Finance news

• West Virginia regulator sues Alpha Natural on fraud allegations

  17-11-2016 22:59
  
  CHICAGO, Nov 17 (Reuters) - West Virginia's environmental
  regulator sued Alpha Natural Resources Inc's former management
  on allegations of fraud on Wednesday, saying top executives
  should be held...
  
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• New York attorney general concerned Trump may gut anti-fraud law

  17-11-2016 22:59 via news.yahoo.com
  
  By Suzanne Barlyn and Tim McLaughlin NEW YORK/BOSTON (Reuters) - New York's top law enforcement official said he does not want U.S. President-elect Donald Trump's administration to "eviscerate" the state's anti-fraud law that has dropped a hammer on Wall Street corruption. New York Attorney General Eric Schneiderman said on Thursday he also is concerned about a possible effort by the incoming administration to undermine state securities laws nationwide. "In many cases, these anti-fraud statues a
  
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• US stocks edge higher on rosy data

  17-11-2016 22:43 via news.yahoo.com
  
  New York (AFP) - US stocks finished higher Thursday, boosted by the latest upbeat economic data and continuing the upward trend seen in the post-election period.
  
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• Wall street stocks lifted by data, earnings Yellen remarks

  17-11-2016 22:35 via news.yahoo.com
  
  The benchmark S&P 500 index rose to within a hair of its record high on Thursday as bank stocks got a boost from bets on higher interest rates and consumer discretionary stocks were helped by economic data and earnings. Federal Reserve Chair Janet Yellen, in her congressional testimony, solidified bets that the central bank was on track to raise interest rates in December. This signaled economic strength and helped consumer stocks as well as financials, said Janna Sampson, co-chief investmen
  
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• Dollar scales to 13-1/2-year peak on Yellen, U.S. data

  17-11-2016 22:27 via news.yahoo.com
  
  The dollar rose to a 13-1/2-year high against a basket of currencies on Thursday as the bond market resumed its sell-off on growing certainty of a U.S. interest rate increase in December and signs of solid U.S. economic growth. Federal Reserve Chair Janet Yellen told the Joint Economic Committee of Congress a rise in rates was likely "relatively soon" and saw no evidence of an acceleration in inflation or interest rates next year. Yellen's rate-hike view dovetailed with U.S. data showing housing
  
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• U.S. dollar, stocks climb as Yellen signals rate hike coming

  17-11-2016 22:26 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - The U.S. dollar climbed to a 13-1/2-year high and global stock indexes rose on Thursday after comments by U.S. Federal Reserve Chair Janet Yellen bolstered the case for raising interest rates next month. Yellen, who testified on the economic outlook before the congressional Joint Economic Committee, indicated little had changed following the victory of Donald Trump in the Nov. 8 U.S. presidential election. Expectations have been high among investors
  
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• Inflation-wary investors flock to U.S. TIPS supply

  17-11-2016 21:44
  
  NEW YORK (Reuters) - Investors who are uneasy about inflation from possible tax cuts and federal spending under a Trump administration on Thursday scooped up a hefty chunk of the $11 billion of...
  
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• Congress could undo Obama-era student loan relief

  17-11-2016 21:26
  
  WASHINGTON, Nov 17 (Reuters) - The U.S. Congress could as
  soon as January start to dismantle President Barack Obama's
  transformation of student loan rules by blocking freshly minted
  regulations...
  
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• S&P 500 index climbs after Yellen remarks boost bank stocks

  17-11-2016 20:52 via news.yahoo.com
  
  The benchmark S&P 500 index rose and was near its record high on Thursday as bank stocks got a boost on bets that the U.S. Federal Reserve was on track to raise interest rates in December following comments by Chair Janet Yellen. The Nasdaq was set for another day of gains, boosted by Microsoft and Apple . The Dow, which snapped a seven-day rally on Wednesday, was little changed.
  
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• UPDATE 1-U.S. court ruling puts Energy Future bankruptcy plan in doubt

  17-11-2016 20:37
  
  WILMINGTON, Del., Nov 17 (Reuters) - Texas power company
  Energy Future Holdings Corp must pay hundreds of millions of
  dollars for early redemption of notes during its bankruptcy, a
  U.S. appeals court...
  
