Finance news

• Starbucks sees key sales measure rise, profit increase

  03-11-2016 23:54 via news.yahoo.com
  
  Starbucks reported a 23 percent increase in its fourth-quarter profit Thursday, thanks to rising sales at its coffee shops and benefiting from an extra week in the period. The results beat Wall Street ...
  
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• UPDATE 1-Brazil's PDG mulls filing for bankruptcy protection -source

  03-11-2016 23:46
  
  SAO PAULO, Nov 3 (Reuters) - PDG Realty Empreendimentos e
  Participações SA is considering filing for bankruptcy protection
  should banks refuse to pump fresh cash into the debt-laden
  Brazilian...
  
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• BoE says it may tighten bank capital rules after Brexit relief

  03-11-2016 23:19 via news.yahoo.com
  
  By Huw Jones LONDON (Reuters) - Banks in Britain may face stricter capital requirements to counter relief given to banks in the immediate aftermath of the June vote to leave the European Union, a top Bank of England official said on Thursday. The BoE said just after the vote, which sparked a sharp fall in sterling, it would allow banks to exclude central bank reserves from calculations of their broad measure of capital known as the leverage ratio. This would give lenders more leeway to use centr
  
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• White House study: China trade deal worsens damage from TPP failure

  03-11-2016 23:18 via news.yahoo.com
  
  The Obama administration issued a fresh warning on Thursday about the dangers of Congress failing to pass its Asian trade deal, saying that millions of U.S. jobs could be at risk if a rival China-led trade pact is enacted. As they gear up for one last push to persuade Congress to pass the Trans-Pacific Partnership (TPP)in the two months following Tuesday's elections, senior administration officials said 35 U.S. industrial sectors would lose substantial ground to Chinese competitors in the Japane
  
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• US election uncertainty hits stocks; pound rallies

  03-11-2016 23:07 via news.yahoo.com
  
  Wall Street stocks fell for the eighth straight session Thursday on US election jitters, while the pound rallied after a British court ruling threw the government's Brexit plan into doubt.
  
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• This Stock Market Indicator Points to a Trump Win

  03-11-2016 22:45 via news.yahoo.com
  
  A sagging stock market is good news for Donald Trump. The S&P 500 has fallen in eight straight sessions for the first time since October 2008, shortly after Lehman Brothers collapsed and as the financial crisis unfolded. Only two other losing streaks over the past 20 years have reached seven days, with both of those coming in 2011, during the European debt crisis.
  
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• TSX falls to three-week low as energy shares track oil lower

  03-11-2016 22:23 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's main stock index fell on Thursday to a three-week low as weaker oil prices sparked a sell-off in energy shares, but the financials and materials groups gained ground. The Toronto Stock Exchange's S&P/TSX composite index fell 11.3 points, or 0.08 percent, to 14,583.42, its lowest close since Oct. 11. Canadian shares were buffeted as Wall Street stocks extended recent losses. The S&P 500 fell for the eighth straight session. "It is tough for Can
  
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• CBS results top Street, Viacom merger exploration at early stage

  03-11-2016 22:18 via news.yahoo.com
  
  (Reuters) - CBS Corp , owner of the most-watched U.S. television network, reported results that exceeded Wall Street expectations and said it was still in the early stages of exploring a merger with Viacom Inc , a deal favored by its controlling shareholders.
  
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• UPDATE 1-Caesars unit raising $3.8 billion cash to exit bankruptcy

  03-11-2016 22:06
  
  CHICAGO, Nov 3 (Reuters) - Caesars Entertainment Corp's
  main casino operating unit has begun a process to raise
  up to $3.8 billion of cash needed to exit a contentious two-year
  bankruptcy, according...
  
