Finance news

• Trump tax plan would aid Wall St. despite closing loophole

  11-10-2016 23:25 via news.yahoo.com
  
  By David Morgan WASHINGTON (Reuters) - U.S. Republican presidential nominee Donald Trump reiterated his promise in Sunday's debate to kill the "carried interest" tax loophole that benefits hedge fund managers and others - but his tax plan offers other goodies for Wall Street, a nonpartisan tax research group said on Tuesday. Trump and Democratic rival Hillary Clinton's tax plans differ like mirror images, especially when it comes to how they treat investment fund managers and other wealthy Ameri
  
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• Yum Brands to return $13.5 billion to shareowners by 2019

  11-10-2016 23:21
  
  (Reuters) - Yum Brands Inc , owner of Pizza Hut, KFC and Taco Bell chains, said on Tuesday it will more than double returns to shareholders by 2019 as part of a program started last year, sending its...
  
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• Trump plan would aid Wall Street despite end of carried interest

  11-10-2016 23:20 via news.yahoo.com
  
  By David Morgan WASHINGTON (Reuters) - Republican presidential candidate Donald Trump in Sunday's debate reiterated his promise to kill the "carried interest" tax loophole that benefits hedge fund managers and others - but his tax plan offers other goodies to Wall Street financiers, a nonpartisan tax research group said on Tuesday. Trump and Democratic rival Hillary Clinton's tax plans, which differ greatly, were compared side-by-side in reports by the Tax Policy Centre which focused on carried
  
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• TSX edges lower as U.S. earnings dent sentiment

  11-10-2016 23:01 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's main stock index edged lower on Tuesday as a disappointing start to U.S. earnings season weighed, offsetting gains for the shares of energy companies after a move higher in oil prices. Modest losses for the TSX follow a market holiday on Monday when the price of Brent oil reached its highest in a year. "Investors in Canada are digesting more than just their Thanksgiving weekend meals today, they are also taking in the start of U.S. third quarter earni
  
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• Wall Street stocks slide, dollar hits 8-month high

  11-10-2016 22:50 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Slumping crude prices and a dour start to Wall Street's corporate earnings season pulled down U.S. and European equities on Tuesday, while the dollar hit an eight-month high on increasing bets U.S. interest rates will rise in December. Wall Street fell more than 1 percent as shares of aluminum producer Alcoa and diagnostics test maker Illumina plunged, with worries over the make-up of the U.S. Congress after November's election also weighing on stocks. Alcoa
  
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• Exclusive: LPL Financial exploring a sale - sources

  11-10-2016 22:47
  
  (Reuters) - LPL Financial Holdings Inc, the largest independent broker-dealer and registered investment adviser in the United States, is exploring strategic alternatives, including a potential sale,...
  
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• Wall Street stocks slide, dollar hits eight-month high

  11-10-2016 22:41 via news.yahoo.com
  
  NEW YORK (Reuters) - Slumping crude prices and a dour start to Wall Street's corporate earnings season pulled down U.S. and European equities on Tuesday, while the dollar hit an eight-month high on increasing bets U.S. interest rates will rise in December.
  
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• Wall St sells off on weak earnings, election fears

  11-10-2016 22:39 via news.yahoo.com
  
  Illumina shares plummeted 24.8 percent and were among biggest drags on the S&P 500 after the diagnostic test maker's weak quarterly update. Although overall S&P 500 earnings are currently expected to fall 0.7 percent in the third quarter, according to Thomson Reuters data, a typical number of better-than-expected reports would result in a positive quarter. At the same time, investors are bracing for the U.S. Federal Reserve to raise interest rates by the end of the year.
  
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• Wall Street sells off on weak earnings, election fears

  11-10-2016 22:33 via news.yahoo.com
  
  Illumina shares plummeted 24.8 percent and were among biggest drags on the S&P 500 after the diagnostic test maker's weak quarterly update. Although overall S&P 500 earnings are currently expected to fall 0.7 percent in the third quarter, according to Thomson Reuters data, a typical number of better-than-expected reports would result in a positive quarter. At the same time, investors are bracing for the U.S. Federal Reserve to raise interest rates by the end of the year.
  
