Finance news

• Canada takes tougher line with China over canola export dispute

  24-08-2016 23:53 via news.yahoo.com
  
  By David Ljunggren OTTAWA (Reuters) - Canada hardened its line with China on Wednesday in a dispute over Canadian canola exports, saying bilateral relations could not improve until Beijing took action to settle the matter. Trade Minister Chrystia Freeland made the remarks in an interview just days before Prime Minister Justin Trudeau is due to visit Beijing on a trip designed to deepen economic and political ties. China says that starting on Sept. 1, it will toughen its inspection standard for c
  
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• That trendy new mutual fund is not your friend: James Saft

  24-08-2016 23:47
  
  (Reuters) - Trendiness might be a good way to gain popularity in high school but it is a terrible way to pick a mutual fund, particularly a newly launched one.
  
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• Wall Street stocks retreat, oil tumbles on oversupply concerns

  24-08-2016 23:38 via news.yahoo.com
  
  By Hilary Russ NEW YORK (Reuters) - Wall Street stocks retreated on Wednesday led by health care and materials stocks, while oil prices tumbled about 3.0 percent on worries about oversupply. Mylan slumped 5.4-percent to $43.15 after U.S. presidential candidate Hillary Clinton joined a Senate committee in asking why the cost of its allergy treatment EpiPen had soared. Gold fell to a one-month low as the U.S. dollar firmed and markets looked ahead to a speech by Federal Reserve Chair Janet Yellen
  
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• Chicago school board approves budget, major borrowing plan

  24-08-2016 22:47 via news.yahoo.com
  
  The Chicago Board of Education on Wednesday signed off on a $5.46 billion fiscal 2017 operating budget, property tax hike, and a borrowing plan that calls for up to $945 million of long-term bonds and $1.55 billion of short-term debt. The unanimous approval by Chicago Mayor Rahm Emanuel's hand-picked board came despite criticism that the spending plan relies on optimistic revenue assumptions. The nation's third-largest public school system has been struggling with escalating pension payments, dr
  
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• IMF approves $720 mn Jordan loan deal

  24-08-2016 22:28 via news.yahoo.com
  
  The International Monetary Fund said Wednesday it has approved a $723 million three-year line of credit to Jordan aimed at boosting the kingdom at a time of war in the region. "The executive board of the International Monetary Fund today approved a three-year extended arrangement under the extended fund facility for Jordan," the Fund said in a statement. It said the $723 million loan amounting to 150 percent of Jordan's quota was to support the country's "economic and financial reform program".
  
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• Wall St. falls as healthcare, materials stumble

  24-08-2016 22:20 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Wall Street retreated on Wednesday, pulled lower by weakness in the materials and healthcare sectors as investors continued to weigh the possibility of an interest rate hike in the coming months. The market is awaiting Federal Reserve Chair Janet Yellen's speech in Jackson Hole, Wyoming, on Friday for insight on the direction of monetary policy. Recent hawkish comments from some Fed officials, including Vice Chairman Stanley Fischer, have raised expectat
  
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• U.S. existing home sales decline, prices still strong

  24-08-2016 19:43 via news.yahoo.com
  
  U.S. home resales fell more than expected in July after four straight months of strong gains, as a lack of inventory limited choice for buyers, but further price rises suggested the housing market remained on solid ground. The slump in sales reported by the National Association of Realtors on Wednesday is likely to be temporary, given that a tightening labor market is steadily pushing up wages and mortgage rates are near historically low levels. Existing home sales declined 3.2 percent to an ann
  
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• Defensive stocks take Wall Street lower ahead of Fed

  24-08-2016 19:03 via news.yahoo.com
  
  The market is awaiting Federal Reserve Chair Janet Yellen's speech in Jackson Hole, Wyoming on Friday when she is expected to give a steer on the direction of monetary policy. Recent hawkish comments from some Fed officials, including Vice Chairman Stanley Fischer, have raised expectations that Yellen might signal a hike in September. The bigger decliners were utilities , consumer staples and telecom services , defensive sectors that have led Wall Street's rally this year as expectations of a ra
  