  Read more

• S&P 500 losing streak runs to eight days as Facebook weighs

  03-11-2016 21:29 via news.yahoo.com
  
  The S&P 500 fell for an eighth straight session on Thursday, its longest losing streak since the 2008 financial crisis, as Facebook shares weighed and investors grappled with uncertainty over next week's U.S. presidential election. Facebook shares tumbled 5.7 percent as the world's largest online social media network warned that revenue growth would slow this quarter. The stock was the biggest drag on the S&P 500 as well as on the tech-heavy Nasdaq, which also posted its eighth straight
  
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• S&P 500 losing streak runs to 8 days as Facebook weighs

  03-11-2016 21:27 via news.yahoo.com
  
  Facebook shares tumbled 5.7 percent as the world's largest online social media network warned that revenue growth would slow this quarter. The stock was the biggest drag on the S&P 500 as well as on the tech-heavy Nasdaq, which also posted its eighth straight day of losses. Investors have been unnerved by signs the U.S. presidential race between Democrat Hillary Clinton and Republican Donald Trump is tightening, after Clinton had until recently been thought to have a clear lead.
  
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• How Much Does Wall Street Love Hillary? Let’s Count the $78 Million Ways

  03-11-2016 21:15 via news.yahoo.com
  
  The stock market’s weeklong case of the heebie-jeebies over the prospect of a Donald Trump presidency further underscores an uncomfortable truth for Bernie Sanders, Elisabeth Warren and other progressives: Hillary Clinton is the undeniable candidate of Wall Street. One big market worry is how a President Trump, who has talked tough about renegotiating trade deals, could affect global commerce. Meantime, good soldier Sanders is hanging in there with his former rival for the Democratic presi
  
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• S&P 500 falls for eighth straight session

  03-11-2016 21:04 via news.yahoo.com
  
  NEW YORK (Reuters) - The S&P 500 fell for an eighth straight session on Thursday, its longest losing streak since the 2008 financial crisis, as Facebook shares weighed and investors grappled with uncertainty over next week's U.S. presidential election. The Dow Jones industrial average fell 28.49 points, or 0.16 percent, to 17,931.15, the S&P 500 lost 9.25 points, or 0.44 percent, to 2,088.69 and the Nasdaq Composite dropped 47.16 points, or 0.92 percent, to 5,058.41. (Reporting by Chuck
  
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• Ameriprise Financial joins race to buy UniCredit's Pioneer: sources

  03-11-2016 20:35
  
  MILAN (Reuters) - U.S. financial services company Ameriprise Financial has joined the race to buy asset manager Pioneer Investments, which has been put on the block by Italy's biggest bank UniCredit,...
  
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• Factbox: Wall Street's take on possible outcome of U.S. elections

  03-11-2016 20:24 via news.yahoo.com
  
  (Reuters) - U.S. Democratic presidential candidate Hillary Clinton and Republican candidate Donald Trump are in a tight race ahead of the Nov. 8 U.S. presidential election. Analysts still expect a Clinton win, but with a lower probability after the FBI revealed it is examining newly found emails related to Clinton's use of a private server while she was secretary of state.(http://reut.rs/2eVjseK) Prior to this revelation, analysts were largely focused on the likelihood – albeit a small one
  
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• Facebook drags on Wall Street; S&P 500 set to extend losing streak

  03-11-2016 19:52 via news.yahoo.com
  
  Facebook shares tumbled 5.8 percent as the world's largest online social media network warned that revenue growth would slow this quarter. The stock was the biggest drag on the S&P 500 and Nasdaq, which were both on pace for their eighth straight session of losses. Investors have been unnerved by signs the U.S. presidential race between Democrat Hillary Clinton and Republican Donald Trump is tightening, after Clinton had until recently been thought to have a clear lead.
  
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• Spain's Rajoy refreshes cabinet for new era of minority government

  03-11-2016 19:25 via news.yahoo.com
  
  MADRID (Reuters) - Spain's Prime Minister Mariano Rajoy refreshed his cabinet for a new era of minority government on Thursday, bringing in six new faces and handing an expanded role to Economy Minister Luis de Guindos, who has a key budget-coordinating role with Brussels. The new, younger 13-member cabinet includes five women and gives a new role to Deputy Prime Minister Soraya Saenz de Santamaria, who will take charge of relations with Spain's autonomous regions at a time when the wealthy nort
  
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• New York State tax collections down $1.3 billion in first half FY16

  03-11-2016 18:35 via news.yahoo.com
  
  New York State tax collections fell $1.3 billion, or 3.5 percent, to $36.9 billion through the first half of fiscal 2016 compared to the same period a year earlier, the state's chief fiscal officer said on Thursday. Personal income taxes, the state's biggest revenue source, lagged expectations, New York State Comptroller Thomas DiNapoli said in a mid-year report. New York is not alone.
  
