Finance news

• CORRECTED-Lumber Liquidators wins ruling on cancer warnings, shares jump

  16-08-2016 23:56
  
  Aug 16 (Reuters) - Lumber Liquidators Holdings Incsaid a California court ruled in its favor against claims that
  it did not warn consumers about cancer-causing formaldehyde in
  some of its flooring...
  
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• MetLife lays out strategy in 'too big to fail' court fight

  16-08-2016 23:50 via news.yahoo.com
  
  MetLife Inc showed how it intends to fight federal regulators' arguments that it is "too big to fail" in a court brief filed Monday and added a new issue to its contention they used a flawed process to determine the company could damage the U.S. financial system if it faces distress. On March 30, U.S. District Judge Rosemary Collyer rescinded the "systemically important financial institution" designation of MetLife made by the Financial Stability Oversight Council, which consists of the heads of
  
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• 5 Reasons Home Depot Is Reporting Record Earnings

  16-08-2016 23:25 via news.yahoo.com
  
  Home Depot made company history in the second quarter, recording its highest sales and earnings ever. Unlike some other retailers, Home Depot is clearly enjoying the effects of lower gas prices, low unemployment and rising wages, all of which put more cash in consumer pockets. “We’re fortunate we’re in a space where the customer is willing to spend,” said Craig Menear, the company’s chairman, CEO and president, in Tuesday’s investor conference call.
  
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• Stocks fall, bond yields rise as Fed's Dudley boosts rate hike bets

  16-08-2016 22:58 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - Wall Street stocks fell the most in two weeks on Tuesday, following European and Asian bourses lower after weak U.S. data and comments by Federal Reserve policymakers that the Fed could raise interest rates as early as next month. New York Fed President William Dudley and Atlanta Fed chief Dennis Lockhart both said in public statements that the U.S. central bank could raise the nation's short-term interest rates at its September policy meeting. Fed funds futu
  
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• Wall Street slips from highs after Fed officials' rate comments

  16-08-2016 22:47 via news.yahoo.com
  
  U.S. stocks eased from record highs on Tuesday after comments from Federal Reserve officials fuelled speculation of an interest rate hike this year. The S&P telecommunications index and utilities , among sectors most sensitive to changes in interest rates, led the day's declines. New York Federal Reserve Bank President William Dudley said a rate hike in September was possible, while Atlanta Fed President Dennis Lockhart said the U.S. economy is likely strong enough for at least one rate incr
  
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• Exclusive: Civil war costs Yemen $14 billion in damage and economic losses - report

  16-08-2016 22:46 via news.yahoo.com
  
  By Yara Bayoumy WASHINGTON (Reuters) - The cost from damage to infrastructure and economic losses in Yemen's civil war is more than $14 billion so far, according to a confidential report seen by Reuters that highlights the effort needed to rebuild the country, where more than half the population is suffering from malnutrition. "The conflict has so far resulted in damage costs (still partial and incomplete) of almost $7 billion and economic losses (in nominal terms) of over $7.3 billion in relati
  
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• Canada's Couche-Tard in lead to acquire CST Brands: sources

  16-08-2016 22:44
  
  NEW YORK (Reuters) - Canadian convenience store operator Alimentation Couche-Tard Incis in the lead to acquire CST Brands Inc , a U.S.-based convenience store retailer, according to two sources...
  
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• Wall St. slips from highs after Fed officials' rate comments

  16-08-2016 22:34 via news.yahoo.com
  
  The S&P telecommunications index and utilities, among sectors most sensitive to changes in interest rates, led the day's declines. New York Federal Reserve Bank President William Dudley said a rate hike in September was possible, while Atlanta Fed President Dennis Lockhart said the U.S. economy is likely strong enough for at least one rate increase before the end of 2016, with two a possibility. "I don't think most people are expecting the Fed to actually hike in September ... (but) we've ha
  
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• U.S. inflation tame despite economy gaining momentum