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• Sweden says tougher asylum stance means more money for jobs, schools

  24-08-2016 18:59 via news.yahoo.com
  
  By Johan Sennero and Daniel Dickson HARPSUND, Sweden (Reuters) - Sweden's crackdown on immigration will save up to 100 billion crowns ($12 billion) in the next four years, the government said on Wednesday, promising in the run-up to elections in 2018 to redirect money to welfare, schools and jobs. Sweden reversed decades of generous immigration policies after 163,000 people sought asylum last year. "We see significantly lower costs for migration and integration," Finance Minister Magdalena Ander
  
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• Firing S.Africa's Gordhan would "destroy economy" - Manuel

  24-08-2016 18:29 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - South Africa's economy, the most developed on the continent, will be destroyed if President Jacob Zuma fires Finance Minister Pravin Gordhan, ex-finance minister Trevor Manuel said on Wednesday. The Hawks police unit asked Gordhan and other former officials at the South African Revenue Service to report on Thursday in relation to contravention of surveillance regulations, fuelling speculation of a plot to oust him. "Such action (firing Gordhan) will destroy this economy,
  
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• U.S. SEC charges 71 muni issuers for misleading investors

  24-08-2016 18:27
  
  (Reuters) - The U.S. Securities and Exchange Commission has charged 71 municipal bond issuers, including the states of Hawaii and Minnesota, as well as related entities, for using offering documents...
  
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• Britain's FTSE underperforms European peers, miners hinder

  24-08-2016 18:16
  
  LONDON, Aug 24 (Reuters) - Britain's blue-chip share index
  retreated on Wednesday, underperforming its European peers, as a
  sharp drop in metals prices put pressure on the mining sector
  and South...
  
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• Firing South Africa's Gordhan would 'destroy economy': Manuel

  24-08-2016 18:09 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - South Africa's economy, the most developed on the continent, will be destroyed if President Jacob Zuma fires Finance Minister Pravin Gordhan, ex-finance minister Trevor Manuel said on Wednesday. The Hawks police unit asked Gordhan and other former officials at the South African Revenue Service to report on Thursday in relation to contravention of surveillance regulations, fuelling speculation of a plot to oust him. "Such action (firing Gordhan) will destroy this economy,
  
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• China takes aggressive steps to fend off banking, financial risks

  24-08-2016 18:02 via news.yahoo.com
  
  BEIJING/SHANGHAI (Reuters) - China took aggressive steps on Wednesday to head off signs of growing risks in its financial and banking system, unveiling detailed rules to curb an unruly peer-to-peer (P2P) lending sector and intervening in its money markets. In the past year, Chinese policymakers have been moving levers to try to keep credit growing at a reasonable pace to underpin the economy, while addressing vulnerable aspects of the financial and banking system. On Wednesday, the banking regul
  
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• UPDATE 1-Pharmacy manager PharMerica explores possible sale -sources

  24-08-2016 17:58
  
  Aug 24 (Reuters) - PharMerica Corp, a U.S. pharmacy
  manager for long-term care facilities, is exploring strategic
  alternatives including a potential sale, according to people
  familiar with the matter.
  
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• Wall Street hit as defensive stocks drop ahead of Fed

  24-08-2016 17:40 via news.yahoo.com
  
  The market is squarely focused on Federal Reserve Chair Janet Yellen's speech at Jackson Hole, Wyoming on Friday when she is expected to give a steer on the direction of monetary policy. Recent hawkish comments from some Fed officials, including Vice Chairman Stanley Fischer, have raised expectations that Yellen might signal a hike in September. The bigger decliners were utilities , consumer staples and telecom services , defensive sectors that have led Wall Street's rally this year as expectati
  
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• Despite setback, an ETF bets some dividend payers may falter

  24-08-2016 17:30
  
  NEW YORK (Reuters) - A U.S. exchange-traded fund with an innovative strategy is sticking to its bet the music will stop for some dividend-paying companies, even as its own performance has the tempo...
  
