Finance news

• Exclusive: Poland will only agree EU approval of Paris climate deal on its terms - minister

  26-09-2016 23:32 via news.yahoo.com
  
  By Alissa de Carbonnel BRUSSELS (Reuters) - Poland will only sign off on accelerated EU approval of the Paris climate deal on its own terms, its environment minister said in a letter to EU counterparts, casting doubt on a push by the bloc for adoption ahead of U.N. climate talks in November. In the letter dated Monday and seen by Reuters, Jan Szyszko says Poland, whose economy is heavily dependent on coal, would consent to fast-tracked ratification "only on terms that take into account the speci
  
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• US hits Chinese firm with sanctions over N. Korea trade

  26-09-2016 23:17 via news.yahoo.com
  
  The United States moved to tighten the economic noose around North Korea Monday, charging and sanctioning a firm owned by a prominent Chinese businesswoman for extensive trade ties with the regime. In a move designed to choke-off North Korea's external economic lifeline, the US government targeted 44-year-old Ma Xiaohong and her vast conglomerate based in China's frontier city of Dandong. The firm, Dandong Hongxiang, and a host of officials are accused of making up a "key illicit network support
  
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• TSX falls broadly as U.S. presidential debate looms

  26-09-2016 23:02 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's benchmark stock index fell in a broad retreat on Monday, tracking U.S. indexes lower as investors took a cautious turn ahead of the first U.S. presidential debate and as energy shares failed to move higher with a bounce in crude oil prices. The Toronto Stock Exchange's S&P/TSX composite index closed down 78.47 points, or 0.53 percent, at 14,619.46. The three main Wall Street indexes all shed at least 0.85 percent, as investors focused on how Rep
  
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• Wall Street drops as investors brace for presidential debate

  26-09-2016 22:39 via news.yahoo.com
  
  Wall Street fell on Monday as Deutsche Bank weighed on financials and investors hunkered down for the first debate between candidates Hillary Clinton and Donald Trump. The race for the White House has so far had little discernible effect on the sentiment but that may change if Monday's encounter leaves a decisive winner. With just over six weeks until the Nov. 8 vote, some investors see the neck-and-neck contest sparking volatility in sectors including health insurers, drugmakers and industrials
  
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• Saudi king slashes salaries of ministers, employee bonuses

  26-09-2016 21:04 via news.yahoo.com
  
  RIYADH, Saudi Arabia (AP) — Saudi Arabia's King Salman is reducing the salaries and benefits of senior officials and the Cabinet cut bonuses for public employees on Monday, as lower oil prices continue to pinch the kingdom's economy.
  
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• Canadian economic growth is less than forecast, says Morneau

  26-09-2016 21:02 via news.yahoo.com
  
  By David Ljunggren OTTAWA (Reuters) - Canadian economic growth this year is less than the government initially expected, Finance Minister Bill Morneau said on Monday, in a sign Ottawa could run budget deficits for longer than planned. The Liberal government based the federal budget in March on an average private sector growth forecast of 1.4 percent for the 2016-17 fiscal year. Now I can say we made a good decision because the level of growth is a bit lower than forecast," Morneau told reporters
  
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• Fed's Kaplan says he would have been okay with a September rate hike

  26-09-2016 20:58 via news.yahoo.com
  
  Dallas Federal Reserve President Robert Kaplan said on Monday he would have been comfortable with an interest rate increase at the Fed's policy meeting last week when the central bank chose to keep rates steady. Kaplan is not a voting member on the Fed's rate-setting committee this year but he participates in policy discussions and will have a vote at next year's meetings. Kaplan said he was not that worried about the U.S. economy overheating but was concerned that low interest rates could creat
  
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• Clovis short sellers undaunted as stock price surges

  26-09-2016 20:58
  
  NEW YORK, Sept 26 (Reuters) - Clovis Oncology Inc'sshare price has doubled in the past month, fueled by positive
  developments for the company's experimental cancer drug and
  takeover speculation....
  
