Finance news

• BRIEF-Callaway says carefully managing net financial exposure to Golfsmith and Golf Town

  14-09-2016 23:48
  
  * "has been carefully managing its net financial exposure to
  golfsmith and golf town, which are both significant customers of
  Callaway"
  
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• Obama, meeting with Suu Kyi, says U.S. ready to lift Myanmar sanctions

  14-09-2016 23:21 via news.yahoo.com
  
  By Jeff Mason and Timothy Mclaughlin WASHINGTON (Reuters) - Myanmar's Aung San Suu Kyi called on Wednesday for the lifting of economic sanctions against her country, and President Barack Obama, in their first White House meeting since she became leader, said the United States was ready to do so. "It is the right thing to do in order to ensure that the people of Burma see rewards from a new way of doing business and a new government," Obama said with Suu Kyi sitting next to him in the Oval Office
  
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• Stocks dip, U.S. yield curve hits steepest in 2 months

  14-09-2016 23:09 via news.yahoo.com
  
  The U.S. Treasury yield curve hit its steepest in more than two months on Wednesday, while world stock markets edged lower as investors fretted about future U.S. interest rate hikes. A jump in Apple shares, which briefly touched a 2016 high, limited losses in the S&P 500 index. Deepening worries over the ability of the world's major central banks to stimulate growth have triggered a rise in bond yields and sparked a bout of risk-off trading.
  
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• Fed jitters and oil pull Wall Street lower; Apple rallies

  14-09-2016 22:54 via news.yahoo.com
  
  Wall Street edged lower on Wednesday as investors stewed about future interest rate hikes and cheaper oil dragged down energy shares, although Apple surged to its highest level this year. Speculation about the timing of the Federal Reserve's next interest rate hike has shaken major stock indexes following contrasting comments from Fed officials. The S&P 500 remains down almost 3 percent from before a steep selloff on Friday, even though interest rate futures indicate expectations for a rate
  
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• Nigerian oil ceasefire threatened by local anger at military

  14-09-2016 22:39 via news.yahoo.com
  
  By Alexis Akwagyiram and Tife Owolabi WARRI, Nigeria (Reuters) - A truce in the conflict in Nigeria's oil-producing Niger Delta is in danger of being derailed by anger at the military over the death of an elderly local leader. The Niger Delta Avengers group, whose attacks on oil pipelines in the southern region crippled crude output earlier this year and pushed Africa's biggest economy into recession, said in August it agreed to a ceasefire. The government has held out the prospect of holding ta
  
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• Non-Aligned summit set to back Maduro in Venezuela

  14-09-2016 22:26 via news.yahoo.com
  
  By Andrew Cawthorne and Girish Gupta CARACAS/PORLAMAR, Venezuela (Reuters) - A Non-Aligned Summit in Venezuela will offer solidarity to President Nicolas Maduro's socialist government, a draft of the final document shows, despite opponents' hopes the event would expose his international isolation. Heads of state from the 120-nation Cold War-era bloc are invited to Venezuela's Margarita island at the weekend, though with only the leaders of Zimbabwe, Iran, Cuba, Bolivia and Ecuador currently thou
  
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• Caesars directors must 'pony up' details of wealth -judge

  14-09-2016 22:15
  
  CHICAGO, Sept 14 (Reuters) - Billionaire investors Marc
  Rowan and David Bonderman are among Caesars Entertainment Corp
  directors who must disclose details of their wealth to
  creditors of the casino...
  
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• Wall Street slips on rate jitters, oil slide; Apple surges

  14-09-2016 22:07 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street fell on Wednesday as investors worried about future interest rate hikes and cheaper oil dragged down energy shares, although Apple surged to its highest level this year.
  
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• Facebook chooses New Mexico for new data center over Utah

  14-09-2016 21:33 via news.yahoo.com
  
  ALBUQUERQUE, N.M. (AP) — Facebook has chosen a village on the edge of New Mexico's largest metropolitan area as the location for its new data center, an announcement that spread quickly Wednesday as elected officials celebrated a hard-sought win that could have ripple effects for the state's struggling economy.
  
