Finance news

• Column: When hedge funds are paid to be too big

  17-08-2016 23:46
  
  (Reuters) - Combine the standard hedge fund compensation model with the reality of declining fund performance as assets under management increase and you have a whopping conflict of interest.
  
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• Wall Street ends up slightly as Fed minutes show split over rate timing

  17-08-2016 22:57 via news.yahoo.com
  
  U.S. stocks ended slightly higher on Wednesday after minutes from the Federal Reserve's last policy meeting showed voting members divided over whether to raise interest rates soon. On Tuesday, stocks slipped after New York Fed President William Dudley said a rate hike as soon as September was possible given evidence of wage gains. Losses in retailers including Target and Lowe's Companies following disappointing forecasts limited the day's gains, along with Cisco .
  
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• Wall St. ends up slightly as Fed minutes show split over rate timing

  17-08-2016 22:40 via news.yahoo.com
  
  On Tuesday, stocks slipped after New York Fed President William Dudley said a rate hike as soon as September was possible given evidence of wage gains. Losses in retailers including Target and Lowe's Companies following disappointing forecasts limited the day's gains, along with Cisco. "Despite their willingness and desire to raise rates, they haven't gotten cooperation from the economy yet," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
  
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• Global stocks reverse losses, dollar erases gains after Fed minutes

  17-08-2016 22:21 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - Wall Street stocks turned positive while the dollar edged lower on Wednesday after minutes from the Federal Reserve's July meeting showed policymakers may be on the road to raising U.S. interest rates but will need to see more economic data before pulling the trigger. The minutes from that meeting were released Wednesday and while they showed the Fed could be leaning towards raising rates they did not suggest it was in any hurry to do so, analysts said. &ldqu
  
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• Stocks reverse losses, dollar erases gains after Fed minutes

  17-08-2016 22:20 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - Wall Street stocks turned positive while the dollar edged lower on Wednesday after minutes from the Federal Reserve's July meeting showed policymakers may be on the road to raising U.S. interest rates but will need to see more economic data before pulling the trigger. The U.S. central bank left benchmark short-term rates unchanged at its last meeting in July but said near-term risks to the economy had diminished, leaving the door open for a possible rate hike
  
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• Wall Street ticks up as Fed seen split on rate hike

  17-08-2016 22:13 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks ended slightly higher on Wednesday after minutes from the Federal Reserve's July policy meeting showed voting members divided over whether to raise interest rates soon. The Dow Jones industrial average rose 21.92 points, or 0.12 percent, to 18,573.94, the S&P 500 gained 4.07 points, or 0.19 percent, to 2,182.22 and the Nasdaq Composite added 1.55 points, or 0.03 percent, to 5,228.66. The divided Fed view contrasted with comments from the head of the New York
  
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• Hedge fund Maglan demands removal of four FairPoint board members: letter

  17-08-2016 22:08
  
  BOSTON (Reuters) - Hedge fund Maglan Capital demanded on Wednesday that telecom carrier FairPoint Communications remove four board members, stepping up pressure on a company whose shares it believes...
  
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• Divided Fed wanted to keep rate 'options open': minutes

  17-08-2016 21:52 via news.yahoo.com
  
  US Federal Reserve policy makers last month believed risks to the US economy had lessened but wanted to keep their interest rate policy "options open," according to minutes released Wednesday. Policy makers also believed the global financial system had properly withstood any shock created by Britain's June vote to exit the European Union, the minutes said. Taken during the July 26-27 meeting, the minutes detailed policy makers' differing views of the US economic outlook as they decided to leave
  
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• Rona acquisition will reduce full-year earnings, Lowe's says

  17-08-2016 21:21 via news.yahoo.com
  
  "The only changes to our outlook are related to Rona," Lowe's chief financial officer Bob Hull told analysts during a conference call. Back in May, the month it completed the Rona takeover, Lowe's said it was expecting its full-year diluted earnings to come in at $4.11 per share. Lowe's CEO Robert Niblock said he was pleased with the progress of integrating the Rona chain, and the U.S. firm said it is aiming to double profitability at Rona within five years.
  
