Finance news

• Brazil's Rousseff ousted by Senate, Temer sworn in

  31-08-2016 23:33 via news.yahoo.com
  
  By Maria Carolina Marcello and Anthony Boadle BRASILIA (Reuters) - Brazil's Senate ousted President Dilma Rousseff on Wednesday, ending an impeachment process that polarized Latin America's biggest country amid a massive corruption scandal and brutal economic crisis. Senators voted 61-20 to convict the country's first female president for illegally using money from state banks to bankroll public spending, marking the end of 13 years of leftist Workers Party rule. Rousseff's opponents hailed the
  
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• Brazil's Temer says spending cap key to fixing economy

  31-08-2016 23:25 via news.yahoo.com
  
  BRASILIA (Reuters) - President Michel Temer said on Wednesday that fixing Brazil's economy would not be easy, but his priority was to pass a spending cap this year, attract foreign investment, reduce unemployment and begin reform of the pension system. At his first cabinet meeting after being sworn in by Congress, Temer said he would not tolerate divisions within his coalition. In the meeting, which was televised, Temer appeared annoyed that some of his allies had moved to grant ousted President
  
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• Wells Fargo, Amazon end deal to offer discounted student loans

  31-08-2016 23:20
  
  (Reuters) - Wells Fargo & Co and Amazon.com Inc said they had ended a partnership to offer discounted student loans to the online retailer's "Prime Student" customers, about six weeks after...
  
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• Contact center company Genesys to buy Interactive Intelligence

  31-08-2016 23:13
  
  (Reuters) - Privately-held contact center company Genesys agreed to buy Interactive Intelligence Group Incfor about $1.4 billion as it looked to build scale in the face of fierce competition in the...
  
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• Energy drags Wall St. lower; S&P down slightly in August

  31-08-2016 22:52 via news.yahoo.com
  
  Stocks ended lower on Wall Street on Wednesday, as energy shares tracked oil prices lower, and the S&P posted a loss for August, the first negative month for the benchmark index since February. The Nasdaq gained 1 percent in August and the S&P shed 0.1 percent, speaking to stocks' resiliency after the S&P hit an all-time high mid-month. The energy sector of the S&P 500 ended 1.4 percent lower on Wednesday, its largest daily decline in three weeks, as U.S. crude futures fell more
  
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• Low-hanging fruit from tweet sentiment investing plucked: James Saft

  31-08-2016 22:38
  
  (Reuters) - It was fun while it lasted: the easy money from Twitter sentiment trading appears to have been already gathered.
  
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• U.S. sues to stop Deere from buying Precision Planting

  31-08-2016 22:33
  
  WASHINGTON/CHICAGO (Reuters) - The U.S. Justice Department filed a lawsuit on Wednesday aimed at stopping Deere & Cofrom buying Monsanto Co'sPrecision Planting farm equipment business, saying...
  
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• Hedge fund Barington hires Moss from Optima to head marketing

  31-08-2016 22:28
  
  BOSTON (Reuters) - Activist hedge fund Barington Capital has hired a new executive to spearhead marketing and investor relations at a time when the fund is putting up strong numbers but as investors'...
  
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• Wall St. ends lower on energy weakness

  31-08-2016 22:06 via news.yahoo.com
  
  NEW YORK (Reuters) - Stocks ended lower on Wall Street on Wednesday, closing out the first negative month for the S&P 500 since February, as energy shares tracked oil prices lower. The Dow Jones industrial average fell 53.42 points, or 0.29 percent, to 18,400.88, the S&P 500 lost 5.2 points, or 0.24 percent, to 2,170.92 and the Nasdaq Composite dropped 9.77 points, or 0.19 percent, to 5,213.22. (Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)
  
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• Alere lawsuit accuses Abbott of 'buyer's remorse' in proposed merger

  31-08-2016 21:59
  
  (Reuters) - Alere Incalleges Abbott Laboratoriesis trying to stymie its planned $5.8 billion takeover of the diagnostics company by purposefully delaying key submissions to anti-trust regulators,...
  
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• Spain's acting PM loses confidence vote to form government

  31-08-2016 21:10 via news.yahoo.com
  
  By Jesús Aguado and Angus Berwick MADRID (Reuters) - Spain's acting premier on Wednesday lost a parliamentary confidence vote for a second term after he failed to win enough support from the opposition, bringing the country closer to a potential third election in a year. Mariano Rajoy, of the center-right People's Party (PP), received 170 votes of support, falling short - as expected - of the minimum 176 needed to form a government. Spain's lack of a functioning government since inconclus
  
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• Tough economic outlook in Brazil after president removed

  31-08-2016 21:00 via news.yahoo.com
  
  SAO PAULO (AP) — Two dramas that grabbed global attention — the Olympics in Rio de Janeiro and the removal of Brazil's president — have now concluded. But Brazil is far from answering the biggest challenge facing the country: How can Latin America's largest economy climb out of a deep recession?
  