  16-08-2016 22:33 via news.yahoo.com
  
  U.S. consumer prices were unchanged in July but a rise in industrial output and home building suggested a pickup in economic activity that could allow the Federal Reserve to raise interest rates this year. Tuesday's economic reports came as influential New York Fed President William Dudley said the U.S. central bank could raise interest rates next month, citing a tightening labor market that he said was starting to spur faster wage growth. "The strong housing starts and industrial output perform
  
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• Global stocks fall, bond yields rise as Fed's Dudley boosts rate hike bets

  16-08-2016 22:29 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - Wall Street stocks fell the most in two weeks on Tuesday, following European and Asian bourses lower after weak U.S. data and comments by Federal Reserve policymakers that the Fed could raise interest rates as early as next month. New York Fed President William Dudley and Atlanta Fed chief Dennis Lockhart both said in public statements that the U.S. central bank could raise the nation's short-term interest rates at its September policy meeting. Fed funds futu
  
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• Alimentation Couche-Tard won't confirm reports it's on verge of acquiring rival

  16-08-2016 22:13 via news.yahoo.com
  
  Convenience store chain Alimentation Couche-Tard Inc. said Tuesday it is in talks regarding "possible business transactions" but won't confirm reports it is about to buy Texas-based rival CST Brands. Earlier Tuesday, the Wall Street Journal, citing sources familiar with the matter, reported a deal between the companies could come this week and be worth at least $3.4 billion US. Responding at the request of the Toronto Stock Exchange's market surveillance division, Couche-Tard said no formal
  
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• Wall Street slips after NY Fed head talks up rate hike

  16-08-2016 22:09 via news.yahoo.com
  
  NEW YORK (Reuters) - The high-yielding telecoms and utilities sectors led declines on Wall Street stocks on Tuesday, after New York Federal Reserve Bank President William Dudley said an interest rate hike from the U.S. central bank was possible as early as next month. The Dow Jones industrial average fell 84.03 points, or 0.45 percent, to 18,552.02, the S&P 500 lost 12 points, or 0.55 percent, to 2,178.15 and the Nasdaq Composite dropped 34.90 points, or 0.66 percent, to 5,227.11. The declin
  
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• The Latest: Audit faults NY spending on tourism promotion

  16-08-2016 21:53 via news.yahoo.com
  
  The Latest on a federal audit criticizing New York state's oversight of $22 million in tourism promotions funding (all times eastern): 3:50 p.m. A spokesman for New York's economic development agency says ...
  
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• Asian pulp firms look for investments, M&A opportunities in Latam

  16-08-2016 21:52
  
  SAO PAULO (Reuters) - China's Xiamen C&D Inc is looking for greenfield projects in Latin America to invest as minority shareholder, Haidong Weng, head of strategic business for pulp and paper, told...
  
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• Gaining confidence, Fed officials eye U.S. interest rate hike this year

  16-08-2016 21:37 via news.yahoo.com
  
  By Jonathan Spicer and Howard Schneider NEW YORK/KNOXVILLE, Tenn. (Reuters) - The Federal Reserve is raising expectations for an interest rate rise this year, even as early as next month, after two policymakers on Tuesday said the economic stars now appear to be aligning despite weak U.S. economic growth in the first half of 2016. New York Fed President William Dudley said "it's possible" to raise rates at the Sept. 20-21 policy meeting given evidence of wage gains and a tighter labor market tha
  
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• Wall Street slips from highs after NY Fed chief's rate comments

  16-08-2016 21:32 via news.yahoo.com
  
  By Caroline Valetkevitch (Reuters) - U.S. stocks eased from record highs on Tuesday after New York Federal Reserve Bank President William Dudley said an interest rate hike in September was possible. Dudley cited recent labour market gains in his comments, which came ahead of an annual meeting of central bankers from around the world in Jackson Hole, Wyoming, next week. The comments raised traders' expectations of a U.S. rate hike this year, according to the CME Group's FedWatch tool. ...
  
