Finance news

• US data boost stocks; oil falls on OPEC worries

  29-11-2016 23:36 via news.yahoo.com
  
  New York (AFP) - Strong US economic data provided support to global stocks Tuesday despite worries about OPEC talks and a weekend referendum in Italy that could inject more uncertainty into the eurozone.
  
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• Health stocks boost Wall Street; energy a drag

  29-11-2016 22:53 via news.yahoo.com
  
  Analysts said the post-U.S. election rally may be losing momentum, wit the S&P 500 now up roughly 8 percent for the year to date. Wall Street has risen sharply following Donald Trump's White House win, helped in part by investor expectations that his plans to increase infrastructure spending, cut corporate taxes and reduce regulation will boost the economy. "The Trump rally seems to have stalled out to some extent, and I think it's stalled because we're starting to run into valuation concern
  
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• BRIEF-US Oil Sands raises doubts about its ability to continue as a going concern

  29-11-2016 22:52
  
  * There is significant doubt and there can be no assurance
  company will be able to continue as a going concern
  
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• Stocks edge up on U.S. data, healthcare sector; oil flops

  29-11-2016 22:21 via news.yahoo.com
  
  By Richard Leong NEW YORK (Reuters) - Stock prices around the world rose on Tuesday following upbeat U.S. growth data and strength in U.S. healthcare shares, while oil prices tumbled to the weakest level in over a week on doubts OPEC could reach an accord to reduce output. The dollar fell against a basket of currencies on profit-taking. The dollar index had hit a near 14-year peak last week on expectations a Trump administration would result in tax cuts and a surge in federal spending to bolster
  
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• BRIEF-Alpha Natural Resources announces agreement with West Virginia dep regarding unaccounted-for expenses

  29-11-2016 22:17
  
  * Alpha Natural Resources announces agreement with West
  Virginia dep regarding unaccounted-for expenses
  
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• Egypt warns citizens from participating in foreign polls

  29-11-2016 20:56 via news.yahoo.com
  
  The Egyptian government warned citizens on Tuesday against taking part in surveys conducted by foreign media organizations, saying it was a threat to national security. The interior ministry said on Facebook that it had received complaints indicating that Egyptians had been getting telephone calls from media companies abroad asking their opinions on the country's political, economic and security situation. "In this regard, the ministry calls on citizens to be cautious around those twisted method
  
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• U.S. probes hit defunct energy co linked to Platinum Partners

  29-11-2016 20:53 via news.yahoo.com
  
  At least four U.S. agencies are investigating former officials of a now-bankrupt oil and gas company once majority owned by troubled hedge fund manager Platinum Partners, according to a legal filing submitted last week. In a motion filed with federal bankruptcy court on Nov. 23, a group of 10 directors, officers and employees of Black Elk Energy Offshore Operations LLC [BLCELB.UL] said an undisclosed number of them had incurred costs from investigations by the U.S. Attorney's office in Brooklyn,
  
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• Wall St. inches up with health stocks; Nasdaq hits record

  29-11-2016 20:46 via news.yahoo.com
  
  Limiting the advance was a slide in oil prices, which pushed the S&P energy index down 0.9 percent. Shares of UnitedHealth Group Inc , the largest U.S. health insurer, were up 3.1 percent and hit a record high, a day after the company issued a better-than-expected earnings forecast for the coming year. The Nasdaq Biotech index was up 0.9 percent.
  
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• Five ways to hard-wire children for a lifetime of giving

  29-11-2016 20:38
  
  NEW YORK(Reuters) - (The writer is a Reuters contributor. The opinions expressed are his own.)
  