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• Cooperman on CNBC says U.S. equities 'fairly but fully valued'

  31-08-2016 20:59
  
  NEW YORK (Reuters) - Hedge fund investor Leon Cooperman, the chief executive and chairman of Omega Advisors, said on Wednesday on CNBC that equity markets are "fairly but fully valued."
  
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• Brazil's Rousseff ousted in end to impeachment process

  31-08-2016 20:41 via news.yahoo.com
  
  By Maria Carolina Marcello and Anthony Boadle BRASILIA (Reuters) - Brazil's Senate removed President Dilma Rousseff from office on Wednesday for breaking budgetary laws, ending an impeachment process that has polarized the scandal-plagued country and paralyzed its politics for nine months. Senators voted 61-20 to convict Rousseff for illegally using money from state banks to boost public spending, putting an end to 13 years of leftist Workers Party rule in Latin America's largest economy. Conser
  
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• Macron election candidacy has more support than Hollande's: polls

  31-08-2016 20:19 via news.yahoo.com
  
  A third of French voters want Emmanuel Macron, who resigned from government on Tuesday, to run in next year's presidential election, more than twice as many as those who would like President Francois Hollande to seek re-election, a poll showed. Neither has yet said they would be candidate but both the deeply unpopular Socialist president and his former protege are widely expected to throw their hats in the ring. Macron, a 38-year old former investment banker, quit his economy minister post on Tu
  
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• RBC to pay $2.5 million for proxy violations over Rural/Metro sale

  31-08-2016 20:04
  
  (Reuters) - A Royal Bank of Canadaunit has agreed to pay $2.5 million for causing false and misleading disclosures in a proxy statement for the sale of ambulance company Rural/Metro Corp, the U.S....
  
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• Investors pull most from U.S. stock funds invested abroad since May: ICI

  31-08-2016 20:02
  
  NEW YORK (Reuters) - Investors took back the most money since May from U.S.-based funds that buy international stocks, further hemming in their exposure to Europe and Japan, Investment Company...
  
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• Canada economy has biggest quarterly drop in seven years, third-quarter rebound seen

  31-08-2016 19:57 via news.yahoo.com
  
  By Leah Schnurr OTTAWA (Reuters) - Canada's economy shrank in the second quarter, its worst showing in seven years, hurt by a drop in exports and a disruption to oil production caused by wildfires in Alberta, though growth was seen as likely to rebound later this year. While the quarterly drop slightly exceeded market forecasts, economists were encouraged by other figures released on Wednesday that showed the economy resumed growing in June. Gross domestic product contracted at an annualized 1.6
  
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• Chipmaker Intersil set to pick Renesas over Maxim as acquirer: sources

  31-08-2016 19:19
  
  (Reuters) - Intersil Corpmay announce a sale to Renesas Electronics Corpas early as next week, choosing the Japanese semiconductor company over U.S. suitor Maxim Integrated Products Inc , people...
  
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• Apple tax windfall could help ease Ireland's debts says S&P

  31-08-2016 19:18 via news.yahoo.com
  
  A European Commission ruling that Apple Inc should pay Ireland up to 13 billion euros of back-dated taxes could help the country cut its debt significantly but may undermine its government, Standard & Poor's told Reuters on Wednesday. The European Union's executive arm ordered Apple to pay the bill on Tuesday, ruling the iPhone maker had received illegal state aid. Although Apple and Dublin have said they will contest the decision, economists have nevertheless been trying to calculate the po
  
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• White House names members of Puerto Rico control board

  31-08-2016 19:11 via news.yahoo.com
  
  WASHINGTON (AP) — The White House on Wednesday announced the members of a new oversight board to help manage Puerto Rico's debt-stricken economy, with President Barack Obama expressing confidence that the panel can turn around a dire financial situation.
  
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• Wall Street treads lower as oil weighs on energy stocks

  31-08-2016 19:11 via news.yahoo.com
  
  Wall Street was down on Wednesday, with the benchmark S&P 500 index marking its biggest decline in four weeks, as a sharp drop in oil prices weighed on energy stocks. The S&P 500 energy index plunged 1.67 percent, making it the biggest decliner among the 10 major S&P 500 indexes. Exxon Mobil fell 1.1 percent and was the top drag on the S&P while Chevron's 1.6 percent decline had a similar effect on the Dow.
  