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• OECD official says EU Apple ruling not precedent for future tax cases

  26-09-2016 20:55 via news.yahoo.com
  
  A multi-billion euro back tax bill handed to Apple by the European Commission should not be seen as a precedent for future tax cases as it was based on state aid rather than tax law, the OECD official spearheading global tax reform said on Monday. European Union antitrust regulators last month ordered Apple to pay up to 13 billion euros ($14.6 billion) in back taxes to the Irish government after ruling that a special scheme to route profits through Ireland constituted illegal state aid. Pascal S
  
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• Wall Street falls as investors brace for presidential debate

  26-09-2016 20:54 via news.yahoo.com
  
  Wall Street fell on Monday as investors hunkered down for the first U.S. presidential debate between candidates Hillary Clinton and Donald Trump. The race for the White House has so far had little discernible effect on the sentiment but that may change if Monday's encounter leaves a decisive winner. With just over six weeks until the Nov. 8 vote, some investors see the neck-and-neck contest sparking volatility in sectors including health insurers, drugmakers and industrials.
  
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• UPDATE 4-Pfizer decides against split-up; more deals seen likely

  26-09-2016 20:51
  
  NEW YORK, Sept 26 (Reuters) - Pfizer Inc, which was
  considering splitting itself for more than two years, said on
  Monday it would not do so, prompting shareholders to expect more
  deals that could...
  
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• Global stocks sag before U.S. presidential debate, oil jumps

  26-09-2016 20:21 via news.yahoo.com
  
  By Richard Leong NEW YORK (Reuters) - Stock prices around the world fell on Monday ahead of the first U.S. presidential debate between Hillary Clinton and Donald Trump, while oil prices rose in advance of an informal OPEC meeting in Algeria on hopes for an output cut. Half of America's likely voters will rely on the presidential debates to help them make their choice between the two major U.S. party nominees in the Nov. 8 election, according to a Reuters/Ipsos poll released on Monday. "Investors
  
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• Ex-IMF chief Rato is the fallen star of Spain's conservatives

  26-09-2016 20:12 via news.yahoo.com
  
  Former Spanish finance minister Rodrigo Rato was hailed for kicking off a golden decade of growth in Spain's economy from the late 1990s and later led the International Monetary Fund. Now the 67-year-old is on trial over alleged spending sprees on company credit cards by him and other ex-managers in the finance group Bankia, whose near-collapse sparked an EU bailout of Spain's financial sector in 2012. Rato has denied wrongdoing in both cases but for many Spaniards he is the face of Spain's fina
  
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• Pfizer, banks lead Wall Street lower; presidential debate eyed

  26-09-2016 20:00 via news.yahoo.com
  
  Losses on Wall Street deepened in volatile trading on Monday, as Pfizer led a decline in healthcare stocks and Deutsche Bank pulled financials down, with investors awaiting the first U.S. presidential debate between Hillary Clinton and Donald Trump. Pfizer fell 1.5 percent after it decided against splitting into two.
  
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• Pfizer, banks lead Wall St lower; presidential debate eyed

  26-09-2016 19:46 via news.yahoo.com
  
  Pfizer fell 1.5 percent after it decided against splitting into two. Deutsche Bank's U.S-listed shares fell as much as 7.1 percent to a record low of $11.84 and triggered declines among big Wall Street banks after a German magazine said Chancellor Angela Merkel has ruled out state assistance for the lender.
  
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• Canada economic growth less than forecast: finance minister

  26-09-2016 19:22 via news.yahoo.com
  
  The Canadian government will look at what more it can do to help the economy if needed, with economic growth less than had been forecast in the budget released earlier this year, Finance Minister Bill Morneau said on Monday. Morneau told reporters that the budget the new Liberal government unveiled earlier this year was starting to have an impact, though he did not comment on whether the government would speed up the pace of infrastructure spending.
  
