Finance news

• U.S. banks want to cut branches, but customers keep coming

  22-08-2016 23:59
  
  NEW YORK (Reuters) - Despite banks' nudging toward online tools, many U.S. customers are not ready to give up regular visits to their nearest branch, complicating the industry's efforts to slim down.
  
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• Cinven to acquire pharmaceutical research firm Bioclinica

  22-08-2016 23:55
  
  (Reuters) - Cinven Ltd said on Monday it agreed to acquire BioClinica Inc from two other buyout firms, Water Street Healthcare Partners and JLL Partners, in a deal that sources said values the U.S....
  
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• Corvex's Meister proposes to replace Williams' board

  22-08-2016 23:50
  
  NEW YORK (Reuters) - Keith Meister, who runs hedge fund Corvex Management LP, said on Monday that he planned to nominate candidates to replace pipeline company Williams Cos Inc'sentire board.
  
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• Oil tumbles, Treasuries rise as investors await Fed

  22-08-2016 23:42 via news.yahoo.com
  
  By Hilary Russ NEW YORK (Reuters) - Oil prices fell more than 3 percent on supply worries, while U.S. Treasuries rose and stocks flattened on Monday as markets awaited more clarity later this week from the Federal Reserve on when it might raise U.S. interest rates. An upbeat assessment of the U.S. economy from Fed Vice Chairman Stanley Fischer on Sunday was viewed as raising the prospect of Fed Chair Janet Yellen flagging a rate rise at a meeting with world central bankers on Friday. Treasury yi
  
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• BRIEF-Quicksilver Resources says Bankruptcy court gives confirmation order for plan of liquidation

  22-08-2016 23:27
  
  * On Aug 16, bankruptcy court entered order confirming first
  amended joint chapter 11 plan of liquidation for co, debtors
  
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• BRIEF-Peabody Energy reaches agreement with Illinois on financial assurances in support of coal mine restoration activities

  22-08-2016 22:57
  
  * Peabody energy reaches agreement with Illinois on
  financial assurances in support of coal mine restoration
  activities
  
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• Republicans urge U.S. Treasury to overhaul tax inversion proposals

  22-08-2016 22:36 via news.yahoo.com
  
  By David Morgan WASHINGTON (Reuters) - Republican lawmakers called on U.S. Treasury Secretary Jack Lew on Monday to overhaul proposed regulations intended to crack down on American companies that try to reduce their U.S. taxes by rebasing abroad in a process known as inversion. In separate letters, top Republicans on the Senate Finance Committee and House Ways and Means Committee warned on Monday that Treasury is moving too quickly to adopt regulations to prevent overseas mergers known as tax in
  
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• Medivation surges on Pfizer takeover as US markets stay flat

  22-08-2016 22:31 via news.yahoo.com
  
  Cancer drugmaker Medivation on Monday gained nearly 20 percent after the announcement it would be bought by Pfizer, but Wall Street stocks were otherwise generally flat. Chris Low of FTN Financial said the markets were in wait-and-see mode, with a lack of economic data coming this week and a much-anticipated speech from Federal Reserve Chair Janet Yellen due on Friday in Jackson Hole, Wyoming.
  
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• Vancouver real estate vulnerable after tax on foreign buyers: Fitch

  22-08-2016 22:20 via news.yahoo.com
  
  By Leah Schnurr OTTAWA (Reuters) - With a new tax on foreign homebuyers in Vancouver expected to slow purchase activity, there is a greater risk that the city's lofty real estate prices would be vulnerable to a potential jump in local unemployment, Fitch Ratings said on Monday. Earlier this month, Vancouver implemented a 15 percent tax on foreign home buyers to try to address a lack of affordability for residents. The new tax will likely be effective in tamping down buyer activity, Fitch analyst
  
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• South African opposition beats ANC in vote to govern Johannesburg

  22-08-2016 21:54 via news.yahoo.com
  
  South Africa's main opposition party on Monday won control of the local government in Johannesburg, the country's economic hub, unseating the ruling party, which has run the municipal council since apartheid ended 22 years ago. The victory gave the Democratic Alliance control of both Johannesburg and Pretoria, the nation's capital, following heavy losses in urban areas by the ruling African National Congress at the Aug. 3 local elections. By taking over the two major cities, the DA has reshaped
  
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• Kobe Bryant starts $100 million investment fund

  22-08-2016 21:53 via news.yahoo.com
  
  Retired NBA star Kobe Bryant is moving to Wall Street, announcing the formation of a $100 million venture capital fund to invest in media, technology and data companies. The fund, known as Bryant Stibel, ...
  
