Finance news

• British stocks dip, US up ahead of Bank of England meeting

  03-08-2016 23:58 via news.yahoo.com
  
  British stocks dipped Wednesday after data suggested an economic hit from the Brexit vote just ahead of a key Bank of England policy decision.
  
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• Canada Pension Plan invests $280 million in Advance Disposal

  03-08-2016 23:32 via news.yahoo.com
  Canada Pension Plan Investment Board (CPPIB) said it has invested $280 million in U.S. waste collection company Advance Disposal Services , which postponed a planned stock market listing earlier this year. Advanced Disposal is the fourth largest solid waste company in the United States, serving customers across 16 states and the Bahamas. It was acquired by private equity firm Highstar Capital in 2006 but put off a planned initial public offering in February, citing volatile market conditions.
  
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• Austrian Chancellor suggests ending EU accession talks with Turkey

  03-08-2016 23:00 via news.yahoo.com
  
  Austrian Chancellor Christian Kern said on Wednesday that he would start a discussion among European heads of government to quit talks with Turkey about joining the European Union because of the country's democratic and economic deficits. European leaders have voiced concern over Turkish President Tayyip Erdogan's crackdown on suspected dissidents after a failed coup attempt month, identifying his idea of reintroducing the death penalty in Turkey as a red line barring accession to the EU. Kern s
  
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• Energy, financial stocks give Wall St. modest lift

  03-08-2016 22:22 via news.yahoo.com
  
  Wall Street advanced modestly on Wednesday after a sharp rise in oil prices boosted energy shares, while better-than-anticipated data on the labor market helped financial stocks. U.S. oil prices jumped more than 3 percent to settle at $40.83 a barrel after a larger-than-expected gasoline draw offset a surprise build in U.S. crude stockpiles. If it can’t hold $40, there is going to be more pressure on the overall market," said Tim Ghriskey, chief investment officer of Solaris Group in Bedfo
  
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• Energy, financial stocks give Wall Street modest lift

  03-08-2016 22:13 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Wall Street advanced modestly on Wednesday after a sharp rise in oil prices boosted energy shares, while better-than-anticipated data on the labour market helped financial stocks. U.S. oil prices jumped more than 3 percent to settle at $40.83 a barrel after a larger-than-expected gasoline draw offset a surprise build in U.S. crude stockpiles.
  
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• Chicago mayor's plan to fix municipal pension fund seeks water, sewer tax

  03-08-2016 22:00 via news.yahoo.com
  
  Chicago Mayor Rahm Emanuel unveiled a plan on Wednesday that he called "an honest approach" to save the city's biggest retirement system from insolvency with a water and sewer tax to be phased in over five years starting in 2017. "Today, one of the big question marks that hung around the city because of past decisions - or past decisions that were not made - we have addressed," Emanuel told an investor conference in Chicago. "Every one of the city's pensions has a dedicated revenue stream ... to
  
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• Fed's Kashkari says low inflation affords 'luxury' of low rates

  03-08-2016 21:52 via news.yahoo.com
  
  MINNEAPOLIS (Reuters) - Low inflation allows the Federal Reserve to keep U.S. interest rates lower for longer in order to boost the economy and jobs, a top Federal Reserve official said on Wednesday.
  
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• Global stocks slip for third day, dollar recovers ground

  03-08-2016 21:42 via news.yahoo.com
  
  By Saqib Iqbal Ahmed NEW YORK (Reuters) - Global equity prices slipped for a third straight day on Wednesday on growing nervousness about central bank policy, even as Wall Street clung to slim gains. The dollar rallied as investors squared positions ahead of Friday's U.S. non-farm payrolls report, data that should help determine the timing of the next Federal Reserve interest rate hike. "The central banking issue is more of a factor of everybody trying to stimulate their economies, and how much
  
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• Crescent Point Energy pipeline leaks oil in Saskatchewan field

  03-08-2016 21:30 via news.yahoo.com
  (Reuters) - A Crescent Point Energy pipeline in the Canadian province of Saskatchewan leaked 100 cubic meters (630 barrels) of oil emulsion on Tuesday, a government official said on Wednesday. The spill happened on land near the village of Pennant and did not affect wildlife or water that bears fish or is used for drinking, said Laurie Pushor, deputy minister of Saskatchewan's ministry of economy. Emulsion is a mixture of oil and mostly water.
  