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• U.S. dollar, global stocks climb as Yellen signals rate hike coming

  17-11-2016 20:35 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - Global stock indexes rose along with the U.S. dollar on Thursday after U.S. Federal Reserve Chair Janet Yellen said the central bank could raise interest rates "relatively soon." Yellen, who testified on the economic outlook before the congressional Joint Economic Committee, indicated little had changed following the victory of Donald Trump in the Nov. 8 U.S. presidential election. Expectations have been high among investors that the Fed will raise r
  
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• Merkel silent on fourth term despite glowing words from Obama

  17-11-2016 20:21 via news.yahoo.com
  
  U.S. President Barack Obama called German Chancellor Angela Merkel an "outstanding" ally on Thursday and said she might get his support if he were a German citizen and she decided to run for a fourth term as leader of Europe's largest economy. Merkel, whom many expect to stand again, declined to show her hand, despite Obama's words of support. "Chancellor Merkel has been an outstanding partner," Obama told reporters in Berlin when asked if he wanted her to run again, praising her integrity and t
  
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• Puerto Rico Treasury says FY2017 revenues are net positive

  17-11-2016 20:01
  
  Nov 17 (Reuters) - Puerto Rico's treasury secretary on
  Thursday said the U.S. territory's revenues for fiscal year 2017
  are positive, after general fund net revenues for October came
  in nearly 12...
  
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• Mortgage rates surge, but homebuyers advised to be patient

  17-11-2016 19:26 via news.yahoo.com
  
  WASHINGTON (AP) — With mortgage rates surging following the election win of Donald Trump, homebuyers may feel compelled to snap up loans before rates rocket even higher. But housing experts say consumers shouldn't get carried away by the post-election wave.
  
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• Fed Chair Defends Dodd-Frank Act, Pledges to Serve Full Term

  17-11-2016 19:25 via news.yahoo.com
  
  In an appearance before a top congressional economic committee today, Federal Reserve Chairwoman Janet Yellen defended the Dodd-Frank Act and pledged to serve out her term despite criticism from Donald Trump during his presidential campaign. The Dodd-Frank Act was passed into law in 2010 in the wake of the financial crisis and is believed to be an early target for modification or repeal by the incoming Trump administration, with the transition website pledging to “dismantle” the legi
  
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• New York attorney general troubled that Trump team may gut anti-fraud law

  17-11-2016 19:12 via news.yahoo.com
  
  By Suzanne Barlyn and Tim McLaughlin NEW YORK/BOSTON (Reuters) - New York's top law enforcement official said he does not want U.S. President-elect Donald Trump's administration to "eviscerate" the state's anti-fraud law that has dropped a hammer on Wall Street corruption. New York Attorney General Eric Schneiderman said on Thursday he also is concerned about a possible effort by the incoming administration to undermine state securities laws nationwide. "In many cases, these anti-fraud statues a
  
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• Yellen says improving economy strengthens case for rate hike

  17-11-2016 18:48 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen told Congress on Thursday that an improving U.S. economy has strengthened the case for raising interest rates. Her comments were seen as boosting the likelihood of a ...
  
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• Ford CFO says too early to assess election effect, likes Trump's 'change in tone'

  17-11-2016 18:44 via news.yahoo.com
  
  Ford Motor Co Chief Financial Officer Bob Shanks told investors on Thursday it is too early to assess the impact of the election of Donald Trump U.S. president on its business over the next several years. Shanks said that Ford officials are communicating with the Trump transition team and that he was encouraged by the "change in tone" in Trump's comments since his election last week. Shanks, speaking with Wall Street industry analysts in New York, said he expects that the North American Free Tra
  
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• Fed's Yellen vows to serve out term, signals rate hike

  17-11-2016 18:35 via news.yahoo.com
  
  Federal Reserve chief Janet Yellen on Thursday vowed to serve out her four-year term, despite verbal attacks from President-elect Donald Trump, and gave a clear signal a rate hike likely is coming in December to get ahead of inflation. In her first public comments since the surprise election last week of Trump, who has criticized both the Fed and its chair's handling of monetary policy, Yellen said she will remain in post until the end of January 2018. In testimony before the Joint Economic Comm
  
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• Growth of 'gig' economy may change U.S. labor market: Fed's Brainard