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• Wall St. slips from highs after NY Fed chief's rate comments

  16-08-2016 21:26 via news.yahoo.com
  
  "I think there's a chance they will, and Dudley saying there's a chance they will is significant," said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut, noting that the stock market has been strong, as well as the jobs numbers. Continued expectations of low interest rates have helped stocks rise to record highs, with the S&P 500 index notching 10 all-time closing highs so far this year.
  
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• Brazil to reschedule sale of Celg-D, cut price to lure bidders

  16-08-2016 21:25
  
  BRASILIA/SAO PAULO (Reuters) - The Brazilian government has rescheduled an auction to sell state-controlled Centrais Elétricas de Goiás SA as potential bidders failed to present some requirements...
  
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• Two Fed rate hikes 'conceivable' in 2016, September in play: Lockhart

  16-08-2016 20:44 via news.yahoo.com
  
  The U.S. economy is likely strong enough for at least one interest rate increase before the end of 2016, with two hikes a possibility, Atlanta Federal Reserve Bank President Dennis Lockhart said on Tuesday. "I would not rule out September," Lockhart said, citing what he described as ongoing U.S. job gains and "healthy" signs that inflation will pick up as possibly justifying a rate increase at the Fed's policy meeting next month. In his speech in Knoxville, Lockhart said recent U.S. gross domest
  
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• ValueAct stake in Morgan Stanley shows challenges in big bank activism

  16-08-2016 20:29 via news.yahoo.com
  
  ValueAct Capital Management's newly acquired stake in Morgan Stanley underscores how tempting big bank stocks are for activist investors, but also how difficult it can be for them to move the needle in terms of performance. The hedge fund firm disclosed on Monday that it had bought $1.1 billion worth of Morgan Stanley shares during the second quarter, giving it a nearly 2 percent stake in the Wall Street bank. “Maybe ValueAct's presence will just keep the pressure on - we'll take it." Acti
  
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• Why It May Be Time to Buy the Stock Market’s Losers

  16-08-2016 20:12 via news.yahoo.com
  
  The stock market's historic surge to fresh highs over the past two months is without precedent and nearly devoid of any fundamental support. With monetary methamphetamine being injected into the veins of the global financial system at a record monthly run rate, and with the Federal Reserve likely to hold off on any fresh rate hikes until after the U.S. presidential election — despite what New York Fed President William Dudley suggested Tuesday, the low-volatility/low-volume melt up could v
  
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• Global stocks fall, bond yields rise as Fed's Dudley ups rate hike bets

  16-08-2016 20:11 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - Wall Street stocks fell the most in two weeks on Tuesday, following European and Asian bourses lower after weak U.S. data and comments by an influential Federal Reserve policymaker that the Fed could raise interest rates as early as next month. New York Fed President William Dudley's statement seemed at odds with data released on Tuesday that showed consumer prices were unchanged in July as the cost of gasoline fell for the first time in five months and under
  
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• Zambian president's inauguration delayed until court rules on vote

  16-08-2016 19:11 via news.yahoo.com
  
  By Stella Mapenzauswa and Chris Mfula LUSAKA (Reuters) - Zambian President Edgar Lungu said on Tuesday his inauguration would be delayed until a court rules on a challenge from his main election rival who said the vote was rigged. Results on Monday showed Lungu narrowly won re-election in Africa's second-largest copper producer which is suffering an economic slump due to depressed commodity prices. A rule introduced in January says the winner of a presidential election cannot be sworn in if the
  
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• GE's $250 million Doosan deal will boost revenue

  16-08-2016 19:06
  
  NEW YORK (Reuters) - General Electric Co'srecent purchase of part of Doosan Engineering & Construction Co Ltdof Korea will sharply boost the U.S. manufacturer's revenues from energy assets...
  
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• Exclusive: Blackstone challenges Honeywell with JDA financing plan - sources

  16-08-2016 19:04
  
  (Reuters) - Blackstone Group LPhas offered a financing plan to help debt-laden U.S. supply chain management company JDA Software Group Inc, giving it an alternative option to selling itself to...
  