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• U.S. regulators urged to scale back fuel efficiency fines

  03-08-2016 21:25 via news.yahoo.com
  By David Shepardson TRAVERSE CITY, Mich. (Reuters) - Two major auto trade associations want U.S. regulators to reconsider plans to more than double fines for failing to meet fuel efficiency requirements, saying it could increase industry compliance costs by $1 billion annually. The Alliance of Automobile Manufacturers and the Association of Global Automakers, which represent nearly all major automakers, asked the National Highway Traffic Safety Administration (NHTSA) this week to reconsider its
  
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• Canadian dollar to weaken slightly as lower oil, sluggish growth weigh

  03-08-2016 21:21 via news.yahoo.com
  
  The Canadian dollar is expected to weaken slightly against the U.S. dollar over the coming months, a Reuters poll found, with a sluggish domestic economy and lower oil prices seen weighing on the commodity-linked currency. "We do see oil prices coming under continued pressure throughout Q3 so we think that is going to weigh on the Canadian dollar," said Ian Gordon, FX strategist at Bank of America Merrill Lynch. Canada is a major oil exporter.
  
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• Wall Street edges up on energy, financials

  03-08-2016 21:08 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Wall Street edged higher on Wednesday after a sharp rise in oil prices boosted energy shares, while encouraging data on the labour market helped financial stocks. U.S. oil prices jumped more than 3 percent to $40.84 a barrel, rising for the first time in six days, after a larger-than-expected gasoline draw offset a surprise build in U.S. crude stockpiles.
  
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• BRIEF-British Controlled Oilfields Ltd. announces shareholder approval of liquidation

  03-08-2016 20:35
  
  * British Controlled Oilfields Ltd. announces shareholder
  approval of liquidation
  
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• Crescent Point Energy pipeline leaks oil in Saskatchewan

  03-08-2016 20:25 via news.yahoo.com
  (Reuters) - A Crescent Point Energy pipeline in the Canadian province of Saskatchewan leaked 100 cubic metres (630 barrels) of oil emulsion on Tuesday, a government official said on Wednesday. The spill happened on land near the village of Pennant and did not affect wildlife or water that bears fish or is used for drinking, said Laurie Pushor, deputy minister of Saskatchewan's ministry of economy. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Chris Reese)
  
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• Exclusive: Vale seeks up to $10 billion with iron ore streaming deal, sources say

  03-08-2016 20:11
  
  SAO PAULO (Reuters) - Brazil's Vale SAis considering raising as much as $10 billion from the sale of up to 3 percent of future iron ore output to undisclosed Chinese companies, two sources with...
  
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• Wal-Mart in talks to buy online retailer Jet.com - report

  03-08-2016 19:58 via news.yahoo.com
  
  (Reuters) - Wal-Mart Stores Inc is in talks to buy Jet.com, which launched a year ago and was considered a threat to larger rivals like Amazon.com Inc due to its innovative pricing software, the Wall Street Journal reported on Wednesday. Wal-Mart, seeking to grow its e-commerce business, acquired a majority stake in Chinese e-commerce firm Yihaodian in 2012. The Journal, citing people familiar with the matter, did not say how much Wal-Mart would pay for Jet.com.
  
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• US company gets historic nod to send lander to moon

  03-08-2016 19:53 via news.yahoo.com
  
  US startup company Moon Express said Wednesday it had received approval from the government to send an unmanned lander to the moon next year, in a first for private industry. Commercial spacecraft have flown within the bounds of Earth's orbit. "We are now free to set sail as explorers to Earth's eighth continent, the moon, seeking new knowledge and resources to expand Earth's economic sphere for the benefit of all humanity," said Bob Richards, co-founder and chief executive of Moon Express.
  