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• Brazil's Senate dismisses Rousseff for breaking budget laws

  31-08-2016 19:11 via news.yahoo.com
  
  By Maria Carolina Marcello and Anthony Boadle BRASILIA (Reuters) - Brazil's Senate removed President Dilma Rousseff from office on Wednesday for breaking budgetary laws, ending an impeachment process that has polarized the scandal-plagued country and paralyzed its politics for nine months. Senators voted 61-20 to convict Rousseff for illegally using money from state banks to boost public spending, putting an end to 13 years of leftist Workers Party rule in Latin America's largest economy. Conser
  
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• Polymetal pushes housebuilder Berkeley out of UK's FTSE 100

  31-08-2016 19:00 via news.yahoo.com
  
  Housebuilder Berkeley Group has lost its place in the blue-chip FTSE 100 equity index after its stock price dropped, partly because of Britain's vote to leave the European Union. FTSE Russell, which handles changes to the index, said on Wednesday that Berkeley would be replaced by Russian gold and silver miner Polymetal, whose shares have surged as economic uncertainty has driven up the price of gold. A company's place in the FTSE 100 index is decided on the basis of its share performance and st
  
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• Kerry meets Modi as monsoon chaos challenges India's 'smart' future

  31-08-2016 18:46 via news.yahoo.com
  
  By Lesley Wroughton NEW DELHI (Reuters) - U.S. Secretary of State John Kerry experienced some of the challenges that lie in the way of India's economic rise, as monsoon floods in New Delhi became a talking point at his meeting with Prime Minister Narendra Modi. "It looks like the rains this time have warmly welcomed you," Modi said as he greeted Kerry and the U.S. delegation on Wednesday for talks. Kerry's motorcade was caught in two hours of traffic chaos when he arrived in the Indian capital o
  
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• Theranos voluntarily pulls request for fast clearance of Zika test

  31-08-2016 18:39 via news.yahoo.com
  
  (Reuters) - Blood-testing firm Theranos Inc said it voluntarily withdrew a request to the U.S. Food and Drug Administration for emergency clearance of its Zika-virus blood test. Theranos made the decision after the FDA said the company did not include proper patient safeguards in a study, the Wall Street Journal reported, citing people familiar with the matter. "We hope that our decision to withdraw the Zika submission voluntarily is further evidence of our commitment to engage positively with t
  
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• U.S. private payrolls rise solidly; pending home sales jump

  31-08-2016 18:37 via news.yahoo.com
  
  U.S. private employers maintained a steady pace of hiring in August and contracts to buy previously owned homes surged in July, suggesting the economy was regaining sufficient momentum for the Federal Reserve to raise interest rates this year. Other data on Wednesday showed a sharp moderation in factory activity in the Midwest this month amid shrinking order books, indicating the manufacturing sector continued to be hobbled by the residual effects of a strong dollar and oil price slump. "This sh
  
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• Polymetal pushes housebuilder Berkeley out of FTSE 100

  31-08-2016 18:14 via news.yahoo.com
  
  Housebuilder Berkeley Group has lost its place in the coveted, blue-chip FTSE 100 equity index following a sharp drop in its stock price partly caused by Britain's vote to leave the European Union. FTSE Russell said on Wednesday that Berkeley would be replaced in the index by Russian gold and silver miner Polymetal , whose shares have surged as economic uncertainty has driven up the price of gold, traditionally seen as a safe-haven asset. A company's place in the FTSE 100 index is decided on the
  
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• Interview: Apple tax receipts could help cut Ireland's debt pile - S&P's Kraemer

  31-08-2016 17:56 via news.yahoo.com
  
  By Abhinav Ramnarayan LONDON (Reuters) - The European Commission's ruling that Apple Inc should pay up to 13 billion euros of back-dated taxes could help Ireland reduce its debt significantly but may undermine its government, Standard & Poor's told Reuters on Wednesday. "There are many uncertainties ahead but if we assume that the money will definitely come through, the sum of 13 billion euros is not insignificant for an economy the size of Ireland," said Moritz Kraemer, the ratings agency's
  
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• Deutsche Bank, Commerzbank held talks about tie-up

  31-08-2016 17:54
  
  FRANKFURT (Reuters) - Top executives of Deutsche Bank and Commerzbank held talks on a potential combination of Germany's two biggest banks earlier this month, a source familiar with the matter said...
  
