Finance news

• BRIEF-Japan Airlines will issue straight bonds as early as this year- Nikkei

  24-11-2016 22:55
  
  * Japan Airlines will issue straight bonds as early as this
  year- Nikkei
  
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• Mexican peso falls again amid Trump concerns

  24-11-2016 22:40 via news.yahoo.com
  
  The Mexican currency broke the 21 peso per dollar psychological barrier again on Thursday in the wake of Donald Trump's US election victory as fears persist about his protectionist policies. Analysts say the peso is also affected by the prospect of an interest rate hike by the US Federal Reserve in December. The currency of Latin America's second biggest economy traded hands at 21.05 pesos for every dollar, dropping 0.48 percent from 20.95 late Wednesday, according to private bank Citibanamex.
  
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• Chancellor Hammond chooses his battle - fixing weak productivity

  24-11-2016 20:59 via news.yahoo.com
  
  By William Schomberg LONDON (Reuters) - In 2011, early in his time as Chancellor, George Osborne said he would revive British manufacturing as he promised "a march of the makers" to rebalance the economy. This week, Osborne's successor Philip Hammond staked out his own priority: turning around Britain's long-standing productivity problem to meet the challenges of leaving the European Union. Hammond used his first budget statement to address what he called the "shocking" gap between productivity
  
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• British wage growth looks 'dreadful' after Brexit - IFS

  24-11-2016 20:37 via news.yahoo.com
  
  By David Milliken LONDON (Reuters) - Britain's wage growth prospects look "dreadful", a leading think tank said on Thursday, after official economic forecasts showed workers were unlikely to recoup losses suffered after the financial crisis within the next five years. The Institute for Fiscal Studies - a think tank focussed on budget issues - said Wednesday's forecasts showed wages in 2021 would be lower than in 2008, after adjusting for inflation - a stagnation with no precedent since at least
  
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• Wall St. lawyers say retiree investment rule violates free speech

  24-11-2016 18:36 via news.yahoo.com
  
  A group of lawyers representing insurance and securities brokerages have made a curious argument for why a federal court should kill a rule aimed at protecting retirement savers: It restricts Wall Street's First Amendment rights. In front of a packed federal courtroom in Dallas last week, plaintiffs attorneys fighting the Labor Department's fiduciary rule said it hinders free speech because it restricts what individuals selling retirement products will be able to say. The rule requires that brok
  
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• Britain's FTSE steadies as major firms trade ex-divs

  24-11-2016 18:14
  
  LONDON, Nov 24 (Reuters) - Britain's top share index ended
  broadly flat on Thursday, with some firms including National
  Grid falling after trading without the attraction of
  their latest dividend...
  
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• European stocks firm as US breaks for Thanksgiving

  24-11-2016 18:06 via news.yahoo.com
  
  London (AFP) - European stock markets drifted higher on Thursday in subdued trade with Wall Street closed for Thanksgiving.
  
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• Dollar pulls back after skittling world currencies

  24-11-2016 17:39 via news.yahoo.com
  
  Stronger data from the world's biggest economy had underpinned the greenback's gains, which were further amplified by thinner volumes as U.S. traders stayed away for the Thanksgiving holiday. It was off its highs as Europe wound down but had earlier pushed its way past more of last year's peaks against the euro to reach $1.0515, with only the March 2015 high of $1.0457 standing in the way of a drive toward parity. "The only risk to this are that the dislocations in markets outside of the U.S., p
  
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• German economic ministry questions purchase of U.S. military planes

  24-11-2016 16:59 via news.yahoo.com
  
  Germany's economic ministry has questioned a plan by the country's defense ministry to buy U.S. transport planes, proposing instead the purchase of a Brazilian aircraft that could trigger orders for German firms. A state secretary in Germany's economic ministry, Brigitte Zypries, told lawmakers in a letter that she had made the suggestion to her counterpart at the defense ministry after a visit to an Embraer facility in Brazil. Zypries said Embraer presented its own KC-390 transport aircraft as
  
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• Dubai-based firm forms $1.6 bln steel plant JV in Algeria

