Finance news

• U.S.-based stock funds post $3.6 billion outflows in latest week: Lipper

  04-08-2016 23:56
  
  NEW YORK (Reuters) - Investors ratcheted down their exposure to riskier assets during the week ended Aug. 3, pulling $3.6 billion from U.S.-based stock funds, Lipper data showed on Thursday.
  
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• BRIEF-Shoretel explores sale among other strategic options

  04-08-2016 23:02
  
  * Says committee to advise board in evaluating a range of
  strategic alternatives
  
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• South African opposition reject ANC in three major cities

  04-08-2016 22:38 via news.yahoo.com
  
  By Mfuneko Toyana PRETORIA (Reuters) - Urban South Africans dealt the ANC its biggest political blow since the end of apartheid on Thursday, knocking the ruling party off its perch in three cities as voters vented anger at corruption, high unemployment and poor public services. The African National Congress (ANC) - which ended white-minority rule when it won power in the first democratic national election in 1994 - still held a big lead in the overall count in nationwide municipal elections. The
  
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• Wall St. flat as investors look to jobs data

  04-08-2016 22:21 via news.yahoo.com
  
  Wall Street stocks ended little changed on Thursday as investors kept to the sidelines ahead of Friday's U.S. payrolls report for July. The monthly hiring data will help investors gauge the health of the economy and possibly offer insight as to when the Federal Reserve will raise interest rates again. "Folks would probably prefer to wait on those numbers before they make a commitment in front of them," said Gary Bradshaw, portfolio manager at Hodges Capital Management in Dallas.
  
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• Wall Street flat as investors look to jobs data

  04-08-2016 22:20 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Wall Street stocks ended little changed on Thursday as investors kept to the sidelines ahead of Friday's U.S. payrolls report for July. The monthly hiring data will help investors gauge the health of the economy and possibly offer insight as to when the Federal Reserve will raise interest rates again. "Folks would probably prefer to wait on those numbers before they make a commitment in front of them," said Gary Bradshaw, portfolio manager at Hodges Capi
  
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• Your Money: Shop your closets before hitting back-to-school sales

  04-08-2016 22:05
  
  NEW YORK(Reuters) - When Leticia Barr is ready to start back-to-school shopping, her first stop is going to be her own closets.
  
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• Wall St. little changed as jobs data looms

  04-08-2016 20:53 via news.yahoo.com
  
  Wall Street held near the unchanged mark on Thursday as investors exercised caution ahead of Friday's U.S. payrolls report. The key monthly hiring data will help investors gauge the health of the economy and possibly offer insight as to when the Federal Reserve will raise interest rates again.
  
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• U.S. urges patience in Argentina, wants Venezuela recall vote this year

  04-08-2016 20:43 via news.yahoo.com
  
  By Hugh Bronstein and Gram Slattery BUENOS AIRES (Reuters) - U.S. Secretary of State John Kerry on Thursday urged Argentina to be patient with the slow pace of economic progress under its new government, and urged Venezuela to allow a vote this year on whether to recall President Nicolas Maduro. In his first trip to Argentina as America's chief diplomat, Kerry praised President Mauricio Macri, a free-markets proponent who took office in December promising to attract a wave of private investment
  
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• US stocks barely budge ahead of monthly jobs report

  04-08-2016 20:34 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks are hardly changed Thursday as the market continues the small moves it's made in the last few weeks. European stocks rose and the British pound slid after the Bank of England moved to shore up the British economy after the nation's vote to leave the European Union. Container makers are rising and banks are slipping.
  
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• Factbox - Britain introduces aggressive measures to cushion blow from Brexit

  04-08-2016 19:37 via news.yahoo.com
  By Ana Nicolaci da Costa LONDON (Reuters) - The Bank of England announced on Thursday unexpectedly aggressive measures to protect the economy from Britain's decision to leave the European Union, after it cut interest rates for the first time since 2009. Below are the details of the measures announced: RATE CUT The Bank of England cut its main lending rate by 25 basis points to a record low of 0.25 percent. It said a majority of members of its rate-setting committee were expected to support a fur
  
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• UK central bank tries to soften Brexit shock on economy

  04-08-2016 19:24 via news.yahoo.com
  
  LONDON (AP) — Britain's central bank launched a range of stimulus measures Thursday meant to jolt confidence back into an economy shocked by the vote to leave the European Union. Analysts, however, say they may not be enough to halt a slide toward recession.
  