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• Nigerian bank execs meet cbank over FX market suspension -sources

  24-08-2016 17:27 via news.yahoo.com
  
  By Chijioke Ohuocha and Oludare Mayowa LAGOS (Reuters) - Nigerian bank executives met with central bank officials, banking sources told Reuters on Wednesday, a day after the monetary authority suspended nine lenders from foreign exchange transactions for failing to remit money owed to the government. The suspensions from the interbank market were imposed after the banks failed to remit $2.1 billion, the government's share of dividends from state-owned gas company NLNG, the sources said. Bankers
  
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• Zambians feel pinch as election row delays moves to revive economy

  24-08-2016 17:08 via news.yahoo.com
  
  By Stella Mapenzauswa LUSAKA (Reuters) - With their country in post-election disarray over allegations of vote rigging and the economy in a tailspin, Zambians like pensioner Memory Musonda are struggling to cope and fear that help will not come soon. Depressed global commodity prices have slashed Zambia's receipts for copper, its top export, and in turn have caused a 9 percent fall in the kwacha currency against the dollar since April, exposing the economy's over-reliance on the metal. ...
  
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• Canada names new envoy to help push through EU free trade deal

  24-08-2016 17:04 via news.yahoo.com
  
  Canada has named a former politician with experience in trade and foreign affairs as the government's new envoy to help complete its long-negotiated free trade agreement with the European Union, a spokeswoman said on Wednesday. Pierre Pettigrew, who served as both minister of foreign affairs and minister for international trade under previous Liberal governments, has been named envoy for the Comprehensive Economic and Trade Agreement (CETA), a spokeswoman for Minister of International Trade Chry
  
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• Eastern Germany to lag behind for years to come: study

  24-08-2016 16:52 via news.yahoo.com
  
  Twenty-six years after reunification, eastern Germany remains economically anaemic with little prospect of catching up with the rest of the country by 2030, a study published on Wednesday said. Of the eastern states, only "Saxony and Brandenburg will reach the level of overall average German growth" between 2015 and 2030, wrote Joachim Ragnitz of the Ifo economic think-tank. The remaining federal states formed from the former territory of the German Democratic Republic (GDR) -- Mecklenburg-Weste
  
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• Express Inc's shares tumble as results miss amid apparel cheer

  24-08-2016 16:47
  
  Aug 24 (Reuters) - Express Inc lost more than a
  quarter of its market value on Wednesday as its
  lower-than-expected results belied a recent uptick in apparel
  sales that has helped most retailers.
  
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• UPDATE 2-Performance Sports ex-chairman may bid for hockey-gear maker

  24-08-2016 16:17
  
  TORONTO/NEW YORK, Aug 24 (Reuters) - The former chairman of
  Performance Sports Group Ltd, Graeme Roustan, told
  Reuters he has hired investment banks Jefferies Group LLC and
  Canaccord Genuity to...
  
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• Wall Street flat, with all eyes on Fed

  24-08-2016 15:57 via news.yahoo.com
  
  Wall Street was little changed on Wednesday morning as investors played a waiting game ahead of Federal Reserve Chair Janet Yellen's speech on Friday for clues on the timing of an interest rate hike. Yellen's keynote speech will be the main focus of a meeting of global central bankers in Jackson Hole, Wyoming. The meet, which starts Thursday, has traditionally been used by Fed chiefs as a platform to signal the direction of monetary policy.
  
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• Wall Street opens little changed as investors eye Fed

  24-08-2016 15:51 via news.yahoo.com
  
  (Reuters) - U.S. stocks were little changed at the open on Wednesday as investors kept up their wait for Federal Reserve Chair Janet Yellen's speech on Friday for clues on the timing of an interest rate hike.
  