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• Wells Fargo’s CEO: The Buck Stops With My Workers

  14-09-2016 21:17 via news.yahoo.com
  
  Wells Fargo CEO John Stumpf will get grilled by the Senate Banking Committee next week about what the government has described as the bank’s “widespread illegal practice of secretly opening unauthorized deposit and credit card accounts” for customers. With public and political outrage still radiating after the bank got hit last week with $185 million in fines for opening more than 2 million sham accounts, Stumpf has started to tease out his defense in an interview with The Wall
  
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• Fed jitters and oil pressure Wall Street; Apple rallies

  14-09-2016 20:51 via news.yahoo.com
  
  Wall Street edged lower on Wednesday as investors focused on future interest rate hikes and as cheaper oil dragged down energy shares, although Apple surged to its highest level this year. Speculation about the timing of the Federal Reserve's next interest rate hike has shaken major stock indexes since last Friday following contrasting comments from Fed officials. The S&P 500 remains down almost 3 percent from before Friday's steep selloff, even though interest rate futures indicate expectat
  
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• Chicago City Council passes tax for pensions, airport bonds

  14-09-2016 20:46 via news.yahoo.com
  
  The last piece of Chicago's pension funding puzzle fell into place on Wednesday with final approval of a tax on water and sewer usage to save the largest of the city's four retirement systems from going broke. The tax, passed in a 40-10 city council vote, is projected to raise an estimated $240 million a year once it is fully phased in over five years, helping Chicago gradually increase contributions to its municipal retirement system, which is projected to run out of cash within 10 years. Chica
  
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• Danish central bank warns country at full employment

  14-09-2016 20:16 via news.yahoo.com
  
  Denmark is technically at full employment and must find ways of expanding its labour force to avoid harmful effects on the economy, Denmark's central bank said on Wednesday. "Unemployment has now reached its 'structural level' ... There are, so to speak, no labour reserves among the unemployed," it said in a quarterly report. "There are already signs of pressures in the labour market.
  
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• KLM to suspend Egypt flights over 'economic reasons'

  14-09-2016 20:14 via news.yahoo.com
  
  CAIRO (AP) — KLM says it will temporarily suspend flights to and from Cairo in January, citing "economic reasons."
  
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• Obama says U.S. ready to lift Myanmar sanctions after Suu Kyi's visit

  14-09-2016 20:05 via news.yahoo.com
  
  By Jeff Mason and Timothy Mclaughlin WASHINGTON (Reuters) - Myanmar's Aung San Suu Kyi called on Wednesday for the lifting of economic sanctions against her country, and President Barack Obama, in their first White House meeting since she became her country's leader, said the United States was ready to do so. "The United States is now prepared to lift sanctions that we have imposed on Burma for quite some time," Obama said, with Suu Kyi sitting next to him in the Oval Office.
  
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• CORRECTED-UPDATE 1-Golfsmith files for bankruptcy protection, to sell retail chain

  14-09-2016 20:05
  
  Sept 14 (Reuters) - Specialty golf retailer Golfsmith
  International Inc filed for Chapter 11 bankruptcy on Wednesday
  and agreed to sell itsCanadian retail chain to a group led by
  Fairfax Financial...
  
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• BRIEF-Petromaroc Corporation raises going concern doubt

  14-09-2016 20:05
  
  * Says significant doubt about company's ability to continue
  as a going concern
  
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• iPhone optimism blasts Apple stock to 2016 high

  14-09-2016 19:39 via news.yahoo.com
  
  Apple's stock hit a 2016 high on Wednesday, with its market value peaking above $600 billion for the first time since April as Wall Street bet the technology company's newest iPhone would help shore up falling sales. Fueled by U.S. wireless carriers' reports of strong early orders for the iPhone 7 as well as arch-rival Samsung Electronics' widely-publicized recall of potentially exploding Galaxy Note 7 smartphones, shares of Apple were up 4.6 percent at $112.57 and had gained 7 percent in the pa
  
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• Waste giant Biffa recycles plan to raise £300m in London float

  14-09-2016 19:16 via news.yahoo.com
  
  One of Britain's biggest waste disposal companies will this week unveil plans to raise up to £300m from a flotation that will be the City's largest since the UK's vote to leave the European Union. Sky News has learnt that the board of Biffa has signed off on plans to announce a stock market listing on Thursday valuing the company at more than £1bn. City sources said that Biffa planned to raise between £250m and £300m from its initial public offering, which is expected to
  