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• Chinese firm charged with plotting to evade NKorea sanctions

  26-09-2016 19:16 via news.yahoo.com
  
  WASHINGTON (AP) — The Justice Department on Monday unsealed criminal charges against a China-based company and four of its executives for conspiring to evade U.S. economic sanctions that target North Korea's nuclear weapons and ballistic missiles programs.
  
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• Mylan reiterates profit on EpiPen two-pack in U.S.

  26-09-2016 19:04 via news.yahoo.com
  
  The unexpected filing comes after the Wall Street Journal reported earlier in the day that the company substantially reduced its calculation of EpiPen profits by applying the statutory U.S. tax rate of 37.5 percent during a congressional hearing on Wednesday. U.S. lawmakers at the hearing lambasted Mylan Chief Executive Heather Bresch for sharply increasing prices for the treatment to $600 for a pair from $100 in 2007. "Without the tax-related reduction, Mylan's profits on the EpiPen two-pack wo
  
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• U.S. new home sales fall in August but trend still positive

  26-09-2016 18:58 via news.yahoo.com
  
  July's sales pace was revised up 5,000 units to 659,000 units. Analysts said the level of sales generally supported their view of a strong underlying trend in new home sales and of a quickening pace of overall economic growth in the second half of the year. Following the new home sales release, analysts at Macroeconomic Advisers kept their estimate of third-quarter economic growth at 3 percent, a marked pickup from the first half of the year.
  
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• African Development Bank aims to lend Nigeria $4.1 bln for power and farming

  26-09-2016 18:56 via news.yahoo.com
  
  By Felix Onuah ABUJA (Reuters) - The African Development Bank is looking to provide a total of $4.1 billion to Nigeria over 2016 and 2017, its president said on Monday, as Africa's biggest economy seeks to bridge its budget deficit and improve weak infrastructure. Akinwumi Adesina said the funds would be used to develop the power and agriculture sectors in the west African country, which has slipped into recession for the first time in over 20 years, largely due to low oil prices.
  
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• Lanka IOC says diesel tax increase will hit earnings

  26-09-2016 18:45 via news.yahoo.com
  
  By Shihar Aneez and Ranga Sirilal COLOMBO (Reuters) - The Sri Lankan government's decision to increase tax on diesel is likely to hit 2016/17 second-half earnings at fuel retailer Lanka IOC, its managing director said on Monday. Under pressure from the International Monetary Fund to increase revenue, Sri Lanka's finance ministry increased excise duty on diesel by 10 rupees to 13 rupees per litre from Aug. 20, stipulating that fuel retailers cannot pass on the cost to consumers. Lanka IOC's Shyam
  
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• Global stocks slide after Fed-inspired rally

  26-09-2016 18:28 via news.yahoo.com
  
  World stock markets slumped Monday as a crash in Deutsche Bank's shares offset a surge in German business confidence and the two US presidential candidates headed into their debut debate.
  
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• US lays criminal charges against Chinese firm tied to N Korea nukes

  26-09-2016 18:26 via news.yahoo.com
  
  The United States announced criminal charges and economic sanctions Monday against a Chinese company, Dandong Hongxiang Industrial Development, for alleged support of North Korea's nuclear weapons program. The Justice Department said Dandong Hongxiang and four Chinese company officials also named in an indictment had conspired to evade US sanctions on North Korea, violated US regulations against support for designated "weapons of mass destruction proliferators," and engaged in money laundering.
  
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• Atlantic City, N.J., water utility to by vacant airstrip for $100 million

  26-09-2016 18:10 via news.yahoo.com
  
  (Reuters) - Atlantic City, New Jersey's fiscally distressed gambling hub, will reap $100 million by selling a defunct municipal airstip to the city's independent water utility, Mayor Don Guardian and other officials said on Monday. The land deal is part of a fiscal recovery plan that the city must present to the state by early November or else face a possible state takeover. The city's casino industry, and then its property tax base, ran into problems because of gambling competition in neighbori
  
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• FTSE scores worst day in 3 months, downgrades weigh

  26-09-2016 18:02
  
  LONDON, Sept 26 (Reuters) - Britain's top share index fell
  on Monday and made its worst one-day performance in three
  months, with Lloyds pushing banks lower after a
  downgrade by Goldman Sachs and...
  