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• EU defends Greek data as statistician faces court

  24-08-2016 15:25 via news.yahoo.com
  
  The EU insisted Wednesday that Greek economic data were reliable after Greece's top court reopened a case against the ex-head of the state statistics agency for exaggerating deficit figures. Marianne Thyssen, the European Commissioner for social affairs, urged the Greek government to "challenge the false impression" that the figures were fiddled under Andreas Georgiou. "It is absolutely clear that data on Greek government debt during 2010-2015 have been fully reliable and accurately reported to
  
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• France's DCNS says India submarine data leak may be 'economic warfare'

  24-08-2016 15:12 via news.yahoo.com
  
  By Matt Siegel and John Irish SYDNEY/PARIS (Reuters) - French naval contractor DCNS said on Wednesday it may have been the victim of "economic warfare" after secrets about its Scorpene submarines being built in India were leaked. India opened an investigation after The Australian newspaper published documents relating to the submarine's combat capabilities, raising concerns over another major contract with Australia. The leak contains more than 22,000 pages outlining the details of six submarine
  
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• Stocks futures set to open flat as investors eye Fed

  24-08-2016 14:53 via news.yahoo.com
  
  The meet, which starts Thursday, has traditionally been used by Fed chiefs as a platform to signal the direction of monetary policy. Recent hawkish comments from some Fed policymakers, including Vice Chairman Stanley Fischer, have raised expectations that Yellen might signal the possibility of a hike in September. Wall Street has been on a record-setting run – the Nasdaq hit a record intraday high on Tuesday – due to continued expectations for low rates, coupled with upbeat corporate
  
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• BRIEF-Ceapro Qtrly EPS $ 0.02

  24-08-2016 14:19
  
  * Ceapro Inc reports second quarter 2016 financial and
  operational results
  
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• BRIEF-Ooma says premier service now includes unlimited calling to Mexico

  24-08-2016 14:17
  
  * "expansion to its smart home phone service with unlimited
  calling to Mexico"Source text for Eikon:Further company coverage:
  
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• BRIEF-Biopharmx enrolls first subject in OPAL Phase 2B clinical trial

  24-08-2016 14:15
  
  * Biopharmx enrolls first subject in OPAL Phase 2B clinical
  trial of bpx-01 topical minocycline for treatment of acne
  
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• BRIEF-Fooji closes $800,000 seed round led by Dundee Venture Capital, KGC Capital

  24-08-2016 14:11
  
  * Close of an $800,000 seed round led By Dundee Venture
  Capital with additional support from KGC CapitalSource text for Eikon:
  
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• BRIEF-Bancorp Inc announces sale of $65 mln of discontinued commercial loans

  24-08-2016 14:10
  
  * The Bancorp, Inc announces sale of $65 million of
  discontinued commercial loans
  
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• RBC's earnings exceed expectations as oil woes diminish

  24-08-2016 14:08 via news.yahoo.com
  
  By Matt Scuffham TORONTO (Reuters) - Royal Bank of Canada reported slightly higher-than-expected quarterly results on Wednesday after rising oil prices allowed it to set aside less money to cover energy companies' bad loans. RBC said its provision for credit losses had fallen 12 basis points to 0.24 percent of its total loans during the quarter, with most of the decline in the oil and gas sector. The bank also benefited from a strong performance from its wealth management and capital markets bus
  
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• BRIEF-Skullcandy enters into new merger agreement with Mill Road Capital

  24-08-2016 14:08
  
  * Skullcandy enters into new merger agreement with Mill Road
  Capital; terminates Incipio merger agreement
  
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• BRIEF-Eagle Point Credit Company posts Q2 earnings $1.81/shr

  24-08-2016 14:08
  
  * Eagle Point Credit Company Inc announces second quarter
  2016 financial results
  
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• BRIEF-Hilltop Holdings names William Furr CFO

  24-08-2016 14:07
  
  * Hilltop Holdings names William Furr chief financial
  officer
  
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• UPDATE 3-RBC's earnings exceed expectations as oil woes diminish