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• WHO appoints former NY mayor Bloomberg as global health ambassador

  17-08-2016 21:16 via news.yahoo.com
  
  The World Health Organization (WHO) on Wednesday appointed the philanthropist and former mayor of New York Michael Bloomberg as a global health ambassador to help governments tackle chronic diseases such as diabetes, stroke, cancer and heart disease. Bloomberg, who has a track record in public health policies such as tobacco control, soda taxes and injury prevention, will work with national and local politicians to highlight the heavy economic and health burden of non-communicable diseases (NCDs
  
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• Global stocks pare losses, dollar falls after balanced Fed minutes

  17-08-2016 21:15 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - Wall Street stocks turned positive and the dollar turned negative on Wednesday after minutes from the Federal Reserve's July meeting showed policymakers may be on the road to raising U.S. interest rates but will need to see more economic data before pulling the trigger. The minutes from that meeting were released Wednesday and while they showed the Fed could be leaning towards raising rates they did not suggest it was in any hurry to do so, analysts said. New
  
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• Stocks pare losses, dollar falls after balanced Fed minutes

  17-08-2016 21:08 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - Wall Street stocks turned positive and the dollar turned negative on Wednesday after minutes from the Federal Reserve's July meeting showed policymakers may be on the road to raising U.S. interest rates but will need to see more economic data before pulling the trigger. The minutes from that meeting were released Wednesday and while they showed the Fed could be leaning towards raising rates they did not suggest it was in any hurry to do so, analysts said. New
  
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• Fed policymakers divided over whether to raise rates soon: minutes

  17-08-2016 21:01 via news.yahoo.com
  
  By Jason Lange and Lindsay Dunsmuir WASHINGTON (Reuters) - Federal Reserve policymakers agree that more economic data is needed before raising interest rates, although some see a need to tighten policy soon, according to the minutes from the U.S. central bank's July 26-27 policy meeting. The minutes, which were released on Wednesday, showed that members of the rate-setting Federal Open Market Committee were generally upbeat about the U.S. economic outlook and labor market. "Some ... members anti
  
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• Hedge fund Marcato seeks Buffalo Wild Wings management shake-up

  17-08-2016 20:58
  
  BOSTON (Reuters) - Activist hedge fund Marcato Capital Management is pushing Buffalo Wild Wings Inc to shake up its executive ranks and board, saying the casual restaurant chain's stock price could...
  
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• Fed minutes: Conditions could 'soon warrant' a rate hike

  17-08-2016 20:42 via news.yahoo.com
  
  WASHINGTON (AP) — Federal Reserve officials believed last month that near-term risks to the U.S. economy had subsided and that an interest rate increase could soon be warranted. But they did not indicate when they would likely raise rates.
  
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• Wall Street near even in volatile trade after Fed minutes

  17-08-2016 20:40 via news.yahoo.com
  
  "I don’t think anything in these minutes supports a quicker rate increase and again, I think that they’re data dependent still," said Chris Gaffney, president of Everbank World Markets in St. Louis. The Fed left rates unchanged at its last meeting in July but said near-term risks to the economy had diminished, leaving the door open for a possible rate hike this year. On Tuesday, New York Fed President William Dudley said a rate hike as soon as September was possible given evidence of
  
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• South African economic hubs set for opposition rule

  17-08-2016 19:03 via news.yahoo.com
  
  By Joe Brock and Zimasa Mpemnyama JOHANNESBURG (Reuters) - South Africa's two main opposition parties have put aside huge ideological differences to unseat the ruling ANC in major cities it has controlled for 22 years, they said on Wednesday. The African National Congress lost its majority in the local governments that rule Pretoria, Johannesburg and Port Elizabeth this month, its worst electoral performance since coming to power after apartheid, leaving the other parties free to discuss coaliti
  
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• Why the Stock Market Is Rooting for Hillary Clinton to Win

  17-08-2016 18:23 via news.yahoo.com
  
  Wall Street titans from Carl Icahn to George Soros and Bill Gross have pooh-poohed the stock market’s recent rise and are increasing their bearish bets. Brokerages like Goldman Sachs and Barclays Capital have been sounding notes of caution. The popular theory is that the rally has been driven by expectations the Federal Reserve will continue to hold off on any fresh interest rate hikes until December at the earliest — which, in turn, has unleashed a wave of forced short-covering buyi
  
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• Turkey's Sisecam to hold off on glassware IPO, sales shaken by failed coup

  17-08-2016 18:03 via news.yahoo.com
  
  (Adds quotes, context, deals) By Ceyda Caglayan ISTANBUL, Aug 17 (Reuters) - Turkey's Sisecam will hold off on plans to list its Pasabahce glassware business due to weak stock market conditions, its general manager told Reuters, adding that sales were hurt by last month's failed coup attempt. Sisecam, Europe's second-largest producer of the flat glass used in windows, car windscreens and ovens, is perhaps best known for its Pasabahce unit, which makes wine glasses, pitchers and decanters. Siseca
  
