Finance news

• BRIEF-Caesars Entertainment announces creditor support to accept CEOC'S plan of reorganization

  05-12-2016 23:24
  
  * Caesars Entertainment, Caesars Entertainment Operating Co.
  announce overwhelming creditor support in vote to accept CEOC'S
  plan of reorganization
  
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• TSX gains amid U.S. optimism, led by resource shares

  05-12-2016 23:12 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's benchmark stock index rose on Monday as recent strength in commodity prices supported the energy and materials groups, while a fresh record high for the Dow Jones industrials boosted investor confidence. Wall Street has rallied since the U.S. election as investors bet that President-elect Donald Trump will deliver significant economic stimulus and cuts in corporate taxes and regulations. U.S. optimism "is carrying over into our market," said Brian Pow
  
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• Brazil firm reveals World Cup stadium cartel: officials

  05-12-2016 22:54 via news.yahoo.com
  
  Brasília (AFP) - A construction firm has admitted that a "cartel" of firms fixed bidding for contracts to do work on stadiums for the 2014 football World Cup, Brazilian authorities said Monday. "There is evidence that at least five public calls for tender linked to work on World Cup stadiums were subject to a cartel," the Administrative Economic Defense Council (CADE), a state antitrust body, said in a statement. It said construction firm Andrade Gutierrez had spilled the beans on the car
  
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• Bank stocks help Dow to another record; tech stocks recover

  05-12-2016 22:41 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks resumed their climb Monday as investors bought stocks that stand to benefit from economic growth, like banks, as well as technology companies, which have been mostly left out of a post-election rally. The Dow Jones industrial set another record high.
  
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• Wall Street rises with banks, investors shrug off Italian referendum

  05-12-2016 22:39 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - U.S. stocks rose on Monday on strong economic data while currency and bond investors shrugged off Italian Prime Minister Matteo Renzi's resignation, following voters' rejection of his constitutional reforms. U.S. Treasury yields fell in choppy trading on Monday as investors viewed the dramatic bond market selloff following Donald Trump's surprise U.S. presidential win as overdone. "It was a neutral day in Europe because neither the far right nor the far left
  
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• Support for economic system 'under threat': BoE governor

  05-12-2016 22:31 via news.yahoo.com
  
  Bank of England governor Mark Carney on Monday warned the public was losing faith in the current economic system, urging economists to acknowledge those who have lost out from globalisation. "Many citizens in advanced economies are facing heightened uncertainty, lamenting a loss of control and losing trust in the system," Carney said in a speech at Liverpool's John Moores University. The June referendum which saw Britain vote to leave the European Union, coupled with Donald Trump winning the US
  
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• Wall Street rises, buoyed by economic data; Dow sets high

  05-12-2016 22:28 via news.yahoo.com
  
  Wall Street rose on Monday, with the Dow Jones industrials setting fresh record highs, as services sector data gave further evidence of strength in the domestic economy. U.S. services sector activity hit a one-year high in November, with a surge in production boosting hiring, following on the heels of Friday's employment report that showed strong job gains last month. "A lot of people were negative going into the election, or cautious, so now they’re scrambling year-end to own stocks," sai
  
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• Wall Street up as data points to strong economy

  05-12-2016 22:06 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street rose on Monday, with the Dow industrials setting fresh record highs, as services sector data gave further evidence of strength in the domestic economy.
  
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• Trump should not spend like economy in crisis -Fed officials

  05-12-2016 22:06 via news.yahoo.com
  
  Federal Reserve officials cautioned on Monday that the incoming Trump administration's economic plans should not be cast as if the economy is in crisis, but instead be designed to help the economy's long-run prospects. The comments reflected a developing debate within the Fed over the impact of president-elect Donald Trump's leadership of a Republican-controlled government. Fed officials worry there is risk that overly aggressive fiscal, tax and other changes could become inflationary given the
  
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• Trump policy impact likely not felt for a year: Fed's Bullard

  05-12-2016 22:05 via news.yahoo.com
  
  PHOENIX (Reuters) - Any effect of President-elect Donald Trump's policies on the broader economy likely won't be felt for more than a year, St. Louis Fed President James Bullard said on Monday, likely giving the U.S. central bank time to assess before changing its policy outlook.
  
