Finance news

• EU hits Apple with $14.5 billion Irish tax demand

  30-08-2016 23:55 via news.yahoo.com
  
  By Foo Yun Chee and Padraic Halpin BRUSSELS/DUBLIN (Reuters) - The European Commission ordered Apple Inc to pay Ireland unpaid taxes of up to 13 billion euros ($14.5 billion) on Tuesday as it ruled the firm had received illegal state aid. Apple and Dublin said the U.S. company's tax treatment was in line with Irish and European Union law and they would appeal the ruling, which is part of a drive against what the EU says are sweetheart tax deals that usually smaller states in the bloc offer multi
  
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• US, European markets split as Apple hit with $14.5 bn tax bill

  30-08-2016 23:48 via news.yahoo.com
  
  New York (AFP) - European and US equities markets went in opposite directions on Tuesday, with Wall Street in negative territory after European officials ordered Apple to pay $14.5 billion in back taxes.
  
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• U.S. slams EU, but Apple tax demand first issued in Washington

  30-08-2016 23:33 via news.yahoo.com
  
  The United States is furious at the European Union for handing Apple Inc a $14.5 billion tax demand on Tuesday but EU officials say it was Washington which put them on to the scheme in the first place. It was a U.S. Senate report in May 2013 revealing the tech giant's deal with the Irish government to rule a big slice of its global earnings untaxable that prompted the European Commission to launch its own inquiries the following month. The U.S. Treasury said the Commission's order that Apple pay
  
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• TSX edges higher, led by banks and fertilizer stocks

  30-08-2016 23:09 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's main stock index edged slightly higher on Tuesday as bank and fertilizer stocks rallied, but gains for the index were mostly pared as lower gold prices weighed on mining stocks. The Toronto Stock Exchange's S&P/TSX composite index has rebounded 27 percent after hitting a three-year low in January. In the absence of a fresh catalyst, stock markets, including the TSX, are going to "trend sideways," said Jay Bala, senior portfolio manager at AIP Asse
  
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• EU ruling on Apple stirs calls for U.S. tax reform

  30-08-2016 22:58 via news.yahoo.com
  
  By David Morgan and Jason Lange WASHINGTON (Reuters) - A European Commission order requiring Apple Inc to pay Ireland $13 billion euros ($14.5 billion) in unpaid taxes on Tuesday drew swift rebukes from the Obama administration and lawmakers in Congress, while reigniting calls for U.S. tax reform. The White House and the Treasury Department, which enforces federal tax policy, warned that U.S.-EU economic relations could be affected by the European Commission's ruling that Apple had received ille
  
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• US stocks mostly lower as investors wait for jobs report

  30-08-2016 22:43 via news.yahoo.com
  
  NEW YORK (AP) — Stocks fell slightly on Tuesday in another quiet day on Wall Street as hesitant investors remained on the sidelines as a slow summer winds down.
  
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• Google expands nascent ride-sharing service - WSJ

  30-08-2016 22:23 via news.yahoo.com
  
  (Reuters) - Alphabet Inc's Google unit plans to open its ride-sharing programme to Waze app users in San Francisco this fall, pitting itself against Uber Technologies Inc, the Wall Street Journal reported. Google in May launched a pilot programme around its California headquarters which allowed several thousand area workers at specific firms to carpool together with users of its Wave navigation app, according to the WSJ report. (http://on.wsj.com/2bzJrcN0) Alphabet executive David Drummond on Mo
  
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• Your Money: 'Super Grandparents' need to rescue themselves first

  30-08-2016 21:54
  
  NEW YORK (Reuters) - Sharon Kotzen is a 73-year-old retiree, but she is hardly taking it easy.
  