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• Stocks fall as investors take profits ahead of Fed minutes

  17-08-2016 17:38 via news.yahoo.com
  
  Stocks around the globe turned lower on Wednesday as investors sold equities ahead of the release of minutes from the Federal Reserve's July meeting a day after two Fed officials said U.S. short-term interest rates could rise as soon as next month. The Fed left benchmark short-term U.S. rates unchanged at its last meeting in July but said near-term risks to the economy had diminished, leaving the door open for a possible rate hike this year. New York Fed President William Dudley and Atlanta Fed
  
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• UPDATE 2-Canada's Performance Sports Group faces SEC investigation

  17-08-2016 17:34
  
  Aug 17 (Reuters) - Canada's Performance Sports Group Ltdsaid on Wednesday it faced an investigation by
  the U.S. Securities and Exchange Commission, two days after the
  sports equipment maker said...
  
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• GLOBAL MARKETS-Stocks fall as investors take profits ahead of Fed minutes

  17-08-2016 17:31
  
  * Emerging market stocks fall after blistering run(Updates to U.S. trading, changes byline, dateline, previous
  LONDON)
  
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• Ghana says on track to halve budget deficit after IMF deal

  17-08-2016 17:30
  
  ACCRA, Aug 17 (Reuters) - Ghana is on target to halve its
  fiscal deficit this year after its $918-million aid deal with
  the International Monetary Fund, Finance Minister Seth Terkper
  said on...
  
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• Wall Street lower as investors cautious ahead of Fed minutes

  17-08-2016 17:29 via news.yahoo.com
  
  The Fed left interest rates unchanged at its meeting last month but said near-term risks to the economy had diminished, leaving the door open for a possible rate hike this year. Investors will parse the minutes, due at 2:00 p.m. ET (1800 GMT), for hints on when the Fed would next raise rates, particularly in light of New York Fed President William Dudley's hawkish comments on Tuesday. "Investors seem guarded today," said Eric Wiegand, senior portfolio manager at the Private Client Reserve at U.S
  
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• UPDATE 1-Germany holds man suspected of storing explosives, no sign of terrorism link -police

  17-08-2016 17:29
  
  BERLIN, Aug 17 (Reuters) - German police arrested a
  27-year-old man on Wednesday on suspicion of storing materials
  that could be used as explosives but later said there were no
  signs he had been...
  
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• UPDATE 2-Ratings warning pushes Portuguese bond yields up for second day

  17-08-2016 17:18
  
  LONDON, Aug 17 (Reuters) - Portugal's 10-year government
  bond yield rose sharply for a second straight day on Wednesday,
  hitting its highest for almost three weeks after a warning from
  credit agency...
  
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• CORRECTED-UPDATE 1-Canada's Performance Sports Group faces SEC investigation

  17-08-2016 17:12
  
  Aug 17 (Reuters) - Canada's Performance Sports Group Ltdsaid on Wednesday it was facing an
  investigation by the U.S. securities regulator, two days after
  the sports equipment maker said it was...
  
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• Investors knock on banks' doors for more callable TLAC deals

  17-08-2016 17:10
  
  NEW YORK, Aug 17 (IFR) - A sell-out bond by JP Morgan this
  month, which some see as a game-changer for the way US banks
  approach their capital shortfalls, has stirred up demand from
  the buyside.
  
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• Ex-Wall Street banker convicted for giving father insider tips

  17-08-2016 16:28 via news.yahoo.com
  
  A former Wall Street investment banker was convicted on Wednesday for engaging in insider trading by tipping his father off to unannounced healthcare mergers, in a victory for prosecutors after an appellate ruling made pursuing such cases harder. Sean Stewart, who previously worked at Perella Weinberg Partners and JPMorgan Chase & Co , was found guilty by a federal jury in Manhattan on all nine counts he faced, including securities fraud. Stewart, 35, was one of 107 people accused of insider
  
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• JBS bondholders consent to global reorganization

  17-08-2016 16:20
  
  NEW YORK, Aug 17 (IFR) - A sufficient number of JBS
  bondholders have agreed to amend indentures allowing for a
  global reorganization of the meatpacker, the company said on
  Wednesday.
  