  24-11-2016 16:56 via news.yahoo.com
  
  By Tom Arnold DUBAI (Reuters) - Dubai-based conglomerate Emarat Dzayer Group said it had signed a joint venture agreement to develop a $1.6 billion steel factory in Algeria, boosting the North African country's drive to diversify its economy and attract foreign investment. Emarat Dzayer Steel Company will be a joint venture between Algeria's state-linked Groupe Imetal, which will hold a 51 percent stake in the business through two subsidiaries, and 49 percent held by Emarat Dzayer Group, accordi
  
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• BRIEF-Emova announces opening of accelerated safeguard proceedings

  24-11-2016 16:02
  
  * Said on Wednesday it is opening accelerated safeguard
  proceedings
  Source text: http://bit.ly/2g6wUwc
  
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• UPDATE 2-Havila Shipping sets Nov. 28 deadline to avoid bankruptcy

  24-11-2016 15:31
  
  * Has received notice from secured bank lenders collectively
  that they intend to accelerate relevant facilities, and proceed
  with formal acceleration notices imminently
  
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• EU's Tusk sees Russia sanctions renewal before mid-December

  24-11-2016 15:31 via news.yahoo.com
  
  BRUSSELS (Reuters) - European Council President Donald Tusk said on Thursday that he expected the European Union to agree on a renewal of economic sanctions against Russia before summit of the bloc's leaders he would chair in mid-December. (Reporting by Alastair Macdonald; @macdonaldrtr)
  
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• Hammond may need to use up all his fiscal 'headroom' - IFS

  24-11-2016 14:29 via news.yahoo.com
  
  British Chancellor Philip Hammond may need to use all the budgetary "headroom" he has reserved for himself in the coming years given the uncertainty around the impact of Brexit, the head of a leading economic think thank said. Hammond announced on Wednesday new budget rules to cut the budget deficit, once adjusted for swings in the economy, to below 2 percent of gross domestic product by the end of the decade - a goal which Britain's official budget forecasters said he was likely to be meet with
  
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• Chinese Coca-Cola workers strike over asset sale

  24-11-2016 14:05 via news.yahoo.com
  
  Coca-Cola workers in three Chinese cities have gone on strike after the US soft drinks giant announced it was selling its bottling interests in the country. Strikes and other labour protests have surged in recent years in China, where growth is slowing and parts of the economy are moribund. The beverage giant announced last week it was selling all its bottling assets in mainland China to Hong Kong conglomerate Swire Pacific and COFCO Corporation, one of China's state-owned food giants.
  
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• South African political tug-of-war could turn debt into junk

  24-11-2016 13:43 via news.yahoo.com
  
  By Stella Mapenzauswa JOHANNESBURG (Reuters) - South Africa says it has done enough to show credit rating agencies it can boost economic growth, but an ongoing power struggle within the ruling African National Congress could push it into junk status next week. The country needs to borrow about 165 billion rand ($12 billion) this fiscal year to help plug its budget deficit, and the treasury warned earlier this month that its borrowing costs could double or triple if it falls into subinvestment gr
  
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• Global markets steady in quiet trading on US holiday

  24-11-2016 13:37 via news.yahoo.com
  
  KUALA LUMPUR, Malaysia (AP) — Global stock markets were steady Thursday as the Thanksgiving holiday in the U.S. meant trading levels remained subdued.
  
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• BRIEF-Havila Shipping receives notice from secured bank lenders concerning facilities

  24-11-2016 13:19
  
  * Has received notice from secured bank lenders collectively
  that they intend to accelerate relevant facilities, and proceed
  with formal acceleration notices imminently
  
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• Countrywide warns Brexit will hit 2016 earnings

  24-11-2016 12:51 via news.yahoo.com
  
  Countrywide , Britain's biggest lettings and estate agency firm, warned on Thursday earnings this year would be hit by a slowdown in the property market since the vote to leave the European Union, sending its shares to a record low. People were holding off buying second homes amid concerns of economic uncertainty over the next 12 to 18 months due to the lack of clarity about what terms Britain would negotiate in its divorce from the EU, Countrywide's finance chief told Reuters. "The lack of visi
  
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• European stocks mostly firm amid Thanksgiving holiday

  24-11-2016 12:50 via news.yahoo.com
  
  London (AFP) - European stock markets mostly rose on Thursday but London faltered in a subdued trade with Wall Street closed for Thanksgiving.
  
