Finance news

• Wal-Mart buying Jet.com to lift online sales, battle Amazon

  08-08-2016 23:30
  
  (Reuters) - Wal-Mart Stores Inc, vying to better challenge Amazon.com Inc , will pay about $3 billion for internet retailer Jet.com and its innovative pricing software in the largest-ever deal for an...
  
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• Williams Cos, Williams Partners to sell Canadian operations

  08-08-2016 22:47
  
  (Reuters) - Pipeline company Williams Cos Inc and its mater limited partnership said they agreed to sell their Canadian businesses to Inter Pipeline Ltd for total cash proceeds of C$1.35 billion...
  
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• Manhattan office leasing activity in July shows resilience

  08-08-2016 22:45 via news.yahoo.com
  A jump in Manhattan office leasing activity in July indicates more resilience in New York's commercial real estate market than recent data has suggested, with asking prices poised to surpass their record high in 2008. Of 26 leases for 100,000 square feet or more through June of this year, 16 were for renewals compared with just 10 renewals for the 25 deals struck in the same six-month period last year, data from Colliers International Group Inc show. "Everybody is waiting for the shoe to drop, w
  
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• Prosecution says ex-Wall Street banker lied in insider trading trial

  08-08-2016 22:44 via news.yahoo.com
  
  U.S. prosecutors on Monday sought to brand a former Wall Street investment banker as a liar after he took the stand in his own defense to deny engaging in a years-long insider trading scheme with his father. In her closing argument, Assistant U.S. Attorney Sarah McCallum urged a federal jury in Manhattan to reject a "web of lies" conveyed during testimony by Sean Stewart, an ex-banker at Perella Weinberg Partners and JPMorgan Chase & Co. While Stewart may have in violation of his employers'
  
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• AP FACT CHECK: Trump shapes facts to fit economic agenda

  08-08-2016 22:41 via news.yahoo.com
  
  WASHINGTON (AP) — Donald Trump changed some of his facts to fit his agenda Monday, pitching shades of truth and misconceptions in what was billed as a major economic policy speech.
  
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• Wall Street takes tiny step back from record highs

  08-08-2016 22:32 via news.yahoo.com
  
  A rally to several all-time highs since late June has left the S&P 500 up nearly 7 percent in 2016, with many investors concerned about stretched valuations. Everyone is sitting there saying ‘Holy cow, what did we do?’,” said Brad McMillan, chief investment officer at Commonwealth Financial Network. Pressured by losses in Bristol-Myers, Merck and Allergan, the S&P 500 healthcare index dipped 0.9 percent while the Nasdaq biotech index dropped 1.1 percent.
  
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• US STOCKS-Wall Street takes tiny step back from record highs

  08-08-2016 22:25 via news.yahoo.com
  Wall Street receded from record highs on Monday as a drop in healthcare stocks offset gains caused by higher oil prices and a strong jobs report. A rally to several all-time highs since late June has left ...
  
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• Wall Street dips as healthcare decline offsets oil gains

  08-08-2016 22:11 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street ticked down from record highs on Monday as a drop in healthcare stocks offset the boost to energy stocks from higher crude oil prices.
  
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• Trump seeks a campaign reset with Detroit economic speech

  08-08-2016 22:04 via news.yahoo.com
  
  By Steve Holland and Emily Stephenson DETROIT/WASHINGTON (Reuters) - Republican Donald Trump sought to regain momentum for his White House campaign on Monday by proposing sweeping tax breaks, cuts to federal regulations and a revival of the stalled Keystone XL oil pipeline project. The New York businessman used a speech on the economy to try to turn the page after a week of missteps in which he came under heavy criticism, including from some in his own party, and rival Democrat Hillary Clinton s
  
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• Oil up nearly 3 percent on OPEC output speculation as glut grows

  08-08-2016 22:02 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices settled up nearly 3 percent on Monday amid renewed speculation that OPEC would try to restrain output, easing oversupply worries that pressured the market to three-month lows last week. The Wall Street Journal reported last week that OPEC countries such as Venezuela, Ecuador and Kuwait want to take another stab at cooperation between the 14-nation Organization of the Petroleum Exporting Countries and non-members such as Russia. Qatar's Energy Mi
  
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• Oil up nearly 3 pct on OPEC output speculation as glut grows

  08-08-2016 22:00 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices settled up nearly 3 percent on Monday amid renewed speculation that OPEC would try to restrain output, easing oversupply worries that pressured the market to three-month lows last week. The Wall Street Journal reported last week that OPEC countries such as Venezuela, Ecuador and Kuwait want to take another stab at cooperation between the 14-nation Organization of the Petroleum Exporting Countries and non-members such as Russia. Qatar's Energy Mi
  
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• UPDATE 2-Steakhouse chain Logan's Roadhouse files bankruptcy

  08-08-2016 21:28
  
  Aug 8 (Reuters) - Logan's Roadhouse Inc, a steakhouse chain
  with about 260 restaurants, filed for bankruptcy protection on
  Monday after struggling with falling sales, rising labor and
  food costs and...
  