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• Stocks rise on upbeat U.S. GDP data; oil tumbles

  29-11-2016 20:08 via news.yahoo.com
  
  By Richard Leong NEW YORK (Reuters) - Stock prices around the world rose on Tuesday following upbeat U.S. growth data and strength in U.S. healthcare shares, while oil prices fell to the weakest level in over a week on doubts OPEC could reach an accord to reduce output. The dollar index had hit a near 14-year peak last week on expectations a Trump administration would result in tax cuts and a surge in federal spending to bolster the U.S. economy. "Optimism surrounding potential fiscal stimulus a
  
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• Saudi king showcases mining hub in push to move beyond oil

  29-11-2016 20:07 via news.yahoo.com
  
  RAS AL-KHAIR, Saudi Arabia (Reuters) - Saudi Arabia's King Salman underlined the kingdom's intention to invest heavily in speeding up is diversification away from oil exports with the inauguration on Tuesday of a $35 billion mining and minerals processing complex. Riyadh has tried to reduce the economy's reliance on oil for decades, but the challenge has become particularly urgent in the past couple of years as low prices have pushed state finances deep into deficit and growth has slowed sharply
  
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• Why This Will Be a December to Remember for Stocks

  29-11-2016 19:56 via news.yahoo.com
  
  The rip-your-face-off stock market rally may have cooled, but the Dow Jones Industrial Average is still above 19,000 and the S&P 500 is holding above 2,200. It's almost scary, in a way, to see Wall Street surge on the surprise victory of president-elect Donald Trump — an event, the naysayers warned, that would usher in the financial apocalypse. The opposite has happened over the last three weeks as years of cheap-money incrementalism and political gridlock have given way to genuine exc
  
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• Nasdaq hits record; health stocks, GDP data boost Wall Street

  29-11-2016 19:20 via news.yahoo.com
  
  (Reuters) - Wall Street shrugged off a slide in oil prices on Tuesday to move higher in early afternoon trading, with the Nasdaq hitting a record high, boosted by healthcare stocks and strong economic data.
  
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• Fillon's economic shock therapy for France risks side effects

  29-11-2016 19:00 via news.yahoo.com
  
  By Leigh Thomas PARIS (Reuters) - On paper, French presidential favorite Francois Fillon's free-market plans to cut business taxes, relax labor laws and shrink the public sector should give corporate France a shot in the arm and boost economic growth. Fillon, an admirer of late British Prime Minister Margaret Thatcher, is the center-right candidate for the presidential election in May, when he will go up against far-right leader Marine Le Pen and a yet-to-be selected Socialist opponent. If victo
  
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• State treasurers renew call for independent chair at Wells Fargo

  29-11-2016 18:31
  
  (Reuters) - Investors, including the state treasurers of Connecticut and Illinois, called on Wells Fargo & Co to require an independent board chair, saying the bank needs stronger oversight in the...
  
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• Consumers, exports give U.S. economy muscle in the third-quarter

  29-11-2016 18:17 via news.yahoo.com
  
  The U.S. economy grew faster than initially thought in the third quarter, notching its best performance in two years, buoyed by strong consumer spending and a surge in soybean exports. Gross domestic product increased at a 3.2 percent annual rate instead of the previously reported 2.9 percent pace, the Commerce Department said in its second GDP estimate on Tuesday. Growth was the strongest since the third quarter of 2014 and followed the second quarter's anemic 1.4 percent pace.
  
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• US bank earnings up nearly 13 percent in 3Q

  29-11-2016 17:48 via news.yahoo.com
  
  U.S. banks' earnings in the July-September period jumped nearly 13 percent from a year earlier as continued growth in lending fueled interest income. The data issued Tuesday by the Federal Deposit Insurance ...
  
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• Scores arrested in first 'Fight for $15' protest since Trump win

  29-11-2016 17:44 via news.yahoo.com
  
  LOS ANGELES/CHICAGO (Reuters) - Scores of demonstrators were arrested on Tuesday as U.S. workers from fast-food chains staged nationwide protests for higher pay, union rights and immigration reform in their first major action since Donald Trump was elected president. McDonald's Corp restaurants in 340 cities were prime rally targets, while baggage handlers, cabin cleaners and sky caps at Chicago's O'Hare and Boston's Logan international airports planned to demonstrate in support of workers deman
  
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• Sard Verbinnen taps ex-ISS executive Cernich for new group

  29-11-2016 17:35
  
  (Reuters) - Public relations firm Sard Verbinnen & Co said on Tuesday itwill launch a corporate governance advisory business with Chris Cernich, a former top executive at proxy advisor...
  