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• Time Warner takes stake in Hulu, lifts profit forecast

  03-08-2016 19:42
  
  (Reuters) - Time Warner Incdisclosed a 10 percent stake in video streaming site Hulu on Wednesday, setting its sights on the web TV market, and it raised its 2016 forecast on expectations of...
  
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• Gains in energy, financial stocks boost Wall Street

  03-08-2016 19:29 via news.yahoo.com
  
  Wall Street was higher on Wednesday after a sharp rise in oil prices boosted energy shares, while robust jobs data helped financial stocks. If the labor market is able to build on its recent strength, it could make the case for the Federal Reserve to raise interest rates later this year. "I think any kind of strength in the overall economy does help the financials because it increases the prospects of the Fed being able to raise interest rates," said Robert Pavlik, chief market strategist at Bos
  
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• As Rio Games approach, 1.3 million tickets left unsold

  03-08-2016 18:44 via news.yahoo.com
  
  Two days ahead of the opening ceremony at the Olympics, organizers say that 1.3 million tickets remained unsold, an indication that spectator demand for Rio has lagged behind previous summer Games. As of Friday, 4.8 million tickets for the Games had been sold, out of around 6.1 million tickets on offer, the Rio Organising Committee told Reuters on Wednesday. Tickets for the Rio Games have been available since early 2015, but factors including a sluggish Brazilian economy and concerns about the p
  
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• Olympics-As Rio Games approach, 1.3 million tickets left unsold

  03-08-2016 18:41 via news.yahoo.com
  Two days ahead of the opening ceremony at the Olympics, organisers say that 1.3 million tickets remained unsold, an indication that spectator demand for Rio has lagged behind previous summer Games. As of Friday, 4.8 million tickets for the Games had been sold, out of around 6.1 million tickets on offer, the Rio Organising Committee told Reuters on Wednesday. Tickets for the Rio Games have been available since early 2015, but factors including a sluggish Brazilian economy and concerns about the p
  
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• Massive funding, Apple backing helped Didi outrun Uber in China

  03-08-2016 18:39 via news.yahoo.com
  
  By Heather Somerville and Elzio Barreto SAN FRANCISCO/HONG KONG (Reuters) - Apple Inc's $1 billion investment in car-hailing app Didi Chuxing in May helped accelerate Uber's decision to agree a halt to a costly two-year battle with its rival in China, people close to the companies and analysts said. Didi Chuxing Technology Co and Uber Technologies Inc raised billions of dollars in funding and spent heavily on discounted rides as they slugged it out for drivers, passengers and market share in the
  
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• World stocks stall on cocktail of worries

  03-08-2016 18:32 via news.yahoo.com
  
  Stock markets across the world trod water Wednesday, with investor appetite sapped by a cocktail of low oil prices, disappointing Japanese stimulus, banking worries and recession fears. Asian markets kicked off the fresh selling round as investors digested mixed survey data in the region and doubted that Tokyo's latest attempt at stimulating the economy will be good enough. Jaded European dealers took the Asian lead, causing London to dip on figures showing a post-Brexit contraction in the econo
  
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• UPDATE 1-Denver Broncos to acquire naming rights to Mile High Stadium

  03-08-2016 18:21
  
  NEW YORK/WILMINGTON, Del, Aug 3 (Reuters) - The Denver
  Broncos professional football team will acquire the naming
  rights to its Mile High Stadium from Sports Authority after the
  bankrupt U.S....
  