  24-08-2016 14:06
  
  * Earnings-per-share of C$1.72 edge past Wall Street view(Adds analyst comment)
  
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• BRIEF-Best Buy Co sets quarterly cash dividend of $0.28/shr

  24-08-2016 14:06
  
  * Sets regular quarterly cash dividend of $0.28 per shareSource text for Eikon:Further company coverage:
  
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• European stocks rebound as euro slips, U.S. curve flattens

  24-08-2016 13:52 via news.yahoo.com
  
  By Jamie McGeever LONDON (Reuters) - European stocks edged toward consecutive daily gains for the first time in three weeks on Wednesday, drawing support from a weak euro as investors moved to price in a U.S. interest rate rise, boosting the dollar. The earlier mood was more risk-averse, with the prospect of higher U.S. rates in coming months amid uncertainty about the strength of the global economy dragging Asian stocks lower and flattening the U.S. yield curve. Some observers said that, on a l
  
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• PetroChina profit almost wiped out in first half

  24-08-2016 13:24 via news.yahoo.com
  
  China’s biggest oil producer PetroChina's net profit plunged 97.9 percent in the first half of this year, it said Wednesday, as it struggled with a weak domestic economy and low oil prices. Net profit was 531 million yuan ($79.9 million) in the January to June period, down drastically from the 25.4 billion yuan it made in the same period last year, PetroChina said in a statement to the Hong Kong stock exchange, where it is listed. The figure was its lowest half-year net profit since it lis
  
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• European equities mainly rise on German GDP

  24-08-2016 13:22 via news.yahoo.com
  
  Hong Kong (AFP) - European stock markets mostly rose on Wednesday, shrugging off a largely downbeat session in Asia, with sentiment partly lifted by German economic growth data.
  
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• BRIEF-Bellhaven names Paul Zweng CEO and chairman of board

  24-08-2016 13:16
  
  * Bellhaven announces Paul Zweng as CEO and chairman of the
  board
  
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• FOREX-Dollar treads water as traders wait for Fed rate hike clues

  24-08-2016 13:10
  
  LONDON, Aug 24 (Reuters) - The dollar crept up on Wednesday
  after falling the previous day but was unable to break out of
  recent trading ranges, as investors eyed a meeting of central
  bankers on...
  
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• BRIEF-Photon Control Q2 revenue falls 19 pct to C$7.2 mln

  24-08-2016 13:10
  
  * Photon control reports second quarter 2016 financial
  results
  
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• BRIEF-Express Inc Q2 EPS $0.13

  24-08-2016 13:10
  
  * Sees Q3 Comparable Sales Change In Negative High Single To
  Low Double Digits
  
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• Scottish public finance gap rises to 9.5 percent of GDP

  24-08-2016 13:08
  
  EDINBURGH, Aug 24 (Reuters) - Scotland's fiscal deficit
  stood at about a tenth of its economy in the year to March 2016,
  hammered by a slump in oil and gas revenues and potentially
  dampening...
  
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• RBC's earnings beat expectations as clients' oil woes diminish

  24-08-2016 13:08 via news.yahoo.com
  
  By Matt Scuffham TORONTO (Reuters) - Royal Bank of Canada on Wednesday reported third-quarter results which beat market expectations, with funds set aside to cover bad loans falling thanks to higher oil prices. RBC said its provision for credit losses had fallen to the equivalent of 0.24 percent of its total loans during the quarter, down 12 basis points, mainly due to lower provisions in the oil and gas sector. The bank also benefited from a strong performance from its wealth management and cap
  
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• BRIEF-AgroFresh says Argentina grants registration approval for Harvista 1,3 SC technology

  24-08-2016 13:08
  
  * Says Argentina's Senasa has granted registration for
  Harvista 1,3 SC formulation
  
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• BRIEF-Kratos says to deliver KC-46 tanker maintenance training system products to Boeing

  24-08-2016 13:06
  
  * Kratos to develop and deliver KC-46 tanker maintenance
  training system products to Boeing valued in excess of $20
  million
  
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