Finance news

• Wall Street ends flat with Fed, BOJ up next

  20-09-2016 22:41 via news.yahoo.com
  
  Wall Street ended little changed on Tuesday as healthcare gains countered declines in energy shares, a day before highly anticipated outcomes of monetary policy meetings in the United States and Japan. The Bank of Japan is expected to further ease its ultra-loose policies, according to a Reuters poll of economists. "Not many think the Fed is going to hike tomorrow, but whether they change the language to get a little more hawkish, there’s been conversation around that," said Walter Todd, c
  
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• Peru's Kuczynski voices concern at U.N. about Venezuela crisis

  20-09-2016 22:18 via news.yahoo.com
  
  By Hugh Bronstein UNITED NATIONS (Reuters) - Peru's president Pedro Pablo Kuczynski told the United Nations General Assembly on Tuesday that his government is concerned about what he called the critical economic and social situation in Venezuela, citing shortfalls of food and medicine. It was the latest in a series of diplomatic blows to Venezuela, a member of OPEC that is suffering through a major economic crisis with food supplies depleted and triple-digit inflation. "It is unavoidable that I
  
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• IEX plans corporate listings on 'Flash Boys' exchange in 2017

  20-09-2016 22:16 via news.yahoo.com
  
  IEX Group, the newest U.S. equities exchange operator, is actively courting companies to list their stocks on its exchange, according to a letter sent to potential listing clients that was obtained by Reuters. The New York-based company, which was featured in Michael Lewis's book "Flash Boys: A Wall Street Revolt," will challenge Intercontinental Exchange Inc's New York Stock Exchange and Nasdaq Inc for corporate listings. "Flash Boys" followed the exchange's founders as they built what they saw
  
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• Wall Street edges up on healthcare boost; Fed on tap

  20-09-2016 22:06 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street inched higher on Tuesday, helped by deal-making in the healthcare sector, a day before highly anticipated outcomes of monetary policy meetings in the United States and Japan.
  
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• Rising concern over drug-resistant germs prompts UN response

  20-09-2016 22:04 via news.yahoo.com
  
  NEW YORK (AP) — World leaders are pushing to end the overuse of antibiotics and to encourage the development of new medicines, driven by concern that drug-resistant germs could lead to millions of deaths and undermine the global economy.
  
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• Peru's Kuczynski voices concern about Venezuela food, medicine shortages

  20-09-2016 21:18 via news.yahoo.com
  
  Peru's president Pedro Pablo Kuczynski told the United Nations General Assembly on Tuesday that his government is concerned about what he called the critical economic and social situation in Venezuela, citing shortfalls of food and medicine. Venezuela, a member of OPEC, is suffering through a major economic crisis that has depleted food supplies and led to triple-digit inflation. "It is unavoidable that I mention our concern for the very critical political, economic and social situation that our
  
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• Wall Street buoyed by healthcare with Fed on deck

  20-09-2016 21:10 via news.yahoo.com
  
  Wall Street edged higher on Tuesday, helped by gains in healthcare shares, as investors awaited the outcome on Wednesday from monetary policy meetings in the United States and Japan. The Bank of Japan is expected to further ease its ultra-loose policies, according to a Reuters poll of economists. "Not many think the Fed is going to hike tomorrow, but whether they change the language to get a little more hawkish, there’s been conversation around that," said Walter Todd, chief investment off
  
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• New BoE rate-setter Saunders sees reasonable growth for UK - FT

  20-09-2016 20:51 via news.yahoo.com
  
  By Andy Bruce and David Milliken LONDON (Reuters) - Britain's economy is likely to grow at a reasonable pace in the coming years, slowing less than most economists expect as it overcomes "modest" fallout from June's Brexit vote, new Bank of England (BoE) policymaker Michael Saunders said. Saunders voted to keep interest rates unchanged at a record-low 0.25 percent last week, in his first Monetary Policy Committee meeting since joining the BoE from U.S. bank Citi, where he worked as its chief UK
  
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• Vanguard Natural Resources taps Evercore for debt reorganization -sources

  20-09-2016 20:25
  
  Sept 20 (Reuters) - Oil and natural gas explorer Vanguard
  Natural Resources LLC has hired Evercore Partners Inc
  to explore options for bolstering finances as it
  struggles to cope with low energy...
  