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• Labour lock horns with business over economic reform

  26-09-2016 17:55 via news.yahoo.com
  
  By William James LIVERPOOL, England (Reuters) - The Labour Party clashed with business groups on Monday after setting out a left-wing economic agenda aimed at boosting their chances of winning power by re-engaging with working class voters who backed leaving the European Union. Finance spokesman John McDonnell, a veteran socialist, said Labour would raise the minimum wage, change company law to prevent firms taking on excessive debts to benefit shareholders, and redouble efforts to eradicate tax
  
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• UK opposition Labour lock horns with business over economic reform

  26-09-2016 17:51 via news.yahoo.com
  
  By William James LIVERPOOL, England (Reuters) - Britain's opposition Labour Party clashed with business groups on Monday after setting out a left-wing economic agenda aimed at boosting their chances of winning power by re-engaging with working class voters who backed leaving the European Union. Finance spokesman John McDonnell, a veteran socialist, said Labour would raise the minimum wage, change company law to prevent firms taking on excessive debts to benefit shareholders, and redouble efforts
  
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• Economic imbalances risk 'destabilising' euro zone: ECB's Draghi

  26-09-2016 17:42 via news.yahoo.com
  
  BRUSSELS/ROME (Reuters) - Economic imbalances within the euro zone risk destabilising the currency bloc, top European Central Bank officials said on Monday, stressing the responsibility of governments to help boost growth while respecting EU rules. ECB President Mario Draghi and board member Benoit Coeure also acknowledged the limitations of the ECB's ultra-expansionary policy of low interest rates and money printing. "In our Economic and Monetary Union, in particular, the economic governance fr
  
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• EU's 'sharing economy' stifled by petty rules on coat hangers to light bulbs

  26-09-2016 17:37 via news.yahoo.com
  
  By Marilyn Haigh BRUSSELS (Reuters) - Europe's bid to champion the "sharing economy" is being undermined in the short-term rental sector by capitals imposing petty rules such as dictating the number of coat hangers home-owners must provide, a complaint filed to the European Commission says. In its complaint, the European Holiday Homeowners Association singled out Barcelona, Berlin, Brussels and Paris as having local regulations that restricted the activities of online platforms such as Airbnb an
  
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• Europe bank head calls markets 'resilient' after Brexit vote

  26-09-2016 17:23 via news.yahoo.com
  
  The president of the European Central Bank says both markets and the economy have been "resilient" in the wake of Britain's vote to leave the European Union. But Mario Draghi cautioned members ...
  
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• Wall Street drops as Pfizer falls; presidential debate eyed

  26-09-2016 17:21 via news.yahoo.com
  
  Pfizer fell 1.6 percent after it decided against splitting into two. While the White House race has so far had little discernible effect on the market, that may soon change as polls show a tightening race ahead of the first debate between Hillary Clinton and Donald Trump. "Investors are acting extremely nervous with regards to the debate ... and it highlights the fact that the markets are not focusing on the health of the economy, interest rates and geopolitical events," said Robert Pavlik, chie
  
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• ECB's Coeure says QE less effective than hoped due to external shocks

  26-09-2016 16:58 via news.yahoo.com
  
  The European Central Bank's program of quantitative easing has been less effective than it had hoped as a result of external shocks, ECB Executive Board Member Benoit Coeure said on Monday. Speaking at a conference in Rome, Coeure said that since the ECB began its asset buying program the euro zone economy had been hit by "a number of external shocks", including a steep fall in commodity prices and, most recently, Britain's decision to leave the EU. "All these external shocks have blurred the tr
  
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• Global stocks slide back after Fed-inspired rally

  26-09-2016 16:25 via news.yahoo.com
  
  London (AFP) - World stock markets slumped Monday as enthusiasm over a US Federal Reserve-inspired rally faded, while a crash in Deutsche Bank's shares offset a surge in German business confidence.
  