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• Apple leads rebound on Wall Street

  14-09-2016 19:03 via news.yahoo.com
  
  Apple rose as much as 4.7 percent to $113.03 and was the top percentage gainer on the S&P and the Dow on reports of strong demand and positive reviews for the new iPhones. The bounce in U.S. stocks on Wednesday extended the oscillating trend, that started on Friday, due to contrasting comments from Federal Reserve officials on whether the central bank would raise interest rates at its Sept. 20-21 meeting. "With a seasonal backdrop, high valuations and concerns over disparate monetary policie
  
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• Diamonds are a millennial's best friend, say De Beers

  14-09-2016 18:48 via news.yahoo.com
  
  Slower growth in China and economic turbulence in global markets has dented the diamond industry, but millennials are offering light at the end of tunnel, say De Beers. The value of global diamond jewellery sales to consumers took a hit in 2015, down two percent at US$79 billion from US$81 billion in 2014, the report said. It attributed the drop to "unfavourable currency movements and economic slowdown in China and other emerging markets".
  
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• Ford to move all small-car production to Mexico from U.S.: CEO

  14-09-2016 18:41 via news.yahoo.com
  
  "We will have migrated all of our small-car production to Mexico and out of the United States," over the next two to three years, Fields told Wall Street analysts at an investor conference hosted by the automaker. Earlier this year, Ford said it would invest $1.6 billion in Mexico for small-car production to start in 2018.
  
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• U.S. yield curve at steepest in two months; stocks rise

  14-09-2016 18:25 via news.yahoo.com
  
  The U.S. Treasury yield curve hit its steepest in more than two months on Wednesday, while stock markets around the world inched higher as Apple shares gained. Deepening worries over the ability of the world's major central banks to stimulate growth have triggered a recent rise in bond yields and sparked a bout of risk-off trading. Euro zone bond yields rose across the board after European Central Bank Executive Board member Sabine Lautenschlaeger said the central bank should hold off on new mon
  
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• Ford confirms small car production moving from US to Mexico

  14-09-2016 18:11 via news.yahoo.com
  
  Ford Motor Co. says it's moving all of its U.S. small car production to Mexico. Ford CEO Mark Fields confirmed the long-expected move Wednesday during an event for investors and Wall Street analysts. Ford ...
  
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• De Beers sees tough outlook as critical holiday sales approach

  14-09-2016 18:09 via news.yahoo.com
  
  By Farah Master and Donny Kwok HONG KONG (Reuters) - Anglo American owned De Beers, one of the world's largest diamond producers, expects some growth in the consumer market next year but its chief executive warned the overall sales environment is likely to remain tough Bruce Cleaver, who was appointed to head De Beers in May, said prices had stabilized for rough diamonds, while the polished diamond market looked set to be flat "We think there will be some growth in the consumer market next year,
  
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• Bayer clinches Monsanto with improved $66 billion bid

  14-09-2016 17:38 via news.yahoo.com
  
  NEW YORK/FRANKFURT (Reuters) - German drug and crop chemical maker Bayer clinched a $66 billion takeover of U.S. seeds company Monsanto on Wednesday, ending months of wrangling with a third sweetened offer that marks the largest all-cash deal on record. The $128-a-share deal, up from Bayer's previous offer of $127.50 a share, has emerged as the signature deal in a consolidation race that has roiled the agribusiness sector in recent years, due to shifting weather patterns, intense competition in
  
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• Wall Street rises on Apple-led tech gains

  14-09-2016 17:31 via news.yahoo.com
  
  U.S. stocks have swung wildly since Friday on contrasting comments from Federal Reserve officials on whether the central bank would raise interest rates at its Sept. 20-21 meeting. "With a seasonal backdrop, high valuations and concerns over disparate monetary policies by central banks, it will likely remain a choppy environment," said Eric Wiegand, senior portfolio manager at the Private Client Reserve at U.S. Bank in New York. The CBOE Market Volatility index , known as Wall Street's fear gaug
  
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• An Irish billing software firm has been snapped up by a Nasdaq-listed company

  14-09-2016 16:50 via news.yahoo.com
  
  Brite:Bill and two other companies were acquired in a deal worth roughly $260 million.
  
