Finance news

• UPDATE 3-Valeant says in talks to sell Salix stomach-drug business

  01-11-2016 23:55
  
  Nov 1 (Reuters) - Canada's Valeant Pharmaceuticals
  International Inc said on Tuesday it is in talks with
  third parties to sell its Salix stomach-drug business and other
  assets.
  
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• UPDATE 1-"FIFA" publisher EA hikes full-year revenue, profit forecast

  01-11-2016 23:44
  
  Nov 1 (Reuters) - Electronic Arts Inc'ssecond-quarter revenue edged past analysts' estimates and the
  videogame publisher raised its full-year revenue and profit
  forecast, indicating strong interest...
  
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• UPDATE 2-Dorsey's Square posts jump in revenue, raises full-year forecast

  01-11-2016 23:21
  
  Nov 1 (Reuters) - Square Inc, the mobile payments
  company co-founded and run by Twitter Inc Chief
  Executive Jack Dorsey, reported a higher-than-expected jump in
  quarterly revenue as it processed more...
  
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• Ivory Coast approves new constitution, opposition claims fraud

  01-11-2016 23:14 via news.yahoo.com
  
  By Joe Bavier ABIDJAN (Reuters) - Voters in Ivory Coast overwhelmingly approved a new constitution in a weekend referendum, according to provisional results announced by the elections commission on Tuesday, though opposition groups denounced the turnout figure as fraudulent. President Alassane Ouattara had argued that the new charter would help the nation turn the page on a decade-long crisis that was capped by a 2011 civil war and create the stability needed to cement its status as Africa's ris
  
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• Ivory Coast votes in favor of new constitution: elections commission

  01-11-2016 22:16 via news.yahoo.com
  
  An overwhelming majority of voters in Ivory Coast backed a new constitution in a weekend referendum that was boycotted by the opposition, according to provisional results announced by the elections commission on Tuesday. President Alassane Ouattara had argued that the new charter would help the nation turn the page on a decade-long crisis capped by a 2011 civil war and create the stability needed to cement its status as Africa's rising economic star. The results showed about 93 percent of voters
  
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• Canada to set up infrastructure bank with access to C$35 billion

  01-11-2016 22:11 via news.yahoo.com
  
  By David Ljunggren and Matt Scuffham OTTAWA/TORONTO (Reuters) - The Canadian government will set up an infrastructure bank and give it access to C$35 billion ($26 billion) to help fund major projects that might otherwise not get built, Finance Minister Bill Morneau said on Tuesday. Morneau told the House of Commons that the proposed bank - which Ottawa hopes will be up and running next year - would attract as much as C$4 to C$5 in private capital for every tax dollar invested. Prime Minister Jus
  
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• UPDATE 1-Broadcom nears deal to buy Brocade -sources

  01-11-2016 22:08
  
  * Broadcom would plan to divest Brocade's IP networking
  unit-sources
  
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• Development tax breaks cost New York City $3 billion in FY16

  01-11-2016 22:03 via news.yahoo.com
  
  The biggest chunk of lost revenues were from property tax abatements for housing developers, nearly all under a now-expired affordable housing program. The city's latest annual financial report from Comptroller Scott Stringer, released on Monday, was the first in the United States to include new mandated information about how much these tax abatements have cost the city.
  
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• Canadian dollar firms against weaker greenback as domestic economy expands

  01-11-2016 22:02 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Tuesday as domestic data showed the economy expanded for a third straight month and the federal government raised infrastructure spending, while political uncertainty pressured the greenback. The U.S. dollar weakened against a basket of major currencies on U.S. political uncertainty, while the Mexican peso hit a more than three-week low on positioning for a potential victory for Republican presid
  
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• TSX edges lower as miners, Valeant offset losses

  01-11-2016 22:01 via news.yahoo.com
  
  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index ended barely lower on Tuesday as heavyweight financial and industrial stocks weighed and gold miners benefited from safe-haven demand for precious metals ahead of next week's U.S. election. Shares in Valeant Pharmaceuticals International Inc jumped 30.2 percent to C$31.18 after The Wall Street Journal reported the drugmaker is in talks to sell a stomach-drug business for about $10 billion. Other influential gainers included Barrick
  
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• U.S. election, rate uncertainty rattle Wall Street

