Finance news

• Freight railroads don't expect big trade changes under Trump

  30-11-2016 23:24 via news.yahoo.com
  
  OMAHA, Neb. (AP) — Major U.S. freight railroads expect their business to fare well as long as the economy continues growing despite President-elect Donald Trump's promises to overhaul U.S. trade policy and renegotiate bad deals.
  
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• Brazil central bank cuts interest rate again

  30-11-2016 23:07 via news.yahoo.com
  
  Brasília (AFP) - Brazil's central bank cut its key interest rate Wednesday for the second month running, as data showed that the recession hitting Latin America's largest economy continued into the third quarter. The central bank lowered the benchmark Selic rate by a quarter of a percentage point, to 13.75 percent -- still one of the world's highest. Brazil's economy is in its deepest recession for decades and the country's credit rating has been reduced to junk status by all three main i
  
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• Trump faces challenges in separating from business - legal experts

  30-11-2016 22:59
  
  WILMINGTON, Del., Nov 30 (Reuters) - U.S. President-elect
  Donald Trump has several options for disentangling himself from
  his business empire when he takes office next year, but legal
  experts say the...
  
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• Oil rallies on OPEC deal; bonds end dismal November

  30-11-2016 22:46 via news.yahoo.com
  
  NEW YORK (Reuters) - Oil prices jumped around 9 percent on Wednesday as OPEC members sealed a deal to cut production, while upbeat U.S. economic data and comments from the U.S. Treasury Secretary nominee triggered a bond market sell-off, marking a miserable November for Treasuries.
  
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• 'Peter principle' alive and well in fund management: James Saft

  30-11-2016 22:22
  
  (Reuters) - The idea that people succeed at work up to the point at which they are no longer much good apparently applies to fund managers too.
  
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• S&P slips despite massive rally in energy shares

  30-11-2016 22:12 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks edged lower on Wednesday as declines in technology more than offset a rally in the energy sector, but major indexes posted solid gains for the month on the back of a rally following the U.S. presidential election. The Dow Jones industrial average rose 1.98 points, or 0.01 percent, to 19,123.58, the S&P 500 lost 5.85 points, or 0.27 percent, to 2,198.81 and the Nasdaq Composite dropped 56.24 points, or 1.05 percent, to 5,323.68. For the month, the Dow gained 5
  
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• Azerbaijan criminalizes defamation of the president online

  30-11-2016 21:32 via news.yahoo.com
  
  Azerbaijan's parliament on Wednesday made online defamation of the president a criminal offence punishable by imprisonment. With almost all traditional media strictly controlled by the government, social media networks have become outlets for people to voice criticism in a country where the economy has suffered from the global slump in oil prices and a depreciating currency. Azerbaijan criminalized defamation over the internet three years ago, meaning many people now use aliases and covert accou
  
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• Performance Sports gets court nod for stalking horse bid

  30-11-2016 21:20
  
  Nov 30 (Reuters) - Performance Sports Group Ltdsaid bankruptcy courts in the United States and Canada have
  approved the stalking horse bid for the company, made by Sagard
  Capital Partners LP and...
  
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• US economy growing, price gains slight: Fed survey

  30-11-2016 20:34 via news.yahoo.com
  
  The US economy continues to expand nationwide with only slight upward price pressures despite reports of tightening labor markets and higher wages, the Federal Reserve's Beige Book survey said Wednesday. The report, which collects views of economists, business contacts and others in the 12 Federal Reserve districts in preparation for the monetary policy meeting next month, noted improved retail sales and home construction in most regions. Analysts are nearly unanimous in expecting the policy-set
  
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• UPDATE 2-French drugs agency suspends Carmat heart implants

  30-11-2016 20:32
  
  PARIS, Nov 30 (Reuters) - France's national drugs agency
  said on Wednesday it had ordered artificial heart maker Carmat
  to suspend further implants after a fifth patient
  died in October.
  