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• U.S. jobless claims rise marginally, factory orders decline

  04-08-2016 19:23 via news.yahoo.com
  
  The number of Americans filing for unemployment benefits unexpectedly rose last week, while renewed job cuts in the energy sector boosted layoffs announced by U.S.-based employers in July. Despite the increases, the labor market remains healthy and will probably continue to support economic growth for the rest of this year. While other data on Thursday showed orders for factory goods fell for a second straight month in June, largely on weak demand for transportation equipment, there were signs s
  
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• Bank of England wields stimulus 'sledgehammer' to beat Brexit blues

  04-08-2016 19:20 via news.yahoo.com
  
  The Bank of England cut interest rates to next to nothing on Thursday and unleashed billions of pounds of stimulus to cushion the economic shock from Britain's vote to leave the European Union. Acting on its chief economist's wish to use "a sledgehammer to crack a nut", the BoE reduced interest rates by 25 basis points to a record-low 0.25 percent. This first cut since 2009 was accompanied by a pledge to buy 60 billion pounds ($79 billion) of government bonds with newly created money over the ne
  
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• Allergan's cash-use plan, pipeline could add to share run

  04-08-2016 19:16 via news.yahoo.com
  
  By Lewis Krauskopf NEW YORK (Reuters) - Four months after the collapse of its deal to be bought by Pfizer , Allergan plc has a $33 billion war chest, a pipeline of experimental drugs that some investors view as undervalued and optimistic shareholders scooping up its shares. Wall Street could get a glimpse of Allergan's plans when it reports second-quarter results on Monday.
  
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• Chevron to sell assets in Asia worth up to $5 billion - WSJ

  04-08-2016 19:07 via news.yahoo.com
  
  Chevron Corp, the second-largest U.S. oil company, is selling some assets in Asia worth up to $5 billion, the Wall Street Journal reported, citing people familiar with the matter. The company is set to start selling its offshore China assets this month, the Journal reported on Thursday. Chevron's stake in an offshore oil field venture with China's state-owned oil company CNOOC Ltd could fetch as much as $1 billion, according to the report.
  
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• Brazil's Oi refers investor meeting request to bankruptcy judge

  04-08-2016 18:54
  
  SAO PAULO, Aug 4 (Reuters) - The board of Brazilian
  telephone operator Oi SA has referred to a bankruptcy
  judge an activist investor's request for legal action against
  company managers, its second...
  
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• South African opposition hits ANC in three major cities

  04-08-2016 18:52 via news.yahoo.com
  
  By Mfuneko Toyana PRETORIA (Reuters) - Urban South Africans dealt the ANC its biggest political blow since the end of apartheid on Thursday, knocking the ruling party off its perch in three cities as voters vented anger at corruption, high unemployment and poor public services. The African National Congress (ANC) - which ended white-minority rule when it won power in the first democratic national election in 1994 - held a big lead in the overall count in nationwide municipal elections. The ANC w
  
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• Bankrupt coal miner Peabody proposes $11.9 mln in executive bonuses

  04-08-2016 18:43
  
  CHICAGO, Aug 3 (Reuters) - Peabody Energy Corpasked a U.S. judge on Wednesday to allow it to pay up to $11.9
  million in bonuses for six top executives if the global coal
  producer meets performance...
  
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• DoubleLine 'TOTL' exchange-traded fund posts inflows in July

  04-08-2016 18:34
  
  NEW YORK (Reuters) - The SPDR DoubleLine Total Return Tactical ETF posted roughly $100 million of inflows in July, gaining more ground over the Pimco Total Return Active Exchange-Traded Fund in total...
  
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• U.S. economy seen growing 3.7 percent in third quarter: Atlanta Fed

  04-08-2016 18:30
  
  NEW YORK (Reuters) - The U.S. economy likely expanded at a 3.7 percent annualized rate in the third quarter, compared with government's advance reading of second-quarter growth at 1.2 percent last...
  