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• U.S. job market optimism lifts consumer confidence to 11-month high

  30-08-2016 20:00 via news.yahoo.com
  
  U.S. consumer confidence rose to an 11-month high in August, with households more upbeat about the labor market, in a further sign that the economy was regaining steam after faltering in the first half of the year. While other data on Tuesday showed a moderation in house prices in June, the gains probably remain sufficient to boost household wealth and continue to support consumer spending, as well as make home purchasing affordable for first-time buyers. The Conference Board said its consumer c
  
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• France's Macron resigns in step to prepare for run at presidency

  30-08-2016 19:56 via news.yahoo.com
  
  By Jean-Baptiste Vey and Leigh Thomas PARIS (Reuters) - French Economy Minister Emmanuel Macron resigned on Tuesday to work on proposals "to transform France", clearing the way for a presidential bid that will further unsettle an already wide-open race. The 38-year-old former investment banker, one of France's most popular politicians, did not explicitly say he would run in the 2017 election but strongly hinted he would do so, a step he is now widely expected to take. "I am determined to do ever
  
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• Nigeria braces for likely recession

  30-08-2016 19:25 via news.yahoo.com
  
  After two bruising quarters marked by attacks on oil pipelines in the Niger delta and ballooning inflation, Nigeria is expected on Wednesday to announce it is officially in recession. Sales of oil at a high price had made Nigeria the biggest economy in Africa. Reacting to the dramatic decline in state revenue, Nigerian President Muhammadu Buhari ended costly fuel subsidies and finally devalued the naira in June after upholding a controversial currency peg for months.
  
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• France's Macron says to make proposals to 'transform' France

  30-08-2016 19:24 via news.yahoo.com
  
  France's outgoing economy minister Emmanuel Macron said on Tuesday after resigning from government that he would present proposals to transform France, but stopped short of announcing a presidential bid in next year's election. Announcing his resignation to journalists, the 38-year-old former investment banker said he was leaving government to open a new chapter and built a "project" serving the general interests. "I am determined to do everything so our values, ideas and actions can transform F
  
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• Washington warns of strain on EU economic relationship after Apple ruling

  30-08-2016 19:00 via news.yahoo.com
  
  By David Morgan and Jason Lange WASHINGTON (Reuters) - A European Commission order requiring Apple Inc to pay $13 billion euros ($14.5 billion) in taxes on Tuesday drew swift and angry rebukes from the Obama administration and lawmakers in Congress, while re-igniting calls for international tax reform. The U.S. Treasury Department, which enforces federal tax policy, warned that U.S.-EU economic relations could be affected by the stunning decision by the European Commission.
  
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• Germany outlines deal with EU on green levy for co-generation plants

  30-08-2016 18:57 via news.yahoo.com
  
  Germany said it has resolved a dispute with the European Union so that German firms that generate power for their own consumption can remain exempt from a green energy surcharge, Economy Minister Sigmar Gabriel said on Tuesday. Future KWK plants, however, will have to pay 40 percent of a green energy surcharge from 2017 for newly built combined heat and power plants under a new deal with the EU. Gabriel also said, however, that the agreement with the European Commission states that the governmen
  
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• Apple hit with record EU tax bill

  30-08-2016 18:49 via news.yahoo.com
  
  The EU ordered tech giant Apple on Tuesday to pay a record 13 billion euros in back taxes in Ireland, a move Washington warned could damage hugely important transatlantic economic ties. Brussels said Apple, the world's most valuable company, avoided virtually all tax on its business in the bloc by illegal arrangements with Dublin which gave the company an unfair advantage over competitors. Apple and the Irish government immediately said they would appeal against the European Commission ruling, w
  
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• Rousseff should be judged for crisis in Brazil, accuser says

  30-08-2016 18:41 via news.yahoo.com
  
  By Anthony Boadle and Lisandra Paraguassu BRASILIA (Reuters) - Brazilian President Dilma Rousseff's accusers told her trial in the Senate on Tuesday she should be judged not only on charges of breaking budget rules but also for a sweeping corruption scandal and a deep recession that erupted on her watch. Rousseff, who was suspended from office in May pending the trial, is accused of using money from state banks to bolster spending during her re-election campaign in 2014, a budgetary sleight of h
  
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• Ukraine 'very close' to getting next IMF loan tranche: FinMin

  30-08-2016 18:38 via news.yahoo.com
  
  By Sabine Siebold BERLIN (Reuters) - The International Monetary Fund (IMF) is very close to releasing a tranche of aid that would unlock around $2 billion in extra money, Finance Minister Oleksandr Danylyuk said on Tuesday. A $17.5 billion bailout program has helped Ukraine pull itself out of two years of economic recession caused by a separatist conflict in its industrial east.
  