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• BRIEF-RBA Holdings says creditors approve extension of business rescue plan

  24-11-2016 12:49
  
  * Says update on business rescue process of companies in
  business rescue in RBA Group
  
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• UPDATE 2-UK's Countrywide warns Brexit will hit 2016 earnings

  24-11-2016 12:16
  
  * Forecasts 2016 core profit at lower end of market
  consensus
  
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• BRIEF-ACE aviation reports third quarter results

  24-11-2016 12:12
  
  * In Q3 Of 2016, ACE Recorded A Decrease In Net Assets In
  Liquidation Of Approximately $23,000
  
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• India's reform architect trashes PM Modi's cash crackdown

  24-11-2016 12:09 via news.yahoo.com
  
  Former Indian Prime Minister Manmohan Singh on Thursday tore into his successor Narendra Modi's clampdown on the cash economy, calling it an "organized loot and legalized plunder" of the country. Singh - the architect of economic reforms that led to years of rapid growth - dubbed Modi's shock move to scrap 500 and 1,000 rupee banknotes a "monumental mismanagement" that could shave at least 2 percentage points off economic growth. Opposition parties led by Congress have stalled parliament, demand
  
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• German economy 'unfazed' by Trump election

  24-11-2016 11:52 via news.yahoo.com
  
  The German economy has shrugged off the shock election of Donald Trump as US president, with business confidence holding at a two-year high and growth seen picking up in the final quarter. The German economy seems to be unfazed by the election of Donald Trump as US President," said the Munich-based Ifo economic institute in a statement on Thursday. The Ifo's headline business confidence index reached 110.4 points in November, unchanged from the October reading, and the highest level since April
  
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• China Securities to launch up to $1.1 billion Hong Kong IPO on Monday: IFR

  24-11-2016 11:42
  
  HONG KONG (Reuters) - Brokerage China Securities Finance Co Ltd is set to launch on Monday an up to $1.1 billion Hong Kong initial public offering, raising funds to expand its wealth management,...
  
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• Thyssenkrupp CEO says new Tata management still wants steel deal

  24-11-2016 11:41
  
  ESSEN, Germany (Reuters) - Thyssenkrupp has personal assurances from the new management of Tata that the Indian conglomerate is still interested in merging its European steel business with that of...
  
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• UK consumer credit grows at fastest pace in nearly 10 years - BBA

  24-11-2016 11:10 via news.yahoo.com
  
  British consumer credit expanded last month at the fastest pace in nearly 10 years and mortgage approvals hit a five-month high, according to industry data on Thursday. The British Bankers' Association figures underlined the strength of consumer demand since Britain voted to leave the European Union in June, although rising inflation and a slowing economy are expected to weigh on households next year. Consumer credit increased at an annual rate of more than 7 percent in October, marking the stro
  
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• India note ban 'legalised plunder' says ex-premier

  24-11-2016 10:49 via news.yahoo.com
  
  India's former prime minister said Thursday the government's shock move to withdraw all high-value notes from circulation would slow growth in the world's fastest expanding major economy, calling it "legalised plunder". Manmohan Singh, whose economic reforms are credited with rescuing the country from the brink of bankruptcy in the early 1990s, said the two-week-old scheme had been a "monumental management failure" that would knock two percentage points off growth. "The way this scheme has been
  
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• Countrywide warns again Brexit will hit 2016 earnings

  24-11-2016 10:31 via news.yahoo.com
  
  (Reuters) - British estate agent Countrywide Plc warned again its 2016 core earnings would be hit by lower property market activity since Britain's vote to leave the European Union, sending its shares down more than 14 percent to a record low. Analysts on average expected 2016 core earnings to come in at 85 million pounds to 100.20 million pounds, according to Thomson Reuters I/B/E/S. Countrywide shares fell to a record low of 165.9 pence following the trading statement and were down 13.5 percen
  
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• Dollar rally plugs on, Tokyo boosted by soft yen