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• Argentina's Decolar.com, banks in Nasdaq IPO talks, sources say

  30-11-2016 20:27 via news.yahoo.com
  
  By Tatiana Bautzer, Guillermo Parra-Bernal and Liana B. Baker SAO PAULO/SAN FRANCISCO (Reuters) - Online travel agency Decolar.com Inc, one of Latin America's few so-called unicorns, has held preliminary talks with investment banks for a U.S. listing on Nasdaq in the second half of 2017, three people with knowledge of the plan said. New York-based investment firm Tiger Global Management LLC, which owns 60 percent of Decolar.com, is spearheading the plan on the understanding that the 17-year-old
  
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• Republicans aim to coax Trump toward House trade tax plan

  30-11-2016 20:10 via news.yahoo.com
  
  By David Morgan WASHINGTON (Reuters) - Republicans in the U.S. Congress hope to convince President-elect Donald Trump to support an untested strategy of using the tax code to promote exports while slashing corporate taxes, framing it as a way to fulfill his campaign promises to restore blue-collar jobs. The plan would be one way to help Republican lawmakers reconcile their long-standing goal of tax cuts with the often populist campaign rhetoric of Trump, who has attacked the North American Free
  
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• Fed reports modest growth around nation in new survey

  30-11-2016 20:06 via news.yahoo.com
  
  WASHINGTON (AP) — The Federal Reserve reports that the U.S. economy grew at a modest rate this fall, with solid gains in consumer spending helping to offset lingering weakness in exports stemming from a strong dollar.
  
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• BRIEF-Performance Sports Group receives court approval of the "stalking horse" purchase agreement

  30-11-2016 20:00
  
  * Performance Sports Group receives court approval of the
  "stalking horse" purchase agreement, bidding procedures and U.S.
  $386 million in new DIP financing
  
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• Anglo American to exit stake in South African miner Exxaro

  30-11-2016 19:22 via news.yahoo.com
  
  (Reuters) - British miner Anglo American Plc said on Wednesday it would sell its stake in South African diversified miner Exxaro Resources Ltd and use the proceeds to reduce debt. Exxaro's controlling black economic empowerment shareholder Main Street 333 Proprietary Ltd will also sell its interest in the miner, Anglo American said. Anglo American's stake of 9.7 percent, or 35 million shares, in Exxaro is valued at 3.39 billion rand ($240.62 million) based on Tuesday's close, while Main Street's
  
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• FANNIE MAE, FREDDIE MAC COMMON STOCKS RISE ABOVE $4 A SHARE FOR FIRST TIME SINCE AUGUST 2014

  30-11-2016 19:14
  
  FANNIE MAE, FREDDIE MAC COMMON STOCKS RISE ABOVE $4 A SHARE FOR
  FIRST TIME SINCE AUGUST 2014
  
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• ASEAN a 'more open market' than EU, US: WEF

  30-11-2016 19:07 via news.yahoo.com
  
  ASEAN, the 10-state Association of Southeast Asian Nations, is a more open market for international trade than either the European Union or the United States, according to a World Economic Forum report released Wednesday. The WEF hailed the "increased integration into the global economy" of ASEAN members, which comprise Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. "ASEAN's progress as an economic power comes at a time when the United States
  
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• Oil, bank stocks send S&P, Dow to record highs

  30-11-2016 19:03 via news.yahoo.com
  
  Energy-related stocks were the top 20 percentage gainers on the S&P 500 index. "I suspect this move in oil is probably temporary and may not last very long, but it is giving a boost to the market," said Randy Frederick, vice president of trading and derivatives at Charles Schwab. November is set to be Wall Street's best month since March, with the markets rallying on Donald Trump's victory in the U.S. presidential election.
  
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• Takeda's talks to acquire Valeant's Salix stall: sources

  30-11-2016 18:37 via news.yahoo.com
  
  (Reuters) - Takeda Pharmaceutical Co Ltd's negotiations to acquire Valeant Pharmaceuticals International Inc's Salix stomach-drug business have stalled over price disagreements, people familiar with the matter said on Wednesday. Shares of Valeant were down more than 8 percent at $15.71 on Wednesday after the Wall Street Journal reported that the talks had broken down. A deal for Salix would help Valeant trim the large debt pile it accumulated through aggressive acquisitions.
  