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• U.S. consumer confidence hits 11-month high; house prices gain

  30-08-2016 18:36 via news.yahoo.com
  
  U.S. consumer confidence rose to an 11-month high in August, with households more upbeat about the labor market, in a further sign that the economy was regaining steam after faltering in the first half of the year. While other data on Tuesday showed a moderation in house prices in June, the gains probably remain sufficient to boost household wealth and continue to support consumer spending, as well as make home purchasing affordable for first-time buyers. The Conference Board said its consumer c
  
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• Why Corporate America’s Stock Buyback Binge May Be Coming to an End

  30-08-2016 18:14 via news.yahoo.com
  
  Wall Street pros love talk about how regular investors are terrible market timers and thus should just buy and hold for the long haul. Small investors tend to panic sell at the lows and greedily buy at the highs. Hedge funds and active mutual funds are badly lagging their performance benchmarks as "alpha" — risk-adjusted outperformance — disappears and stocks across the market increasingly rise and fall together.
  
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• France's Macron resigns in step toward presidency run

  30-08-2016 18:13 via news.yahoo.com
  
  By Jean-Baptiste Vey and Leigh Thomas PARIS (Reuters) - French Economy Minister Emmanuel Macron resigned on Tuesday, clearing the way for a presidential bid that will further unsettle an already wide-open race. The 38-year-old former investment banker, one of France's most popular politicians, did not immediately say he would run in the 2017 election but is widely expected to do so, having quit the government and created his own political party. "Emmanuel Macron ... today handed in to the presid
  
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• Asia’s Most Innovative Universities

  30-08-2016 18:08 via news.yahoo.com
  
  China and India have the biggest populations in the Asia-Pacific region, and the economic news coming out of both countries usually dominates world headlines. Out of the top 20 universities, 17 are based in Japan and South Korea. Topping the list as the most innovative university in Asia is KAIST, also known as Korea Advanced Institute of Science & Technology.
  
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• France's Macron will not announce presidential bid Tuesday: spokeswoman

  30-08-2016 17:59 via news.yahoo.com
  
  French Economy Minister Emmanuel Macron will not announce on Tuesday if he will run for president, a spokeswoman said after he resigned from government, adding that his new party will first work on its door-to-door campaign and on making proposals. "The agenda we set up in April (when Macron launched his own party) has not changed," a spokeswoman for his 'En Marche' party told Reuters. The party will first take time to take stock of the situation in France with the door-to-door campaign it start
  
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• UPDATE 3-Fertilizer giants Potash Corp, Agrium talk merger

  30-08-2016 17:53
  
  WINNIPEG, Manitoba, Aug 30 (Reuters) - Canadian fertilizer
  companies Agrium Inc and Potash Corp of Saskatchewan
  Inc said on Tuesday they are in talks to merge, in what
  would be a tie-up of the...
  
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• US bank earnings in Q2 climbed 1.4 percent to $43.6B

  30-08-2016 17:51 via news.yahoo.com
  
  WASHINGTON (AP) — U.S. banks' earnings in the April-June period rose 1.4 percent from a year earlier as growth in lending fueled interest income.
  
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• French economy chief Macron, eyeing presidential bid, quits

  30-08-2016 17:43 via news.yahoo.com
  
  PARIS (AP) — French Economy Minister Emmanuel Macron, an outspoken former investment banker who has encouraged startups and more labor flexibility, has quit the socialist government amid speculation that he is considering a presidential bid.
  