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• Google buys digital marketing company FameBit

  11-10-2016 22:17
  
  (Reuters) - Alphabet Inc'sGoogle said it has bought FameBit, an online technology platform that connects brands with YouTube stars to create promotional content.
  
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• TSX falls as U.S. earnings dent sentiment

  11-10-2016 22:15 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock edged lower on Tuesday as a disappointing start to U.S. earnings season weighed, offsetting gains for the shares of energy companies after a recent move higher in oil prices. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed down 16.66 points, or 0.11 percent, at 14,549.60. Eight of the index's 10 main groups ended lower. (Reporting by Fergal Smith; Editing by Sandra Maler)
  
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• John McAfee's MGT revises D-Vasive deal, shares surge 40 percent

  11-10-2016 22:08
  
  SAN FRANCISCO (Reuters) - MGT Capital Investmentssurged 40 percent on Tuesday after it said it was revising its plan to acquire anti-virus software pioneer John McAfee's D-Vasive.
  
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• Wall Street sells off on weak earnings, election uncertainty

  11-10-2016 22:03 via news.yahoo.com
  
  (Reuters) - Wall Street sold off on Tuesday as disappointing corporate reports gave a sour tone to the start of earnings season and investors digested possible changing dynamics for the upcoming U.S. elections. The Dow Jones industrial average fell 197.27 points, or 1.08 percent, to 18,131.77, the S&P 500 lost 26.82 points, or 1.24 percent, to 2,136.84 and the Nasdaq Composite dropped 81.89 points, or 1.54 percent, to 5,246.79. (Reporting By Sinead Carew; Editing by Nick Zieminski)
  
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• Exclusive: BC Partners in lead to acquire CenturyLink's data centers - sources

  11-10-2016 21:49
  
  (Reuters) - Buyout firm BC Partners Ltd is in pole position to acquire a data center business that CenturyLink Inc, a U.S. provider of phone and internet services, is hoping to divest for more than...
  
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• US stock indexes head sharply lower; oil falls

  11-10-2016 21:38 via news.yahoo.com
  
  U.S. stock indexes were headed for a sharply lower close in late-afternoon trading Tuesday. Health care companies led the broad slide. Energy stocks also tumbled as crude oil prices fell. Disappointing quarterly results and earnings outlooks from companies weighed on the market. Alcoa slumped after its results fell short of Wall Street's expectations.
  
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• Brookfield Asset Management mulls bid for Performance Sports: Bloomberg

  11-10-2016 21:30
  
  (Reuters) - Brookfield Asset Management Inc , Canada's largest alternative-asset manager, is considering a bid for troubled hockey gear-maker Performance Sports Group Ltd, Bloomberg reported,...
  
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• In Win for Conservatives, Court Rules Consumer Bureau Unconstitutional

  11-10-2016 21:29 via news.yahoo.com
  
  A federal appeals court on Tuesday ruled that the leadership structure of the Consumer Financial Protection Bureau makes the independent agency -- one of the headline achievements of the Dodd-Frank Wall Street Reform and Consumer Protection Act -- unconstitutional. The three-judge panel of the US District Court of Appeals for the District of Columbia Circuit ruled that because the CFPB is structured as an independent agency, and is managed by a single director rather than a board, it gives too m
  
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• Supreme Court agrees to hear debt collection dispute

  11-10-2016 21:05
  
  WASHINGTON (Reuters) - The U.S. Supreme Court on Tuesday agreed to decide whether people who have filed for bankruptcy can sue companies that attempted to collect old debt from them that was not...
  