  01-11-2016 21:40 via news.yahoo.com
  
  Stocks pared losses after falling steeply in early afternoon trading as the S&P 500 breached a key technical level. The tumultuous presidential race between Democrat Hillary Clinton and Republican Donald Trump has appeared to tighten in the past week after news that the FBI was investigating more emails as part of a probe into Clinton's use of a private email system. "There is concern over Trump being unexpected, because the market has really priced in a Clinton win and it hasn’t price
  
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• UPDATE 4-Pfizer cholesterol drug fizzles, hitting shares

  01-11-2016 21:21
  
  Nov 1 (Reuters) - Pfizer Inc scrapped its
  high-profile cholesterol fighter after its effectiveness waned
  over time in large clinical trials, sending its shares 2 percent
  lower and prompting the...
  
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• CORRECTED-Broadcom nears deal to buy Brocade -sources

  01-11-2016 21:17
  
  * Broadcom would plan to divest Brocade's IP networking
  unit-sources
  
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• Videogame publisher EA's holiday-qtr sales forecasts misses estimates

  01-11-2016 21:05
  
  Nov 1 (Reuters) - Video-game publisher Electronic Arts Inc's
  revenue forecast for the key holiday-shopping quarter was
  slightly below analysts' estimates, amid expectations of heavy
  competition from...
  
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• Canada to increase infrastructure spending as growth lags

  01-11-2016 20:55 via news.yahoo.com
  
  By David Ljunggren OTTAWA (Reuters) - Canada will ramp up its spending on infrastructure projects by an extra C$81 billion ($60.49 billion) over the next 12 years in a bid to revitalize an economy struggling with sub-par growth, Finance Minister Bill Morneau said on Tuesday. The extra money means Canada's Liberal government - trying to deal with a prolonged oil slump that has slashed revenues - is committed to pouring a total of C$187 billion into infrastructure between now and 2027/28. The Libe
  
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• Wall St. rattled by U.S. election, rate uncertainty

  01-11-2016 20:02 via news.yahoo.com
  
  Wall Street sold off sharply on Tuesday, with the S&P 500 touching a nearly four-month low, amid growing concern over the impending U.S. presidential election and prospects for higher U.S. interest rates. The tumultuous presidential race between Democrat Hillary Clinton and Republican Donald Trump has appeared to tighten in the past week after news that the FBI was investigating more emails as part of a probe into Clinton's use of a private email system. "There is some anticipation that the
  
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• UPDATE 3-ADM profit jumps on higher U.S. grain exports; shares rise

  01-11-2016 19:25
  
  CHICAGO, Nov 1 (Reuters) - U.S. agricultural products trader
  Archer Daniels Midland Co on Tuesday reported a far
  better-than-expected third-quarter profit as higher U.S. exports
  of corn and soybeans...
  
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• Is Trump Pulling Ahead? Here’s What the Polls Are Really Saying

  01-11-2016 18:28 via news.yahoo.com
  
  The ABC News/Washington Post tracking poll, which had Democrat Hillary Clinton leading Republican Donald Trump by 12 points a little over a week ago, has swung so wildly that Trump is now boasting that he owns a 1-point lead. Meanwhile, the NBC News/Wall Street Journal poll, taken over the same period, went from Clinton up by six points to Clinton up by seven. “I don’t think the race is that disordered,” said Sean Trende, the senior elections analyst at Real Clear Politics.
  
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• Don't Believe the Earnings Recovery — or That the Economy Is Heating Up

  01-11-2016 18:27 via news.yahoo.com
  
  Suddenly, the two most important factors for stocks — the economy and earnings growth — are both bouncing back. Last week, the government reported that third-quarter GDP growth clocked in at 2.9 percent, the best performance in two years.
  
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• Wall Street extends losses on election jitters

  01-11-2016 18:18 via news.yahoo.com
  
  Wall Street extended losses in afternoon trading on Tuesday, with the S&P 500 near a four-month low, weighed down by weak construction spending data and uncertainty surrounding the U.S. presidential election. Investors have been cautious about taking large positions due to mounting uncertainty about next week's election and a potential U.S. interest rate hike before the end of the year. Democrat Hillary Clinton held a 5 percentage point lead over Republican rival Donald Trump, according to a
  
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• U.S. manufacturing sector expanding, but risks remain

  01-11-2016 18:12 via news.yahoo.com
  
  U.S. factory activity increased for a second straight month in October amid a pickup in production and hiring, supporting views that the embattled manufacturing sector would regain some momentum in the fourth quarter. The Institute for Supply Management (ISM) on Tuesday said its index of national factory activity rose 0.4 percentage point to a reading of 51.9 percent last month. A reading above 50 indicates an expansion in manufacturing, which accounts for about 12 percent of the U.S. economy.
  