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• Canada's interest rates to stay low given headwinds: central bank

  20-09-2016 20:06 via news.yahoo.com
  
  By Leah Schnurr QUEBEC CITY, Quebec (Reuters) - Canadian interest rates will stay low for longer as the economy faces strong headwinds and business investment is weaker than expected, but government spending on infrastructure will help growth, Bank of Canada Governor Stephen Poloz said on Tuesday. In a speech suggesting the central bank will remain on the sidelines even as the economy struggles to gain traction, Poloz said businesses need to adjust their expectations for return on investment giv
  
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• McAfee's MGT sinks 21 percent after NYSE refuses share listing

  20-09-2016 20:01 via news.yahoo.com
  
  By Noel Randewich SAN FRANCISCO (Reuters) - Shares of MGT Capital Investments , led by anti-virus software pioneer John McAfee, dropped 21 percent on Tuesday after it said the New York Stock Exchange denied approval of the listing of shares for a planned merger with anti-spyware company D-Vasive Inc. The steep plunge in MGT brings its losses over two days to about 40 percent after the company said on Monday it had received a subpoena from the U.S. Securities and Exchange Commission. In May, MGT
  
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• Bank of England's Saunders sees more scope to loosen policy

  20-09-2016 19:50 via news.yahoo.com
  
  New Bank of England policymaker Michael Saunders said in an interview published on Tuesday that the central bank still had scope to boost the economy further if needed, but had to be alert to adverse side-effects from loose monetary policy. "If we thought the adverse side effects of monetary policy easing outweighed the potential boost, then our willingness to use the tool of easing, even in a time the economy was sluggish, would be much less," he told the Financial Times. In extracts from the i
  
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• Billionaire Soros to invest $500 million to help migrants, refugees

  20-09-2016 19:49 via news.yahoo.com
  
  (Reuters) - Billionaire investor George Soros said on Tuesday, he would invest $500 million (385.39 million pounds) to meet the needs of migrants and refugees. "We will invest in startups, established companies, social impact initiatives, and businesses started by migrants and refugees themselves," Soros said in a statement. Soros first made the announcement in an opinion piece in the Wall Street Journal.
  
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• Wall Street rises on gains in healthcare stocks; Fed eyed

  20-09-2016 19:17 via news.yahoo.com
  
  Wall Street was higher on Tuesday afternoon, helped by gains in healthcare stocks and an overall sentiment that the U.S. Federal Reserve might not raise interest rates. Investors are also keeping an eye on the Bank of Japan's policy meeting that ends on Wednesday. "Investors have become more comfortable knowing that a Fed rate hike decision will be put off until future meetings, but there is more uncertainty with what Japan will do," said Paul Springmeyer, investment managing director at the Pri
  
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• Low rates mean firms should cut expectations: Bank of Canada

  20-09-2016 18:58 via news.yahoo.com
  
  By Leah Schnurr QUEBEC CITY, Quebec (Reuters) - - Interest rates will stay lower for longer, and businesses need to adjust expectations for return on investment or Canada's economy risks not seeing the improvement in productivity needed for growth, Bank of Canada Governor Stephen Poloz said on Tuesday. In a speech outlining what low rates mean for businesses and governments, Poloz said it is obvious the Canadian economy is still facing strong headwinds and needs stimulative monetary policy to co
  
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• Equities in waiting mode ahead of bank decisions

  20-09-2016 18:41 via news.yahoo.com
  
  Global equities markets drifted Tuesday with dealers on tenterhooks on the first day of key monetary policy meetings for the US Federal Reserve and Bank of Japan. "As they have throughout the day across Asia, Europe and the US, stock markets continue to tread water with moves in either direction lacking any traction as traders refuse to commit ahead of the BoJ and Fed," Oanda analyst Craig Erlam told AFP. The Federal Reserve and Bank of Japan were kicking off two-day policy meetings on Tuesday.
  
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• At U.N., Brazil's Temer says Rousseff's ouster was constitutional

  20-09-2016 18:14 via news.yahoo.com
  
  By Hugh Bronstein UNITED NATIONS (Reuters) - Brazil's new president Michel Temer told the United Nations General Assembly on Tuesday that the impeachment of his predecessor Dilma Rousseff was conducted with "absolute respect" for the rule of law and that confidence was returning to the country's battered economy. Temer, who was sworn in after Rousseff was dismissed by Congress on Aug. 31, said his task now was to restore economic growth and create work for millions of Brazilians who have lost th
  
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• UPDATE 3-Bain in $1.5 bln South African Edcon debt for equity deal

  20-09-2016 18:05
  
  * Bain bought business for $3.5 bln in 2007(Adds Edcon asset sale)
  
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• Atlanta Fed downgrades U.S. third-quarter GDP view to 2.9 percent

  20-09-2016 17:43 via news.yahoo.com
  
  NEW YORK (Reuters) - The U.S. economy is on track to grow at a 2.9 percent annualized rate in the third quarter, the Atlanta Federal Reserve's GDP Now forecast model showed on Tuesday following the latest data on consumer prices and housing starts.
  