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• Wall Street flat as Apple-led tech gains offset energy losses

  14-09-2016 16:30 via news.yahoo.com
  
  Apple was up 1.6 percent, giving the three major indexes their biggest boost and rising for the third day in a row on reports of strong demand for the new iPhones. "The market is preparing for the worst, which is a rate hike in the U.S., and hoping for the best," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey. The CBOE Market Volatility index , known as Wall Street's fear gauge, has also spiked and dropped with the stock market's gyrations.
  
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• Obama lifts economic sanctions from Ivory Coast, citing progress

  14-09-2016 16:20 via news.yahoo.com
  
  WASHINGTON (Reuters) - U.S. President Barack Obama on Wednesday lifted economic sanctions that were placed on Ivory Coast more than 10 years ago during a civil war, citing a successful presidential election last year and progress on fighting illegal trafficking of natural resources. "Côte d’Ivoire has taken important steps to strengthen its governing and economic institutions and reconcile the differences that led to war," White House National Security Council spokesman Ned Price sai
  
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• MIDEAST STOCKS-Egypt drops in holiday-thinned trade

  14-09-2016 15:57 via news.yahoo.com
  
  DUBAI, Sept 14 (Reuters) - Egypt's stock market fell in very thin trade on Wednesday with many investors absent for Eid al-Adha holidays, while bourses in the Gulf stayed closed. The Egyptian index dropped 0.7 percent in its lowest daily trading volume this year, as the market reopened after being shut for three days. Since Egypt last traded, MSCI's emerging market index had slipped 4.6 percent. Eight of the 10 most heavily traded Egyptian stocks fell on Wednesday with Global Telecom losing 1.7
  
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• Bank of Canada's Wilkins sees 'smart pick-up' in U.S. growth

  14-09-2016 15:39 via news.yahoo.com
  
  By David Milliken LONDON (Reuters) - The U.S. economy looks set to accelerate over the rest of the year, a senior Bank of Canada official said on Wednesday, a potentially encouraging sign for Canada just a week after the central bank warned of risks to domestic growth. The downside risks to inflation that the bank flagged in its recent policy statement were due to question marks around exports, Senior Deputy Governor Carolyn Wilkins said, with weakness in the sector in the second quarter only pa
  
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• Sliding U.S. export share, trade disputes, set stage for China grains clash

  14-09-2016 15:33 via news.yahoo.com
  
  Farmers in the world's second-biggest economy are currently harvesting their first corn crop in a decade that will not be priced by the government, after Beijing launched efforts to reform its corn policy earlier this year. Furthermore, domestic Chinese corn prices are languishing close to multi-year lows. European and U.S. regulators have criticized China's farm policies for years but the country's leaders have prioritized the sector to ensure self-sufficiency in staple food crops and boost rur
  
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• Wall Street set to open higher

  14-09-2016 15:13 via news.yahoo.com
  
  Wall Street looked set to open slightly higher on Wednesday after a steep selloff a day earlier and in tandem with the recent oscillation as investors fret over monetary policy. U.S. stocks have swung wildly since Friday on contrasting comments from Federal Reserve officials on whether the central bank would raise interest rates at its Sept. 20-21 meeting. "The market is preparing for the worst, which is a rate hike in the U.S., and hoping for the best," said Andre Bakhos, managing director at J
  
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• BRIEF-Bayer CEO says has encouraging feedback from regulators on Monsanto deal

  14-09-2016 15:11
  
  * CEO says there is no price adjustment mechanism in the
  agreement with monsanto, regulatory risks are under control
  
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• BRIEF-Advantage Lithium to acquire Stella Marys Project

  14-09-2016 15:09
  
  * Advantage Lithium to acquire Stella Marys project in
  Argentina's "lithium triangle"Source text for Eikon:Further company coverage:
  
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• BRIEF-Redhawk signs option agreement on Zambian copper/cobalt projects with Copperzone Resources

  14-09-2016 15:08
  
  * Redhawk signs option agreement on Zambian copper/cobalt
  projects with Copperzone Resources Ltd. and announces $1,050,000
  private placement
  
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• BRIEF-Crystal Rock Holdings Q3 earnings $0.03/shr