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• Fitbit selloff spreads to GoPro ahead of quarterly report

  03-11-2016 18:26 via news.yahoo.com
  
  By Noel Randewich SAN FRANCISCO (Reuters) - Investors on edge about GoPro's slumping sales ahead of its quarterly report on Thursday appeared even more anxious following fellow consumer gadget maker Fitbit's dismal revenue forecast late the day before. GoPro's stock fell 5.02 percent ahead of its third-quarter report after the bell, while Fitbit tumbled 30.6 percent after Wall Street analysts cut their ratings and pointed to uncertainty about future demand for its fitness bands. While Fitbit's c
  
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• Bank of England revises up growth forecasts amid pound spike

  03-11-2016 18:25 via news.yahoo.com
  
  LONDON (AP) — The Bank of England revised up its near-term growth forecasts for the British economy Thursday as it opted against another interest rate reduction in the wake of the country's decision to leave the European Union.
  
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• Caesars unit seeking $3.8 billion cash to exit bankruptcy

  03-11-2016 18:23
  
  CHICAGO, Nov 3 (Reuters) - Caesars Entertainment Corp's
  main casino operating unit has begun a process to raise
  up to $3.8 billion of cash needed to exit a contentious two-year
  bankruptcy, according...
  
  Read more

• Slowdown in orders, hiring curbs U.S. services sector growth

  03-11-2016 18:22 via news.yahoo.com
  
  Other data on Thursday showed planned job cuts by U.S.-based employers dropped 31 percent to a five-month low last month. The mixed reports came a day after the Federal Reserve offered a fairly upbeat assessment of the economy and signaled it could raise interest rates next month.
  
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• Study: Obama tax hikes on rich didn't hurt economy, or rich

  03-11-2016 17:38 via news.yahoo.com
  
  WASHINGTON (AP) — President Barack Obama's 2013 tax increases for wealthy Americans neither slowed their income growth nor hurt the economy, according to a study that taps into a key debate in the current presidential race.
  
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• Access to EU financial services market key to Britain's Brexit talks: minister

  03-11-2016 17:33 via news.yahoo.com
  
  By William James LONDON (Reuters) - Access to the European Union market for financial services is a key part of Britain's negotiations to leave the bloc and it is vital that the industry remains "highly competitive", financial services minister Simon Kirby said on Thursday, The future of Britain's financial sector has been thrown into question by June's vote to leave the EU, with some banks warning they could decamp to the continent if they lose the 'passporting' rights that provide access to th
  
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• Goldman, JPMorgan, Morgan Stanley defeat appeal over Facebook IPO

  03-11-2016 17:14
  
  NEW YORK (Reuters) - Goldman Sachs Group Inc , JPMorgan Chase & Coand Morgan Stanleyneed not forfeit their estimated $100 million of profit from trading Facebook Incstock soon after...
  
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• Wells Fargo CEO sees 'relatively quick' review of sales practices

  03-11-2016 16:40
  
  (Reuters) - Wells Fargo & Co'sCEO Tim Sloan said on Thursday a comprehensive review of the bank's sales practices would be done 'relatively quickly' and unveiled a series of immediate changes at...
  
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• German finance minister plans to clamp down on offshore firms with new draft law

  03-11-2016 16:23 via news.yahoo.com
  
  German Finance Minister Wolfgang Schaeuble wants to force Germans to disclose their dealings with offshore firms in tax havens and make banks liable for lost tax income if they conceal their clients' business with such firms, a draft law shows. Tax havens were thrown into the limelight in April when a huge leak of documents from the Panama-based law firm Mossack Fonseca showed how offshore firms are used to stash the wealth of the rich and powerful. Germany made closer international cooperation
  
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• Google formally rejects EU antitrust charges, says evidence is lacking

  03-11-2016 16:03 via news.yahoo.com
  
  Alphabet unit Google rejected on Thursday EU antitrust charges of unfairly promoting its shopping service and blocking rivals in online search advertising, saying there was no factual, legal or economic basis to the accusations. Google's general counsel Kent Walker said on a blog that the European Commission's shopping case was based on a theory that was not in line with market reality.
  