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• Federal Reserve under growing pressure to reform system, goals

  22-08-2016 21:42 via news.yahoo.com
  
  The U.S. Federal Reserve has two guiding goals when designing monetary policy: maximum employment and stable inflation. At this year's flagship economic policy conference, from Aug. 25-27, U.S policymakers will confer not only with their counterparts from around the world but also host a meeting on Thursday with a group calling for a radical overhaul of the Fed. Fed Up, a network of community organizations and labor unions that wants a more diverse, transparent and income-inequality aware centra
  
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• Merkel backs Italian PM over EU budget rules

  22-08-2016 21:36 via news.yahoo.com
  
  German Chancellor Angela Merkel gave strong backing Monday to Italian premier Matteo Renzi, suggesting she could be flexible over EU budget rules as Rome grapples to kickstart its stalling economy. "Matteo Renzi has initiated courageous reforms including the jobs act here in Italy. It won't show results within four weeks but it sets the parameters for a sustainable and successful Italy.
  
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• Wells Fargo to pay $4.1 million to settle charges of illegal student loan practices

  22-08-2016 21:33
  
  (Reuters) - A Wells Fargo & Co unit will pay $4.1 million to settle allegations that it engaged in illegal private student loan servicing practices that unfairly penalized certain borrowers, the...
  
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• U.S. appeals court declines to reconsider Bank of America ruling

  22-08-2016 21:33
  
  NEW YORK (Reuters) - A U.S. appeals court refused on Monday to reconsider its decision to overturn a $1.27 billion penalty against Bank of America Corp and a jury verdict finding it liable for...
  
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• U.S. stocks flat; oil, Treasury yields fall as investors await Fed

  22-08-2016 21:20 via news.yahoo.com
  
  U.S. stocks and oil edged lower while U.S. Treasury yields fell on Monday on expectations the Federal Reserve will signal this week that it is preparing to raise U.S. interest rates. An upbeat assessment of the U.S. economy's strength from Fed Vice Chairman Stanley Fischer on Sunday was viewed as raising the prospect of Fed Chair Janet Yellen flagging a rate rise at a meeting with world central bankers on Friday. Prices on 30-year U.S. Treasuries rose more than 1 point and yields fell to 2.23 pe
  
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• Chicago Public Schools seeks $1.55 billion credit line

  22-08-2016 21:08 via news.yahoo.com
  
  The cash-strapped Chicago public school system will rely on a $1.55 billion line of credit in fiscal 2017 to boost cash flow, up from $1.065 billion in fiscal 2016, according to a briefing document released by the district on Monday. The bigger credit line will be on the agenda for the Chicago Board of Education's Wednesday meeting, along with a $5.4 billion operating budget, a $250 million property tax hike earmarked for teacher pensions and authorization to issue up to $945 million of general
  
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• Renesas seen buying U.S. chipmaker Intersil for up to $3 billion: source

  22-08-2016 20:08
  
  TOKYO (Reuters) - Japan's Renesas Electronics Corpis in the final stages of negotiations to acquire U.S. chipmaker Intersil Corpfor as much as 300 billion yen ($2.99 billion), an industry source...
  
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• Italy, German, French pay tribute at EU symbolic birthplace

  22-08-2016 19:40 via news.yahoo.com
  
  VENTOTENE, Italy (AP) — The leaders of Italy, France and Germany vowed Monday to improve Europe's defense and economic prospects as they paid tribute to one of the founding fathers of European unity in a symbolic bid to relaunch the EU after Britain's vote to leave.
  