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• Britain's FTSE slips from 14-month highs as UK inflation bites

  16-08-2016 18:47
  
  LONDON, Aug 16 (Reuters) - Britain's top shares index
  slipped from a 14-month high on Tuesday as higher-than-expected
  UK inflation data weighed on the market.
  
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• Hot-and-cold data still see US economy gaining

  16-08-2016 18:46 via news.yahoo.com
  
  US industrial production and housing starts picked up encouragingly in July but inflation remained stubbornly low, continuing the mixed message on economic strength, official figures showed Tuesday. Industrial production made its largest gain in a year last month, rising 0.7 percent and bounding past analyst forecasts, according to the Federal Reserve. Ian Shepherdson, chief economist at Pantheon Macroeconomics, said the rise reflected a rebound in investment in the energy sector, with a 4.7 per
  
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• Wall Street falls from highs on NY Fed chief's rate comments

  16-08-2016 18:43 via news.yahoo.com
  
  "The labor market is getting tighter and we're starting to see signs of wage gains starting to accelerate, so I think we're getting closer to that point in time when it will be appropriate to actually raise short-term rates again," Dudley, a permanent voting member of the Federal Reserve and a close ally of Fed Chair Janet Yellen, said on Fox Business Network. The comments raised expectations among traders of an interest rate hike this year - they now see an 18 percent chance of a hike in Septem
  
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• World economy ready for Fed rate hike, says RBA's Stevens - WSJ

  16-08-2016 18:38 via news.yahoo.com
  
  (Reuters) - The chief of Australia's central bank said the world is ready for the U.S. Federal Reserve to raise interest rates for a second time in this tightening cycle, according to an interview published online by the Wall Street Journal. "I can't see why the global economy is really any less ready for No. 2 than it was for No. 1," Reserve Bank of Australia Governor Glenn Stevens was quoted as saying. "It's as ready as it has ever been in any of the other episodes." The Fed raised rates from
  
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• Fed's Lockhart signals one rate hike in 2016, economy on track

  16-08-2016 18:38 via news.yahoo.com
  
  The U.S. economy is likely strong enough for at least one interest rate increase before the end of 2016, as job gains continue and inflation moves in a "healthy" direction, Atlanta Federal Reserve Bank President Dennis Lockhart said on Tuesday. Recent U.S. gross domestic product data overstated weakness in an economy whose fundamentals remain on track for moderate growth through this year and next, Lockhart said. "I, as one Fed policymaker, am not prepared to rule out at least one rate hike befo
  
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• UK supermarket Morrisons completes sale of Fresh Direct stake

  16-08-2016 18:17
  
  (Reuters) - Britain's Wm Morrison Supermarkets Plcsaid on Tuesday it had completed the sale of its 10 percent stake in U.S. online food retailer Fresh Direct for 45 million pounds ($58 million),...
  
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• Stocks fall, bond yields rise as Dudley ups Fed rate hike bets

  16-08-2016 17:47 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - Wall Street stocks followed European and Asian bourses lower on Tuesday, retreating from record highs touched on Monday, after weak U.S. data and comments by an influential Federal Reserve policymaker that the U.S. central bank could raise interest rates as early as next month. New York Fed President William Dudley's statement seemed at odds with data released on the U.S. economy Tuesday that showed consumer prices were unchanged in July as the cost of gasoli
  
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• U.S. inflation tame as economy gains momentum

  16-08-2016 17:41 via news.yahoo.com
  
  U.S. consumer prices were unchanged in July on falling gasoline costs, but solid gains in industrial output and home building suggested a pickup in economic activity that could allow the Federal Reserve to raise interest rates this year. Tuesday's mixed reports came as influential New York Fed President William Dudley said the U.S. central bank could hike rates next month, citing a tightening labor market that he said was starting to spur faster wage growth. "The strong housing starts and indust
  
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• TSX falls as banks, natural resource companies weigh