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• U.S. special-needs families face complex retirement planning

  03-11-2016 15:55
  
  CHICAGO (Reuters) - Mary Anne Ehlert came by her expertise in financial planning for special-needs families the hard way: she has lived through the challenge herself.
  
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• U.S. services sector slows; jobless claims rise

  03-11-2016 15:41 via news.yahoo.com
  
  The Institute for Supply Management (ISM) said its non-manufacturing index fell 2.3 percentage points to a reading of 54.8 percent in October. A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of the U.S. economy. The new orders sub-index dropped 2.3 percentage points to 57.7, while a measure of services sector employment decreased 4.1 percentage points to 53.1.
  
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• Higher bond yields offer some relief to U.S. pensions: Wilshire

  03-11-2016 15:39
  
  NEW YORK (Reuters) - U.S. corporate pensions benefited from the rise in bond yields in October, but their ability to generate income to meet future payouts to retired workers remained below year-ago...
  
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• US services companies grew at slower pace in October

  03-11-2016 15:35 via news.yahoo.com
  
  WASHINGTON (AP) — U.S. services companies grew at a slower pace in October, although the economy appears poised to continue expanding.
  
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• BoE ditches rate cut signal after Brexit hit to sterling

  03-11-2016 15:25 via news.yahoo.com
  
  By David Milliken and William Schomberg LONDON (Reuters) - The Bank of England scrapped its plan to cut interest rates and said borrowing costs could now move in either direction as the slide in sterling following the Brexit vote prompted it to ramp up its forecasts for growth and inflation in 2017. The battered pound extended its gains on the day and British government bond prices fell after the BoE shifted to what Governor Mark Carney called "a neutral stance" on what its next move on interest
  
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• Average US 30-year mortgage rate rises to 3.54 percent

  03-11-2016 15:13 via news.yahoo.com
  
  WASHINGTON (AP) — Long-term U.S. mortgage rates jumped this week, reaching their highest levels since late June amid indications of strength in the economy.
  
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• Angola's weak economic growth a concern, IMF says

  03-11-2016 15:04 via news.yahoo.com
  
  LUANDA (Reuters) - The International Monetary Fund is concerned that Angola's economic growth remains very low while inflation is at elevated levels, its mission head said on Thursday after a meeting with the finance minister. "We will be talking with the country authorities just to see what can be done timely so that this growth can be accelerated again," Ricardo Velloso told reporters. Angola, which has been hard hit by depressed oil prices, said last month it expected growth of 1.3 percent th
  
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• Wall Street opens higher; Facebook limits gains on Nasdaq

  03-11-2016 14:57 via news.yahoo.com
  
  The S&P 500 and the Dow were higher at the open on Thursday, with the benchmark index on track to snap a seven-day losing streak, although a fall in Facebook's shares capped gains on the Nasdaq. Facebook fell 4 percent to $122.25, a day after the social media giant warned that revenue growth would slow this quarter. The S&P 500 ended lower on Wednesday for a seventh straight session, its longest such streak in five years, as the Federal Reserve signaled it could hike interest rates in De
  
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• Wall St. opens higher; Facebook limits gains on Nasdaq

  03-11-2016 14:57 via news.yahoo.com
  
  Facebook fell 4 percent to $122.25, a day after the social media giant warned that revenue growth would slow this quarter. The S&P 500 ended lower on Wednesday for a seventh straight session, its longest such streak in five years, as the Federal Reserve signaled it could hike interest rates in December and the uncertainty surrounding the U.S. election. The U.S. central bank held interest rates steady, but said the economy had gained steam and job gains remained solid.
  
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• Credit Suisse surprise profit falls flat on long recovery road

  03-11-2016 14:47
  
  ZURICH (Reuters) - Credit Suisse shares slumped on Thursday after a surprise third quarter profit failed to match some investor expectations following strong results from U.S. rivals, while others...
  