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• Dow flat as oil skids; S&P, Nasdaq boosted by health

  29-11-2016 17:25 via news.yahoo.com
  
  Oil fell nearly 4 percent on signs that leading oil exporters were struggling to agree on a deal to cut production ahead of an OPEC meeting on Wednesday. The S&P energy index dropped 1.75 percent, leading the decliners among the 11 major S&P sectors. The stocks were among the biggest drags on the Dow and the S&P.
  
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• Stocks firm, oil sags on doubts over supply deal

  29-11-2016 17:20 via news.yahoo.com
  
  The dollar index had hit a near 14-year peak last week on expectations a Trump administration would result in tax cuts and a surge in federal spending to bolster the U.S. economy. "Optimism surrounding potential fiscal stimulus and some targeted deregulation next year have lifted U.S. equity prices in recent weeks," said Jim Baird, chief investment officer at Plante Moran Financial Advisors.
  
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• US consumer confidence rebounds in November

  29-11-2016 17:18 via news.yahoo.com
  
  US consumer confidence rebounded in November, returning to pre-recession levels, driven by renewed optimism in the economic outlook, the Conference Board said Tuesday. The consumer confidence index jumped nearly seven points to 107.1, well above the consensus forecast.
  
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• Scotiabank eyes acquisitions after earnings beat view

  29-11-2016 17:18 via news.yahoo.com
  
  By Matt Scuffham TORONTO (Reuters) - Bank of Nova Scotia, Canada's third-biggest lender, said it could take advantage of its financial strength to make acquisitions in the Pacific Alliance trade bloc after reporting better-than-expected profit. Scotiabank said on Tuesday its earnings per share increased to C$1.58 from C$1.46 in the same period the previous year. Analysts had on average forecast earnings of C$1.51, according to Thomson Reuters I/B/E/S. The company's shares rose as much as 2 perce
  
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• EU optimistic on Greek debt deal

  29-11-2016 17:01 via news.yahoo.com
  
  EU Economy Commissioner Pierre Moscovici said Tuesday he is optimistic about concluding an overall deal on Greece's latest bailout programme by the end of the year including discussions on debt relief. Moscovici spoke just days before a key meeting of eurozone finance ministers on December 5 to discuss Greece's massive 86-million-euro bailout, its third since 2010. "This is doable, feasible," Moscovici told journalists at the end of a two-day visit to Athens.
  
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• European stocks diverge as oil skids before OPEC talks

  29-11-2016 16:36 via news.yahoo.com
  
  European stock markets mostly slipped Tuesday and oil prices slumped by nearly two dollars on the eve of a crunch OPEC producers' meeting.
  
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• Scotiabank earnings beat view, says acquisitions possible

  29-11-2016 16:13 via news.yahoo.com
  
  By Matt Scuffham TORONTO (Reuters) - Bank of Nova Scotia, Canada's third-biggest lender, reported a better-than-expected rise in fourth-quarter earnings and said it could utilize its capital strength to make acquisitions. Scotiabank said on Tuesday its earnings per share increased to C$1.58 from C$1.46 in the same period the previous year. Analysts had on average forecast earnings of C$1.51, according to Thomson Reuters I/B/E/S. The company's stock rose as much as 2 percent to $73.98, a more tha
  
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• Wall Street little changed in early trading; oil skids

  29-11-2016 16:11 via news.yahoo.com
  
  U.S. stocks were little changed in early trading on Tuesday as a sharp drop in oil prices weighed on energy stocks, while a rise in healthcare stocks helped limit losses. Wall Street has rallied since Donald Trump's victory in the presidential election as investors expect his plans to increase infrastructure spending, cut corporate taxes and reduce regulation to boost the economy.
  