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• European stocks climb, pound plunges after BoE

  04-08-2016 18:08 via news.yahoo.com
  
  European stocks shot higher and the pound plunged after the Bank of England cut interest rates and announced an additional £170 billion of stimulus to counter Brexit fallout. The BoE slashed interest rates to a record low 0.25 percent, cutting borrowing costs for the first time in more than seven years, and hinted at more easing to come. Britain's central bank aims combat what it described as a weaker economic outlook after British voters chose to leave the European Union in a June referen
  
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• Ex-Wall Street banker says he did not give insider tips to father

  04-08-2016 17:58 via news.yahoo.com
  
  By Nate Raymond NEW YORK (Reuters) - A former Wall Street investment banker proclaimed on Thursday that he was innocent of insider trading charges, testifying that he never tipped his father off to inside information about healthcare mergers. Sean Stewart, an ex-banker at Perella Weinberg Partners and JPMorgan Chase & Co , took the stand in his own defense and told jurors in federal court in Manhattan that he had a great relationship with his father but never intended to help him profit thro
  
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• Global stocks rise, pound drops as BoE cuts rates

  04-08-2016 17:51 via news.yahoo.com
  
  By Saqib Iqbal Ahmed NEW YORK (Reuters) - Global equity markets rose on Thursday, helped by a rally in European shares after the Bank of England cut interest rates and revived a bond-buying program to cushion a blow to the economy from Britain's June vote to leave the European Union. The launch of the policy easing measures hammered sterling and weighed on bond yields. The Bank of England cut its main rate by a quarter percentage point to a record low 0.25 percent, and said it would take "whatev
  
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• Wall Street flat as investors hold off ahead of jobs data

  04-08-2016 17:44 via news.yahoo.com
  
  The crucial monthly hiring data will help investors gauge the health of the economy and offer clues about when the Federal Reserve could pull the trigger on rates. "Today is more of a consolidation of positions, perhaps taking some chips off the table ahead of tomorrow's jobs number," said Tony Bedikian, head of global markets at Citizens Bank. The Nasdaq Composite was up 8.18 points, or 0.16 percent, at 5,167.92.
  
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• Chevron to sell Asia assets worth up to $5 billion: WSJ

  04-08-2016 17:44 via news.yahoo.com
  
  (Reuters) - Chevron Corp, the second-largest U.S. oil company, is planning to sell certain assets in Asia worth up to $5 billion, the Wall Street Journal reported, citing people familiar with the matter. The company is set to start selling its offshore China assets in August, the Journal reported on Thursday. Chevron's stake in an offshore oil field venture with China's state-owned oil company CNOOC Ltd could fetch as much as $1 billion, according to the report.
  
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• Away from spotlight, U.S. manufacturers battle back from 'China shock'

  04-08-2016 17:30 via news.yahoo.com
  
  By Howard Schneider HICKORY, North Carolina (Reuters) - As furniture makers left Hickory and headed to China at the start of the century, the local community college shuttered its courses in furniture production, abandoning an industry that had sustained this North Carolina community for generations. The U.S. economy lost almost a third of its manufacturing jobs from 2000 to 2010 and the Republican presidential nominee Donald Trump's pledge to get tough with China and rip up trade pacts to "brin
  
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• U.S. asks Argentina to be patient with economy under Macri

  04-08-2016 17:11 via news.yahoo.com
  
  By Hugh Bronstein BUENOS AIRES (Reuters) - U.S. Secretary of State John Kerry on Thursday urged Argentina to be patient with the pace of economic progress under President Mauricio Macri, who took office late last year promising an influx of investment that has yet to materialize. "But I am 100 percent confident, as is President Obama, that Argentina is on the right course. People need to be patient." Macri's market-friendly policies follow eight years of heavy state control of the economy under
  
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• TSX falls as Manulife, CP Rail weigh

  04-08-2016 16:56 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock index fell on Thursday as shares of insurer Manulife Financial Corp plunged after poor earnings and the exit of a major investor hurt Canadian Pacific Railway stock. Manulife, Canada's biggest life insurer, fell 5.5 percent to C$16.93 after its lower profit missed expectations and it warned of an impending charge while keeping its dividend steady. The heavyweight financials group slipped 0.8 percent. Canadian Pacific declined 3.7 percent to C$185.37, after
  
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• Average US 30-year mortgage rate declines to 3.43 percent

  04-08-2016 16:23 via news.yahoo.com
  
  WASHINGTON (AP) — Long-term U.S. mortgage rates declined this week after rising for three straight weeks, continuing to lure prospective homebuyers.
  
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• US stocks slightly lower, missing out on gains in Europe

  04-08-2016 16:20 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks are hardly budging Thursday morning as the market continues the small moves it's made in the last few weeks. European stocks are rising and the British pound is skidding after the Bank of England cut interest rates to shore up the British economy after the nation's vote to leave the European Union.
  