  14-09-2016 15:08
  
  * Crystal Rock Holdings, Inc. announces financial results
  for its fiscal third quarter and nine months ended July 31, 2016
  
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• BRIEF-Stryker announces agreement to acquire the assets of Instratek

  14-09-2016 15:07
  
  * Stryker announces definitive agreement to acquire the
  assets of Instratek
  
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• BRIEF-Gladstone Commercial Corp announces $23.9 mln office property acquisition in Fort Lauderdale, FL

  14-09-2016 15:07
  
  * Gladstone Commercial Corporation announces $23.9 million
  office property acquisition in Fort Lauderdale, FLSource text for Eikon:Further company coverage:
  
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• UPDATE 1-American Electric to sell 4 power plants to newly formed JV

  14-09-2016 15:06
  
  Sept 14 (Reuters) - Power plant operator American Electric
  Power said it would sell four of its power plants with a
  total capacity of about 5,200 MW for about $2.17 billion as it
  focuses on its...
  
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• UPDATE 2-Ford Motor says 2017 performance to drop from 2016 levels

  14-09-2016 15:02
  
  DETROIT, Sept 14 (Reuters) - Ford Motor Co's 2017
  financial performance will decline from this year as it
  increases spending on "emerging opportunities" like self-driving
  cars and other costs, the...
  
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• BRIEF-Carpenter technology will freeze benefits to participants of retirement plan

  14-09-2016 15:01
  
  * Will freeze benefits accrued to eligible participants of
  general retirement plan effective December 31, 2016
  
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• BRIEF-Callinex revises drilling program and provides update

  14-09-2016 15:00
  
  * Callinex revises drilling program and provides updateSource text for Eikon:Further company coverage:
  
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• Global markets show signs of steadying after volatile period

  14-09-2016 14:25 via news.yahoo.com
  
  Global stock markets stabilized Wednesday after a volatile few days when investors around the world fretted over the likelihood of an imminent rate hike from the U.S. Federal Reserve. KEEPING SCORE: In ...
  
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• Golfsmith International may file for Chapter 11 as early as Wednesday: WSJ

  14-09-2016 14:24 via news.yahoo.com
  
  (Reuters) - Specialty golf retailer Golfsmith International Inc plans to file for Chapter 11 bankruptcy and creditor protection in Canada as early as Wednesday, the Wall Street Journal reported, citing people familiar with the matter. The restructuring plan of the company includes store closures in the U.S. and the sale of its Canadian retail chain, according to the Journal report. The creditor protection filings include an agreement to sell its Canadian chain Golf Town, to CI Financial Corp and
  
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• Golfsmith Intl may file for Chapter 11 as early as Wednesday-WSJ

  14-09-2016 14:20
  
  Sept 14 (Reuters) - Specialty golf retailer Golfsmith
  International Inc plans to file for Chapter 11 bankruptcy and
  creditor protection in Canada as early as Wednesday, the Wall
  Street Journal...
  
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• ECB needs to be more flexible as it chases inflation: Knot

  14-09-2016 14:15 via news.yahoo.com
  
  The European Central Bank needs to be more flexible in interpreting its inflation mandate, Governing Council member Klaas Knot said, the second rate-setter in two days to urge caution as the bank prepares to review its policy stance. Speaking in Vienna on Wednesday, Knot argued the ECB is trying to overcome the biggest economic shock in 80 years, and even more stimulus could diminish returns and amplify negative side effects. Knot's comments come hours after Executive Board member Sabine Lautens
  
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• Wall Street banks need fundamental business model shift, McKinsey says

  14-09-2016 14:05 via news.yahoo.com
  
  McKinsey & Co on Wednesday released an annual report about banks, saying Wall Street firms continue to suffer from weak profits, high costs and strategic uncertainty. The top 10 global banks in particular are struggling to adapt to the post-financial crisis environment, as they grapple with high operating costs, low interest rates and the key fixed income trading business under revenue pressure. Capital market and investment banking revenues have declined for the top 10 banks since 2012 by 1
  
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• European stocks mostly in fashion

  14-09-2016 13:46 via news.yahoo.com
  
  European stock markets rebounded on Wednesday, mirroring a modest recovery for oil prices, while focus fell on the luxury goods sector following a profits-warning from Richemont.
  
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