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• Scotiabank plans Taiwan exit as Asia revamp continues

  08-08-2016 21:20 via news.yahoo.com
  By Liang-Sa Loh and Matt Scuffham TAIPEI/TORONTO (Reuters) - Bank of Nova Scotia, Canada's third-largest bank, has applied to Taiwan's financial regulator to exit the local market, the regulator and bank said on Monday, part of a revamp of its Asia strategy. Bank of Nova Scotia, which operates under the Scotiabank banner, has been re-jigging its operations and shifting focus along with other rivals in the Canadian banking sector, as they deal with a slowdown in their home economy and the fallout
  
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• Oil ends up nearly 3 percent on OPEC speculation as glut grows

  08-08-2016 21:12 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices settled up nearly 3 percent on Monday amid renewed speculation that OPEC would try to restrain output, easing oversupply worries that pressured the market to three-month lows last week. The Wall Street Journal reported last week that OPEC countries such as Venezuela, Ecuador and Kuwait want to take another stab at cooperation between the 14-nation Organization of the Petroleum Exporting Countries and non-members such as Russia. Qatar's Energy Mi
  
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• Hedge fund number to shrink, first drop since crisis: Barclays

  08-08-2016 20:59
  
  BOSTON (Reuters) - Hedge funds, known for their big bets, fees and pay packages, are on track to shrink this year as disappointing returns have forced an increasing number to shut down, Barclays said...
  
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• Trump seeks a campaign reset with economic speech in Detroit

  08-08-2016 20:58 via news.yahoo.com
  
  By Steve Holland and Emily Stephenson DETROIT/WASHINGTON (Reuters) - Republican Donald Trump sought to regain momentum for his White House campaign on Monday by proposing sweeping tax breaks, cuts to federal regulations and a revival of the stalled Keystone XL oil pipeline project. The New York businessman used an address on the economy to try to turn the page after a week of missteps in which he came under heavy criticism, including from some in his own party, and rival Democrat Hillary Clinton
  
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• Wall Street steps back from record highs

  08-08-2016 20:57 via news.yahoo.com
  
  Wall Street retreated from record highs on Monday as a drop in healthcare stocks offset the impact of higher oil prices on energy stocks and a strong jobs report. A rally to several all-time highs since late June has left the S&P 500 up nearly 7 percent in 2016, with many investors concerned about stretched valuations. Everyone is sitting there saying 'Holy cow, what did we do?'," said Brad McMillan, chief investment officer at Commonwealth Financial Network.
  
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• S&P affirms Chicago's rating in wake of pension funding plan

  08-08-2016 20:57 via news.yahoo.com
  
  Standard & Poor's Global Ratings on Monday affirmed Chicago's credit rating, citing Mayor Rahm Emanuel's new plan to save the city's largest pension fund from insolvency with a new tax on water and sewer use. Calling the plan "a positive step," S&P kept Chicago's general obligation rating at BBB-plus with a negative outlook, noting it could be revised to stable once the tax portion of the plan is formalized. S&P warned in June that the nation's third largest city could be subjected t
  
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• US STOCKS-Wall Street steps back from record highs

  08-08-2016 20:49 via news.yahoo.com
  Wall Street retreated from record highs on Monday as a drop in healthcare stocks offset the impact of higher oil prices on energy stocks and a strong jobs report. A rally to several all-time highs since ...
  
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• AP FACT CHECK: Trump on the economy

  08-08-2016 20:29 via news.yahoo.com
  
  WASHINGTON (AP) — In his centerpiece speech on the economy, Donald Trump wrongly accused Hillary Clinton of wanting to increase middle-class taxes and blamed America's crumbling roads and bridges in part on the money spent on refugees, a minuscule expense in comparison with infrastructure.
  