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• Euro zone faces trap of low growth and low rates: ECB's Coeure

  26-09-2016 16:24 via news.yahoo.com
  
  The euro zone risks falling into a trap of low growth and low interest rates unless governments stop relying on the European Central Bank to lift the economy and start playing their part, ECB Executive Board member Benoit Coeure said on Monday. Coeure said the ECB's ultra loose monetary policy was built on the explicit assumption that others would also provide support and their lack of action raises the prospect that interest rates would stay low for even longer. "If fiscal and economic policies
  
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• Euro zone economy 'resilient' despite Brexit vote: Draghi

  26-09-2016 16:22 via news.yahoo.com
  
  The euro zone economy is coping well with global uncertainty, such as Britain's vote to leave the European Union, even if the outlook for external demand has worsened, the president of the European Central Bank said on Monday. "Incoming information continues to point to the euro area economy being resilient to global and political uncertainty, notably following the UK referendum outcome," Mario Draghi said at a hearing at the European Parliament in Brussels.
  
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• Azerbaijan holds referendum to extend president's term

  26-09-2016 16:09 via news.yahoo.com
  
  By Nailia Bagirova BAKU (Reuters) - Azerbaijan held a referendum on Monday on extending the presidential term from five to seven years, a step that a European democracy watchdog said would hand unprecedented power to President Ilham Aliyev. The authorities argue that a longer presidential term will make for more continuity in decision-making, which they describe as vital after a slump in world oil prices halted Azerbaijan's long run of economic growth. "One of the main tasks of the referendum is
  
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• Wall Street drops as Pfizer falls, Deutsche Bank drags financials

  26-09-2016 16:07 via news.yahoo.com
  
  Wall Street was lower on Monday as Pfizer weighed on health stocks and Deutsche Bank on financials. Deutsche Bank's U.S.-listed shares fell 6 percent to a record low of $11.96, and dragged on big Wall Street banks, after a German magazine said Chancellor Angela Merkel has ruled out state assistance for the lender. Goldman Sachs' 1.6 percent decline made it the top drag on the Dow.
  
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• Wall Street opens lower, weighed down by Apple

  26-09-2016 15:34 via news.yahoo.com
  
  (Reuters) - U.S. stocks opened lower on Monday as Apple weighed on the three major indexes and investors geared up for the first debate between U.S. presidential candidates Hillary Clinton and Donald Trump. The Dow Jones Industrial Average was down 104.99 points, or 0.57 percent, at 18,156.46. The S&P 500 was down 10.73 points, or 0.5 percent, at 2,153.96 and the Nasdaq Composite was down 32.99 points, or 0.62 percent, at 5,272.76. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing b
  
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• UK commercial property robust in wake of Brexit vote - Moody's

  26-09-2016 15:27 via news.yahoo.com
  
  Britain's commercial property market remains robust in the wake of a vote to leave the European Union, although a weaker economic outlook may see some prices dip over the next two years, ratings agency Moody's said. "While political risk will keep market uncertainty high, commercial property sector fundamentals will remain robust in Europe.
  
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• UPDATE 1-Third win for cannabis drug in epilepsy sends GW to record high

  26-09-2016 15:06
  
  * Reuters previously reported GW received bid interest(Adds analyst comment and further details, updates shares)
  
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• Wall Street set to open lower as presidential debate looms

  26-09-2016 15:04 via news.yahoo.com
  
  Wall Street was set to open lower on Monday, with investors gearing up for the first debate between U.S. presidential candidates Hillary Clinton and Donald Trump. Deutsche Bank's U.S.-listed shares fell nearly 5 percent premarket and dragged on big Wall Street banks after a German magazine cited government sources saying Chancellor Angela Merkel has ruled out state assistance for the lender and any interference in the ongoing U.S. justice department investigation. While the White House race has
  
