Finance news

• Wall Street bets Trump will spend more, regulate less

  11-11-2016 23:50 via news.yahoo.com
  
  It was perhaps the most surprising trade in a record-setting week on Wall Street: How quickly investors swapped presidential pre-election jitters for enthusiasm at Donald Trump's victory over Hillary Clinton.
  
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• IMF approves $12 billion loan to salvage Egypt's economy

  11-11-2016 23:36 via news.yahoo.com
  
  CAIRO (AP) — The International Monetary Fund said on Friday that its executive board has approved a three-year bailout totaling $12 billion to Egypt, to support the country's ailing economy — a move intended to restore investor confidence and raise the country's foreign reserves. Even with the loan, economic challenges remain ahead.
  
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• Stocks slip after US election rally, bond yields rise further, dollar climbs

  11-11-2016 23:35 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Stocks on major world markets gave back some of the week's gains on Friday, while global bond yields rose for a fifth day, supporting the U.S. dollar but pressuring commodities and emerging markets. Investors are anticipating that U.S. President-elect Trump's policies will include lower tax rates and more infrastructure spending to grow the economy, but at the expense of a wider fiscal deficit and inflation. The S&P 500 index slipped 0.14 percent to
  
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• Global industry groups voice opposition to China cyber security law

  11-11-2016 23:16 via news.yahoo.com
  
  By Dustin Volz WASHINGTON (Reuters) - More than 40 international business and technology organizations representing hundreds of companies on Friday expressed “deep concerns” to the Chinese government about a new cyber security law they said would likely increase the separation between China and the rest of the world economy. Beijing on Monday adopted a cyber security law it called necessary to counter growing threats of hacking and terrorism. The measure, to take effect in June 2017,
  
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• BRIEF-Corenergy announces assumption of Pinedale LGS by Ultra Petroleum

  11-11-2016 23:05
  
  * Corenergy Infrastructure Trust - Ultra Petroleum's unit
  agreed to assume lease on Pinedale liquids gathering system
  without amendment
  
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• Kirkland rejects C$1.44 billion Gold Fields, Silver Standard offer

  11-11-2016 22:52
  
  TORONTO/VANCOUVER (Reuters) - Canada's Kirkland Lake Gold Inc said on Friday it rejected a previously unreported takeover offer from South Africa's Gold Fields Ltd and Silver Standard Resources...
  
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• Illinois governor reports $188.1 million in 2015 personal income

  11-11-2016 22:52 via news.yahoo.com
  
  By Dave McKinney CHICAGO (Reuters) - Illinois Governor Bruce Rauner reported personal income of more than $188.1 million in 2015, and 90 percent of the former private equity investor's earnings came from capital gains, according to income tax returns he released on Friday. Rauner, a Republican, and his wife, Diana, paid federal taxes of $51.6 million and $6.9 million in state taxes in 2015. Of the total income, $169.5 million was from capital gains, though no details were released on the source
  
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• Dow chalks up best week in five years, closes at record high

  11-11-2016 22:40 via news.yahoo.com
  
  Since his triumph on Tuesday, investors have been betting on Trump's campaign promises to simplify regulation in the health and financial sectors and boost spending on infrastructure. "Wall Street is going to be watching a lot of (Trump's) appointments and policy announcements to see whether it validates the more optimistic tone we've seen in the markets in the past few days," said Alan Gayle, senior investment strategist and director of asset allocation at RidgeWorth Investments in Atlanta, Geo
  
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• US STOCKS-Dow chalks up best week in five years, closes at record high

  11-11-2016 22:38 via news.yahoo.com
  
  "Wall Street is going to be watching a lot of (Trump's) appointments and policy announcements to see whether it validates the more optimistic tone we've seen in the markets in the past few days," said Alan Gayle, senior investment strategist and director of asset allocation at RidgeWorth Investments in Atlanta (BSE: 532759.BO - news) , Georgia. The S&P 500 financial index has gained 8 percent in the past three sessions and risen to levels not seen since 2008 during the financial crisis.
  