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• Brexit rattles Eurozone business confidence

  30-08-2016 17:25 via news.yahoo.com
  
  Britain's vote to quit the European Union continued to undermine eurozone business and consumer confidence in August, analysts said after worse-than-expected official figures on Tuesday. The Economic Sentiment Indicator (ESI) for the 19-nation eurozone compiled by the European Commission fell one full point to 103.5 in August. For the full 28-member European Union, the ESI was down 0.9 points from July at 103.8, holding above the boom-bust line of 100 points.
  
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• US consumer confidence up sharply in August

  30-08-2016 17:04 via news.yahoo.com
  
  US consumer sentiment in August rose to its highest level in almost a year, with the public's optimism about jobs and income showing improvement, the Conference Board reported Tuesday. The monthly consumer confidence index was at 101.1, up from 96.7 in July, which had seen a marginal decrease from June. "Consumers' assessment of both current business and labor market conditions was considerably more favorable than last month," Lynn Franco, the Board's head of economic indicators, said in a state
  
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• Oil falls as dollar rallies again; storm fears limit downside

  30-08-2016 16:52 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Oil prices fell for a second day in a row on Tuesday as the dollar rose on stronger U.S. economic data, but the downside was limited by production suspensions in the U.S. Gulf due to an expected tropical storm. U.S. West Texas Intermediate (WTI) crude slid 20 cents, or 0.4 percent, to $46.78. The dollar index, which measures the greenback against a basket of currencies, hit session highs after the U.S. Consumer Expectations Index hit its highest since Octo
  
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• UPDATE 1-Agrium, Potash Corp in merger talks- Bloomberg

  30-08-2016 16:37
  
  Aug 30 (Reuters) - Canadian fertilizer companies Agrium Inc
  and Potash Corp of Saskatchewan Inc are in
  talks to merge, Bloomberg reported on Tuesday, in what would be
  tie-up of the world's biggest...
  
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• EU hits Apple with record 13 bn euro tax bill

  30-08-2016 16:30 via news.yahoo.com
  
  The EU ordered tech giant Apple to pay a record 13 billion euros in back taxes in Ireland, a move Washington warned could damage hugely important transatlantic economic ties. Brussels said Apple, the world's most valuable company, avoided virtually all tax on its business in the bloc by illegal arrangements with Dublin which gave the company an unfair advantage over competitors. Apple and the Irish government immediately said they would appeal against the European Commission ruling, with the iPh
  
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• Berkeley could be dumped from FTSE 100 as Brexit bites

  30-08-2016 16:25 via news.yahoo.com
  
  By Atul Prakash LONDON (Reuters) - British housebuilder Berkeley Group could be kicked out of the top UK equity index following a sharp drop in its stock price on concerns about the pace of economic growth in Britain after it voted to leave the European Union. Berkeley shares have slumped nearly 30 percent so far this year, against a 10 percent gain for the FTSE 100 index. According to Friday's closing prices, with the London market shut on Monday for a public holiday, mid-cap miner Polymetal wo
  
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• UPDATE 3-Abercrombie no longer sees comparable sales improving this year

  30-08-2016 16:23
  
  * Shares down 21 pct, set for worst day since 2001(Adds Brexit comments, store remodeling details; updates
  shares)
  
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• Agrium, Potash Corp in merger talks- Bloomberg

  30-08-2016 16:22
  
  Aug 30 (Reuters) - Canadian fertilizer companies Agrium Inc
  and Potash Corp of Saskatchewan Inc are in
  talks to merge, Bloomberg reported, citing people familiar with
  the matter.
  
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• US consumer confidence in August highest in 11 months

  30-08-2016 16:19 via news.yahoo.com
  
  U.S. consumer confidence increased in August to its highest level in nearly a year, suggesting economic growth could pick up in the second half of the year. The Conference Board says that its consumer ...
  