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• UPDATE 1-Deutsche Bank says no need for Berlin's help in $14 bln U.S. dispute

  26-09-2016 15:01
  
  * Berlin says expects fair result in bank's DoJ case(Adds German government, Deutsche bank comments, context)
  
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• Eyeing election, Labour pledge investment and new business rules

  26-09-2016 14:55 via news.yahoo.com
  
  By William James LIVERPOOL, England (Reuters) - The Labour Party promised on Monday to take on big business and borrow to protect struggling industries, setting out a left-wing economic agenda it hopes will re-engage with working class voters who backed leaving the European Union. Predicting a snap election next year, Labour is using its annual conference to outline plans to win back the voters that abandoned the party at a 2015 election and spurned the political establishment by backing Brexit.
  
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• Eyeing election, UK opposition Labour pledge investment and new business rules

  26-09-2016 14:26 via news.yahoo.com
  
  By William James LIVERPOOL, England (Reuters) - Britain's opposition Labour Party promised on Monday to take on big business and borrow to protect struggling industries, setting out a left-wing economic agenda it hopes will re-engage with working class voters who backed leaving the European Union. Predicting a snap election next year, Labour is using its annual conference to outline plans to win back the voters that abandoned the party at a 2015 election and spurned the political establishment b
  
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• Global stocks drop ahead of first US presidential debate

  26-09-2016 14:18 via news.yahoo.com
  
  Stock markets around the world fell sharply Monday as investors turned their attention to the U.S. presidential race and the first televised debate between Hillary Clinton and Donald Trump. Oil prices ...
  
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• Egypt eyes $10 bln in foreign investment as it upgrades infrastructure

  26-09-2016 14:17 via news.yahoo.com
  
  By Lin Noueihed CAIRO (Reuters) - Egypt hopes to attract $10 billion in foreign direct investment (FDI) next year and will automate the process of establishing a company, its investment chief said, highlighting efforts to revive the economy and earn much-needed hard currency. The most populous Arab country has been scrambling to attract investment needed to restore growth since the 2011 uprising, which ushered in protracted political turmoil and scared away tourists and foreign investors - key s
  
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• Drugmaker Pfizer decides not to break up business

  26-09-2016 13:54 via news.yahoo.com
  
  Pfizer will not split into two publicly traded companies, a decision that, at least for now, ends Wall Street speculation over the drugmaker's future. The company believes it is best positioned to maximize ...
  
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• World stocks get twitchy before Trump-Clinton showdown

  26-09-2016 13:47 via news.yahoo.com
  
  By Abhinav Ramnarayan LONDON (Reuters) - European and Asian shares retreated on Monday with investors focused on how Donald Trump would fare in a U.S. presidential debate against Hillary Clinton, while oil prices firmed before an informal OPEC meeting. Wall Street looked set to open lower, according to index futures , before the first of three debates, which was due to begin at 0100 GMT/2100 ET. Half of America's likely voters will rely on the presidential debates to help them make their choice
  
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• Equities slide back after Fed-inspired rally

  26-09-2016 13:43 via news.yahoo.com
  
  London (AFP) - Stock markets slumped Monday, extending a pre-weekend drop that followed a Fed-inspired rally, while a crash in the share price of Deutsche Bank offset a surge in German business confidence.
  
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• EU leaders to consider how to improve Russia ties without dropping sanctions

  26-09-2016 13:38 via news.yahoo.com
  
  By Gabriela Baczynska BRUSSELS (Reuters) - European Union leaders will explore next month the possibility of improving strained ties with Russia in response to growing irritation among some member states over economic sanctions imposed on Moscow over its role in the Ukraine crisis. A series of Reuters investigations recently showed how European companies including German engineering group Siemens and French retailer Auchan were finding ways around the punitive sanctions regime in Crimea. EU lead
  
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