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• Cuba tourism revenue jumps 15 percent in first-half of 2016

  11-11-2016 21:11 via news.yahoo.com
  
  Revenues from tourism in Cuba rose 15 percent in the first half of 2016 compared with the same period last year, official data showed on Friday, with the number of visitors from the United States soaring around 80 percent. Tourism income rose to $1.2 billion in the January to June period, the National Statistics Office data showed, helping sustain an economy struggling with lower global commodity prices and a crisis in key ally Venezuela. The sector is expected to boom further over coming years
  
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• Venezuela floods shops with unaffordable goods ahead of Christmas

  11-11-2016 21:05 via news.yahoo.com
  
  By Fabian Cambero CARACAS (Reuters) - Topping off a year of economic crisis that left many Venezuelans hungry, the country's socialist government is flooding shops with products ahead of Christmas, at prices that most cannot afford. Thousands of containers of festive food and toys are on their way, say authorities, and while supermarket shelves appear fuller, prices are ludicrously high for people earning just tens of dollars a month at the black market exchange rate. "If you've got money, then
  
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• Fairfax cuts equity hedging, sees U.S. rally after Trump win

  11-11-2016 21:05 via news.yahoo.com
  
  Fairfax Financial Holdings Ltd , a Canadian firm headed by high-profile investor Prem Watsa, said on Friday it planned to significantly reduce its defensive equity hedges due to Donald Trump winning the U.S. presidential election. Watsa made billions for Fairfax by correctly calling the 2008 financial crisis, but has since been famously bearish on the outlook for global equity markets. Last week, he said Fairfax would maintain defensive equity hedges and deflation protection as it remained conce
  
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• BRIEF-Rubicon Minerals provides an update on restructuring transaction

  11-11-2016 20:05
  
  * Rubicon minerals announces meetings of creditors, provides
  an update on restructuring transaction, and announces the filing
  of its third quarter 2016 financial statements
  
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• Chinese buyers seek insurance to protect against failed U.S. deals

  11-11-2016 19:30
  
  (Reuters) - Insurers have begun offering protection for cross-border deals that might fall apart due to regulatory scrutiny, targeting Chinese companies that are aggressively pursuing acquisitions in...
  
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• Buyout funds approach Santander and Intesa over Allfunds deal: sources

  11-11-2016 18:57
  
  LONDON (Reuters) - Buyout firms have approached Santander Asset Managementand Intesa Sanpaoloover a possible takeover of the Allfunds Bank mutual fund platform, sources told Reuters.
  
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• Limited repeal of Dodd-Frank seen under Trump: WSJ

  11-11-2016 18:29 via news.yahoo.com
  
  WASHINGTON (Reuters) - The Trump administration is eyeing a more limited repeal of the 2010 Dodd Frank law, despite the Republican president-elect's campaign promise for a full repeal of the financial overhaul, the Wall Street Journal said on Friday, citing unnamed sources.
  
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• Four suitors submit binding bids for UniCredit's Pioneer: sources

  11-11-2016 18:19
  
  MILAN (Reuters) - Italian bank UniCredit has received four binding offers for its asset manager Pioneer, valuing the business at more than 3 billion euros ($3.25 billion), two sources close to the...
  
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• Britain's FTSE falls as EM-exposed stocks weigh

  11-11-2016 17:58
  
  * SIG tanks among mid caps(ADVISORY- Follow European and UK stock markets in real time on
  the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)
  
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• Equities falter as Trump hopes turn to fear

  11-11-2016 17:50 via news.yahoo.com
  
  London (AFP) - Stock markets retreated Friday while the dollar rallied on the prospect of higher US interest rates, with dealers betting US president-elect Donald Trump's planned huge spending policies will fire inflation.
  