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• Wall Street slides, dollar hits 8-month high

  11-10-2016 20:56 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Slumping crude prices and a dour start to Wall Street's corporate earnings season pulled down U.S. and European equities on Tuesday, while the dollar hit an eight-month high on increasing bets U.S. interest rates will rise in December. Wall Street fell more than 1 percent after shares of aluminum producer Alcoa and diagnostics test maker Illumina plunged, with worries over the make-up of the U.S. Congress after November's election also weighing on stocks. Sha
  
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• Wall Street slides, dollar hits eight-month high

  11-10-2016 20:55 via news.yahoo.com
  
  NEW YORK (Reuters) - Slumping crude prices and a dour start to Wall Street's corporate earnings season pulled down U.S. and European equities on Tuesday, while the dollar hit an eight-month high on increasing bets U.S. interest rates will rise in December.
  
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• S.African finance minister to be prosecuted for fraud

  11-10-2016 19:47 via news.yahoo.com
  
  South African Finance Minister Pravin Gordhan will be prosecuted for fraud, officials said Tuesday, in a move that sent the rand tumbling over concerns about political in-fighting and the country's fragile economy. Gordhan, an internationally-respected technocrat, was appointed only last year to calm panicked investors after President Jacob Zuma sacked two finance ministers within four days. Since then, Gordhan has regularly clashed with Zuma loyalists when vowing to battle poor governance and g
  
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• US stock indexes move lower in midday trading; oil falls

  11-10-2016 19:36 via news.yahoo.com
  
  A steep slide in health care companies led U.S. stocks broadly lower in afternoon trading Tuesday. Energy stocks tumbled as the price of crude oil headed lower. Investors now have their eye on Corporate America as companies begin to report earnings over the next few weeks. Alcoa slumped after its earnings fell short of Wall Street's expectations.
  
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• Trump plan would aid Wall St. despite end of carried interest

  11-10-2016 19:30 via news.yahoo.com
  
  By David Morgan WASHINGTON (Reuters) - Republican presidential candidate Donald Trump in Sunday's debate reiterated his promise to kill the "carried interest" tax loophole that benefits hedge fund managers and others - but his tax plan offers other goodies to Wall Street financiers, a nonpartisan tax research group said on Tuesday. Trump and Democratic rival Hillary Clinton's tax plans, which differ greatly, were compared side-by-side in reports by the Tax Policy Center which focused on carried
  
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• What's a slum? In India, Dharavi's thriving informal economy defies the label

  11-10-2016 19:26 via news.yahoo.com
  
  By Rina Chandran MUMBAI (Thomson Reuters Foundation) - Malik Abdullah's plastic recycling business in Dharavi, the sprawling slum in Mumbai that is among the largest in Asia, has survived fire, building collapses, and the criminal underworld for decades. Thousands of small businesses like his thrive in Dharavi, creating an informal economy with an annual turnover of $1 billion by some estimates. Now, plans to replace the ramshackle workshops and decrepit homes with office blocks and high-rise ap
  
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• Wall Street drops as earnings season begins on dour note

  11-10-2016 19:03 via news.yahoo.com
  
  Alcoa's shares fell nearly 11 percent, their worst day in five years after the aluminum producer reported quarterly revenue and profit that fell short of the market's expectation. All major S&P 500 indexes were lower, with healthcare dropping to its lowest level since the post-Brexit selloff in late June. Markets are likely to be more volatile as the earnings season turns the spotlight on valuations, while a tight race for the White House and a potential U.S. interest rate hike by the year-e
  
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• S.African construction firms to pay $90 mln into sector's development fund

  11-10-2016 18:49 via news.yahoo.com
  
  Six South African construction companies will contribute a total of 1.25 billion rand ($90 million) over the next 12 years towards a fund to develop skills in the sector and give black workers a bigger role, a cabinet minister said on Tuesday. Economic Development Minister Ebrahim Patel said the voluntary contribution would be in addition to a 1.4 billion rand penalty imposed by antitrust authorities on the sector in 2013 for collusion in tendering processes. "There are financial penalties for n
  