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• BRIEF-Magor Corporation files a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act (canada)

  30-11-2016 18:27
  
  * Magor Corporation files a Notice of Intention to Make a
  Proposal under the Bankruptcy and Insolvency Act (Canada)
  
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• Surging oil price pushes Britain's FTSE higher

  30-11-2016 18:21
  
  * Ashtead, Zoopla, RPC hit record highs(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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• Goldman shares hit highest level since financial crisis in post-election rally

  30-11-2016 18:19 via news.yahoo.com
  
  Goldman was the biggest driver for the Dow Jones Industrial Average, adding 56.2 points out of a net gain of 66.6 points for the index. Goldman, like other Wall Street firms, has seen its stock soar after the Nov. 8 election, as investors expect banks to see benefits from rising interest rates and lighter regulation under a Donald Trump presidency. Deutsche Bank on Tuesday hiked its price target for Goldman to $255 from $180, saying a stronger economy would bode well for the bank's businesses li
  
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• UPDATE 1-Goldman shares hit highest level since financial crisis in post-election rally

  30-11-2016 18:16
  
  Nov 30 (Reuters) - Shares of Goldman Sachs Group Incon Wednesday climbed to their highest levels since the financial
  crisis, as the bankbenefited from a post-U.S. presidential
  election rally.
  
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• EPA to keep strict gas mileage standards in place

  30-11-2016 18:13 via news.yahoo.com
  
  The Obama administration has decided not to change government fuel economy requirements for cars and light trucks despite protests from automakers. Environmental Protection Agency Administrator Gina McCarthy ...
  
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• Fannie, Freddie need to get out of government ownership: Mnuchin

  30-11-2016 18:12 via news.yahoo.com
  
  Steven Mnuchin, in an interview on Fox Business Network, said restructuring Fannie and Freddie and wresting them from government control is a "top 10" priority for the next administration's economic team. It makes no sense that these are owned by the government and have been controlled by the government for as long as they have," Mnuchin said.
  
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• Trump's Treasury pick targets taxes, trade reforms: media

  30-11-2016 18:05 via news.yahoo.com
  
  President-elect Donald Trump's pick to lead the U.S. Treasury, Steven Mnuchin, said on Wednesday the administration would make tax reform and trade pact overhauls top priorities as they seek a sustained pace of 3 percent to 4 percent economic growth. Mnuchin also signaled a desire to remove U.S. mortgage-finance companies Fannie Mae and Freddie Mac from government ownership, a move that could have wide-ranging ramifications for how Americans pay for their homes.
  
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• Oil price rally helps Britain's FTSE edge higher

  30-11-2016 17:57
  
  LONDON, Nov 30 (Reuters) - Britain's top share index rose
  slightly on Wednesday, led by rebounding energy stocks as oil
  prices jumped after a deal to curb global oversupply, though
  banking stocks...
  
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• Actelion shares fall on report it rejects J&J offer

  30-11-2016 17:52
  
  ZURICH (Reuters) - Shares in Swiss biotech company Actelion fell more than 6 percent after news outlet streetinsider.com reported on Wednesday the company had rejected a full takeover offer by U.S....
  
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• Oil jumps on OPEC deal; bond rout resumes

  30-11-2016 17:46 via news.yahoo.com
  
  NEW YORK (Reuters) - Oil jumped on Wednesday as OPEC members clinched a deal to cut production, while upbeat U.S. economic data and comments from the U.S. Treasury Secretary nominee triggered a selloff in the bond market.
  
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• Decolar.com in talks with banks for Nasdaq IPO: sources

  30-11-2016 17:42 via news.yahoo.com
  
  By Tatiana Bautzer, Guillermo Parra-Bernal and Liana B. Baker SAO PAULO/SAN FRANCISCO (Reuters) - Buenos Aires-based online travel agency Decolar.com Inc has held preliminary talks with investment banks for a U.S. listing on Nasdaq in the second half of 2017, three people with knowledge of the plan said. New York-based hedge fund Tiger Global Management LLC, which owns 60 percent of Decolar.com, is spearheading the plan on the understanding that the 17-year-old company is sufficiently establishe
  
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• Ted Talk prophets started with prosaic first jobs

  30-11-2016 17:25 via news.yahoo.com
  
  For the latest in Reuters' "First Jobs" series, we talk to a few popular Ted speakers about how they got their starts. Dr. Dambisa Moyo Ted Talk: "Economic Growth Has Stalled. Let's Fix It" (http://bit.ly/1oWCWmm) Views: 1.35 million First job: waitress When I was around 20 I worked at a seafood restaurant in Washington, D.C., called L&N Seafood Grill.
  