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• Oil sands fires send Canada GDP reeling in Q2

  31-08-2016 17:48 via news.yahoo.com
  
  Forest fires in Canada's oil sands region that disrupted production have pummeled the country's economy, sparking the biggest quarterly decline in GDP in seven years, according to government figures released Wednesday. Gross domestic product fell at an annualized rate of 1.6 percent in the second quarter amid continued weakness in oil prices, said Statistics Canada. The government statistics agency pointed to a significant drop in oil production as 100,000 residents of Fort McMurray and nearby f
  
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• Apple tax receipts could help cut Ireland's debt pile: S&P's Kraemer

  31-08-2016 17:26 via news.yahoo.com
  
  By Abhinav Ramnarayan LONDON (Reuters) - The European Commission's ruling that Apple Inc should pay up to 13 billion euros of back-dated taxes could help Ireland reduce its debt significantly but may undermine its government, Standard & Poor's told Reuters on Wednesday. "There are many uncertainties ahead but if we assume that the money will definitely come through, the sum of 13 billion euros is not insignificant for an economy the size of Ireland," said Moritz Kraemer, the ratings agency's
  
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• May and ministers reiterate commitment to fiscal discipline

  31-08-2016 17:20 via news.yahoo.com
  
  British Prime Minister Theresa May and her team of top ministers reiterated the government's commitment to fiscal discipline on Wednesday, her spokeswoman said. Finance minister Philip Hammond has said he will move more slowly than his predecessor to turn the government's budget deficit into a surplus and that the extent of any fiscal stimulus will depend on how the economy copes with Brexit.
  
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• S.Africa's rand slumps as lender halts loans to state firms, stocks down

  31-08-2016 16:37 via news.yahoo.com
  
  South Africa's rand weakened more than one percent on Wednesday after reports that a large debt manager was halting loans to state-owned firms raised investor concerns over the management of the economy. South African fixed-income asset manager Futuregrowth has stopped lending to some state-owned local companies, its chief investment officer Andrew Canter said on Wednesday.
  
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• Apple tax receipts could help cut Ireland's debt pile - S&P

  31-08-2016 16:33 via news.yahoo.com
  
  The European Commission's ruling that Apple should pay 13 billion euros of back-dated taxes could help Ireland reduce its debt significantly but may undermine the Irish government in the process, Standard & Poor's told Reuters on Thursday. "There are many uncertainties ahead but if we assume that the money will definitely come through, the sum of 13 billion euros is not insignificant for an economy the size of Ireland," said Moritz Kraemer, the ratings agency's chief European sovereign ratin
  
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• Wall St falls as lower oil prices weigh on energy stocks

  31-08-2016 16:12 via news.yahoo.com
  
  The markets have been playing a guessing game on when the Federal Reserve would be able to raise rates after top Fed officials, including Chair Janet Yellen, turned hawkish on the back of slow but steady economic growth. Boston Fed president and voting member Eric Rosengren, in a panel discussion in China on Wednesday, said the Fed was nearing its employment and inflation rate goals, adding that rate hikes could shield the economy.
  
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• Canada economy takes biggest quarterly drop in 7 years, grows in June

  31-08-2016 16:07 via news.yahoo.com
  
  By Leah Schnurr OTTAWA (Reuters) - Canada's economy shrank in the second quarter in its worst showing in seven years, hurt by a drop in exports and a disruption to oil production caused by wildfires in Alberta, but growth was still seen as likely to rebound later this year. Although the second-quarter contraction was somewhat larger than the Bank of Canada had anticipated, the figures released on Wednesday were not expected to move the central bank off the sidelines at its meeting next week. "It
  
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• Markets cautious ahead of US jobs data

  31-08-2016 16:04 via news.yahoo.com
  
  Hong Kong (AFP) - Caution reigned on most stock markets Wednesday as traders reacting to mixed regional data ahead of key US jobs numbers due later in the week.
  
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• Canadian dollar weakens to 3-week low as oil falls

  31-08-2016 15:59 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - The Canadian dollar weakened to a three-week low against its U.S. counterpart on Wednesday as oil fell and government data showed a deep contraction in the country’s economy for the second quarter. Canada's economy shrank at an annualized 1.6 percent rate in the second quarter in its worst showing in seven years, hurt by a drop in exports and a disruption to oil production caused by wildfires in northern Alberta, according to data from Statistics Canada.
  