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• Stocks slip for third day, dollar recovers ground

  03-08-2016 18:02 via news.yahoo.com
  
  By Saqib Iqbal Ahmed NEW YORK (Reuters) - Global equity prices slipped for a third straight day on Wednesday, pressured by growing nervousness about central bank policy and spiking world bond yields, while the dollar firmed as investors turned their focus to Friday's U.S. payrolls data. Global equity prices, weighed down by a sharp drop in Japanese stocks on surging Japanese government bond yields and a strengthening yen, found little support from Wall Street. "The central banking issue is more
  
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• Tunisian president names technocrat as prime minister

  03-08-2016 17:59 via news.yahoo.com
  
  By Tarek Amara TUNIS (Reuters) - Tunisia's President Beji Caid Essebsi named a little-known technocrat as prime minister on Wednesday after parliament ousted Habib Essid in a vote of no-confidence over his handling of economic reforms and security. Opposition parties quickly denounced the appointment of Youssef Chahed, an agricultural science specialist and junior minister under Essid, saying he lacked the credentials for the job and had been chosen simply because he was a pliant ally of the pre
  
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• Denver Broncos to acquire naming rights to Mile High Stadium

  03-08-2016 17:59
  
  NEW YORK/WILMINGTON, Del, Aug 3 (Reuters) - The Denver
  Broncos professional football team will acquire the naming
  rights to its Mile High Stadium from Sports Authority after the
  bankrupt U.S....
  
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• GLOBAL MARKETS-Stocks slip for third day, dollar recovers ground

  03-08-2016 17:57 via news.yahoo.com
  Global equity prices slipped for a third straight day on Wednesday, pressured by growing nervousness about central bank policy and spiking world bond yields, while the dollar firmed as investors turned their focus to Friday's U.S. payrolls data. Global equity prices, weighed down by a sharp drop in Japanese stocks on surging Japanese government bond yields and a strengthening yen, found little support from Wall Street.
  
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• Wal-Mart in talks to buy online retailer Jet.com: WSJ

  03-08-2016 17:46 via news.yahoo.com
  
  (Reuters) - Wal-Mart Stores Inc is in talks to buy online retailer Jet.com, the Wall Street Journal reported, citing people familiar with the matter. It was not clear how much Wal-Mart would pay, but Jet.com could be worth as much as $3 billion (£2.25 billion), the WSJ said. Marc Lore launched Jet.com in July last year, promising big discounts in exchange for members placing large orders and paying an annual fee. Jet.com, considered a close competitor to Amazon.com Inc and Wal-Mart, was no
  
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• Gains in financials, energy shares lift Wall Street

  03-08-2016 17:18 via news.yahoo.com
  
  (Reuters) - Wall Street was higher in choppy trading on Wednesday as strong jobs data helped financial stocks, while a recovery in oil prices boosted energy shares.
  
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• MIDEAST STOCKS-Egypt closes at one-year high on IMF hopes, Gulf sags

  03-08-2016 16:44 via news.yahoo.com
  * Egypt's index confirms break of technical resistance * Ezz Steel climbs in very heavy volume * Abu Dhabi's Aldar supports bourse * Qatar's GIS declines after Q2 profit slide * Saudi index falls below technical support By Celine Aswad DUBAI, Aug 3 (Reuters) - Egypt's stock market closed at a one-year high on Wednesday on optimism among local investors that a loan deal with the International Monetary Fund would boost the economy, while weak oil prices and global bourses pushed Gulf bourses down
  
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• World stocks dip on cocktail of worries

  03-08-2016 16:03 via news.yahoo.com
  
  London (AFP) - Stock markets across the world fell Wednesday as a cocktail of low oil prices, disappointing Japanese stimulus, banking worries and recession fears dampened sentiment.
  
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• US job creation rises in July

  03-08-2016 15:58 via news.yahoo.com
  
  Companies added 179,000 new jobs, up 1.7 percent from June's revised total of 176,000, according to the payroll services firm ADP. The ADP figures often do not match those released by the US Labor Department, which is due to publish its own tally of monthly job creation on Friday. The new numbers also come as recent economic data continue to make it harder for policymakers in Washington to find the signal in the noise, causing them to err on the side of caution.
  