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• U.S. private jobs, consumer spending data support Fed rate hike

  30-11-2016 17:18 via news.yahoo.com
  
  U.S. private employers stepped up hiring in November and consumer spending increased last month, the latest signs of economic strength that could further cement the case for an interest rate hike from the Federal Reserve next month. Stocks on Wall Street generally rose, with both the Dow Jones industrial average and the S&P 500 index hitting record intraday highs.
  
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• CORRECTED-UPDATE 1-Fannie, Freddie need to get out of government ownership -Mnuchin

  30-11-2016 16:40
  
  Nov 30 (Reuters) - Mortgage finance companies Fannie Mae
  and Freddie Mac should no longer be owned by
  the U.S. government, Treasury Secretary nominee Steven Mnuchin
  said on Wednesday.
  
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• BRIEF-Logan's Roadhouse says emerges from bankruptcy

  30-11-2016 16:34
  
  * Restructured its balance to reduce its debt from
  approximately $400 million to just over $100 million
  
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• BoE puts AT1 through its paces with most severe tests yet

  30-11-2016 16:25
  
  LONDON, Nov 30 (IFR) - UK banks' Additional Tier 1 bonds
  would be fair game and converted into equity if they hit severe
  problems, the Bank of England's most stringent stress tests yet
  showed on...
  
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• GoPro to cut 15 percent of workforce amid sales slump

  30-11-2016 16:07 via news.yahoo.com
  
  Wearable action-camera maker GoPro Inc said on Wednesday it would cut about 15 percent of its workforce and shutter its entertainment business, as the one-time Wall Street favorite cuts costs to help it return to profitability. The company said on Wednesday it would cut about 200 full-time positions, cancel open positions and close its entertainment division, which makes original content. GoPro said the cost-cutting would help it achieve its goal of returning to profitability on an adjusted basi
  
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• S&P, Dow hit record highs as oil, bank stocks gain

  30-11-2016 16:06 via news.yahoo.com
  
  Shares of oil majors Exxon and Chevron rose more than 2 percent and were the top stocks on the S&P and the Dow. The S&P 500 energy index rose 3.65 percent as oil prices were on track for their best day since February. November is set to be Wall Street's best month since March, with the markets rallying on Donald Trump's victory in the U.S. presidential election.
  
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• Putin names deputy finance minister Oreshkin Russia's new economy minister

  30-11-2016 15:50 via news.yahoo.com
  
  By Andrey Ostroukh and Olga Popova MOSCOW (Reuters) - President Vladimir Putin named deputy finance minister Maxim Oreshkin as Russia's new economy minister on Wednesday, two weeks after the post's previous holder was detained and accused of bribery. Alexei Ulyukayev, the ex-economy minister, was accused of trying to extort a bribe from Russian oil major Rosneft, an allegation he denies. Oreshkin, his 34-year-old replacement, joined the finance ministry in 2013 as the head of the strategic plann
  
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• Canadian dollar posts three-week high as oil surges

  30-11-2016 15:43 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - The Canadian dollar strengthened against its firmer U.S. counterpart on Wednesday as oil prices jumped on prospects of an OPEC output cut and data showed the domestic economy grew in the third quarter at the fastest pace in more than two years. Gross domestic product grew at an annualized 3.5 percent, slightly exceeding economists' expectations of 3.4 percent and picking up from a contraction of 1.3 percent in the second quarter, data from Statistics Canada sh
  
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• Strong economic rebound gives Bank of Canada room to keep rates steady

  30-11-2016 15:32 via news.yahoo.com
  
  By Leah Schnurr OTTAWA (Reuters) - Canada's economy accelerated in the third quarter at its fastest pace in more than two years as it benefited from a rebound in oil exports, cementing expectations the central bank will keep interest rates steady next week. Gross domestic product (GDP) grew at an annualized 3.5 percent, Statistics Canada said on Wednesday, slightly exceeding economists' expectations of 3.4 percent and picking up from a contraction of 1.3 percent in the second quarter. Last quart
  
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• Is Sage Group plc or Biffa plc the better investment after today’s results?