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• US growth revised up sharply in third quarter to 3.2%

  29-11-2016 16:10 via news.yahoo.com
  
  The world's largest economy grew even faster than initially thought in the third quarter, based in large part on a jump in spending, the US Commerce Department said Tuesday. According to a revised GDP report, the economy grew at an annual rate of 3.2 percent, three-tenths higher than the initial estimate published last month, which was already the fastest rate in two years. A consensus analyst forecast had called for a more modest upward revision to 3.0 percent, from the 2.9 percent initial esti
  
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• Wall St. little changed in early trading; oil skids

  29-11-2016 16:05 via news.yahoo.com
  
  Wall Street has rallied since Donald Trump's victory in the presidential election as investors expect his plans to increase infrastructure spending, cut corporate taxes and reduce regulation to boost the economy.
  
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• Arrests in first 'Fight for $15' protest since Trump win

  29-11-2016 15:47 via news.yahoo.com
  
  LOS ANGELES/CHICAGO (Reuters) - U.S. workers from fast-food chains and nearly 20 airports staged sit-ins and some were arrested in nationwide protests for higher pay, union rights and immigration reform on Tuesday, their first major action since businessman Donald Trump won the presidential election. McDonald's Corp restaurants in 340 cities were prime rally targets, while baggage handlers and cabin cleaners at Chicago's O'Hare and Boston's Logan international airports were due to demonstrate in
  
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• Moroccan phosphate producer OCP to raise $500 mln in domestic bond issue

  29-11-2016 15:13 via news.yahoo.com
  
  Morocco's Cherifien des Phosphates (OCP), one of the world's biggest phosphate producers, plans to issue 5 billion dirhams ($495 million) of domestic perpetual bonds, the stock exchange regulator said on Tuesday. State run OCP, a major earner of foreign currency for Morocco, has been increasing output to help offset a slide in prices and aims to produce 47 million tonnes of crude phosphate rock annually in coming years, up from about 30.3 million in 2015, according to the bond prospectus, publis
  
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• Schaeuble praises Fillon, says hopes Le Pen never becomes French president

  29-11-2016 15:07 via news.yahoo.com
  
  BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble praised the economic program of French presidential contender Francois Fillon and said he hoped the conservative candidate's far-right rival Marine Le Pen would never become president. Speaking at a foreign policy conference in Berlin on Tuesday, Schaeuble said Fillon's economic program had "strong plausibility" and could help France reach its true potential. "To be clear, I hope that Mrs. Le Pen never becomes president in France," he
  
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• Q&A: Dolly Parton learned early that giving leads to getting

  29-11-2016 15:05
  
  NEW YORK (Reuters) - It is not the longest journey in miles from the Tennessee's Smoky Mountains to the stage of the Grand Ole Opry in Nashville, but when Dolly Parton was growing up in a one-room...
  
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• Consumers, exports power U.S. third-quarter economic growth

  29-11-2016 15:00 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - The U.S. economy grew faster than initially thought in the third quarter, notching its best performance in two years, buoyed by strong consumer spending and a surge in soybean exports. Gross domestic product increased at a 3.2 percent annual rate instead of the previously reported 2.9 percent pace, the Commerce Department said in its second GDP estimate on Tuesday. Growth was the strongest since the third quarter of 2014 and followed the second quarter's
  
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• South Africa's ANC backs Zuma after calls for him to quit

  29-11-2016 14:59 via news.yahoo.com
  
  By TJ Strydom JOHANNESBURG (Reuters) - South Africa's ruling African National Congress said on Tuesday its executive committee had stood by President Jacob Zuma in a debate called after media reported that four ministers had demanded his resignation. The ANC denied media reports that there had been a formal no-confidence vote in the debate which ended on Monday night. The rand fell by as much as 2.5 percent against the dollar and bonds weakened as traders had hoped for a resolution to months of
  