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• Wall Street flat as investors look for clues on rates

  30-08-2016 16:04 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen painted a rosy picture of the U.S. economy at an economic symposium on Friday and said the case for a rate hike was strengthening, but gave little indication on when the central bank could move. Fed Vice Chairman Stanley Fischer, in an interview with Bloomberg TV on Tuesday, said the U.S. job market is close to full strength and the pace of interest rate hikes will depend on how well the economy is doing.
  
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• Mitsubishi says overstated mileage for more vehicle models

  30-08-2016 15:44 via news.yahoo.com
  
  By Naomi Tajitsu TOKYO (Reuters) - Mitsubishi Motors Corp said on Tuesday more of its vehicle models were involved in a mileage cheating scandal than initially stated, and that it would temporarily stop domestic sales of affected vehicles and compensate owners. Earlier in the day, Japan's transport ministry said its investigation had shown the automaker had overstated the fuel economy for eight vehicles including the RVR, Pajero and Outlander SUV models, in addition to four minivehicles initiall
  
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• Swiss central bank steps up stock buying spree

  30-08-2016 15:40 via news.yahoo.com
  
  By John Revill ZURICH (Reuters) - Switzerland's central bank now owns more publicly-traded shares in Facebook than Mark Zuckerberg, part of a mushrooming stock portfolio that is likely to grow yet further. The tech giant's founder and CEO has other ways to control his company: Zuckerberg holds most of his stake in a different class of stock. While most analysts think the strategy is sound, this does expose the SNB to stock market risks that the likes of the European Central Bank and U.S. Federal
  
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• TSX rises, supported by bank earnings and higher oil prices

  30-08-2016 15:39 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock index rose on Tuesday, led by financial stocks after Bank of Nova Scotia reported better-than-expected third-quarter earnings, while higher oil prices supported energy stocks. The Toronto Stock Exchange's S&P/TSX composite index was up 30.54 points, or 0.21 percent, at 14,712.51, shortly after the open. Seven of the index's 10 main groups were higher. (Reporting by Fergal Smith; Editing by Chizu Nomiyama)
  
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• France's Macron expected to resign in step toward presidency run

  30-08-2016 15:35 via news.yahoo.com
  
  By Emmanuel Jarry and Leigh Thomas PARIS (Reuters) - France's Economy Minister Emmanuel Macron will resign on Tuesday, sources close to him said, clearing the way for a presidential bid by one of the country's most popular politicians. A run by the man polls say is the most-liked minister in Francois Hollande's government would further weaken the president's chance of re-election and add to the uncertainty of a race where the far-right National Front is a bigger threat than ever to the mainstrea
  
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• China's big banks set for hard slog as margins shrink

  30-08-2016 15:25 via news.yahoo.com
  
  SHANGHAI/BEIJING (Reuters) - Four of China's so-called 'Big Five' state-owned banks have warned that profits will continue to be pressured in the second half of the year, as slowing growth in the world's second-biggest economy hits borrowers and saps lenders' margins. Industrial and Commercial Bank of China (ICBC) , Bank of China (BoC) , Agricultural Bank of China (AgBank) and Bank of Communications (BoCom) all warned of tough times ahead. BoC's chief risk officer Pan Yuehan said the bank faces
  
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• Symbiont appoints Caitlin Long as chairman and president

  30-08-2016 15:00 via news.yahoo.com
  
  Symbiont, a technology firm perfecting the use of smart contracts and distributed ledgers in financial markets, has appointed Caitlin Long as president and chairman of the Board of Directors. Long will be responsible for commercialising Symbiont's market-leading blockchain technology, encompassing business strategy and client relationships, according to a statement. Long brings 22 years of experience on Wall Street to Symbiont, including her most recent post as managing director in global capita
  
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• Fed bets boost dollar, EU tax bill bites Apple