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• Jacob Zuma, South Africa's $50 billion burden?

  03-11-2016 14:42 via news.yahoo.com
  
  By Ed Cropley JOHANNESBURG (Reuters) - It is the question on the lips of many South Africans: how much is Jacob Zuma's crisis-ridden leadership costing them? When Zuma, whose seven years in office have been marked by scandal and economic stagnation, withdrew a last-ditch court bid this week to block a watchdog report on alleged influence-peddling, the currency jumped 1 percent against the dollar. It gained further when the Pretoria High Court ordered the report by the constitutionally mandated P
  
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• Pound's fall more important for inflation than strong economy - BoE's Carney

  03-11-2016 14:16 via news.yahoo.com
  
  Bank of England Governor Mark Carney said on Thursday the fall in sterling since June's Brexit vote had more significant implications for inflation than strong growth in the economy for the rest of 2016. Carney also said Britain's relationship with the European Union will be the biggest driver of its prosperity in the medium term, and that the fall in sterling appeared to reflect market expectations of a less open trading relationship with the EU. Earlier, the BoE hiked its forecasts for inflati
  
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• BoE's Carney says Article 50 court ruling is example of uncertainty

  03-11-2016 14:10 via news.yahoo.com
  
  A court ruling that requires Britain to seek parliamentary approval to trigger the Brexit process is an example of uncertainty that could affect the economy, Bank of England Governor Mark Carney said on Thursday. "Obviously I am not qualified to comment on the court judgment or the prospects here, but it is an example of the uncertainty that will characterise this process," Carney said at a news conference after the BoE kept interest rates on hold. There will be uncertainty, there will be volati
  
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• S&P looks set to snap seven-day losing streak

  03-11-2016 14:09 via news.yahoo.com
  
  The S&P 500 looked set to snap a seven-day losing streak on Thursday, but a fall in Facebook's shares dragged down Nasdaq futures. Tension in global markets rattled by U.S. election nerves eased after a UK court ruling that parliament must approve a government decision to trigger Brexit. Facebook fell 5 percent to $120.87 in premarket trading, a day after the social media giant warned that revenue growth would slow this quarter.
  
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• Bank of England maintains rates, revises up growth forecasts

  03-11-2016 14:08 via news.yahoo.com
  
  The Bank of England revised up its growth forecasts for the British economy for this year and next as it opted against another interest rate reduction in the wake of the country's decision to leave the ...
  
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• Lowly first jobs are just fodder for authors

  03-11-2016 14:07
  
  NEW YORK(Reuters) - Writers need good stories to stoke their fiction. What better way to get material than a crazy first job?
  
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• UPDATE 1-New World Resources shareholders approve voluntary liquidation

  03-11-2016 14:06
  
  * New world resources says egm approves resolution for
  voluntary liquidation
  
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• Up in the Air: Life Lessons from Richard Branson

  03-11-2016 14:04
  
  NEW YORK (Reuters) - Who, if anyone, on this planet is living their best life? The shortlist of candidates would have to include Richard Branson.
  
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• Global stocks mixed, pound up on court decision

  03-11-2016 13:47 via news.yahoo.com
  
  Global stock markets were mixed Thursday, bogged down by concerns over the outcome of next week's U.S. presidential election. The British pound jumped after a court ruled that parliament must vote before ...
  
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• Wells Fargo says litigation costs could exceed provisions by $1.7 billion

  03-11-2016 13:36
  
  (Reuters) - Wells Fargo & Co, under fire for its sales tactics, said on Thursday its litigation costs could rise as much as $1.7 billion more than the amount it had already earmarked in provisions.
  
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• BRIEF-New World Resources shareholders approve voluntary liquidation

  03-11-2016 13:26
  
  * New world resources says egm approves resolution for
  voluntary liquidation
  
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• Bank of England leaves rates unchanged after solid UK data

  03-11-2016 13:10 via news.yahoo.com
  
  The Bank of England has opted to keep interest rates at a record low 0.25 percent after the economy showed unexpected resilience following the vote to leave the European Union. The announcement Thursday ...
  
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