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• Vail to buy Canadian ski resort operator Whistler Blackcomb

  08-08-2016 20:21
  
  (Reuters) - Vail Resorts Inc said it would buy Whistler Blackcomb Holdings Inc, operator of the ski resort that was a venue for the 2010 Olympic Winter Games, for about C$1.39 billion ($1.06 billion)...
  
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• A Wall Street banker who literally has it all shares her best career advice

  08-08-2016 20:05 via news.yahoo.com
  
  Deutsche Bank Kristin DeClark. Deutsche Bank’s head of … Continued The post A Wall Street banker who literally has it all shares her best career advice appeared first on Business Insider.
  
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• South Africa's committed to reforming economy following elections: treasury

  08-08-2016 20:02 via news.yahoo.com
  JOHANNESBURG (Reuters) - South Africa will maintain a tight grip on spending, reduce debt and implement reforms to boost economic growth, the treasury said on Monday, following local elections that saw the opposition make inroads into the African National Congress' majority. "Government remains committed to implementing fiscal consolidation and returning public finances to a sustainable path," National Treasury said in statement, adding that it had noted concerns by ratings agencies about a shif
  
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• South Sudan inflation surges to more than 600 pct in wake of conflict

  08-08-2016 19:49 via news.yahoo.com
  
  South Sudan's inflation more than doubled in July to reach an annual rate of 661.3 percent, its statistics office said on Monday, as the economy of the 5-year old nation continued to reel amid civil conflict. Oil-producing South Sudan won independence from Sudan in 2011 but in December 2013 slid into a two-year civil war after a dispute between President Salva Kiir and his former deputy Riek Machar. In June, U.N. agencies said up to 4.8 million people in South Sudan face severe food shortages, t
  
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• Trump targets taxes, regulations in economic speech in Detroit

  08-08-2016 19:22 via news.yahoo.com
  
  By Steve Holland and Emily Stephenson DETROIT/WASHINGTON (Reuters) - Republican presidential nominee Donald Trump on Monday sought to regain momentum with an economic speech in which he floated new tax breaks and cuts to regulation, as protesters repeatedly interrupted him. Trump said his plan would include imposing a temporary moratorium on new federal regulations, reducing rates for income and corporate taxes, and establishing new provisions for working parents dealing with childcare costs. "S
  
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• NBC signs deal to create original content for Snapchat

  08-08-2016 19:19 via news.yahoo.com
  
  (Reuters) - Comcast Corp's NBC Universal has signed a multi-year deal with Snapchat to produce original content for the messaging app, a Snapchat executive told Reuters. NBC is set to kick off this initiative with "The Voice on Snapchat", a series that collects user-submitted performances judged by 'coaches' from the broadcaster's singing show "The Voice", the Wall Street Journal, said on Monday. NBC Universal could not be immediately reached for comment.
  
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• S&P 500 slips as health stocks weigh

  08-08-2016 19:18 via news.yahoo.com
  
  (Reuters) - The S&P 500 index failed to hold on to its gains after touching a record high on Monday as a drop in healthcare stocks offset the impact of higher oil prices and a strong jobs report.
  
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• Leaders of Russia, Iran, Azerbaijan discuss closer ties

  08-08-2016 19:18 via news.yahoo.com
  
  BAKU, Azerbaijan (AP) — Leaders of Russia, Iran and Azerbaijan met on Monday to discuss a new transport corridor and other economic projects in the Caspian Sea region.
  
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• Steinhoff springs a surprise with $3.8 billion Mattress Firm deal

  08-08-2016 18:22
  
  JOHANNESBURG (Reuters) - Steinhoff's $3.8 billion purchase of debt-laden Mattress Firm , the largest U.S. specialty bedding vendor, will help cut its exposure to a weak home market and gain a big...
  
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• Trump, in shift, to call for top tax rate of 33 percent rather than 25 percent: CNBC

  08-08-2016 18:17 via news.yahoo.com
  WASHINGTON (Reuters) - Republican presidential hopeful Donald Trump will call for a top income tax rate of 33 percent, rather than the 25 percent he previously had proposed, CNBC reported on Monday, citing remarks by an informal Trump adviser. In a tweet and posting on its website, CNBC said Larry Kudlow, a contributor at the cable outlet who is helping to shape Trump's tax plan, made the remarks. (Reporting by Timothy Ahmann; Editing by Eric Walsh)
  
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• Global equities settle down after gains

  08-08-2016 17:57 via news.yahoo.com
  
  European equities closed higher Monday as strong US jobs data continued to brighten investors' mood, but Wall Street ran into profit-taking as the market absorbed record-breaking gains. The London market eked out a small improvement on its recent winning streak seen after the Bank of England brought on heavy monetary artillery in the form of a rate cut and quantitative easing to combat the economic fallout from Brexit. In the eurozone, Frankfurt rose 0.6 percent and Paris managed 0.1 percent.
  