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• Hedge fund Marcato wants to see new talent at Buffalo Wild Wings

  17-08-2016 16:16
  
  BOSTON, Aug 17 (Reuters) - Activist hedge fund Marcato
  Capital Management is pushing Buffalo Wild Wings to shake up its
  executive ranks and board, saying the casual restaurant chain's
  stock price...
  
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• TREASURIES-U.S. bond prices steady ahead of Fed minutes

  17-08-2016 16:08
  
  * Traders await possible clues on U.S. rate hike at year-end* U.S. 2-year yield reaches 3-week high on light trade* St. Louis Fed's Bullard to speak on economy By Richard LeongNEW...
  
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• Wall Street lower ahead of Fed minutes

  17-08-2016 15:55 via news.yahoo.com
  
  The Fed left interest rates unchanged at its meeting last month but said near-term risks to the economy had diminished, leaving the door open for a possible rate hike this year. Investors will parse the minutes, due at 2:00 p.m. ET (1800 GMT), for hints on when the Fed would next raise rates, in light of New York Fed President William Dudley's hawkish comments on Tuesday. Dudley, a permanent voting member and a close ally of Fed Chair Janet Yellen, said a rate hike as soon as September was possi
  
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• Saving advice for big spenders

  17-08-2016 15:19
  
  NEW YORK (Reuters) - First myth of personal finance journalism: That financial experts are great with money and always have been.
  
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• British unemployment claims fall after Brexit vote

  17-08-2016 15:04 via news.yahoo.com
  
  Britain witnessed a surprise drop in claims for unemployment benefits in July, the immediate aftermath of the country's vote in favour of exiting the European Union, official data showed Wednesday. In the run-up to the June 23 Brexit referendum, Britain's unemployment rate was meanwhile unchanged at 4.9 percent -- but analysts expect it to rise in the coming months despite the drop in benefits, or claimant count. "Although the claimant count will be taken as a positive indicator of the UK econom
  
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• S.Africa's June retail sales slow as economy flirts with recession

  17-08-2016 14:58 via news.yahoo.com
  
  South African retail sales slowed more than expected in June with purchases of credit-linked items declining sharply as consumer spending remained under pressure despite a recent pause in policy tightening by the central bank. Retail sales grew by 1.7 percent year-on-year in June according to Statistics South Africa data on Wednesday, much slower than the 3.8 percent expansion predicted by a Reuters poll of analysts. Retail sales had grown 4.5 percent in May. The economy is on the verge of a sec
  
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• Wall Street set to open flat as investors await Fed minutes

  17-08-2016 14:43 via news.yahoo.com
  
  The Fed left interest rates unchanged at its meeting last month but said near-term risks to the economy had diminished, leaving the door open for a possible rate hike this year. Investors will parse the minutes, due at 2:00 p.m. ET, for hints about when the Fed could next raise rates, especially in light of New York Fed President William Dudley's hawkish comments on Tuesday. Dudley, a permanent voting member and a close ally of Fed Chair Janet Yellen, said a rate hike as soon as September was po
  
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• Growth of mobile banking boosts Co-op Bank Kenya's earnings

  17-08-2016 14:38 via news.yahoo.com
  
  Increased mobile and internet banking helped Co-operative Bank of Kenya increase its pretax profit in the fist half of 2016 by 19 percent to 10.45 billion shillings ($103.08 million), the lender said on Wednesday. The bank, which has its roots in the country's vibrant co-operative movement and also operates in South Sudan, said 87 percent of all customer transactions took place on alternative channels, up from 65 percent a year ago, following a drive to increase usage of mobile and internet bank
  
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• U.S. mortgage demand to buy homes hits six-month low: MBA

  17-08-2016 14:29 via news.yahoo.com
  
  The Mortgage Bankers Association said its seasonally adjusted index of mortgage activity for home purchases, a leading indicator of housing sales, fell 4 percent in the week ended Aug. 12. The average rate on "conforming" 30-year home mortgages, or loans with balances of $417,000 or less, dipped to 3.64 percent last week from 3.65 percent, the Washington-based group said. Weekly mortgage activity on home purchases reached an eight-month peak in early June before a decline since even as 30-year m
  
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• Dollar turns defence into attack ahead of Fed minutes

  17-08-2016 14:29 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - Revived bets on U.S. interest rate rises this year saw the dollar turn defence into attack on Wednesday and halted a red-hot run for oil prices and emerging markets. Futures markets pointed to Wall Street barely budging when it reopens, but European stocks struggled as London's FTSE and Frankfurt's DAX and Paris's CAC 40 fell between 0.2 percent and 1.1 percent after Asia had eased back from one-year highs overnight. Group head of multi-asset portfolios at GAM, L
  