  24-11-2016 09:56 via news.yahoo.com
  
  The dollar barrelled ever higher against most currencies Thursday, sitting at an eight-month high against the yen and hitting a record high against the Indian rupee. The surge in the greenback helped fuel another rally in Tokyo but traders in most other markets turned cautious after recent healthy gains. US investors gave their Asian colleagues another strong lead with the Dow hitting a new record on Wall Street after fresh data showed further improvement in the US economy and reinforced expecta
  
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• Dollar surges on after durable data boost

  24-11-2016 09:40 via news.yahoo.com
  
  With U.S. markets out for the Thanksgiving holiday, trade is expected to be thinner, and the dollar set a series of new landmarks in early trade in Europe, extending its surge after another strong batch of U.S. economic data on Wednesday. "Certainly today’s thinner holiday trade on account of US Thanksgiving is more than capable of triggering this next downside extension," analysts from London-based currency exchange LMAX said of the euro in a morning note. The dollar's surge is based on a
  
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• BRIEF-K&C Global says withdrawal of bankruptcy

  24-11-2016 09:37
  
  Nov 24 (Reuters) - K&C Global Co Ltd :* Says it has announced withdrawal of bankruptcy on Nov. 24Source text in Korean: https://goo.gl/OMa6hGFurther company coverage:
  (Beijing Headline News)
  
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• S.Africa's rand slips as Fed overshadows local rate decision

  24-11-2016 08:01 via news.yahoo.com
  
  JOHANNESBURG (Reuters) - South Africa's rand weakened on Thursday in a broad retreat by emerging market currencies as expectations of an interest rate increase by the Federal Reserve hardened on the back of strong economic data from the U.S. * At 0640 GMT the rand had slipped 0.42 percent to 14.1850 per dollar compared to an overnight close of 14.1400 in New York. * Solid manufacturing and labour data from the United States, Fed minutes pointing to December hike, pushed the dollar index back nea
  
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• Rio Tinto says Simandou payments scandal 'very challenging'

  24-11-2016 07:29
  
  SYDNEY (Reuters) - Rio Tinto Chief Executive Jean-Sébastien Jacques said on Thursday that the fallout from its discovery ofpayments in Guinea has been "very challenging", in his first public...
  
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• Trump's TPP withdrawal gives China chance to redraw trade map

  24-11-2016 07:17 via news.yahoo.com
  
  China will be handed the opportunity to reshape the rules for global trade and profit from a more isolated US if President-elect Donald Trump carries out his pledge to abandon the landmark TPP pact, observers say. The likely demise of the Trans-Pacific Partnership has been welcomed by state media in China, where the deal had been criticised as a naked attempt to boost US influence in the region and contain the Asian giant. The TPP's goal, the Communist Party mouthpiece People’s Daily said
  
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• China says it will promote trade deals regardless of TPP, RCEP direction

  24-11-2016 07:15 via news.yahoo.com
  
  China said it will actively participate in bilateral and multilateral trade deals, with the goal of deepening reform and opening up its economy, regardless of the direction the Trans Pacific Partnership (TPP) or the China-backed Regional Comprehensive Economic Partnership (RCEP) might take. The statement follows U.S. President-elect Donald Trump saying he would withdraw the United States from the multi-country TPP that excludes China, putting RCEP - a rival pact that excludes the United States -
  
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• Asia stocks slip on specter of higher U.S. rates, dollar is 'a freight train'

  24-11-2016 07:08 via news.yahoo.com
  
  By Shinichi Saoshiro TOKYO (Reuters) - Most Asian stock markets fell on Thursday as upbeat economic data strengthened the prospect for higher U.S. interest rates, while the dollar's bull run continued with U.S. bond yields propelled to multi-year highs. The dollar index against major currencies rose 0.1 percent to 101.78 , not far from a 13-1/2-year high of 101.91 touched overnight. Such a view - which has also lifted expectations for more U.S. rate hikes next year - was reinforced on Wednesday
  
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• Asian markets weak as US reports strong economic data raising chances of Fed rate increase

  24-11-2016 07:05 via news.yahoo.com
  
  While most Asian stock market indices were trading lower on Thursday (24 November), the Shanghai Composite was up 0.09% at 3,244.21 as of 4.55am GMT following the US reporting strong economic data overnight which increased the chances of a Fed rate increase.
  