  16-08-2016 17:27 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock index fell on Tuesday, dragged lower by some mining and energy companies despite the advance of gold and global oil prices. At 11:04 a.m EDT (1504 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 59.53 points, or 0.4 percent, to 14,717.49, reflecting the decline of U.S. stocks on Wall Street.[.N] Eight of the TSX's main 10 groups were in negative territory. Among the biggest drivers of the fall were a major gold miner, some of the countr
  
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• UPDATE 2-Facilities manager Cintas to buy rival G&K in $2.2 bln deal

  16-08-2016 17:26
  
  * Cintas price fair price, deal a smart financial
  move-analyst
  
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• China approves Shenzhen-Hong Kong stock link, scraps limits

  16-08-2016 17:10 via news.yahoo.com
  
  * Second link unlikely to trigger demand for mainland stocks * Scheme seen positive in longer term * Southbound usage grows on Hong Kong-Shanghai Connect * Aggregate quota limits scrapped (Adds comments from HKEx press conference) By Michelle Price HONG KONG, Aug 16 (Reuters) - In the biggest capital market reforms since last year's stock market crash, China approved the launch of a long-awaited scheme to allow stock trading between Hong Kong and Shenzhen, the world's second-busiest, and tech-he
  
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• Investors cut cash, load up on EM and U.S. stocks: BAML

  16-08-2016 17:09 via news.yahoo.com
  
  By Claire Milhench LONDON (Reuters) - Global investors have cut their cash holdings sharply and added to emerging market and U.S. stocks in August as global growth expectations have rebounded, a Bank of America Merrill Lynch (BAML) survey indicated on Tuesday. A net 23 percent of investors now expect the global economy to improve over the next 12 months, an optimism reflected in the overall equity allocation recovering to a net overweight of 9 percent. This was up from a net 1 percent underweigh
  
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• CFTC bars Steven Cohen from managing commodity hedge funds

  16-08-2016 16:57
  
  WASHINGTON (Reuters) - U.S. derivatives regulators said on Tuesday they have barred billionaire SAC Capital Advisors founder Steven A. Cohen from registering and managing commodity hedge funds.
  
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• Iran says it has detained a dual national linked to British intelligence

  16-08-2016 16:27 via news.yahoo.com
  
  Iran said on Tuesday it had arrested a dual national last week in Tehran linked to Britain's intelligence service, the latest in a string of arrests of dual nationals over the past year. "The accused was working in an economic sector related to Iran," Tehran prosecutor general Abbas Jafari Dolatabadi was quoted as saying by the state news agency IRNA. "We are seeking information following the reported detention of a dual Iranian-British national in Iran," the Foreign Office said in a statement.
  
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• European stocks slide on post-Brexit data

  16-08-2016 16:23 via news.yahoo.com
  
  Hong Kong (AFP) - European stock markets fell on Tuesday as traders reacted to data giving early indications about the economic fallout of Britain's Brexit vote.
  
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• Brevan Howard's main fund shed $3 billion in assets in H1 - source

  16-08-2016 16:19 via news.yahoo.com
  
  Investors pulled more than $3 billion (£2.31 billion) from Brevan Howard's main hedge fund in the first half of the year, a source told Reuters on Tuesday. The outflows, which came during a torrid six months for many firms, took the fund's assets down to $15.7 billion, the source said - a near halving of the fund's total assets three years ago at $28 billion. News of the slide in assets was first reported by the Wall Street Journal on Tuesday.
  