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• Venezuela government, opposition renew dialogue amid low expectations

  11-11-2016 17:49 via news.yahoo.com
  
  Venezuela's opposition and the government of President Nicolas Maduro are set to meet on Friday as part of a Vatican-backed dialogue process meant to ease a political standoff taking place amid a spiraling economic crisis. Neither side appeared optimistic, with the opposition insisting on a recall referendum against Maduro and the government showing little indication of agreeing to that. The government released a small group of jailed opposition activists following the start of talks last week,
  
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• Swiss metals refiner Argor-Heraeus up for sale: sources

  11-11-2016 16:52
  
  FRANKFURT/ZURICH (Reuters) - Swiss precious metals refiner Argor-Heraeus [ARGOR.UNL] has been put up for sale, sources close to the matter told Reuters, with the potential for bids to push as high as...
  
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• Losses in health, energy stocks weigh on Wall Street

  11-11-2016 16:42 via news.yahoo.com
  
  (Reuters) - The S&P 500 and the Nasdaq came under pressure on Friday as lower oil prices weighed on energy companies and a drop in shares of Johnson & Johnson and Pfizer hurt healthcare stocks.
  
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• Case 'quite strong' for gradual rate rises, Fed monitoring markets: Fischer

  11-11-2016 16:38 via news.yahoo.com
  
  U.S. economic growth prospects appear strong enough for the Federal Reserve to proceed with gradual interest rate rises but the central bank is monitoring an increase in long-term U.S. government borrowing costs, Fed Vice Chair Stanley Fischer said on Friday. Since Republican Donald Trump was elected U.S. president on Tuesday, the 10-year Treasury yield has risen. "Of course we will watch events and depending on how the market turns out and how the economy turns out we will adjust our policy if
  
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• Egypt imposes big security clampdown, protests fail to materialize

  11-11-2016 16:29 via news.yahoo.com
  
  By Ahmed Aboulenein and Amina Ismail CAIRO (Reuters) - Egypt imposed a big security clampdown in its cities on Friday as mass demonstrations called to protest against austerity measures failed to take place. Riot police and armored vehicles filled the otherwise empty streets of central Cairo, but most people stayed home. President Abdel Fattah al-Sisi has urged Egyptians not to protest and warned that there would be no going back on economic reforms, no matter how much pain they might cause.
  
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• Four suitors file binding offers for UniCredit's Pioneer: sources

  11-11-2016 16:25
  
  MILAN (Reuters) - France's Amundi, a consortium led by Poste Italiane, Australia's Macquerie and U.S.-based Ameriprise Financial have submitted binding offers to buy UniCredit's asset manager...
  
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• First UK callables expected next week

  11-11-2016 16:14
  
  LONDON, Nov 11 (IFR) - UK banks look set to boost their
  loss-absorbing buffers by issuing callable senior debt after
  being given explicit sign-off to use the structure by the Bank
  of England.
  
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• South Africa's wild game breeders count mounting costs of drought

  11-11-2016 15:58 via news.yahoo.com
  
  By Ed Stoddard WOLMARANSSTAD, South Africa (Reuters) - A drought that has hit crops and economic growth in South Africa is also causing pain for specialist game ranchers who breed animals like antelope and buffalo to cater for tourists and hunters. Pieter Ernst Jr, whose family raises game 250 km (155 miles) west of Johannesburg, said the costs of feeding his prized sable antelope have doubled the past year, but he can leave nothing to chance: one of his studs, "Magic", has been valued at 19 mil
  
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• Once critical, Gulf executives want to do business with Trump

  11-11-2016 15:53
  
  * Some were upset over anti-Muslim comments on campaign
  trail
  
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• After Trump win, critic Buffett sees strong stocks, trade hurdles

  11-11-2016 15:42
  
  WASHINGTON (Reuters) - Billionaire investor Warren Buffett defended the stock market's strength and raised doubts about President-elect Donald Trump's trade agenda in a CNN interview broadcast on...
  