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• U.S. housing market turnover to improve over coming year: Reuters poll

  31-08-2016 15:41 via news.yahoo.com
  
  The results, from a poll taken Aug. 15 to 30, are based on optimism about a continued strong job market and spell good news for the U.S. economy given all of the industries tied to housing, from construction to furniture sales. "The tighter U.S. labor market will lead to stronger wage income growth over the coming year. Combined with still-low mortgage rates, income growth will lead to stronger purchase demand," said Andres Carbacho-Burgos, analyst at Moody's Analytics in West Chester, Pa.
  
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• Brazil's Senate expected to dismiss Rousseff in impeachment vote

  31-08-2016 15:31 via news.yahoo.com
  
  By Maria Carolina Marcello BRASILIA (Reuters) - Brazil's Senate is expected to vote on Wednesday to dismiss President Dilma Rousseff, finalizing a nine-month impeachment process and confirming the country's shift to the center-right with the end of 13 years of leftist Workers Party rule. Rousseff's supporters seemed resigned to the likelihood that more than two-thirds of the 81-member Senate would convict her of breaking budget laws, while opponents hailed the chance to turn the page on a drawn-
  
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• Your Money: Act now to nab a free spring-break trip

  31-08-2016 15:04
  
  NEW YORK (Reuters) - With massive travel reward point bonuses on the table this fall, consumers who sign up for a new credit card could be flying free for spring break.
  
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• India growth slows sharply to 7.1% in April-June quarter

  31-08-2016 15:04 via news.yahoo.com
  
  India's economic growth slowed sharply in the first quarter of the 2016-17 financial year, official data showed Wednesday, missing expectations but raising hopes of an interest rate cut. Gross domestic product expanded 7.1 percent year-on-year in the three months from April-June, down from the stellar growth of 7.9 percent in the preceding quarter, according to the statistics ministry. The numbers also fell short of economists' expectations, with most having predicted a slight slowdown in GDP gr
  
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• Nigeria's naira hits new record low of 420 per dollar on black market

  31-08-2016 14:51 via news.yahoo.com
  
  Nigeria's naira was quoted at an all-time low of 420 to the dollar on the unofficial market on Wednesday, the same day Africa's biggest economy officially slid into recession. The currency traded at 418 to the dollar on Tuesday and has been under constant pressure on the black market for months. The naira was quoted at 317.09 to the dollar on the interbank market by 1224 GMT, against a 305.5 close on Tuesday.
  
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• Canadian economy shrinks in second quarter; biggest drop in 7 years

  31-08-2016 14:45 via news.yahoo.com
  
  Canada's economy shrank in the second quarter in its worst showing in seven years, hurt by a drop in exports and a disruption to oil production caused by wildfires in northern Alberta, data from Statistics Canada showed on Wednesday. It was the biggest annualized decline since the second quarter of 2009 when Canada was in a global credit crisis-induced recession.
  
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• Portugal's anti-austerity effort brings little growth

  31-08-2016 13:29 via news.yahoo.com
  
  LISBON, Portugal (AP) — Portugal's economy is growing only half as quickly as the anti-austerity government had hoped, as its key policy of driving domestic demand comes up short.
  
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• Africa's biggest economy officially enters recession

  31-08-2016 13:22 via news.yahoo.com
  
  Africa's biggest economy is officially in recession. Nigeria released data on Wednesday showing its gross domestic product declined by 2.06 percent in the second quarter of the year. The oil- and import-dependent ...
  
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• European stocks diverge on mixed data

  31-08-2016 13:15 via news.yahoo.com
  
  Hong Kong (AFP) - European stock markets diverged on Wednesday with traders reacting to mixed regional data ahead of key US jobs numbers due later in the week.
  
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• Austrian economy minister adds his 'nein' to U.S. trade talks debate

  31-08-2016 13:14 via news.yahoo.com
  
  Austria's economy minister said talks on a EU-U.S. free trade agreement should be halted, adding his voice to an increasingly polarized debate on both sides of the Atlantic over whether to keep the negotiations going. Washington and Brussels are officially committed to sealing the Transatlantic Trade and Investment Partnership (TTIP) before U.S. President Barack Obama leaves office in January. "One should stop the negotiations now and start the entire process afresh," Reinhold Mitterlehner, a me
  
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• Spain closer to third election in a year as confidence vote looms

  31-08-2016 13:03 via news.yahoo.com
  
  By Jesús Aguado and Angus Berwick MADRID (Reuters) - Spain's acting prime minister faced a confidence vote in parliament on Wednesday that is likely to fail, bringing the country closer to its third election in a year, with the opposition Socialists steadfastly refusing to cooperate. Spain's lack of a functioning government since inconclusive elections in June and December and the resulting political deadlock have stalled investment and there are signs it could be starting to limit a stro
  
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