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• Wall Street lower on NY Fed chief's rate hike comments

  16-08-2016 16:05 via news.yahoo.com
  
  "The labor market is getting tighter and we're starting to see signs of wage gains starting to accelerate, so I think we're getting closer to that point in time when it will be appropriate to actually raise short-term rates again," Dudley, a permanent voting member of the Federal Reserve, said in an interview on Fox Business Network. Dudley's comments raised expectations among traders of an interest rate hike this year - they now see a 12 percent chance of a hike in September, up from 9 percent
  
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• Gas suppliers Praxair, Linde hold merger talks

  16-08-2016 16:04 via news.yahoo.com
  
  NEW YORK/MUNICH (Reuters) - U.S. industrial gas supplier Praxair Inc and German peer Linde AG are in early-stage talks about a merger to create a market leader with a value of more than $60 billion, Linde said on Tuesday, sending shares in both companies higher. An agreement would accelerate consolidation sweeping the industrial gas sector where slower economic growth has weakened demand in the manufacturing, metals and energy sectors and put pressure on smaller players to compete. A combination
  
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• Icahn makes new bet on Allergan in second-quarter: filing

  16-08-2016 15:58
  
  BOSTON (Reuters) - Carl Icahn, the octogenarian investor whose stock investments still create a buzz on Wall Street nearly 50 years after he first got into the business, made a new bet on Allergan, a...
  
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• Fed's Dudley says 'possible' to hike rates next month: FBN

  16-08-2016 15:40 via news.yahoo.com
  
  "We're edging closer towards the point in time where it will be appropriate I think to raise interest rates further," Dudley said on Fox Business Network. Given the U.S. economy grew at only a 1-percent rate in the first half of the year, "we probably don't have a lot of monetary policy tightenings to do over time," said Dudley, a permanent voter on rates and a close ally of Fed Chair Janet Yellen. "But the labor market is getting tighter and we're starting to see signs of wage gains starting to
  
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• Wall Street opens lower on NY Fed chief's comments

  16-08-2016 15:35 via news.yahoo.com
  
  REUTERS - U.S. stocks opened lower on Tuesday after New York Fed President William Dudley said a hike in short-term interest rates in September was possible. The Dow Jones industrial average was down 44.21 points, or 0.24 percent, at 18,591.84, the S&P 500 was down 5.32 points, or 0.24 percent, at 2,184.83 and the Nasdaq composite was down 14.15 points, or 0.27 percent, at 5,247.87. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty)
  
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• Wall St set to open lower on New York Fed chief's comments

  16-08-2016 15:07 via news.yahoo.com
  
  Wall Street was set to open slightly lower on Tuesday after New York Federal Reserve President William Dudley said an interest rate hike in September was possible. "We're edging closer towards the point in time where it will be appropriate I think to raise interest rates further," Dudley, a permanent voting member of the Federal Reserve, said in an interview on Fox Business Network. Dudley's comments raised expectations among traders of an interest rate hike this year.
  
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• Dollar falls to seven-week low versus yen, oil at new five-week high

  16-08-2016 14:23 via news.yahoo.com
  
  By Dhara Ranasinghe LONDON (Reuters) - The dollar fell to its lowest level in seven weeks against the yen on Tuesday as recent weak U.S. economic data was seen limiting the scope for a near-term rate hike, while oil prices extended their gains to the highest levels in over five weeks. European shares retreated from 7-week highs , weighed down by industrial stocks, with markets in London , Paris and Frankfurt down 0.4-0.9 percent while U.S. stock futures traded lower ahead of U.S. data later in t
  
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• UPDATE 1-OncoGenex seeks strategic alternatives after drug study fails

  16-08-2016 14:05
  
  Aug 16 (Reuters) - OncoGenex Pharmaceuticals Incsaid it was exploring strategic alternatives after its
  experimental drug failed to show survival benefit in a
  late-stage study in patients with...
  
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• Amid nuclear spat, Britain's May tells China - We want stronger ties

  16-08-2016 13:23 via news.yahoo.com
  
  By Ben Blanchard and William James BEIJING/LONDON (Reuters) - Prime Minister Theresa May has told China's leader that Britain wants to strengthen trade and business ties, an attempt to reassure the world's second largest economy after London delayed a $24 billion nuclear project. May's surprise decision to review the building of Britain's first nuclear plant in decades upset China, which questioned whether Chinese money was still welcome in Britain just weeks after the June 23 Brexit vote to lea
  
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