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• UPDATE 2-Zambia to cut budget deficit, sees higher 2017 GDP growth

  11-11-2016 15:41
  
  * Govt could sell off loss-making state firms(Adds budget details, minister and analyst quotes)
  
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• UPDATE 2-Brazil real extends slump on uncertainty of Trump trade plans

  11-11-2016 15:41
  
  SAO PAULO, Nov 11 (Reuters) - The Brazilian real extended
  its slump for a third day on Friday, even after the central bank
  stepped up currency interventions amid lingering concerns over
  the win of...
  
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• CANADA FX DEBT-C$ hits new 8-month low as oil falls; Poloz speech awaited

  11-11-2016 15:36
  
  * Canadian dollar at C$1.3521, or 73.96 U.S. cents* Loonie touches its weakest since March 1 at C$1.3542* Bond market closed for Remembrance Day TORONTO, Nov 11 (Reuters) - The...
  
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• Wall Street opens lower as financial, tech stocks drag

  11-11-2016 15:34 via news.yahoo.com
  
  (Reuters) - U.S. stocks opened lower on Friday, dragged down by financial and technology stocks.
  
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• Japan, India sign controversial civil nuclear deal

  11-11-2016 15:34 via news.yahoo.com
  
  Japan and India signed a controversial civil nuclear deal on Friday that will allow Japanese companies to export atomic technology to the Asian giant as the two countries deepen economic and security ties. The pact signed by Japanese Prime Minister Shinzo Abe and his Indian counterpart Narendra Modi is Japan's first with a nation that has not signed the Treaty on the Non-Proliferation of Nuclear Weapons (NPT). Japan, the victim of US atomic bombings in the final days of World War II, had long sh
  
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• Nigeria short lists banks for Eurobond sale, no final decision yet-official

  11-11-2016 15:28
  
  ABUJA, Nov 11 (Reuters) - Nigeria's debt office has a short
  list of banks to manage its planned $1 billion Eurobond sale,
  but the government has not made a final decision, a senior
  official said on...
  
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• BRIEF-Towerstream sees adjusted EBITDA from continuing operations of $525K excluding non-recurring expenses for quarter ended september 30

  11-11-2016 15:23
  
  * Sees adjusted EBITDA from continuing operations of $525k
  excluding non-recurring expenses for quarter ended September 30
  
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• Ukraine hopes Trump is 'no Tsar', will not abandon Kiev

  11-11-2016 15:15 via news.yahoo.com
  
  By Matthias Williams and Natalia Zinets KIEV (Reuters) - Ukrainian authorities are laying the groundwork for President Petro Poroshenko to visit Washington early next year, hoping to shore up U.S. support against Russia and allay concerns about what a Donald Trump presidency means for Kiev. Ukraine has relied on Western support and economic aid since street protests in 2014 which toppled a Kremlin-backed president and were followed by a war with pro-Russian separatists and Russia's annexation of
  
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• Mexico's lower house approves 2017 budget, sends it to president

  11-11-2016 14:59
  
  MEXICO CITY, Nov 11 (Reuters) - Mexico's lower house of
  Congress approved the 2017 budget early on Friday, sending the
  package to Mexican President Enrique Pena Nieto for him to sign
  into law.
  
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• Indian satellite TV operators Dish and Videocon d2h to merge

  11-11-2016 14:55
  
  MUMBAI (Reuters) - Indian satellite TV operator Dish TV India Ltdsaid on Friday it planned to merge with rival Videocon d2h Ltdto create a new company with net subscribers of 27.6 million,...
  
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• CORRECTED-UPDATE 2-Nvidia posts biggest qtrly revenue growth in 6 yrs; shares soar

  11-11-2016 14:53
  
  Nov 10 (Reuters) - Nvidia Corp reported its biggest
  quarterly revenue growth in more than six years as demand soared
  for its gaming chips used in personal computers.
  