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• Trump to target taxes, regulations in Detroit economic speech

  08-08-2016 17:42 via news.yahoo.com
  
  By Steve Holland and Emily Stephenson DETROIT/WASHINGTON (Reuters) - Republican presidential nominee Donald Trump will propose tax breaks for working families and for corporations as he outlines his economic plans on Monday in an effort to regain momentum lost during a damaging spate of controversies. The plan will include imposing a temporary moratorium on new federal regulations and reviving Transcanada Corp's Keystone pipeline project, according to an outline of his economic speech seen by Re
  
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• Wall Street flat as health stocks weigh

  08-08-2016 17:38 via news.yahoo.com
  
  The S&P 500 index failed to hold on to its gains after opening at a record high on Monday as a drop in healthcare stocks offset the impact of higher oil prices and a strong jobs report. The S&P 500 healthcare index lost 1.14 percent, the most since June 27. The S&P and the Nasdaq closed at record highs on Friday after data showed that the U.S. economy added 255,000 jobs in July, way more than 180,000 that analysts had estimated.
  
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• Deutsche Bank to pay $12.5 million fine for mishandling squawk box information

  08-08-2016 17:31
  
  NEW YORK (Reuters) - The Financial Industry Regulatory Authority fined Deutsche Bank Securities Inc $12.5 million on Monday for its failure to supervise which employees had access to confidential...
  
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• Oil gains on talk of OPEC production restraint

  08-08-2016 17:29 via news.yahoo.com
  
  Crude oil futures surged almost three per cent Monday following a report in the Wall Street Journal that said some OPEC members had called for restraint on output. The bullish mood was further boosted by a statement from Qatar's energy minister, who said oil prices are expected to rise in the latter part of 2016, Bloomberg said.
  
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• Oil gains on report of OPEC production freeze plan

  08-08-2016 17:29 via news.yahoo.com
  
  Crude oil futures surged almost three per cent Monday following a report in the Wall Street Journal that said some OPEC members had called for restraint on output. Oil futures were up $1.24 US to $43.04 US a barrel just before 1 p.m. ET in New York trading. The energy group led the Toronto Stock Exchange solidly higher.
  
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• Oil up 3 percent on OPEC speculation as glut grows

  08-08-2016 17:22 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices jumped nearly 3 percent on Monday amid renewed speculation that OPEC would try to restrain output, easing oversupply worries had pressured the market to three-month lows last week. The Wall Street Journal reported last week that OPEC countries such as Venezuela, Ecuador and Kuwait want to take another stab at cooperation between the 14-nation Organization of the Petroleum Exporting Countries and non-members such as Russia. Qatar's energy ministe
  
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• Steakhouse chain Logan's Roadhouse files bankruptcy

  08-08-2016 17:11
  
  Aug 8 (Reuters) - Logan's Roadhouse, a steakhouse chain with
  more than 250 locations, on Monday filed for bankruptcy
  protection, four months after missing debt payments.
  
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• MIDEAST STOCKS-Qatar, Egypt rise to multi-month highs; petchems support Saudi

  08-08-2016 16:20 via news.yahoo.com
  * Qatar rises to nine-month high * Mid-cap shares support Abu Dhabi but most banks weak * Banking stocks pull Kuwait's bourse up * Saudi petrochemical sector gains for third session * Egypt at 13-month high as local and foreign funds buy By Celine Aswad DUBAI, Aug 8 (Reuters) - Stock markets in Qatar and Egypt closed at multi-month highs on Monday on the back of firm global bourses, while Saudi Arabia's stock market was supported by a recovery in oil prices. Qatar's index rose 1.2 percent to 10,
  
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• Global equities rise on US jobs, oil

  08-08-2016 16:14 via news.yahoo.com
  
  Most equity markets rose worldwide Monday as bright US jobs data generally eclipsed the impact of poor Chinese trade numbers and the oil price climbed, dealers said. Frankfurt and Paris both advanced, while London was little changed after losing initial gains. Wall Street stocks opened slightly higher, adding to records as oil prices rose and Wal-Mart shares edged up on news of its acquisition of online retailer Jet.com.
  