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• U.S. housing starts tumble, flooding in the South blamed

  20-09-2016 17:42 via news.yahoo.com
  
  U.S. housing starts fell more than expected in August likely as bad weather disrupted building activity in the South, but a solid increase in permits for single-family dwellings suggested demand for housing remained intact. It joined a stream of recent soft economic data such as retail sales, nonfarm payrolls and industrial production, which, together with low inflation are expected to encourage the U.S. central bank to leave interest rates unchanged on Wednesday. Single-family housing starts in
  
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• Tough farm conditions right time for Potash merger -Agrium CEO

  20-09-2016 17:38
  
  (Reuters) - Plunging crop and fertilizer prices may not have hit rock bottom yet, and the market's weakness makes it the right time to merge leading farm input suppliers, the chief executive officer...
  
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• Wall Street rises on gains in healthcare stocks

  20-09-2016 17:34 via news.yahoo.com
  
  Uncertainty surrounding the Bank of Japan is higher as investors have little idea of what tools it could use to achieve its inflation target. "Investors have become more comfortable knowing that a Fed rate hike decision will be put off until future meetings, but there is more uncertainty with what Japan will do," said Paul Springmeyer, investment managing director at the Private Client Group, U.S. Bank in Minneapolis, Minnesota. "I think (housing data) helps solidify the position for the Fed to
  
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• China's OK clears last hurdle for Marriott's deal to buy Starwood

  20-09-2016 17:16
  
  (Reuters) - Chinese antitrust regulators approved Marriott International Inc'sdeal to buy Starwood Hotels & Resorts Worldwide Inc , clearing the way for the combined company to become the world's...
  
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• Tech licensing firm Tessera to buy DTS to grow in audio market

  20-09-2016 16:38
  
  (Reuters) - Tessera Technologies Inc , which licenses technology mainly to the semiconductor industry, said it would buy DTS Inc , a maker of audio equipment for mobile devices, home theater systems...
  
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• Allergan pays top dollar for 'stepping stones' from neurology to dermatology

  20-09-2016 16:32
  
  (Reuters) - Allergan PlcCEO Brent Saunders calls them "stepping stones" - small, bolt-on acquisitions, as opposed to the mega-deals common in the drug industry. And they're expected to boost...
  
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• Financials boost Wall Street ahead of Fed meet

  20-09-2016 16:09 via news.yahoo.com
  
  Wall Street was trading higher on Tuesday, helped by financial stocks, as investors await the Federal Reserve's decision on interest rates. The central bank's two-day meeting will conclude with Fed Chair Janet Yellen's press conference at 2:00 p.m. ET on Wednesday. The doves in the Fed are most likely to rule over the hawks who support higher rates in the near term, but investors will assess the comments for clues on a likely hike in December.
  
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• JPMorgan hires and takes stake in InvestCloud

  20-09-2016 16:02
  
  NEW YORK (Reuters) - JPMorgan Chase & Co said it had hired and would take a stake in InvestCloud, which provides software that makes online transactions easier for customers with banking and...
  
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• VW has no plans for trucks unit IPO before 2019: Manager Magazin

  20-09-2016 15:48
  
  BERLIN (Reuters) - Volkswagenhas no plans for a public listing of its trucks business until 2019, Manager Magazin reported on Tuesday, citing senior managers at the carmaker.
  
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• Wall Street opens higher as investors await Fed meet

  20-09-2016 15:34 via news.yahoo.com
  
  (Reuters) - U.S. stocks opened higher as investors saw little room for the Federal Reserve to raise interest rates in a two-day meeting starting Tuesday.
  
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• As election looms, Dutch government loosens restraint

  20-09-2016 15:27 via news.yahoo.com
  
  THE HAGUE, Netherlands (AP) — The Netherlands has emerged stronger from the global economic malaise, but still faces a series of challenges from extremist violence, the refugee crisis and Britain's exit from the European Union, the Dutch king said Tuesday in a speech unveiling the government's budget plans for next year.
  
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• Allergan to buy Tobira in push for NASH treatments

  20-09-2016 15:02
  
  (Reuters) - Allergan Plcsaid it would buy Tobira Therapeutics Incin a deal worth up to $1.7 billion, about 19 times the company's current value, to get a leg up in the race to develop therapies...
  