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• Shell takes top earnings spot from Exxon as oil majors adapt to low prices

  01-11-2016 18:09 via news.yahoo.com
  
  By Ron Bousso and Karolin Schaps LONDON (Reuters) - Royal Dutch Shell and BP on Tuesday joined peers in reporting higher than expected earnings by making further deep cuts in spending to cope with an oil price downturn now in its third year. Shell's stock rose by over 4 percent as it announced higher quarterly earnings than arch-rival U.S. Exxon Mobil , the world's largest listed oil company by output and market capitalisation. The oil price was trading flat on the day at around $49 a barrel .
  
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• Britain's FTSE pulled lower as StanChart and BP drop

  01-11-2016 17:59
  
  * Precious metals miners lead(Adds detail and updates with closing prices)
  
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• Carney's departure decision won't end BoE independence debate

  01-11-2016 17:40 via news.yahoo.com
  
  Questions about the independence of the Bank of England are unlikely to be silenced by Mark Carney's announcement that he will stay at the British central bank for an extra year until June 2019. With the government aiming to start tough negotiations early next year about its exit from the European Union, the BoE is widely expected to protect the economy by keeping its near-zero interest rates and its massive bond-buying program. Carney, and possibly whoever succeeds him in 2019, are likely to fa
  
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• Atlanta Fed lowers U.S. fourth-quarter GDP view to 2.3 percent

  01-11-2016 17:28 via news.yahoo.com
  
  The U.S. economy is on track to grow at a 2.3 percent annualized pace in the fourth quarter on expected lower consumer spending and overall investments, the Atlanta Federal Reserve's GDP Now forecast model showed on Tuesday. Forecasts for fourth-quarter growth rates of real consumer spending and real nonresidential equipment investment slipped to 2.1 percent from 2.4 percent and to 2.7 percent from 4.3 percent, respectively, the regional central bank said. Atlanta Fed's downgrade on gross domest
  
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• BRIEF-Pacific provides update on its restructuring transaction

  01-11-2016 16:54
  
  * Pacific Exploration & Production Corp - expects to
  implement plan and close creditor/catalyst restructuring
  transaction by November 2, 2016
  
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• Trading compliance firm Droit gets $16 million in funding from Goldman, Wells Fargo

  01-11-2016 16:40
  
  (Reuters) - Droit, a financial technology company whose software helps improve compliance in derivatives trading, said on Tuesday it has raised $16 million from investors, including Goldman Sachs...
  
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• Wall Street lower amid election jitters, tepid data

  01-11-2016 16:35 via news.yahoo.com
  
  Wall Street slipped in late morning trading on Tuesday amid uncertainty surrounding the U.S. presidential election and tepid construction spending data. Investors have been cautious about taking large positions due to uncertainty surrounding the election and with the Federal Reserve poised to raise interest rates before the end of the year. Democrat Hillary Clinton held a 5 percentage point lead over Republican rival Donald Trump, according to a Reuters/Ipsos opinion poll released on Monday, dow
  
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• US factory activity picked up in October

  01-11-2016 16:19 via news.yahoo.com
  
  WASHINGTON (AP) — Manufacturing expanded in the United States and China last month, good news for a sputtering global economy.
  
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• On Wall Street, a high-ranking few still avoid email

  01-11-2016 16:19 via news.yahoo.com
  
  This group, which includes top bankers like JPMorgan Chase & Co Chief Executive Officer Jamie Dimon and powerful investors like Carl Icahn and Berkshire Hathaway Inc's Warren Buffett, were eschewing electronic communications long before the probe of U.S. presidential candidate Hillary Clinton's emails and the recent hacks of her campaign manager's account made headlines. Some on Wall Street are nostalgic for a time when in-person conversations or phone calls were the norm, but others believe
  
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• Hedge fund manager Crispin Odey predicts UK recession, stock market fall - letter

  01-11-2016 16:19 via news.yahoo.com
  
  By Maiya Keidan LONDON (Reuters) - Veteran hedge fund manager Crispin Odey believes Britain is "destined" to have a recession leaving richly valued stocks vulnerable to sharp declines, he said in a letter to investors seen by Reuters. London-based Odey said the Bank of England had engineered an unsustainable situation in which company earnings had fallen but the stock market continued to rise. "The FTSE 100 share index is now up 30 percent over five years, whilst earnings have fallen by 80 perce
  
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• The 20 Highest-Paid Boards of Directors in the S&P 500

  01-11-2016 16:15 via news.yahoo.com
  
  They don’t get nearly as much attention as CEOs, but board directors are often crucial to the functioning of a company — and, whether they’re essential leaders or unproductive chair-fillers, directors ...
  