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• Wall Street claws back losses as healthcare rises

  22-08-2016 19:15 via news.yahoo.com
  
  (Reuters) - Wall Street recovered earlier losses on Monday as gains in healthcare stocks offset a slide in the energy sector.
  
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• Government 'to do its best' to privatize Rosneft in 2016: Russian Economy Minister

  22-08-2016 18:30 via news.yahoo.com
  
  Russia's government should do its best to privatize a stake in the nation's largest oil producer Rosneft this year, Russian Economy Minister Alexei Ulyukayev said on Monday. "Taking into account the attractiveness of this asset and keeping in mind that this would allow us to resolve to a large extent the problem of the budget deficit, I believe a sale of part of Rosneft will be a priority project now," Ulyukayev told journalists on a visit to the Kursk Region in central Russia.
  
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• UPDATE 3-Canada's Couche-Tard to buy Texas-based convenience store chain

  22-08-2016 18:29
  
  * Couche-Tard shares touch record high of C$67.99(Adds background; updates shares)
  
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• UPDATE 3-Pfizer boosts cancer drug roster with $14 bln Medivation deal

  22-08-2016 17:59
  
  Aug 22 (Reuters) - Pfizer Inc, beating out numerous
  other bidders, said it would buy U.S. cancer drug company
  Medivation Inc for $14 billion in cash, adding its
  blockbuster prostate cancer drug...
  
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• Bonnie Baha, DoubleLine's director of global credit, dies

  22-08-2016 17:54
  
  (Reuters) - Bonnie Baha, head of Global Developed Credit at DoubleLine Capital LP, has died as a result of an automobile accident over the weekend, the firm told Reuters late Sunday.
  
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• Weaker commodity-related stocks push FTSE to 2-week low

  22-08-2016 17:48
  
  LONDON, Aug 22 (Reuters) - Britain's top share index slipped
  to its lowest level in nearly two weeks on Monday, with
  commodity-related stocks leading the market lower following a
  drop in metals and...
  
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• Poland forecasts greater spending, slower growth in 2017

  22-08-2016 17:47 via news.yahoo.com
  
  Poland said Monday it would raise spending next year, but still keep its deficit just under an EU-wide limit of 3.0 percent of GDP, while also cutting the growth forecast for central Europe's largest economy. The figure totals around five billion zloty more in deficit spending over 2016, Poland's Puls Biznesu financial daily reported. Poland's populist Law and Justice (PiS) government won an October 2015 election on promises of generous social spending, raising concerns it could bloat the countr
  
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• Wall Street declines as oil prices drop; Fed in focus

  22-08-2016 17:43 via news.yahoo.com
  
  Wall Street was lower on Monday as oil prices fell and investors remained cautious ahead of Federal Reserve Chair Janet Yellen's speech this week. With the earnings season coming to an end, investor focus will shift to Yellen's speech on Friday at the annual central bankers' meeting in Jackson Hole, Wyoming to see whether the Fed is keen on raising interest rates in the coming months. The case for an imminent rate hike was strengthened by Fed Vice Chairman Stanley Fischer's comments that the U.S
  
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• Wall St. declines as oil prices drop; Fed in focus

  22-08-2016 17:37 via news.yahoo.com
  
  With the earnings season coming to an end, investor focus will shift to Yellen's speech on Friday at the annual central bankers' meeting in Jackson Hole, Wyoming to see whether the Fed is keen on raising interest rates in the coming months. The case for an imminent rate hike was strengthened by Fed Vice Chairman Stanley Fischer's comments that the U.S. economy was close to hitting job and inflation targets. Oil prices fell more than 2 percent, retreating from last week's two-month highs, on worr
  
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• StanChart cuts African private equity team as economies struggle

  22-08-2016 16:11 via news.yahoo.com
  
  By Joe Brock JOHANNESBURG (Reuters) - The head of Standard Chartered's African fund, which has $800 million invested, is set to leave the bank as it trims its private equity team on the continent, its global head of private equity said on Monday. Peter Baird, who was appointed in 2011 and has 20 years experience in private equity and investment banking, will be replaced by Ronald Tamale, a former Goldman Sachs analyst, CEO of Standard Chartered Private Equity Joe Stevens told Reuters. Many of St
  