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• Wall Street set to open higher as investors await Fed meet

  20-09-2016 14:57 via news.yahoo.com
  
  U.S. stocks looked set to open higher as investors saw little room for the Federal Reserve to raise interest rates in a two-day meeting starting Tuesday. The central bank's meeting will conclude with Fed Chair Janet Yellen's press conference at 2:00 p.m. ET on Wednesday. Investors are also watching the Bank of Japan's meeting which starts on Tuesday.
  
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• Spain's Telefonica to raise up to 1.5 bln euros with Telxius IPO

  20-09-2016 14:42 via news.yahoo.com
  
  (Updates with confirmation) MADRID, Sept 20 (Reuters) - Spanish telecoms group Telefonica said on Tuesday it would raise up to 1.5 billion euros ($1.68 billion) with the initial public offer of shares in Telxius, its telecoms masts business, as it tries to reduce its debt. The company said in a prospectus filed with Spain's stock market regulator on Tuesday that it aimed to sell up to 40 percent of Telxius, including a discretional option to sell extra shares if demand is strong. Telefonica also
  
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• Banks, bondholders take control of South Africa's Edcon

  20-09-2016 14:40
  
  JOHANNESBURG, Sept 20 (Reuters) - Banks and bondholders have
  taken control of struggling South African clothes retailer Edcon
  , the company's chief executive, Bernie Brookes, said
  on Tuesday.
  
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• Emerging equity rally brightens IPO outlook

  20-09-2016 14:35 via news.yahoo.com
  
  By Karin Strohecker LONDON (Reuters) - A stock market rally is breathing fresh life into equity capital markets across developing countries, with bankers predicting some long-awaited IPO deals will finally get off the starting blocks in coming months. "The recent rally in prices clearly makes the valuations more attractive, which influences a company or its shareholders on whether to bring a company to the market," said James Roe, equity capital markets partner at law firm Allen & Overy.
  
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• BRIEF-Nasdaq Vilnius suspends trading in Dvarcioniu Keramika shares from Sept. 21

  20-09-2016 14:18
  
  * Nasdaq Vilnius decided to suspend trading in Dvarcioniu
  Keramika AB shares from Sept. 21(inclusive)
  
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• Rwanda's economic growth slows to 5.4 pct in Q2

  20-09-2016 14:11 via news.yahoo.com
  
  Rwanda's economy grew by 5.4 percent in the second quarter of the year, down from an expansion of 7.2 percent in the same period last year, the statistics office said on Tuesday. The country has had a stellar run in recent years, posting faster growth than other East African economies, but it has been curbed by a weakening of the currency this year, after imports surged. Yusuf Murangwa, the director general of the statistics office, attributed the slower growth to a drop in farm produce exports,
  
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• Egypt trade deficit narrows by $7 bln since January: trade minister

  20-09-2016 14:04 via news.yahoo.com
  
  Egypt's trade deficit has narrowed by $7 billion since January, Trade and Industry Minister Tarek Kabil said on Tuesday, adding that exports could rise by 10 percent - helping close the trade gap even more - if authorities devalued the local currency. Pressure has been mounting on the central bank to devalue the currency as Egypt struggles to revive an economy hit by political unrest that has driven away tourists and foreign investors, two major sources of hard currency.
  
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• Stocks solid a day of crucial Fed and Bank of Japan meeting

  20-09-2016 13:44 via news.yahoo.com
  
  LONDON (AP) — Global stock markets traded with a positive bias Tuesday, a day ahead of policy statements from the U.S. Federal Reserve and Bank of Japan that could go a long way to driving sentiment over the rest of the year.
  
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• Futures gain ahead of Fed meeting

  20-09-2016 13:38 via news.yahoo.com
  
  (Reuters) - Stock futures pointed to a higher opening for Canada's main stock index ahead of a two-day U.S. Federal Reserve meeting starting on Tuesday that investors are betting will leave interest rates unchanged. December futures on the S&P TSX index were up 0.35 percent at 7:15 a.m. ET. Canada's main stock index rose on Monday, led by financials and resource stocks as commodity prices climbed and amid uncertainty around the Fed's decision on interest rates. No major economic releases are
  
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• Rwanda's economy expands 5.4 pct in the second quarter 2016

  20-09-2016 13:23 via news.yahoo.com
  
  KIGALI (Reuters) - Rwanda's economy grew by 5.4 percent in the second quarter of this year, the statistics office said on Tuesday. (Reporting by Clement Uwiringiyamana; Writing by Duncan Miriri)
  