  17-11-2016 18:32 via news.yahoo.com
  
  Fed Governor Lael Brainard, a leading proponent of delaying interest rate hikes to further boost job growth, did not comment on the outlook for monetary policy or the U.S. economy in remarks prepared for delivery to a Federal Reserve Bank of New York conference on the evolution of work. "For monetary policy, the growth of contingent work affects the way we assess maximum employment and the way we interpret important labor market outcomes, such as the level of part-time employment and aggregate h
  
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• Egypt c.bank keeps key interest rates unchanged at MPC meeting

  17-11-2016 18:30 via news.yahoo.com
  
  Egypt's central bank kept its key interest rates unchanged on Thursday in a meeting of its Monetary Policy Committee, it said in a statement, two weeks after it surprised markets with a 3 percent hike in its key rates. Egypt had been struggling to revive its economy since a popular uprising in 2011 drove away tourists and foreign investors - both major sources of hard currency. On Nov. 3, the bank ditched its peg of 8.8 per dollar and hiked rates by 300 basis points to stabilise the newly floate
  
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• US home construction jumped by largest amount in 34 years

  17-11-2016 18:27 via news.yahoo.com
  
  Builders broke ground on the most new homes in nine years last month, a response to strong demand that should lift the economy. Home construction soared 25.5 percent to a seasonally adjusted 1.3 million ...
  
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• Global stocks climb after Yellen comments; dollar near flat

  17-11-2016 18:15 via news.yahoo.com
  
  Yellen, who was testifying on the economic outlook before the congressional Joint Economic Committee, indicated little had changed yet following the victory of Donald Trump in the Nov. 8 U.S. presidential election. The dollar index , tracking the greenback relative to a basket of key foreign currencies, was last up 0.1 percent. U.S. stocks, which rallied after Republican Donald Trump's surprise White House win, were mostly higher.
  
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• Energy Future owes $431 mln to noteholders, U.S. appeals court rules

  17-11-2016 18:07
  
  WILMINGTON, Del, Nov 17 (Reuters) - A unit of Texas power
  company Energy Future Holdings Corp must pay a $431 million
  premium to investors for refinancing billions of dollars of
  their debt at lower...
  
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• The Latest: Yellen defends tougher bank regulation

  17-11-2016 18:05 via news.yahoo.com
  
  WASHINGTON (AP) — The latest on Federal Reserve Janet Yellen's testimony to Congress' Joint Economic Committee (all times Eastern):
  
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• Asia-Pacific leaders talk trade in a Trump world

  17-11-2016 17:28 via news.yahoo.com
  
  Top world leaders meet from Thursday to try to save their cherished free trade accords from feared extinction under US President-elect Donald Trump. Here are three big factors looming over the Asia-Pacific Economic Cooperation (APEC) summit from Thursday to Sunday in Lima, Peru. Trump has cast uncertainty on the postwar world order with his vows to tear up or renegotiate international free trade agreements in order to protect US jobs.
  
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• The Latest: Yellen indicates Fed on track to hike rates

  17-11-2016 17:26 via news.yahoo.com
  
  The latest on Federal Reserve Janet Yellen's testimony to Congress' Joint Economic Committee (all times Eastern): ___ 10:40 a.m. Federal Reserve Chair Janet Yellen indicates in testimony before Congress ...
  
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• S&P, Nasdaq higher as investors digest Yellen remarks

  17-11-2016 17:21 via news.yahoo.com
  
  The Dow, which snapped its seven-day rally on Wednesday, was little changed, weighed down by a fall in Wal-Mart . Yellen said the central bank could raise interest rates "relatively soon" and was prepared to adjust its outlook as the new administration takes shape. U.S. stocks had been on a tear since Trump's surprise victory last week, with the Dow closing at a record level four days in a row.
  