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• MIDEAST STOCKS-Egypt closes at 13-month high, Gulf firms on oil

  04-08-2016 16:18 via news.yahoo.com
  * Institutional investors buy shares in Egypt * But Global Telecom slips on Q2 profit drop * Dubai, Abu Dhabi recover as blue chips advance * Industries Qatar jumps on Q2 earnings beat * Petchems support Saudi but market lags peers By Celine Aswad DUBAI, Aug 4 (Reuters) - Egypt's stock market closed at a 13-month high on Thursday amid optimism over Cairo's talks with the International Monetary Fund, while bourses in the Gulf firmed as oil prices came off multi-month lows and global equities firm
  
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• India's monsoon rains 6 percent above average in past week: weather office

  04-08-2016 16:10 via news.yahoo.com
  
  Monsoon rains in India were 6 percent above average in the week ended Aug. 3, the weather office said on Thursday. The weather office has retained its forecast for an above-average monsoon this year, boosting hopes of a rise in farm output and income after two years of drought. The June-September monsoon is crucial for India's rain-fed farm sector that accounts for nearly 15 percent of its $2 trillion economy.
  
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• Manulife posts 'disappointing' earnings; shares fall

  04-08-2016 16:06 via news.yahoo.com
  By Matt Scuffham TORONTO (Reuters) - Manulife Financial Corp , Canada's biggest life insurer, reported lower-than-expected quarterly earnings and warned of a future C$500 million ($382 million) charge, sending its shares lower on Thursday. Manulife blamed its disappointing second-quarter earnings on a sharp decline in interest rates as well as market volatility that Chief Financial Officer Steve Roder said was due in part to Britain's vote to leave the European Union. "We hope it's not represent
  
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• Ultrapar to partner with Chevron in Brazil to sell lubricants

  04-08-2016 16:04
  
  SAO PAULO (Reuters) - Ultrapar Participações SA , a large player in energy and infrastructure in Brazil, said on Thursday it will partner with Chevron Corpto sell lubricants, additives and coolants...
  
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• Wall Street opens little changed after BoE cuts rates

  04-08-2016 16:02 via news.yahoo.com
  
  (Reuters) - Wall Street was little changed on Thursday after the Bank of England cut its main lending rate to a record low and revived its bond-buying program.
  
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• Bank of England brings down stimulus sledgehammer to beat Brexit blues

  04-08-2016 15:56 via news.yahoo.com
  
  By David Milliken and Ana Nicolaci da Costa LONDON (Reuters) - The Bank of England swung into action on Thursday against the economic shock from Britain's vote to leave the European Union, cutting interest rates to near nothing and unleashing billions of pounds to cushion the Brexit blow. In what one bank dubbed a "sledgehammer stimulus", the BoE cut interest rates 25 basis points to 0.25 percent and said it would buy 60 billion pounds ($79 billion) of government bonds with newly created money o
  
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• BRIEF-MBAC Fertilizer announces filing under companies' creditors arrangement act

  04-08-2016 15:48
  
  * MBAC announces filing under companies' creditors
  arrangement act in connection with the previously announced
  recapitalization transaction
  
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• StanChart sees further cuts to bad loan provisions in China, India

  04-08-2016 15:35
  
  HONG KONG (Reuters) - Standard Chartered expects to further cut provisions for bad loans in its key markets of China and India, and is also looking to lower exposure to the heavy industry sector, the...
  
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• Bank of England eases banks' capital leverage rule to help support economy

  04-08-2016 15:24 via news.yahoo.com
  By Huw Jones LONDON (Reuters) - The Bank of England took a rare step on Thursday to ease its broad measure of capital adequacy for banks to help avoid crimping the flow of credit to an economy hit by the referendum vote in June to leave the European Union. The BoE's Financial Policy Committee said it decided at a meeting on July 25 to permanently exclude money held at the central bank and loans of up to three months from the calculation of a bank's leverage ratio. The 'leverage ratio' measures a
  
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• Wall Street set to open little changed after BoE cuts rates

  04-08-2016 15:21 via news.yahoo.com
  
  The BoE lowered the rate to 0.25 percent from 0.5 percent and said it would take "whatever action is necessary" to achieve stability in the wake of Britain's vote to leave the European Union. A recent set of strong economic data, including Wednesday's private sector hiring numbers, can strengthen the case for the U.s. Federal Reserve to raise interest rates. "There is a little bit of order being restored in the market today, but (it) is in a wait-and-see period ahead of the jobs report," said Ad
  
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• Pound falls, European stocks rise as BoE cuts rates