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• Wall Street opens lower as oil prices drop

  22-08-2016 15:53 via news.yahoo.com
  
  Oil prices fell nearly 3 percent as China ramped up exports of refined products, U.S. producers added rigs for an eighth consecutive week, and prospects emerged for increased exports from Iraq and Nigeria. With the earnings season coming to an end, investor focus will shift to Federal Reserve Chair Janet Yellen's speech on Friday at the annual central bankers' meeting in Jackson Hole, Wyoming. The case for an imminent rate hike was strengthened by Fed Vice Chairman Stanley Fischer's comments tha
  
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• Canada's Couche-Tard to buy Texas-based CST Brands in $4.4 billion deal

  22-08-2016 15:22
  
  (Reuters) - Canadian convenience store operator Alimentation Couche-Tard Incsaid on Monday it would buy U.S. convenience store chain CST Brands Incin a deal valued at about $4.4 billion, boosting...
  
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• Wynn gambles on new mega-resort in Macau

  22-08-2016 15:11 via news.yahoo.com
  
  US tycoon Steve Wynn Monday opened a $4 billion mega-resort in Macau -- complete with giant lake, musical fountains and cable cars -- as the Chinese casino enclave battles to turn around its fortunes. At a ceremony attended by 1,000 guests, he launched the Wynn Palace: six million square feet (560,000 square metres) of entertainment with a central casino, more than 50 shops, 13 restaurants and 1,700 hotel rooms starting at under $300. Wynn is gambling on Macau even as it faces a downturn followi
  
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• Nigeria's Buhari to ask for emergency powers to revive economy - source

  22-08-2016 15:10 via news.yahoo.com
  
  Nigerian President Muhammadu Buhari will ask parliament for extra powers for one year allowing him to take "emergency" decisions to revive the flagging economy, a government source said on Monday. Buhari was seeking to accelerate plans to improve the investment climate, the source said. On Friday, Finance Minister Kemi Adeosun said Nigeria is to allocate 60 billion naira ($182 million) more spending on capital projects as part of the 2016 budget, coming on top of 400 billion already spent.
  
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• Wall Street set to open lower as oil prices drop

  22-08-2016 15:06 via news.yahoo.com
  
  With the earnings season coming to an end, investor focus will shift to Federal Reserve Chair Janet Yellen's speech on Friday at the annual central bankers' meeting in Jackson Hole, Wyoming. "The markets will start to get a little bit nervous about what's going to be said, what kind of indications will be given about a September hike," said Robert Pavlik, chief market strategist at Boston Private Wealth in New York. The case for an imminent rate hike was strengthened by Fed Vice Chairman Stanley
  
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• Government 'to do its best' to privatise Rosneft in 2016: Russian Economy Minister

  22-08-2016 14:14 via news.yahoo.com
  
  Russia's government should do its best to privatise a stake in the nation's largest oil producer Rosneft this year, Russian Economy Minister Alexei Ulyukayev said on Monday. "Taking into account the attractiveness of this asset and keeping in mind that this would allow us to resolve to a large extent the problem of the budget deficit, I believe a sale of part of Rosneft will be a priority project now," Ulyukayev told journalists on a visit to the Kursk Region in central Russia.
  
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• World stocks edge lower as investors await Fed hike signal

  22-08-2016 14:09 via news.yahoo.com
  
  World stocks edged lower and the dollar strengthened on Monday on expectations the Federal Reserve will give a signal this week that it is gearing up to raise U.S. interest rates. An upbeat assessment of the U.S. economy's strength from Fed Vice Chairman Stanley Fischer on Sunday was seen raising the prospect of Fed chair Janet Yellen flagging up a rate rise at a meeting with the world's central bankers on Friday. The dollar index, which tracks the greenback against a basket of six major currenc
  
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• Pakistan shares close lower; rupee weaker, o/n rates rise

  22-08-2016 13:47
  
  KARACHI, Aug 22 (Reuters) - Pakistan shares closed lower on
  Monday as investors took a cautious stance after outflow of
  foreign portfolio investment in the last session, dealers said.
  
