazs Koranyi and Francesco Canepa FRANKFURT (Reuters) - The European Central Bank kept interest rates unchanged on Thursday but left the door open to more policy stimulus, highlighting "great" uncertainty and abundant risks to the economic outlook. Signalling a readiness to act, ECB President Mario Draghi argued that Britain's decision to leave the European Union and weak emerging market growth both dampen the euro zone's own outlook, leaving the balance of risks tilted firmly to the downsi
  
  Read more

• MIDEAST STOCKS-Gulf falls on oil and earnings, Egypt hit by FX worries

  21-07-2016 16:51 via news.yahoo.com
  * Emaar Properties fails to break technical resistance * Saudi's Yamama Cement tumbles on earnings, dividend cut * But petchems strong, Yanbu climbs after Q2 earnings beat * Widespread selling of banks pulls down Qatar * Gap between official, unofficial Egypt FX rates hits record By Andrew Torchia DUBAI, July 21 (Reuters) - Most Gulf stock markets fell on Thursday amid soft oil prices and mixed corporate earnings, while Egypt was hit once again by concern about instability in the country's curre
  
  Read more

• Could Gas Prices End This 'Dumb Money' Stock Rally?

  21-07-2016 16:40 via news.yahoo.com
  
  The stock market's obsession with monetary morphine has fueled a new high. The Bank of England, at the epicenter of the Brexit fallout, held off on any new action and has found that the vote to leave the European Union hasn't hurt the economy.
  
  Read more

• Unilever spruces up profits but sees gloomy global outlook

  21-07-2016 16:33 via news.yahoo.com
  
  Dutch food and cosmetics giant Unilever posted Thursday a rise in sales for the first half of 2016, boosted by mens' grooming products, but warned of "no sign of an improving global economy". Unilever said the first half of the year was marked by "a period of high volatility and accelerating change". "Despite a challenging environment with slower global economic growth and intensifying geopolitical instability, we have again grown profitability in our markets," Unilever chief executive Paul Polm
  
  Read more

• Flight bookings to Europe drop due to attacks, airline warns

  21-07-2016 16:31 via news.yahoo.com
  FRANKFURT, Germany (AP) — German airline Lufthansa has warned that flight bookings are down due to extremist attacks in Europe and increased political and economic uncertainties.
  
  Read more

• C$ edges higher as firm domestic data offsets lower oil prices

  21-07-2016 16:11 via news.yahoo.com
  
  The Canadian dollar edged higher against its U.S. counterpart on Thursday as stronger-than-expected domestic wholesale trade offset lower oil prices. The value of Canadian wholesale trade surged by 1.8 percent in May from April, led by the motor vehicle and auto parts subsector, Statistics Canada said. The U.S. dollar pared some recent gains against a basket of major currencies as Bank of Japan chief Haruhiko Kuroda said the bank saw no need to stimulate the economy with "helicopter money," and
  
  Read more

• Low mortgage rates help boost U.S. home resales to 9-year high

  21-07-2016 16:03 via news.yahoo.com
  
  U.S. home resales unexpectedly rose in June to their fastest pace in more than nine years as low mortgage interest rates drew buyers into the market, a positive sign for the economy. The National Association of Realtors said on Thursday existing home sales increased 1.1 percent to an annual rate of 5.57 million units last month, the highest level since February 2007. U.S. mortgage rates fell in June to their lowest levels since 2013 on bets the Federal Reserve would be cautious about raising sho
  
  Read more

• South African Reserve Bank leaves repo rate unchanged, sees no economic growth

  21-07-2016 15:57 via news.yahoo.com
  
  South Africa's Reserve Bank kept its benchmark repo rate unchanged as expected on Thursday, saying that while it was still concerned about inflation, the weak economy had provided some room to delay further policy tightening. "The MPC (monetary policy committee) is aware that some of the favourable factors that contributed to this decision could reverse quickly, and remains ready to react appropriately to any significant change in the inflation outlook," Governor Lesetja Kganyago told a news con
  
  Read more

• Wall Street little changed on mixed earnings reports

  21-07-2016 15:55 via news.yahoo.com
  
  The stock was the biggest drag on the three major indexes, while fellow chipmaker Qualcomm was the biggest positive influence on the S&P and Nasdaq. Qualcomm was up 6.9 percent at $59.68 after its quarterly results and forecast topped market estimates. Another boost to the S&P and Nasdaq was Biogen , which was up 6.7 percent at $278.32 after its results beat expectations.
  
  Read more

• Dish posts record pay-TV subscriber drop, earnings beat estimates

  21-07-2016 15:46 via news.yahoo.com
  
  Dish said it lost 281,000 net pay-TV subscribers in the second quarter ended June 30, significantly more than the average analyst estimate of a loss of 91,000 subscribers, according to market research firm FactSet StreetEstimate. When Dish reports pay-TV subscriber numbers, it includes satellite TV and Sling TV customers.
  
  Read more

• ECB ready to help eurozone further if Brexit hurts economy

  21-07-2016 15:45 via news.yahoo.com
  
  FRANKFURT, Germany (AP) — The European Central Bank says it's ready to give the eurozone a further dose of stimulus if Britain's vote to leave the European Union starts to weigh on the region's economy.
  
  Read more

• ECB ready to aid eurozone economy if needed, says Draghi

  21-07-2016 15:44 via news.yahoo.com
  
  The European Central Bank is ready, willing and able to help put the eurozone economy back on its feet, if needed, but financial markets have held up so far to the shock of the Brexit referendum, president Mario Draghi said on Thursday. Already, the ECB has rolled out a raft of different measures to help get the eurozone economy back on its feet. It has slashed interest rates to all-time lows, pumped vast amounts of liquidity into the financial system via cheap loan schemes to banks, and embarke
  
  Read more

• BRIEF-KTG Agrar postpones annual general meeting until further notice

  21-07-2016 15:39
  
  * This is due to current insolveny proceedings and drawing
  up of an insolvency plan which takes priority.Source text for Eikon:Further company coverage:
  (Gdynia Newsroom)
  
  Read more

• ECB's Draghi says Turkey turmoil likely to impact euro zone confidence

  21-07-2016 15:36 via news.yahoo.com
  FRANKFURT (Reuters) - European Central Bank President Mario Draghi said on Thursday events in Turkey since the coup attempt may impact economic sentiment in the euro zone.
  
  Read more

• Turkey to 'double and triple check' Treasury, central bank for coup plotters: Simsek

  21-07-2016 15:34 via news.yahoo.com
  Turkey will "double and triple check" the Treasury and central bank for coup plotters, Deputy Prime Minister Mehmet Simsek said on Thursday, referring to a widening crackdown on a religious network the government blames for a failed military coup. Simsek, the minister in charge of Turkey's economy, made the statement at a meeting with reporters. President Tayyip Erdogan and the government have said last weekend's failed coup was orchestrated by followers of a U.S.-based Muslim cleric, Fethullah
  
  Read more

Follow @FinanceUSA_News on Twitter!