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• Zimbabwe war veterans leaders boycott Mugabe heroes speech

  08-08-2016 16:00 via news.yahoo.com
  
  By MacDonald Dzirutwe HARARE (Reuters) - Leaders of Zimbabwean war veterans on Monday boycotted a speech by President Robert Mugabe to honor fighters of the country's independence war, widening a rift with Africa's oldest leader, whom the veterans have asked to step down. The Zimbabwe National Liberation War Veterans Association (ZNLWVA) last month denounced Mugabe, 92, as a divisive dictator, in a jolting rebuke underlining mounting anger over economic woes. The ZNLWVA executive was absent from
  
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• S&P 500 opens at record high on oil gains, jobs data

  08-08-2016 15:53 via news.yahoo.com
  
  Oil rose 1.8 percent after a report in the Wall Street Journal last week that some OPEC members had called for a freeze in production. Seven of the 10 major S&P 500 indexes were higher, led by a 0.96 percent rise in the energy sector . Oil majors Exxon Mobil and Chevron rose about 0.6 percent and were the top drivers of the S&P.
  
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• UPDATE 2-Allergan revenue disappoints as Alzheimer drug loses exclusivity

  08-08-2016 15:40
  
  Aug 8 (Reuters) - Allergan Plc reported
  weaker-than-expected quarterly revenue after sales of its
  Alzheimer's drug, Namenda IR, collapsed following the loss of
  patent exclusivity, and the company cut...
  
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• S&P 500 hits record intraday high after jobs data

  08-08-2016 15:39 via news.yahoo.com
  
  REUTERS - U.S. stocks opened higher, with the S&P 500 touching an intraday record high after stellar employment data boosted investor sentiment about economic growth. The Dow Jones industrial average was up 1.92 points, or 0.01 percent, at 18,545.45, the S&P 500 was up 1.09 points, or 0.05 percent, at 2,183.96 and the Nasdaq composite was up 1.06 points, or 0.02 percent, at 5,222.18. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva)
  
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• Trump to target taxes, regulations in economic policy speech

  08-08-2016 15:30 via news.yahoo.com
  
  By Steve Holland and Emily Stephenson DETROIT/WASHINGTON (Reuters) - Republican presidential nominee Donald Trump will propose tax breaks for working families and for corporations as he outlines his economic plans on Monday in an effort to regain momentum lost during a damaging spate of controversies. The plan will include imposing a temporary moratorium on new federal regulations and reviving Transcanada Corp's Keystone pipeline project, according to an outline of his economic speech seen by Re
  
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• Russian central bank says recession in past, slow growth ahead

  08-08-2016 15:21 via news.yahoo.com
  
  Russia's central bank on Monday said that GDP figures show the country is moving out of its protracted recession and returning to tentative growth. "The evaluation of the Russian GDP shows that the recession is now behind us and ahead is slow economic growth," the bank said in a note. The Bank of Russia estimated that growth in the second quarter of 2016 hit 0.2-0.3 percent and said it had boosted its forecasts to 0.4 percent growth in the third quarter and 0.5 percent in the fourth quarter.
  
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• Cash-starved Burundi reports stronger inflow from domestic taxes

  08-08-2016 15:19 via news.yahoo.com
  
  Tax revenues in Burundi rose by almost 13 percent last month compared with a year ago, official data showed on Monday, a boost for the economy following a year of unrest linked to the re-election of President Pierre Nkurunziza. A strong inflow from domestic taxes as well as modest revenue from coffee and tea exports have become vital for the aid-dependent country, particularly since Belgium and the European Union, key donors, cut external aid over the past year. Tax collection rose to 50.2 billi
  
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• Wal-Mart to buy Jet.com for about $3.3 billion

  08-08-2016 15:09 via news.yahoo.com
  
  Wal-Mart said it would pay $3 billion in cash, part of which would be paid over time along with an additional $300 million in its shares. "We're looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that's what our customers want," Wal-Mart Chief Executive Doug McMillon said. The Wall Street Journal reported last week that Wal-Mart was in talks to buy the online discount retailer.
  
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• BRIEF-Investors Real Estate Trust hires Mark Decker Jr as chief investment officer

  08-08-2016 15:08
  
  * Hires Mark Decker Jr as president and chief investment
  officer
  
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