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• MIDEAST STOCKS-Saudi pulls back with oil's retreat; profit-taking resumes in Egypt

  29-11-2016 14:59 via news.yahoo.com
  
  * Saudi index fails to confirm break of major chart barrier * Banking, petrochemical sectors still underperforming * Economic signs spur retailer Jarir Marketing * Dubai's Arabtec rises after new CEO appointed * Foreign investors still net buyers in Egypt By Andrew Torchia DUBAI, Nov 29 (Reuters) - Saudi Arabia's stock market gave up early gains by the close on Tuesday as oil prices pulled back, while other Gulf bourses were mixed. Profit-taking pulled Egypt' market lower after big gains this mo
  
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• Germany braces for rough ride at G20 helm with Trump on board

  29-11-2016 14:54 via news.yahoo.com
  
  By Paul Carrel BERLIN (Reuters) - Germany takes over the presidency of the G20 leading economies on Thursday, a platform Chancellor Angela Merkel wants to use to safeguard multilateral cooperation under threat following Donald Trump's U.S. election victory. With the imminent departure of U.S. President Barack Obama, Merkel, who is seeking a fourth term in office next year, is left as the senior leader anchoring a Western alliance shaken by Trump's election win. "Shaping an Interconnected World"
  
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• U.S. rate futures trim gains after GDP data

  29-11-2016 14:50
  
  NEW YORK (Reuters) - U.S. interest rate futures pared earlier gains on Tuesday as the government's revision on third-quarter economic growth was stronger than forecast, supporting the view the...
  
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• US economy grew at 3.2 percent in third quarter

  29-11-2016 14:43 via news.yahoo.com
  
  The U.S. economy in the third quarter grew at the fastest pace in two years, with a revised report showing stronger consumer spending than first estimated. The gross domestic product, the country's total ...
  
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• Regional partners pledge billions in help for Tunisia

  29-11-2016 14:19 via news.yahoo.com
  
  By Tarek Amara TUNIS (Reuters) - Qatar said it would provide $1.25 billion in aid to shore up Tunisia's post-revolution economy as regional and Western partners pledged extensive financial backing at an investment conference on Tuesday. The money from Qatar, announced by the emir, Sheikh Tamim bin Hamad al-Thani, is the biggest single offer of aid to Tunisia since a 2011 uprising ushered in a democratic transition but also years of economic uncertainty and weak growth. The European Investment Ba
  
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• Blockchain start-up Manifold Technology releases its platform at Wall Street conference

  29-11-2016 14:00 via news.yahoo.com
  
  Blockchain start-up Manifold Technology announced today (29 November) the release of the Manifold Platform at the Blockchain for Wall Street conference in New York City. Manifold said its blockchain platform can handle more than 10,000 transactions per second in operational environments, surpassing even the biggest credit card companies which max out between 2,000 and 8,000. Manifold, which was chosen to join the suite of technologies on Microsoft Azure's blockchain as a service (BaaS), has targ
  
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• Scotiabank quarterly earnings beat market expectations

  29-11-2016 13:56 via news.yahoo.com
  
  Bank of Nova Scotia, Canada's third-biggest lender, reported a better-than-expected rise in fourth-quarter earnings, driven by a strong performance from its domestic and international banking businesses. Scotiabank said on Tuesday its earnings per share increased to C$1.58 from C$1.46 in the same period the previous year. Analysts had on average forecast earnings of C$1.51, according to Thomson Reuters I/B/E/S. "We believe that steady domestic operations and improvement in international (busines
  
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• Oil drops amid caution over OPEC meeting; stocks mixed

  29-11-2016 13:52 via news.yahoo.com
  
  KUALA LUMPUR, Malaysia (AP) — The price of oil dropped and stock markets were mixed Tuesday as it became uncertain whether OPEC countries might reach an agreement to cut crude production at their meeting this week.
  