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• Hexagon CEO was under arrest during results call, investors unaware

  01-11-2016 16:15 via news.yahoo.com
  
  Swedish measurement technology firm Hexagon has defended the time it took to announce the arrest of its chief executive for alleged insider trading after it came to light he was under arrest during last week's earnings call with analysts. After being detained in Sweden on Oct. 26, Ola Rollen was allowed by the Swedish Economic Crime Authority to present Hexagon's third-quarter results in a conference call on Oct. 28, the agency told Reuters on Tuesday, adding two of its police officers were with
  
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• Chipotle shareholders demand independent board chair

  01-11-2016 16:04
  
  BOSTON (Reuters) - Amalgamated Bank and CtW Investment Group, which works with union-sponsored pension funds, are calling on Chipotle to replace its current board chairman, Steve Ells, with an...
  
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• As election looms, divided US Fed begins meet on rates

  01-11-2016 15:52 via news.yahoo.com
  
  A divided US Federal Reserve on Tuesday began a two-day meeting on interest rate policy as bitterly contested US elections loomed large on the horizon. Most observers and market players do not expect the Federal Open Market Committee, the Fed's monetary policy board, to announce a rate hike when the meeting lets out on Wednesday afternoon, despite some recent signs of improving health in the world's largest economy. Instead, the Fed may use the occasion to put the public on notice to expect a ra
  
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• U.S. factories expand in October; construction spending falls

  01-11-2016 15:49 via news.yahoo.com
  
  U.S. factory activity increased for a second straight month in October amid a pickup in production and hiring, supporting views manufacturing would regain some momentum in the fourth quarter. The Institute for Supply Management (ISM) on Tuesday said its index of national factory activity rose 0.4 percentage point to a reading of 51.9 percent last month. A reading above 50 indicates an expansion in manufacturing, which accounts for about 12 percent of the U.S. economy.
  
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• BRIEF-Vertellus says completes chapter 11 sale

  01-11-2016 15:49
  
  * Vertellus completes chapter 11 sale, poised for growth as
  a financially stronger company
  
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• BRIEF-Permian Holdings Inc. announces entry into global restructuring agreement

  01-11-2016 15:35
  
  * Permian Holdings, Inc. Announces entry into global
  restructuring agreement
  
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• Urenco restructuring collapses as German owners block deal

  01-11-2016 15:31 via news.yahoo.com
  
  AMSTERDAM/FRANKFURT (Reuters) - Talks to restructure Urenco broke down after German utilities E.ON and RWE , which hold a third in the uranium enrichment firm, refused to agree to a deal that would have prevented a lucrative stock market listing in the future. Negotiations with the Dutch and British governments, which also own a third each, have been going on for years, but the complex ownership as well as concerns over its sensitive technology have made any deal difficult to reach. Urenco, the
  
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• MIDEAST STOCKS-Saudi ends nine-day winning streak, rest of region mixed

  01-11-2016 15:28 via news.yahoo.com
  
  * Profit-taking pulls down Saudi banks after surge on bond issue * Petrochemicals underperform market after oil drops * Dubai Investments climbs after strong Q3 earnings * Qatar's Ezdan bounces from seven-month low * Foreign investors again net sellers by big margin in Egypt By Andrew Torchia DUBAI, Nov 1 (Reuters) - Saudi Arabia's stock market ended a nine-day rising streak on Tuesday as banking shares were hit by profit taking, while bourses in the rest of the region were mixed. The Saudi stoc
  
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• Q&A: Judith Rodin makes an impact on investing and giving

  01-11-2016 15:25
  
  NEW YORK(Reuters) - How important is Judith Rodin? Ask one of the 20,000 New York public school students who got to see the Broadway hit "Hamilton" because of her and they might say she is...
  