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• Key South African economic hubs set for minority rule

  17-08-2016 14:04 via news.yahoo.com
  
  By Joe Brock and Zimasa Mpemnyama JOHANNESBURG (Reuters) - South Africa's biggest parties have failed to form coalition governments in major economic hubs following elections this month, they said on Wednesday, raising the prospect of less stable minority administrations. Since the African National Congress (ANC) lost its majority in major municipalities this month, in its worst electoral performance since it came to power nationally at the end of apartheid, the main parties have been attempting
  
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• Futures flat ahead of U.S. Fed minutes

  17-08-2016 13:44 via news.yahoo.com
  
  August 17 (Reuters) - Stock futures pointed to a lower opening for Canada's main stock index on Wednesday as investors await the minutes of the U.S. Federal Reserve's July policy meeting for clues on the next interest rate hike. The Fed is raising expectations for an interest rate rise this year, even as early as next month, despite weak U.S. economic growth in the first half of 2016. Oil prices slipped for the first time in a week as investors weighed the success of potential talks among top oi
  
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• Futures flat ahead of Fed minutes

  17-08-2016 13:26 via news.yahoo.com
  
  The Fed left interest rates unchanged at its meeting last month but said near-term risks to the economy had diminished, leaving the door open for a possible rate hike this year. Investors will parse the minutes of the meeting for hints about when the Fed could next raise rates, especially in light of New York Fed President William Dudley's hawkish comments on Tuesday. Dudley, a permanent voting member and a close ally of Fed Chair Janet Yellen, said a rate hike as soon as September was possible
  
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• Tunisia economy grew 1.4 pct in 2nd qtr vs 1.1 pct year ago

  17-08-2016 13:18 via news.yahoo.com
  
  Tunisia's economy grew by 1.4 percent in the second quarter of 2016, compared with 1.1 percent in the same period of 2015, the State Statistics Institute said on Wednesday. For the full-year 2015, the economy grew by 0.8 percent with weak growth in the second half of last year after militant attacks on tourists hit the key industry.
  
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• Stocks mostly downbeat before Fed update

  17-08-2016 13:11 via news.yahoo.com
  
  Hong Kong (AFP) - World stock markets largely retreated Wednesday, with all eyes on the Federal Reserve as it prepares to offer further clues as to the timing of the next US rate rise.
  
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• Key S.African municipalities set for minority rule as coalition talks fail

  17-08-2016 12:43 via news.yahoo.com
  
  By Joe Brock JOHANNESBURG (Reuters) - South Africa's biggest opposition parties have failed to form coalition governments in two major economic hubs following elections this month, one party said on Wednesday, raising the prospect of less stable minority administrations. Since the African National Congress (ANC) lost its majority in major municipalities this month, in its worst electoral performance since it came to power nationally at the end of apartheid, the main parties have been attempting
  
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• Ex-State Street executive waives extradition to face U.S. charges

  17-08-2016 12:01
  
  (Reuters) - A former State Street Corp executive has waived his right to UK extradition proceedings and has pleaded not guilty to U.S. charges that he engaged in a scheme to defraud six clients...
  
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• Carlyle to focus Asia real estate investment on China logistics

  17-08-2016 11:39 via news.yahoo.com
  
  Private equity firm Carlyle Group LP will focus its Asia real estate investments on logistics and office projects in China, optimistic that the country's e-commerce boom will drive growth in those sectors despite a slowing economy. The e-commerce sector, growing significantly faster than the broader Chinese economy, will stoke demand for warehouses and logistics assets, while growth in the services industry will fuel demand for office space, Jason Lee, the firm's head of Asia real estate, told R
  
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• Global stocks mixed after Wall Street decline

  17-08-2016 11:09 via news.yahoo.com
  
  Global stocks were mixed Wednesday after Wall Street declined and China said it will give foreign investors more access to Chinese equities through Hong Kong. KEEPING SCORE: In early trading, France's ...
  
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• Hong Kong airline Cathay's 1H profit tumbles 82 percent

  17-08-2016 11:03 via news.yahoo.com
  
  Cathay Pacific Airways says its profit tumbled in the first half of the year as economic weakness in China and other important markets cut passenger demand while it faced cutthroat competition from rivals. ...
  
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