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• Exclusive: Arrested Russian minister wanted state to cede control over Rosneft - sources

  29-11-2016 13:39 via news.yahoo.com
  
  By Alexander Winning MOSCOW (Reuters) - Russia's former Economy Minister Alexei Ulyukayev privately argued to colleagues in government that the state should give up control over oil giant Rosneft, before he was arrested two weeks ago in a sting inside the company's offices, according to two sources. A source familiar with Ulyukayev's thinking, speaking before Ulyukayev was arrested on bribery charges on Nov. 15, told Reuters that the minister had been promoting the idea of reducing the governmen
  
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• U.S. stock futures slightly higher ahead of economic data

  29-11-2016 13:33 via news.yahoo.com
  
  Wall Street closed lower on Monday, dragged down by financial and consumer discretionary sectors, as some investors booked profits on the heels of a record-setting week. U.S. stocks have jumped since Donald Trump's victory in the presidential election, with the S&P 500 up nearly 3 percent, as investors expect his plans to boost infrastructure spending, cut corporate taxes and reduce regulation to boost the economy. Economic data scheduled to be released on Tuesday includes a report on the se
  
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• South Africa's Zuma survives move to oust him: media

  29-11-2016 13:10 via news.yahoo.com
  
  By TJ Strydom JOHANNESBURG (Reuters) - South Africa's scandal-plagued President Jacob Zuma has survived a move by some members of his party to hold a no-confidence motion against him, local media reported on Tuesday without naming sources. The rand sank more than 1 percent on the reports which dashed many traders' hopes of a swift resolution to months of political uncertainty in Africa's most industrialised economy. Tourism Minister Derek Hanekom had proposed holding the vote to effectively oust
  
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• Arab development fund to lend Tunisia $1.5 billion by 2020: fund's chief

  29-11-2016 12:57 via news.yahoo.com
  
  TUNIS (Reuters) - The Arab Fund for Economic and Social Development will provide $1.5 billion in loans to finance projects in Tunisia by 2020, the fund's chief said on Tuesday. Abdulatif Hamad was speaking at a two-day investment conference in Tunis where regional and Western states have been pledging financial assistance for Tunisia's post-revolution economy. (Reporting by Tarek Amara; Writing by Aidan Lewis; Editing by Louise Ireland)
  
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• Kenya's central bank sees resolution of Chase Bank receivership in early 2017

  29-11-2016 12:52 via news.yahoo.com
  
  By George Obulutsa NAIROBI (Reuters) - Kenya's central bank hopes mid-size lender Chase Bank will be brought back out of receivership sometime during the first quarter of 2017, the governor said on Tuesday. The Central Bank took over Chase Bank in April after a run on its deposits raised fears it would be unable to repay customers. Chase was the third medium-to-small lender to be closed in Kenya over a period of nine months, rattling investors in East Africa's biggest economy, where the level of
  
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• SouthKorea to cull 3 percent of poultry to contain bird flu

  29-11-2016 11:49 via news.yahoo.com
  
  South Korea will cull 3 percent of its total poultry population to curb an outbreak of bird flu that has hit a number of farms across the nation, its agriculture ministry said on Tuesday. Since a severe strain of bird flu known as H5N6 cropped up on Nov. 18, Asia's fourth-largest economy has stepped up its quarantine measures to contain the virus, including issuing a 48-hour nationwide standstill order for this last weekend. Despite the efforts, Korea's Ministry of Agriculture, Food and Rural Af
  
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• Global stocks mixed amid fears over oil, Italy's referendum

  29-11-2016 11:49 via news.yahoo.com
  
  KUALA LUMPUR, Malaysia (AP) — Global stock markets were mixed Tuesday as uneasy investors looked ahead to an OPEC meeting and Italy's constitutional referendum.
  
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