  30-11-2016 15:25 via news.yahoo.com
  
  Is the established Sage Group plc (LON: SGE) or stock market newcomer Biffa plc (LON: BIFF) the better investment?
  
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• Survey: US businesses add 216,000 jobs, most in 5 months

  30-11-2016 15:24 via news.yahoo.com
  
  WASHINGTON (AP) — U.S. companies added a solid 216,000 jobs in November, the most since June and evidence that the incoming Trump administration is inheriting a solid economy.
  
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• BMW launches Indonesian-made sedans in luxury push

  30-11-2016 15:17 via news.yahoo.com
  
  By Eveline Danubrata and Cindy Silviana JAKARTA (Reuters) - German automaker BMW on Wednesday launched its 7 series sedans in Indonesia that will be assembled in the country as it seeks to tap into the long-term demand for luxury vehicles in Southeast Asia's biggest economy. Other luxury car companies such as Daimler AG's Mercedes-Benz are also increasingly shifting part of their production to the country of 250 million people to reduce costs and distribute their vehicles more quickly to consume
  
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• U.S. private employers boost hiring; consumer spending rises

  30-11-2016 15:14 via news.yahoo.com
  
  U.S. private employers stepped up hiring in November and consumer spending increased last month, the latest signs of economic strength that could further cement the case for an interest rate hike from the Federal Reserve next month. In a separate report, the Commerce Department said consumer spending, which accounts for about 70 percent of U.S. economic activity, increased 0.3 percent after an upwardly revised 0.7 percent gain in September. Economists had forecast consumer spending would rise 0.
  
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• Rocket Internet narrows losses but growth stalls

  30-11-2016 15:05 via news.yahoo.com
  
  By Emma Thomasson BERLIN (Reuters) - German e-commerce investor Rocket Internet reined in losses at its main start-ups in the third quarter but revenue growth slowed at meal box delivery business HelloFresh and online furniture site Home24. Founded in Berlin in 2007, Rocket has built up dozens of businesses, ranging from fashion e-commerce to food delivery, in an attempt to replicate the success of Amazon and Alibaba in new markets. As it seeks to prepare the start-ups for stock market listings
  
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• S&P, Dow set to open higher as oil prices jump

  30-11-2016 15:03 via news.yahoo.com
  
  Oil prices rose 7 percent to a near five-week high of $49.65. Chevron's shares rose 1.98 percent premarket, while Exxon Mobil and Schlumberger were up more than 2.5 percent each. Wall Street is on track for its best month since March, riding on a record rally that was sparked by Donald Trump's victory in the U.S. presidential election.
  
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• Russia's new economy minister says measures to spur growth needed

  30-11-2016 15:00 via news.yahoo.com
  
  MOSCOW (Reuters) - Maxim Oreshkin, Russia's newly appointed economy minister, told President Vladimir Putin on Wednesday he saw his main task as coming up with measures to spur economic growth. "There are a lot of limitations (to growth)," Oreshkin told Putin, according to a transcript published on the Kremlin's web site. (Reporting by Katya Golubkova; Editing by Andrew Osborn)
  
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• Shell studies green energy deals to prepare for future after oil

  30-11-2016 14:56
  
  LONDON (Reuters) - Royal Dutch Shell, the world's second-biggest publicly listed oil company, is studying acquisitions in the green energy sector, its CEO told Reuters, as it bows to shareholder...
  
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• GoPro to cut 15 percent of workforce, close entertainment unit

  30-11-2016 14:50 via news.yahoo.com
  
  (Reuters) - Wearable action camera maker GoPro Inc said it would cut about 15 percent of its workforce and shut down its entertainment business, as the one-time Wall Street favourite looks to lower costs and return to profitability. GoPro has been struggling with slowing sales of its wearable action cameras and the recall of its recently launched Karma drones. The company said on Wednesday it will cut about 200 full-time positions, cancel open positions and shut down its entertainment division,
  
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• Putin picks new economy minister to replace Ulyukayev

  30-11-2016 14:36 via news.yahoo.com
  
  MOSCOW (AP) — Russian news agencies are reporting that President Vladimir Putin has appointed Deputy Finance Minister Maxim Oreshkin to take over the economic development ministry, replacing an official who is facing corruption charges.
  
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