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• South Africa's Eskom CEO resigns over anti-graft watchdog report

  11-11-2016 14:50 via news.yahoo.com
  
  South African state power utility Eskom Chief Executive Brian Molefe said on Friday he would step down in January, a week after he was implicated in a report by the anti-graft watchdog on allegations of influence peddling. The report by the constitutionally mandated watchdog - the Public Protector - raised questions over coal deals between the Eskom and a company controlled by the family of Indian-born businessmen who are friends with President Jacob Zuma. "It is rather what I feel to be the cor
  
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• In wake of Trump win, focus may drift back to Fed and inflation

  11-11-2016 14:46 via news.yahoo.com
  
  By Sumanta Dey BENGALURU (Reuters) - After Donald Trump's unexpected victory in the U.S. presidential election, investors may refocus in the coming week on the health of the world economy and any signs that years of rock-bottom interest rates and fiscal austerity are coming to an end. Trump's victory poses a major challenge to the conventional wisdom on the global economy, which for years has relied on brisker cross-border trade and migration flows for growth. Apart from a nearly across-the-boar
  
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• GLOBAL ECONOMY WEEKAHEAD-In wake of Trump win, focus may drift back to Fed and inflation

  11-11-2016 14:44
  
  * reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/Economic-Monitor?g=6J
  economic monitor
  
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• German watchdog warns against financial deregulation after Trump win

  11-11-2016 14:41 via news.yahoo.com
  
  Felix Hufeld, president of Germany's top financial regulator Bafin, made the call at an industry conference days after the election of Donald Trump, who has said he would scrap some financial rules to help U.S. businesses if he became president. "Barely 10 years after the start of the financial crisis I once more hear the bugle calls of deregulation," Hufeld said, without explicitly referring to Trump in his speech. President-elect Trump said throughout his campaign he would oppose financial reg
  
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• U.S. growth prospects favorable to gradual rate increases: Fed's Fischer

  11-11-2016 14:34 via news.yahoo.com
  
  U.S. economic growth prospects appear strong enough for the Federal Reserve to proceed with a gradual increase in interest rates, Fed Vice Chair Stanley Fischer said on Friday in his first remarks since the election of Republican Donald Trump as U.S. president. The U.S. central bank's second-in-command said the Fed was "reasonably close" to achieving its employment and inflation goals, and the case for tightening "quite strong" as a result. "In my view, the prospects of a continued steady expans
  
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• GLOBAL MARKETS-Bond rout hits Italy, U.S. yield surge hammers emerging markets

  11-11-2016 14:29
  
  LONDON, Nov 11 (Reuters) - The global bond market rout
  continued on Friday, driving up Italian yields and hammering
  emerging markets as investors feared higher U.S. interest rates
  under incoming...
  
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• Buffett says U.S. stock market to rise regardless of election outcome

  11-11-2016 14:24 via news.yahoo.com
  
  WASHINGTON (Reuters) - Billionaire investor Warren Buffett, who strongly criticized Republican President-elect Donald Trump during his campaign against Democrat Hillary Clinton, said the stock market is poised to rise long-term regardless of the U.S. election outcome.
  
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• Bondholders, Sawiris working on alternative plan for Brazil's Oi

  11-11-2016 14:23
  
  SAO PAULO, Nov 11 (Reuters) - Egyptian billionaire Naguib
  Sawiris and some creditors of Oi SA have renewed their ties and
  are working on a post-bankruptcy protection plan for the
  Brazilian phone...
  
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• TomTom targeting deals with U.S. automakers: CEO

  11-11-2016 14:19
  
  AMSTERDAM (Reuters) - TomTom's order intake from carmakers is currently lagging last year's, but the emergence of rival Here backed by a trio of German automakers means other manufacturers are keener...
  
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• Guinea forecasts 6.3 pct GDP growth for 2016-2020

  11-11-2016 14:19 via news.yahoo.com
  
  Guinea's economy is on track to grow by an average of 6.3 percent annually from 2016-2020, driven by a recovery in the mining sector after the Ebola epidemic, its minister for planning and cooperation said on Friday. Renewed mining activity should see that sector grow 12.8 percent, Mama Kanny Diallo said at a budget-planning session. Guinea and its West African neighbours Liberia and Sierra Leone were at the centre of the Ebola outbreak in 2014 and 2015 that slowed investment and crippled severa
  
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