  30-08-2016 14:43 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - U.S. interest rate rise expectations pushed the dollar up for a seventh time in eight days on Tuesday, while Wall Street dealers braced for a bruising session for Apple after it was hit by a record $14.5 billion European tax bill. The dollar hovered at a 2 1/2-week high against other top currencies ahead of U.S. trading as the overarching theme of interest rate moves helped Europe's banking and industrial stocks push the FTSEurofirst 300 higher. Fischer spoke aga
  
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• Scotiabank reports higher Q3 earnings, sets aside less money for bad loans

  30-08-2016 14:40 via news.yahoo.com
  
  Scotiabank is the latest of the big banks to report higher profits in the third quarter, thanks to strong returns from all of its domestic and international banking operations. Scotiabank also lowered the money it set aside for bad loans by $181 million from the second quarter to $571 million. Scotiabank also said it would raise its quarterly dividend by two cents a share to 74 cents.
  
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• EU tax avoidance action could hurt foreign investment: U.S. Treasury

  30-08-2016 14:09 via news.yahoo.com
  
  The actions of European regulators could hurt foreign investment, the U.S. Treasury said on Tuesday after the European Commission ruled Apple must pay up to 13 billion euros ($14.5 billion) in taxes plus interest to the Irish government. "The Commission's actions could threaten to undermine foreign investment, the business climate in Europe, and the important spirit of economic partnership between the U.S. and the EU," a Treasury spokesperson said on Tuesday.
  
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• UPDATE 1-Rigel's bleeding disorder drug clears first of two key trials

  30-08-2016 14:00
  
  Aug 30 (Reuters) - Rigel Pharmaceuticals Inc said
  its experimental drug to treat a bleeding disorder met its main
  goal in the first of twolate-stage trials, sending its shares
  up 12 pct in...
  
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• Global stocks rise as investors weigh future of US rates

  30-08-2016 13:59 via news.yahoo.com
  
  Global stock markets mostly rose on Tuesday as investors weighed the possibility and timing of another U.S. interest rate increase this year. KEEPING SCORE: France's CAC 40 added 0.7 percent to 4,455 and ...
  
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• Stock futures flat as investors await more clues from Fed

  30-08-2016 13:40 via news.yahoo.com
  
  * Investors are trying to decipher whether an interest rate hike in the United States could come as early as next month after Federal Reserve Chair Janet Yellen said on Friday that the case for a raise was strengthening. * Fed Vice Chairman Stanley Fischer, in an interview with Bloomberg TV on Tuesday, said the U.S. job market is close to full strength and the pace of interest rate hikes will depend on how well the economy is doing, but he gave little clues on the timing of the next hike. * Inve
  
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• Abercrombie & Fitch sales fall for 14th straight quarter

  30-08-2016 13:40
  
  Aug 30 (Reuters) - Teen apparel retailer Abercrombie & Fitch
  Co's sales dropped for the 14th straight quarter, hurt
  by lower traffic at its namesake stores.
  
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• Scotiabank's quarterly earnings beat market forecasts

  30-08-2016 13:37 via news.yahoo.com
  
  Bank of Nova Scotia reported third-quarter earnings on Tuesday that beat analysts' expectations, driven by growth in its domestic and international banking businesses. Canada's third-biggest lender earned C$1.55 per share in the quarter, up from C$1.46 a year earlier. Analysts had on average expected earnings of C$1.48 per share, according to Thomson Reuters I/B/E/S. The bank benefited from a decline in funds set aside to cover bad loans to energy companies, with a partial recovery in the price
  
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• Apple ordered to pay record 13 bn-euro Irish tax bill

  30-08-2016 13:35 via news.yahoo.com
  
  The European Union on Tuesday ordered Apple to pay a record 13 billion euros in back taxes in Ireland, saying deals allowing the US tech giant to pay almost no tax were illegal. In the latest in a series of rulings that has angered Washington, Brussels said the world's most valuable company avoided tax bills on virtually all its profits in the bloc under its arrangements with Dublin. Apple and the Irish government immediately said they would appeal against the European Commission ruling, while t
  
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