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• Weak international sales cloud Walmart 3rd quarter

  17-11-2016 16:54 via news.yahoo.com
  
  Sagging international sales held down total revenues and hit profits for retail giant Wal-Mart Stores in the third quarter, the company reported Thursday. The slow international economy, still tough competition in the United States and heavy investment in stores and online sales continued to drag net profits in the three months to October 31, the company said. While sales in its main market the United States rose 2.5 percent over the year-ago quarter, to $74.6 billion, international sales slumpe
  
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• Yellen rate comments boost dollar

  17-11-2016 16:30 via news.yahoo.com
  
  Comments by Federal Reserve chief Janet Yellen that an interest rate increase will likely be appropriate "relatively soon" gave a further shot in the arm to the dollar on Thursday. In testimony prepared for delivery to the Joint Economic Committee of Congress, Yellen said a rate hike would be appropriate as long as there is further evidence of progress in the economy. The comments sent the dollar climbing against the yen and recovering losses against the euro as it reinforces expectations among
  
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• Average US 30-year mortgage rate jumps to 3.94 percent

  17-11-2016 16:29 via news.yahoo.com
  
  WASHINGTON (AP) — Long-term U.S. mortgage rates climbed this week, reflecting deep declines in U.S. government bond prices in the days after Donald Trump's election victory.
  
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• Greeks march to mark 1973 student revolt, protest against austerity

  17-11-2016 16:25 via news.yahoo.com
  
  By Lefteris Papadimas ATHENS (Reuters) - Thousands of Greeks vented frustration at their economic lot on Thursday as they marched in Athens to mark the anniversary of the bloody 1973 student uprising that helped topple the then-military junta. Students, workers and pensioners held banners reading "We won't become a generation of unemployment and fear," reflecting widespread fury at the leftist-led government which signed up to more austerity as part a third international bailout, despite its pre
  
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• Wall Street edges up; Yellen's testimony awaited

  17-11-2016 16:00 via news.yahoo.com
  
  U.S. stocks edged up at the open on Thursday after Federal Reserve Chair Janet Yellen said the central bank could raise interest rates "relatively soon". Yellen is scheduled to testify on the economic outlook before the congressional Joint Economic Committee at 10 a.m. ET (1500 GMT). Investors, however, will be more interested in her view on the economic impact of President-elect Donald Trump's proposed fiscal policies.
  
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• U.S. inflation, labor market data bolster Fed December rate hike

  17-11-2016 15:38 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer prices recorded their biggest increase in six months in October on rising gasoline costs and rents, suggesting a pickup in inflation that potentially clears the way for the Federal Reserve to raise interest rates in December. Prospects for a rate hike next month also got a boost from other data on Thursday showing first-time applications for unemployment benefits tumbling to a 43-year low last week and housing starts surging to a nine-year h
  
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• US home construction jumps by largest amount in 34 years

  17-11-2016 15:27 via news.yahoo.com
  
  WASHINGTON (AP) — Builders broke ground on the most new homes in nine years last month, a response to strong demand that should lift the economy.
  
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• Q&A: John Paul DeJoria learned how to bottle success

  17-11-2016 15:16
  
  NEW YORK(Reuters) - Most entrepreneurs dream of catching lightning in a bottle once in their lives. Billionaire John Paul DeJoria has managed to make a habit of it.
  
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• Yellen says Fed could raise interest rates 'relatively soon'

  17-11-2016 15:15 via news.yahoo.com
  
  The Federal Reserve could raise U.S. interest rates "relatively soon" if economic data keeps pointing to an improving labor market and rising inflation, Fed Chair Janet Yellen said on Thursday in a clear hint the U.S. central bank could hike next month. Yellen said Fed policymakers at their meeting earlier in November judged that the case for a rate hike had strengthened. "Such an increase could well become appropriate relatively soon," Yellen said in prepared remarks that were her first public
  
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• Applications for US unemployment aid fall to 43-year low

  17-11-2016 15:12 via news.yahoo.com
  
  WASHINGTON (AP) — The number of people seeking U.S. unemployment benefits fell to the lowest level since 1973 last week, evidence that businesses are confident enough in the economy to hold onto their workers.
  
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• U.S. needs higher rates; banks need more capital: FDIC's Hoenig

  17-11-2016 15:08 via news.yahoo.com
  
  The Federal Reserve should demand more capital from Wall Street while the central bank slowly increases interest rates, a leading U.S. regulator said on Thursday as he outlined a formula for future economic growth. Thomas Hoenig, vice-chairman of the Federal Deposit Insurance Corporation, said the financial system could be rattled if the Fed continued to hold rates low while the largest banks did nothing to increase capital reserves.
  