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• Worst four days since June pushes sterling to $1.22

  11-10-2016 18:36 via news.yahoo.com
  
  The past four days were the pound's worst since the aftermath of the vote to leave the European Union in June, and Bank of England policymaker Michael Saunders warned a "bumpy" Brexit could sharply reduce British economic growth. "Given the scale and persistence of the UK's current account deficit, I would not be surprised if sterling falls further, but I am fairly agnostic as to whether any further depreciation is likely," Saunders told lawmakers in a written submission. Like other Bank of Engl
  
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• Oil down 2 percent on mixed Russian response to OPEC

  11-10-2016 18:01 via news.yahoo.com
  
  Oil fell almost 2 percent on Tuesday, retreating from one-year highs, after mixed responses by Russian oil industry officials toward an OPEC call for all major crude producers to cut output. The International Energy Agency, the energy watchdog of the West, also said it was unclear how rapidly global oil supply could fall in line with demand even if Russia and the Organization of the Petroleum Exporting Countries agreed on a steep cut. "Net, we find that an agreement to cut production, while incr
  
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• Belgian region set to block EU-Canada free trade deal

  11-10-2016 17:54 via news.yahoo.com
  
  By Philip Blenkinsop BRUSSELS (Reuters) - A region of Belgium is set to block a planned EU-Canada free trade agreement, which could undermine the European Union's entire trade policy and dim Britain's hopes of a speedy deal once it leaves the bloc. EU trade ministers will vote in a week on the Comprehensive Economic and Trade Agreement (CETA), which requires unanimous support to enter force. Belgium's federal government favors the pact, but needs the backing of the country's three regions and li
  
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• Dollar hits 11-week high, oil prices slump

  11-10-2016 17:34 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - The dollar hit an 11-week high Tuesday on growing expectations U.S. interest rates will rise in December, while crude prices retreated on concerns a proposed cut by the world's largest oil exporters might not be enough to reduce a global supply glut. Stocks on Wall Street opened lower and European shares retreated, as crude oil fell and pulled the UK benchmark FTSE 100 equity index down after it set a record intraday high that was helped by more further sterl
  
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• Wall Street falls as Alcoa's results disappoint

  11-10-2016 17:30 via news.yahoo.com
  
  U.S. stocks fell on Tuesday amid broad declines across sectors after Alcoa kicked off the earnings season on a disappointing note. Alcoa's shares fell nearly 11 percent, their worst day in five years after the aluminum producer reported quarterly revenue and profit that fell short of the market's expectation. All the top S&P 500 indexes were lower, with healthcare stocks falling the most.
  
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• South African finance minister to be prosecuted for fraud

  11-10-2016 17:20 via news.yahoo.com
  
  South African Finance Minister Pravin Gordhan will be prosecuted for fraud, officials said Tuesday, in a move that sent the rand tumbling over concerns about political in-fighting and the country's fragile economy. Gordhan, an internationally-respected technocrat, was appointed only last year to calm panicked investors after President Jacob Zuma sacked two finance ministers within four days. Since then, Gordhan has regularly clashed with Zuma loyalists when vowing to battle poor governance and g
  
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• Top bankers warn of risk of 2017 exodus from Britain

  11-10-2016 16:22 via news.yahoo.com
  
  Top bankers warned on Tuesday they could start moving staff abroad as early as next year if there is no clarity on whether Britain will retain access to the European single market when it leaves the EU. Senior executives from European divisions of some of the world's biggest financial institutions told a conference in London they felt the government's tougher rhetoric on immigration risked harming the economy. James Bardrick, the UK head of U.S. bank Citi , said the main dilemma facing the finan
  
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• Samsung shares slump while London hits highs

  11-10-2016 16:13 via news.yahoo.com
  
  London (AFP) - Shares in Samsung Electronics tumbled Tuesday after the company junked its Note 7 smartphone, while the anaemic pound helped push Britain's stock market to a record high.
  