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• Zimbabwe police use batons to break-up anti-government protest

  03-08-2016 15:03 via news.yahoo.com
  By MacDonald Dzirutwe HARARE (Reuters) - Anti-riot police used batons to break up a peaceful march in Zimbabwe's capital on Wednesday, the latest public protest against President Robert Mugabe's government's handling of the economy. Mugabe, 92, and in power since independence from Britain in 1980, is increasingly under pressure from angry Zimbabweans, as well as his war veterans allies, who last month rebuked him as a manipulative dictator, calling on him to step down. Zimbabwe has witnessed sev
  
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• Japan's PM picks hawkish defense minister for new cabinet, vows economic recovery

  03-08-2016 14:59 via news.yahoo.com
  
  By Elaine Lies and Kiyoshi Takenaka TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe appointed a conservative ally as defense minister in a cabinet reshuffle on Wednesday that left most key posts unchanged, and he promised to hasten the economy's escape from deflation and boost regional ties. New defense minister Tomomi Inada, previously the ruling party policy chief, shares Abe's goal of revising the post-war, pacifist constitution, which some conservatives consider a humiliating symbol of
  
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• Wall Street set to open lower as weak oil weighs

  03-08-2016 14:51 via news.yahoo.com
  
  The U.S. private sector added 179,000 jobs in July, beating estimates of 170,000, the ADP national employment report showed. If the labor market is able to build on its recent strength, it could make the case for the Federal Reserve to raise interest rates later this year. "It's not as if we are retracing that massive move, we are just drifting lower here and one of the key catalysts is oil prices.
  
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• Tunisian president names Youssef Chahed as new prime minister

  03-08-2016 14:43 via news.yahoo.com
  
  Tunisia's President Beji Caid Essebsi named Youssef Chahed as prime minister on Wednesday after parliament ousted Habib Essid in a vote of no-confidence because of his handling of economic reforms and security. A junior minister in Essid's government, Chahed, 41, is an agricultural sciences specialist and academic who has taught in France and Tunisia, and also a senior member in the secular Nidaa Tounes party. Essebsi had been pushing for a new national unity government in an attempt to overcome
  
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• Global stocks drift lower ahead of run of US economic data

  03-08-2016 14:30 via news.yahoo.com
  
  LONDON (AP) — Global stock markets drifted lower Wednesday as traders awaited a run of key U.S. economic data and an expected interest rate cut from the Bank of England.
  
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• BRIEF-Millennium HealthCare says released from bankruptcy court from a suit filed by creditors

  03-08-2016 14:30
  
  * It has settled $3.6 million of debt and has been formally
  released from bankruptcy court from a suit filed by creditorsSource text for Eikon:Further company coverage:
  (Bengaluru Newsroom: +1...
  
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• TSX futures flat ahead of earnings reports

  03-08-2016 14:01 via news.yahoo.com
  
  (Reuters) - Canadian stock futures were little changed on Wednesday as investors awaited the release of quarterly earnings from major companies including Agrium Inc , IAMGOLD Corp and TMX Group Ltd . September futures on the S&P TSX index were down 0.04 percent at 7:15 a.m. ET. No major economic data is scheduled for the day. Canada's main stock index suffered its biggest one-day fall in more than a month on Tuesday, with energy stocks slumping as fears of an oil supply glut haunted investor
  
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• Bank of England set to cut rates as survey flags sharpest UK downturn since 2009

  03-08-2016 13:57 via news.yahoo.com
  
  By David Milliken LONDON (Reuters) - Britain's economy is shrinking at its fastest rate since the financial crisis after last month's Brexit vote, making a Bank of England rate cut on Thursday a "foregone conclusion", a closely watched survey of businesses showed. Financial data company Markit said its monthly all-sector Purchasing Managers' Index chalked up the steepest month-on-month decline on record after big falls in activity at private-sector services, manufacturing and construction firms.
  
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• European stocks slip after weak lead from Asia

  03-08-2016 13:33 via news.yahoo.com
  
  Europe's main stock markets fell Wednesday after more sharp losses in Asia, as investors digested mixed survey data in the region.
  