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• Dollar charge pauses as bond bashing relents

  17-11-2016 14:59 via news.yahoo.com
  
  Wall Street looked set for a quiet start and Europe's main stock markets were shuffling sideways as the dip in global bond yields cooled bank stocks, which have been rising on hopes higher yields will led to better lending profits. MEXICO HIKE The rout in U.S. bond prices also halted, with Treasury yields pulling back to 2.15 percent only to inch upwards again back towards an 11-month high above 2.3 percent hit earlier in the week.
  
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• Wall St. set to open flat ahead of Yellen's testimony

  17-11-2016 14:57 via news.yahoo.com
  
  The Fed could raise interest rates "relatively soon" if economic data keeps pointing to an improving labor market and rising inflation, Yellen said in prepared remarks on Thursday in a clear hint the central bank could hike rates next month. Yellen is scheduled to begin her testimony on the economic outlook before the congressional Joint Economic Committee at 10 a.m. ET. U.S. stocks had been on a tear since Donald Trump's surprise victory in the Nov. 8 U.S. presidential election, with the Dow cl
  
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• Survey finds unity among U.S. young, old in a divisive time

  17-11-2016 14:49
  
  CHICAGO (Reuters) - At a moment of sharp national division, here is a bit of good news: young and old are not at one another’s throats in this country.
  
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• Bulgarian ex-energy minister charged over nuclear project

  17-11-2016 14:48 via news.yahoo.com
  
  Bulgarian prosecutors charged former economy and energy minister Rumen Ovcharov on Thursday with mismanagement that led to state losses of more than 190 million euros ($200 million) related to a canceled nuclear power project with Russia's Atomstroyexport. Bulgaria canceled the 10-billion-euro Belene project on the Danube River in 2012 after failing to find foreign investors and under pressure from Brussels and Washington to limit its energy dependence on Russia. An arbitration court has ruled B
  
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• UBS's head of U.S. wealth management bullish about growth

  17-11-2016 14:47
  
  NEW YORK (Reuters) - For the first time since UBS Group AG bought PaineWebber 16 years ago, the world's largest wealth manager's U.S. business has a smaller workforce than an independent rival,...
  
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• Foreign investment in Canadian securities stays strong in September

  17-11-2016 14:47
  
  OTTAWA (Reuters) - Foreigners bought C$11.77 billion ($8.78 billion) worth of Canadian securities in September, setting a new record for investment for the first nine months of the year, Statistics...
  
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• Yellen: The 'case for an increase' in rates has strengthened

  17-11-2016 14:44 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen sketched a picture Thursday of an improving U.S. economy and said "the case for an increase" in interest rates has strengthened. The Fed is widely expected ...
  
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• Wal-Mart's profit falls but beats estimates; revenue misses

  17-11-2016 14:44 via news.yahoo.com
  
  Wal-Mart Stores Inc. reported its third-quarter profit fell 8.2 percent, dragged down by investments in e-commerce and its stores. Its earnings still beat Wall Street estimates. But its revenue fell short ...
  
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• U.S. housing starts surge to nine-year high in October

  17-11-2016 14:42 via news.yahoo.com
  
  WASHINGTON, Nov 17 (Reuters) - - U.S. housing starts surged to a more than nine-year high in October as builders ramped up construction of both single and multifamily homes, offering hope that housing will contribute to economic growth in the fourth quarter. Groundbreaking jumped 25.5 percent to a seasonally adjusted annual pace of 1.32 million units, the highest level since August 2007, the Commerce Department said on Thursday. Economists polled by Reuters had forecast housing starts rising to
  
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• South Africa's mining chamber says concerned about revised industry charter

  17-11-2016 14:42 via news.yahoo.com
  
  South Africa's Chamber of Mines said on Thursday it was concerned about a revised draft for a new mining charter, which seeks to establish a new regulatory agency and impose social development targets on the industry based on revenues. Originally launched in 2002 to redress racial imbalances that still define the economy two decades after apartheid's demise, the charter was revised in 2010 and the government has signaled its intention to redraw the targets again. Industry concerns this time roun
  
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• Markets await testimony from Yellen; dollar likely in focus

  17-11-2016 13:53 via news.yahoo.com
  
  LONDON (AP) — Stock markets around the world traded in fairly narrow ranges Thursday ahead of Congressional testimony from Fed Chair Janet Yellen that most traders think will cement expectations over a rate hike next month.
  
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