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• Wells Fargo CFO says accounts scandal won't hit profit much - WSJ

  11-10-2016 16:12 via news.yahoo.com
  
  (Reuters) - Wells Fargo & Co's chief financial officer said efforts by states to penalize its business over an unauthorized-accounts scandal would not affect third-quarter earnings "much", the Wall Street Journal reported, citing a recording of an internal call. John Shrewsberry was recorded as saying the bank would only take "some legal set-asides" but publicizing this "might incentivize people to do more, to make it tougher on Wells Fargo ...," the Journal reported. Wells Fargo representat
  
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• Wall Street dragged down by healthcare stocks

  11-10-2016 16:08 via news.yahoo.com
  
  U.S. stocks fell on Tuesday, dragged down by healthcare companies and Alcoa, which kicked off the earnings season on a disappointing note. Alcoa, which unofficially signals the start of the earnings period, reported revenue and profit that fell short of market expectations. "Earnings will begin to resolve the recent choppiness and uncertainty in the market, pushing investors one way or another," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.
  
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• Takata bidders, carmakers to meet this month, $3 billion bid on table

  11-10-2016 15:56
  
  TOKYO (Reuters) - Bidders for Japan's Takata Corp will meet this month with the carmakers key to its survival to consider options, including a $3 billion bid, at a gathering that could determine the...
  
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• Q&A: The musical and money evolution of hip hop's Wyclef Jean

  11-10-2016 15:12
  
  NEW YORK (Reuters) - If anyone on Earth is familiar with the extremes of money - poverty and wealth - it is Wyclef Jean.
  
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• Dollar leaves rivals for dust, FTSE hits record high

  11-10-2016 15:03 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - The dollar powered to a near two-month high on Tuesday, leaving other major currencies for dust but cheering Europe's stock markets as the latest slump in the pound sent London's FTSE to a record high. Europe's bonds managed to resist the selling though oil prices could not as they slipped back from their highest level of the year amid lingering scepticism about OPEC's plans to cut production.
  
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• Wall Street set to open lower after Alcoa's results

  11-10-2016 14:53 via news.yahoo.com
  
  Alcoa's shares fell 4.2 percent in premarket trading after the aluminum producer reported revenue and profit that fell short of market expectations. Overall earnings of S&P 500 companies are expected to fall by 0.7 percent in the third quarter, according to Thomson Reuters data. Oil prices fell 0.9 percent, a day after hitting a one-year high, as investors questioned whether a deal to cut output would be enough to rebalance the market by next year.
  
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• Britain's FTSE 100 stock index hits record as pound tanks

  11-10-2016 14:24 via news.yahoo.com
  
  LONDON (AP) — Britain's top stock market index, the FTSE 100, struck a record high on Tuesday amid hopes that many of its constituent companies will benefit from the pound's slide in currency markets.
  
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• Protesters in Abuja call for Nigerian central bank governor to quit

  11-10-2016 14:07 via news.yahoo.com
  
  ABUJA (Reuters) - About 100 Nigerian youths marched to the central bank's headquarters in the capital Abuja on Tuesday to demand the resignation of central bank governor Godwin Emefiele, a Reuters witness said. The protesters' accuse the central bank of failing to drag Africa's biggest economy out of recession. No other details were immediately available. (Reporting by Felix Onuah; Writing by Ulf Laessing; Editing by Louise Ireland)
  
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• JCB to quit UK business lobby group amid Brexit differences

  11-10-2016 14:00 via news.yahoo.com
  
  J C Bamford Excavators Ltd, one of the world's largest makers of construction equipment, said on Tuesday it was quitting the CBI, without giving a reason. "It’s always a shame to see any member leave the CBI, but we recognize that businesses have competing priorities and we respect that," a CBI spokesman said. The CBI, which represents about 190,000 businesses, warned in March that Brexit could cost the UK economy 100 billion pounds ($124 billion) and 950,000 jobs by 2020.
  