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• Germany's Gabriel, in Beijing, squares up to China over trade policy

  01-11-2016 15:25 via news.yahoo.com
  
  By Gernot Heller BEIJING (Reuters) - Germany's outspoken economy minister Sigmar Gabriel made plain his concerns about Beijing's trade policies in talks with Chinese government officials on Tuesday marked by tensions over corporate takeovers. "We didn't mince our words - on either side," Gabriel told reporters after meeting Chinese Trade Minister Gao Hucheng. Germany is particularly concerned about China dumping its excess steel overseas at cut prices, and about restricted access to the Chinese
  
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• US factory activity picks up in October

  01-11-2016 15:13 via news.yahoo.com
  
  WASHINGTON (AP) — U.S. manufacturing grew last month at the fastest pace since July, a sign that American factories are coping with economic weakness overseas and a strong dollar.
  
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• U.S. construction spending unexpectedly falls in September

  01-11-2016 15:03 via news.yahoo.com
  
  WASHINGTON, (Reuters) - - U.S. construction spending unexpectedly fell in September as outlays on private nonresidential structures recorded their biggest decline in nine months, which could see a mild downward revision to the third-quarter economic growth estimate.
  
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• Wall Street little changed; Fed in focus

  01-11-2016 14:56 via news.yahoo.com
  
  Wall Street was little changed at the open on Tuesday, a day after all three major indexes recorded their worst monthly performance since January. Investors have been cautious about taking large positions due to uncertainty surrounding the U.S. presidential election and with the Federal Reserve poised to raise interest rates before the end of the year. While traders doubt the Fed will raise interest rates this week, they will be looking for signs to firm up their expectations for a hike at the c
  
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• Wall St. little changed; Fed in focus

  01-11-2016 14:53 via news.yahoo.com
  
  Investors have been cautious about taking large positions due to uncertainty surrounding the U.S. presidential election and with the Federal Reserve poised to raise interest rates before the end of the year. While traders doubt the Fed will raise interest rates this week, they will be looking for signs to firm up their expectations for a hike at the central bank's meeting next month. Wall Street ended barely changed on Monday as investors digested the latest large-scale corporate mergers as well
  
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• Swiss may curb loophole allowing payments to avoid jail time

  01-11-2016 14:46 via news.yahoo.com
  
  Switzerland may make it tougher for offenders to buy their way to freedom by revising a 2007 law that once helped Russian billionaire Victor Vekselberg settle allegations that he broke stock market disclosure rules. The law lets lawbreakers facing a conditional sentence of up to two years in prison skirt punishment if they make compensation payments or undertake "every reasonable effort" to make amends for the damage they have done. A proposal moving through Swiss parliament would narrow the eli
  
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• Canadian economic growth slows in August, goods sectors gain

  01-11-2016 14:41 via news.yahoo.com
  
  By Leah Schnurr OTTAWA (Reuters) - The pace of Canadian economic growth slowed as expected in August, data from Statistics Canada showed on Tuesday, reinforcing expectations that the Bank of Canada will maintain its cautious stance. Activity in the mining, quarrying and oil and gas extraction sector rose 1.4 percent, driven by a surge in potash mining due to higher exports for the commodity. Oil and gas extraction rose 0.9 percent as production capacity returned to levels seen before maintenance
  
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• Hedge fund manager Crispin Odey predicts UK recession - letter

  01-11-2016 14:30 via news.yahoo.com
  
  Veteran hedge fund manager Crispin Odey believes Britain is "destined" to have a recession, he said in a letter to investors seen by Reuters. London-based Odey said the Bank of England had engineered an unsustainable situation in which company earnings have fallen but the stock market continues to rise. Bank of England governor Mark Carney should be raising interest rates to counter the growing difference between inflation next year and today's interest rates, he said.
  
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• Saudi minister hails 'bold' fund deal with Japan's SoftBank

  01-11-2016 14:19 via news.yahoo.com
  
  The Saudi energy minister said Tuesday that a multi-billion-dollar technology investment fund the kingdom is developing in partnership with Japan's SoftBank showed its determination to diversify its economy. Khaled al-Falih told an international forum that the proposed new fund "is simply one indication of this determination and the bold steps being taken" to reorient the economy of the world's biggest oil exporter. Since 2014, global oil prices have collapsed by about half, accelerating Saudi e
  
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