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• Asian markets struggle, but dollar rally lifts Tokyo

  24-11-2016 06:42 via news.yahoo.com
  
  The dollar barrelled ever higher Thursday, sitting at an eight-month high against the yen and fuelling another rally in Tokyo stocks but most other markets turned negative on profit-taking. Global markets have largely been piling higher since Donald Trump's shock election win two weeks ago, with traders betting his big spending, high tax plans will bolster an already healthy economy. The near certainty that Trump's policies will fuel inflation, forcing the Federal Reserve to lift rates, has push
  
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• Asia stocks slip on specter of higher U.S. rates, dollar 'a freight train'

  24-11-2016 03:59 via news.yahoo.com
  
  By Shinichi Saoshiro TOKYO (Reuters) - Most Asian stock markets fell on Thursday as upbeat economic data strengthened the prospect for higher U.S. interest rates, while the dollar's bull run continued as U.S. bond yields hovered near multi-year highs. The dollar index against major currencies rose nearly 0.2 percent to 101.84 , not far from 101.91 touched overnight, its highest since March 2003. Such a view - which has also lifted expectations for more interest rate hikes by the Federal Reserve
  
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• Sudden currency move spoils business at Indian food market

  24-11-2016 03:55 via news.yahoo.com
  
  The scale of India's cash economy can be seen in the Azadpur Mandi wholesale fruit and vegetable market. Trucks bring load after load of fresh produce to its grimy lanes every day. Then a complex web of ...
  
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• CD&R in the lead to acquire Avaya's call center unit -sources

  24-11-2016 02:27
  
  NEW YORK, Nov 23 (Reuters) - Buyout firm Clayton, Dubilier &
  Rice LLC (CD&R) is in the lead to acquire the call center
  business of debt-laden telecommunications equipment company
  Avaya Inc for around...
  
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• Exclusive: Mexico's Grupo Axo, Fibra Resort freeze IPOs due to Trump: sources

  24-11-2016 02:12
  
  MEXICO CITY (Reuters) - Mexican retail brand manager Grupo Axo and real estate investment trust Fibra Resort have frozen their initial public offerings until 2017 due to uncertainty over what Donald...
  
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• Australia pension fund Cbus keen on direct asset stake purchases: official

  24-11-2016 01:57
  
  MELBOURNE (Reuters) - Australian pension fund Cbus is seeking to buy stakes directly in infrastructure assets to save on fees paid to external managers in a cut-throat environment, a top official...
  
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• Dollar firms after upbeat U.S. data raises rate hike expectations

  24-11-2016 01:52 via news.yahoo.com
  
  The dollar firmed in Asian trading on Thursday after news of a pickup in U.S. economic growth early in the fourth quarter increased the chances of the Federal Reserve tightening monetary policy. The dollar index, which tracks the greenback against a basket of six major peers, rose 0.1 percent to 101.79 , pushing back toward its overnight high of 101.91, its highest in nearly 14 years. U.S. markets will be closed Thursday for the Thanksgiving holiday, while Tokyo markets were closed for a public
  
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• German economy 'unfazed' so far by Trump election

  24-11-2016 01:33 via news.yahoo.com
  
  The German economy has shrugged off the shock election of Donald Trump as US president, with business confidence holding at a two-year high and consumption expected to rise in December. The German economy seems to be unfazed by the election of Donald Trump as US President," said the Munich-based Ifo economic institute in a statement on Thursday. The Ifo's headline business confidence index reached 110.4 points in November, unchanged from the October reading, and the highest level since April 201
  
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• Wealth firm Charles Stanley achieves manager pay cut

  24-11-2016 01:00
  Shareholders cheer new deal at stockbroking house, which has taken chief executive Paul Abberley almost 18 months to negotiate
  
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• US government bond sell-off resumes

  24-11-2016 01:00
  
  Treasuries helped by strong US economic data and a report suggesting a boost to ECB lending of bondholdings
  
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• Sting from Merrill’s international shift lingers

  24-11-2016 01:00
  
  Ex-brokers from so-called Thundering Herd file suit against Bank of America, alleging changes ‘devastated’ their accounts
  
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