  04-08-2016 15:19 via news.yahoo.com
  
  By Nigel Stephenson LONDON (Reuters) - European shares rose, government bond yields fell and sterling weakened against the dollar and euro on Thursday after the Bank of England cut interest rates and restarted bond purchases in a bid to ease the economic hit from June's vote to leave the EU. U.S. stock index futures also rose and were last up 0.2-0.3 percent, indicating Wall Street would open modestly higher. The BoE cut its main rate by a quarter percentage point to a record low 0.25 percent, i
  
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• Plans for UK infrastructure fund worry local authorities

  04-08-2016 15:15 via news.yahoo.com
  
  By Simon Jessop, Sinead Cruise and Carolyn Cohn LONDON (Reuters) - A government plan to overhaul how local authorities invest their workers' pension money is meeting opposition from some trustees worried they will be forced to accept low returns for funding new roads, railways and other capital projects. The government has proposed merging nearly 200 billion pounds ($280 billion) of local authority retirement savings into investment pools to help pay for improvements to Britain's infrastructure.
  
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• U.S. jobless claims rise marginally; layoffs increase in July

  04-08-2016 15:13 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly rose last week, while renewed job cuts in the energy sector boosted layoffs announced by U.S.-based employers in July. Despite the increases, the labor market remains healthy and will probably continue to support economic growth for the remainder of this year. Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 269,000 for the week ended July 30, the
  
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• Bank of England cuts rates to record low on Brexit

  04-08-2016 15:03 via news.yahoo.com
  
  The Bank of England on Thursday slashed interest rates to a record low 0.25 percent and announced a vast stimulus package to combat economic fallout from Britain's looming EU exit. The BoE also delivered a £170-billion ($227-billion, 200-billion-euro) stimulus package, and axed its economic forecasts for 2017 and 2018 in the wake of the nation's June 23 Brexit referendum. The bank's nine-member Monetary Policy Committee (MPC) also agreed to re-activate its quantitative easing (QE) b
  
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• Carney speaks after Bank of England cuts rates, restarts QE

  04-08-2016 15:02 via news.yahoo.com
  Bank of England Governor Mark Carney and other members of the Monetary Policy Committee gave a news conference on Thursday after the Bank cut rates for the first time since 2009 and said it would buy 60 billion pounds of government debt to ease the blow from the Brexit vote on June 23. CLEAR CASE FOR STIMULUS NOW We are seeing these risks manifest in a wide variety of indicators -- indicators which in many cases are better indicators of what is actually happening in the economy, rather than what
  
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• Rate cut, stimulus measures mark BoE's 'whatever it takes' moment -BBA

  04-08-2016 15:00 via news.yahoo.com
  By Sinead Cruise and Andrew MacAskill LONDON (Reuters) - The British Bankers Association said Thursday's rate cut and economic stimulus measures marked the Bank of England's 'whatever it takes' moment to jumpstart a shaky UK economy, as lenders prepared to shave mortgage and savings rates once more. Britain's main banking lobby group said the decision to halve rates to a record low 0.25 percent showed policymakers were ready to use all available tools to support individuals and businesses rattle
  
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• Exclusive: AirAsia to launch sale of leasing arm, could value unit at $1 billion - sources

  04-08-2016 14:39
  
  SINGAPORE (Reuters) - AirAsia Bhd , Asia's biggest budget airline, will kick off the sale of its leasing unit this month, seeking to cut debt with a deal that could value the business at about $1...
  
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• Goldman Sachs says Brexit could adversely affect operations

  04-08-2016 14:31
  
  (Reuters) - Goldman Sachs Group Inc said on Thursday that Britain's vote to leave the European Union may adversely affect some of its operations in the EU and could require the bank to restructure...
  
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• Futures rise after BoE cuts rates

  04-08-2016 14:29 via news.yahoo.com
  
  (Reuters) - Canada's main stock index was set to open higher on Thursday after the Bank of England cut interest rates for the first time since 2009 in a bid to support economic growth. The central bank lowered its main lending rate to a record-low 0.25 percent from 0.5 percent and said it would buy 60 billion pounds of government debt to ease the blow from Britain's June 23 vote to leave the European Union. September futures on the S&P TSX index were up 0.15 percent at 7:20 a.m. ET. ...
  
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• Exclusive: Russia's Russneft bids for government stake in Bashneft - two sources

  04-08-2016 14:21
  
  MOSCOW (Reuters) - Russia's Russneft has submitted a bid for the government's stake in oil producer Bashneft , which is set for privatization later this year, two sources told Reuters on Thursday.
  
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