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• Belgian regions set to block EU-Canada free trade deal

  11-10-2016 13:06 via news.yahoo.com
  
  By Philip Blenkinsop BRUSSELS (Reuters) - Southern Belgium is set to block a planned EU-Canada free trade agreement, threatening to undermine the EU's entire trade policy and serving as a warning to British hopes of a speedy deal after Britain has left the European Union. EU trade ministers will vote in a week on the Comprehensive Economic and Trade Agreement (CETA), which requires unanimous support to enter force. Belgium's federal government favours the pact, but needs the backing of the count
  
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• China sales accelerate for global automakers in September

  11-10-2016 11:40 via news.yahoo.com
  
  Competitor Ford posted its strongest growth since January, while Toyota sales increased the fastest since March. The Chinese auto market, the world's largest, has rebounded strongly since October last year when the central government cut sales tax on vehicles with engines of 1.6 liters or smaller in response to slower sales in the weakening economy. "This will be a pretty big stimulus for Q4," said Yale Zhang, managing director of consultancy Automotive Foresight.
  
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• German investor sentiment jumps in October: ZEW

  11-10-2016 11:39 via news.yahoo.com
  
  Sentiment among investors in Germany improved sharply in October, the ZEW economic institute said on Tuesday, lifting the indicator out of its post-Brexit doldrums. ZEW's headline investor confidence index hit 6.2 points in October, an increase of 5.7 points over September and beating the 4.0 points analysts surveyed by Factset had predicted. The result was "very positive, and points to a thoroughly robust development of the business cycle," ZEW president Achim Wambach said in a statement.
  
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• Lloyd's of London Chairman says City will be damaged if Brexit mishandled

  11-10-2016 11:22 via news.yahoo.com
  
  Insurance market Lloyd's of London Chairman John Nelson said on Tuesday that Britain's financial services ecosystem will be severly damaged if Brexit is mishandled. "The ecosystem that we have, that is so massively valuable to the economy...is at a cusp if Brexit is mishandled," Nelson told delegates at a conference in London. "It won't disappear but it will have significant impact on the London insurance market." Nelson told Reuters last month Lloyd's of London would have a plan ready to move s
  
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• Ivory Coast consumer inflation at 0.7 percent yr/yr in September

  11-10-2016 11:05 via news.yahoo.com
  
  ABIDJAN (Reuters) - Consumer price inflation in Ivory Coast, the world's top cocoa grower, rose to 0.7 percent year-on-year in September compared with deflation of 0.4 percent in August, data from the National Statistics Institute showed on Tuesday. The monthly report showed that food and soft drink prices rose 2 percent year-on-year, housing and utility prices added 1.3 percent but transport costs fell 1.4 percent. Ivory Coast's economy accounts for around 40 percent of the eight-nation West Af
  
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• Vietnam detains blogger after police custody deaths post

  11-10-2016 10:57 via news.yahoo.com
  
  Vietnamese police have detained a prominent blogger for posting anti-state reports, including one about civilians dying in police custody, which they said undermined trust in the ruling Communist Party. Nguyen Ngoc Nhu Quynh, 37, known as "Me Nam" (Mother Mushroom), was held on Monday in her home city of Nha Trang in the central province of Khanh Hoa for running "propaganda" against the state, the provincial police said on Tuesday in a statement posted on their website. Despite sweeping reforms
  
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• South Korea vows greater force against China fishing boats

  11-10-2016 10:35 via news.yahoo.com
  
  By Ju-min Park SEOUL (Reuters) - South Korea said on Tuesday it would use greater force, including firearms, against Chinese boats fishing illegally in its waters and summoned China's ambassador to protest against a clash between a Chinese vessel and a coast guard boat. South Korean coast guard vessels regularly chase Chinese boats for fishing illegally off its coast, at times resulting in violent confrontations. The disputes are an irritant in relations between China and U.S. ally South Korea,
  
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