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• Twilio buys video apps software; unveils call-quality features

  20-09-2016 12:57 via news.yahoo.com
  
  By Eric Auchard FRANKFURT (Reuters) - Twilio Inc. isn't a name many consumers will recognise, even though it has recently led a modest revival in the U.S. market for technology initial public offerings by nearly quadrupling in value since its stock market debut in June. The software maker is making a small acquisition on Tuesday that promises to allow customers ranging from big consumer messaging apps to telecom operators and retailers to reach billions of consumers with new video messaging feat
  
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• Grab raises $750 million to take on Uber in Southeast Asia

  20-09-2016 12:49
  
  SINGAPORE (Reuters) - Grab, the biggest rival to ride-sharing service Uber Technologies Inc [UBER.UL] in Southeast Asia, has raised $750 million in a funding round, turning up the heat on the U.S....
  
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• Nigeria must consider oil asset sales as foreign loans delayed-Senate leader

  20-09-2016 12:47 via news.yahoo.com
  
  By Libby George ABUJA (Reuters) - Nigeria must consider selling stakes in joint ventures with oil majors and other assets as talks to borrow abroad have not succeeded yet and would in any case not generate enough funds to stimulate economic recovery, the leader of the Senate said. Senate President Bukola Saraki, the third most powerful official in Africa's biggest economy, also said the oil producer might struggle with recession for up to nine months or even longer unless it got serious about at
  
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• Asian traders tread carefully ahead of bank decisions

  20-09-2016 12:47 via news.yahoo.com
  
  Global stock markets drifted Tuesday with dealers on tenterhooks on the first day of key monetary policy meetings for the US Federal Reserve and Bank of Japan. Around 1030 GMT, London's benchmark FTSE 100 index was up 0.5 percent compared with the close on Monday. The Federal Reserve and Bank of Japan were kicking off two-day policy meetings on Tuesday.
  
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• Regional powers back studies on impact of Ethiopia's Nile dam

  20-09-2016 12:41 via news.yahoo.com
  
  Egypt, Sudan and Ethiopia commissioned studies into the environmental and economic impact of a $4 billion dam on the Nile that Addis Ababa aims to make the centrepiece of its bid to become Africa's biggest power exporter. The 6,000-megawatt Grand Renaissance Dam, situated close to Ethiopia's border with Sudan and being built by Italy's largest construction firm Salini Impregilo SpA, is due for completion next year. It has become a bone of contention between Ethiopia and Egypt, downstream from th
  
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• China Baosteel's takeover of Wuhan to create world's No. 2 steelmaker

  20-09-2016 12:07
  
  SHANGHAI/HONG KONG (Reuters) - China's Baosteel Iron and Steel will acquire its smaller debt-laden rival, Wuhan Iron and Steel, in a deal that will create the world's second-largest steel producer as...
  
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• Moody's says could downgrade South Africa rating if growth below forecasts

  20-09-2016 12:01 via news.yahoo.com
  
  The probability of a credit rating downgrade for South Africa is about a third, Moody's said on Tuesday, warning however that a cut was likely if economic growth fell below its estimated growth of 0.2 percent this year. Moody's currently rates Pretoria two notches above sub-investment grade at Baa2 with a negative outlook, and has warned that political infighting, weak economic growth and mounting debt at state-owned companies all pose a downward risk. Moody's analyst Kristin Lindow also told an
  
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• U.S. motorists wasted billions on premium gasoline last year: AAA

  20-09-2016 11:30 via news.yahoo.com
  
  By Jarrett Renshaw NEW YORK (Reuters) - U.S. consumers wasted billions of dollars last year filling their cars with costly premium-grade gasoline for no tangible benefit, according to a study by the country's leading motorist advocacy group. The report by Heathrow, Florida-based AAA comes as low pump prices and a growing economy enticed U.S. motorists to buy more premium-grade gasoline in June than in any month since 2003, according to the U.S. Energy Information Administration. While an overwhe
  
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• China to unveil steel merger plans this week: reports

  20-09-2016 11:23 via news.yahoo.com
  
  Two of China's top steelmakers announced plans Tuesday to merge,creating the world’s second-largest manufacturer of the commodity as markets struggle with a glut caused by Chinese overcapacity. The world's second largest economy is trying to overhaul its lumbering state sector and especially its steel industry, by using mergers and restructuring to cut chronic overproduction and create world-beating mills. Baosteel Group, China’s second-largest steelmaker, will issue new stock to exi
  
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