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• Italy brings German, French heads to EU symbolic birthplace

  22-08-2016 13:42 via news.yahoo.com
  
  The leaders of Italy, France and Germany are heading to one of the symbolic birthplaces of European unity to chart the path forward following Britain's decision to leave the EU. Economic growth, improved ...
  
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• Global stocks, oil turn lower ahead of Fed meeting

  22-08-2016 13:38 via news.yahoo.com
  
  Major stock markets and the price of oil turned lower on Monday as investors looked ahead to the Fed's meeting in Jackson Hole, Wyoming, for clues on timing for possible interest rate hikes. KEEPING SCORE: ...
  
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• Nigeria's Buhari to ask for powers for emergency economic measures: source

  22-08-2016 13:31 via news.yahoo.com
  
  ABUJA (Reuters) - Nigerian President Muhammadu Buhari will ask parliament for extra powers allowing him to take "emergency" decisions to revive the economy, a government source said on Monday. The government put together a bill titled "Emergency economic stabilization" which will be submitted to parliament, the source said. (Reporting by Felix Onuah and Ulf Laessing; Editing by Andrew Heavens)
  
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• Profit plunges for Malaysia's Petronas on low oil prices

  22-08-2016 13:12 via news.yahoo.com
  
  Malaysia's state energy firm Petronas said Monday profits plunged 85 percent in the second quarter due to low oil prices, adding to concerns about the country's slowing economy. Petronas, Malaysia's only Fortune 500 company and the largest source of government revenue and national export earnings, reported a net profit of 1.62 billion ringgit ($402 million) for the period, down from 11.07 billion last year. The firm said it expects to be impacted by "volatility in oil prices" for the rest of the
  
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• European stocks diverge awaiting US rate outlook

  22-08-2016 12:47 via news.yahoo.com
  
  Eurozone stock markets rose Monday looking ahead to a key meeting of central bankers at the end of the week, but London retreated on heavy falls for heavyweight mining shares. Around 1000 GMT, London's benchmark FTSE 100 was down 0.4 percent compared with the close on Friday. Investors were looking ahead to "a relatively quiet week with (Fed chief) Janet Yellen headlining on Friday with her speech" at the Jackson Hole gathering of central bankers, said Craig Erlam, senior market analyst at Oanda
  
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• BRIEF-New York Reit plans of liquidation and dissolution

  22-08-2016 12:32
  
  * New York Reit announces plan of liquidation and
  dissolution
  
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• BRIEF-- GE's plan to take on additional $20 billion of debt could pressure ratings

  22-08-2016 12:29
  
  * General electric company's plan to take on additional $20
  billion of debt could pressure ratingsSource text for Eikon:Further company coverage:
  
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• BRIEF-Discover Financial Services to repurchase up to $100 million of common stock

  22-08-2016 12:26
  
  * Says to repurchase up to an additional $100 million of
  shares of the company's common stock through june 30, 2017
  
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• BRIEF-Delta and Virgin Atlantic to fully co-locate at Heathrow terminal 3

  22-08-2016 12:25
  
  * Delta and Virgin Atlantic to fully co-locate at heathrow
  terminal 3
  
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• BRIEF-Dish to pay Rovi a monthly per-subscriber fee

  22-08-2016 12:24
  
  * Under 10-year license agreement, Dish will pay Rovi for
  the period beginning on april 5, 2016 based upon on a monthly,
  per-subscriber fee
  
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• BRIEF-Nam Tai to buy back to $50 million of its common stocks

  22-08-2016 12:21
  
  * Says approved a stock repurchase program to buy back to
  US$50 million of its common stocks in the open market
  
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• BRIEF-Valeant appoints Paul Herendeen as chief financial officer

  22-08-2016 12:20
  
  Aug 22 (Reuters) - Valeant Pharmaceuticals International Inc
  :
  
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• BRIEF-Lilly and Astrazeneca receive FDA fast track designation for AZD3293

  22-08-2016 12:18
  
  * Lilly and Astrazeneca receive FDA fast track designation
  for AZD3293, an investigational treatment for early Alzheimer's
  disease
  
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