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• Russia's VEB chairman: problems with liquidity solved for 2016

  03-08-2016 12:53
  
  MOSCOW, Aug 3 (Reuters) - Russian state development bank VEB
  has solved its problems with liquidity for this year, the bank's
  Chairman Sergei Gorkov told President Vladimir Putin, the
  Kremlin said on...
  
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• Japan's Prime Minister picks hawkish defense minister in limited reshuffle

  03-08-2016 12:48 via news.yahoo.com
  
  By Elaine Lies and Kiyoshi Takenaka TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe appointed a conservative ally as defense minister on Wednesday, in a cabinet reshuffle that left most key posts unchanged, and he promised to speed up the economy's escape from deflation and boost regional ties. New Minister of Defence Tomomi Inada, previously the ruling party policy chief, shares Abe's goal of revising the post-war, pacifist constitution, which some conservatives consider a humiliating symb
  
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• Eurozone activity holds up despite Brexit, survey shows

  03-08-2016 11:22 via news.yahoo.com
  
  Eurozone economic activity managed a small gain in July despite Britain's shock vote in June to quit the European Union, a closely watched survey showed Wednesday. Data monitoring company IHS Markit said revised figures for its Composite Purchasing Managers Index (PMI) for July came in at 53.2 points, up from 53.1 points in June. Markit chief economist Chris Williamson said the figures suggested the Brexit vote had had little impact so far but growth remained modest at best.
  
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• UK central bank to help economy through Brexit with stimulus

  03-08-2016 11:05 via news.yahoo.com
  
  LONDON (AP) — With the British economy in its deepest trouble since the global financial crisis in the wake of the vote to leave the European Union, the Bank of England is expected to unveil Thursday stimulus measures including a rate cut and, possibly, the creation of billions in new money.
  
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• Gold steady as equities drop, Fed rate hike prospects wane

  03-08-2016 10:39 via news.yahoo.com
  
  Gold held on to the previous session's gains on Wednesday as Asian stocks stumbled and weak U.S. economic data undermined expectations of a near-term interest rate hike. Spot gold was up slightly at $1,364.15 an ounce by 0625 GMT, after hitting a high of $1,367.33, its loftiest since July 11, in the previous session. "We saw the equity markets weaken overnight and that has certainly helped the risk-off mode," said ANZ analyst Daniel Hynes.
  
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• UK economy contracting at fastest rate since 2009 - Markit PMI survey

  03-08-2016 10:34 via news.yahoo.com
  
  Britain's economy is shrinking at its fastest rate since the 2008-09 financial crisis, making a Bank of England rate cut on Thursday "a foregone conclusion", the publishers of a closely watched business survey said. Financial data company Markit said the full version of its monthly Purchasing Managers' Index (PMI) on Wednesday showed a sharp hit to business activity from June's European Union vote, just as a one-off preliminary PMI did two weeks ago. Chris Williamson, Markit's chief economist, s
  
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• Rio Tinto earnings slump to 12-year low, warns conditions still tough

  03-08-2016 10:10 via news.yahoo.com
  
  By Sonali Paul MELBOURNE (Reuters) - Global miner Rio Tinto reported a 47 percent slump in first-half profit to its weakest in 12 years on Wednesday, but surprised the market with a higher-than-expected dividend while flagging that conditions remain difficult. New Chief Executive Jean-Sébastien Jacques said he was focused on shoring up the company by cutting costs further and did not expect help from commodities markets, which had been pumped up in the second quarter by easy credit in Chi
  
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• Egypt non-oil business activity slows for 10th month in July -PMI

  03-08-2016 09:59 via news.yahoo.com
  
  Business activity in Egypt shrank for the 10th consecutive month in July as output, new orders and employment all declined, although the speed of contraction slowed, a survey showed on Wednesday. The Emirates NBD Egypt Purchasing Managers Index (PMI) for the non-oil private sector was 48.9 points in July, an improvement from June's 47.5 points but still below the 50 point mark that separates growth from contraction. Egypt has been struggling to revive its economy since a popular uprising in 2011
  
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