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• Brazil firm reveals World Cup stadium cartel: authorities

  05-12-2016 22:02 via news.yahoo.com
  
  Brasília (AFP) - Brazilian authorities said Monday a construction firm had admitted that a "cartel" of firms fixed bidding for contracts to do work on stadiums for the 2014 football World Cup. "There is evidence that at least five public calls for tender linked to work on World Cup stadiums were subject to a cartel," the Administrative Economic Defense Council (CADE), a state antitrust body, said in a statement. It said construction firm Andrade Gutierrez had spilled the beans on the cart
  
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• Barclays' exit from energy trading stirs concerns over liquidity

  05-12-2016 21:11 via news.yahoo.com
  
  British bank Barclays Plc has joined the list of top banks to exit energy trading, an exodus that analysts say raises concern among oil producers that falling liquidity means they cannot use derivatives for their basic function: to hedge risk by locking in future prices. Wall Street firms have scaled back in commodity markets since the 2008 financial crisis from owning physical assets or taking positions in the market in the face of regulatory scrutiny. The departure of Barclays exacerbates the
  
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• Wall Street gains, helped by oil, economic data

  05-12-2016 21:10 via news.yahoo.com
  
  Wall Street rose on Monday, with the Dow Jones industrials setting a fresh intraday record high, as further gains in oil prices fuelled the energy sector and data showed strength in the domestic economy. "A lot of people were negative going into the election, or cautious, so now they’re scrambling year-end to own stocks," said Alan Lancz, president of investment advisory firm Alan B. Lancz & Associates Inc in Toledo, Ohio. The energy sector gained 1 percent as crude rose above $55 a ba
  
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• GE Power sees little sales impact if U.S. quits climate deals

  05-12-2016 20:39 via news.yahoo.com
  
  By Alwyn Scott NEW YORK (Reuters) - General Electric's sales of power plant upgrades would not suffer much if the United States bailed out of climate change treaties under a Trump administration as utilities still want the economic benefits that come with modernizations, GE's power services chief said on Monday. President-elect Donald Trump has called global warming a hoax and threatened to quit climate accords, though he recently said he is keeping an "open mind." But even if Trump took the Uni
  
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• Alberta petrochemical projects get C$500 mln royalty credits

  05-12-2016 20:30 via news.yahoo.com
  
  The Canadian oil-producing province of Alberta will offer C$500 million ($377.84 million) in royalty credits to Pembina Pipeline Corp and Inter Pipeline Ltd for their petrochemical projects, the government said on Monday, as it seeks to diversify its ailing economy. The provincial government said the companies were the approved applicants of its Petrochemicals Diversification Program, which supports construction of facilities that use propane or methane, components of natural gas, as feedstock t
  
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• Trump policies may work if they improve productivity: Fed's Bullard

  05-12-2016 20:26 via news.yahoo.com
  
  The policies outlined by President-elect Donald Trump could boost the U.S. economy if they improve productivity, St. Louis Federal Reserve President James Bullard said on Monday. Bullard views the U.S. economy as stuck in a low-growth rut, and feels that the central bank only needs to raise interest rates one more time before reaching what he regards as the appropriate level for that low-growth environment. The Fed's policy-setting committee is expected to raise rates when it meets next week.
  
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• EU nations near compromise on how to counter Russian gas supply risks

  05-12-2016 20:01 via news.yahoo.com
  
  EU nations are edging toward a compromise on a proposal to guard against gas supply disruptions, agreeing to share details on contracts and cooperate across borders, the Slovak presidency said on Monday. Cuts in gas supplies from Russia in 2006 and 2009 exposed the bloc's vulnerability - particularly in eastern Europe - in relying on Russian gas export monopoly Gazprom for around one third of its needs. "We were clear today that such a situation (disrupted gas supplies) should not be repeated ag
  
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• Alberta petrochemical projects get C$500 million royalty credits

  05-12-2016 19:42 via news.yahoo.com
  
  The Canadian oil-producing province of Alberta will offer C$500 million ($377.84 million) in royalty credits to Pembina Pipeline Corp and Inter Pipeline Ltd for their petrochemical projects, the government said on Monday as it seeks to diversify its ailing economy. Pembina's project is a joint venture with Kuwait's Petrochemical Industries Company and has been approved to receive up to C$300 million in royalty credits to build a propylene-polypropylene facility, the government said in a statemen
  
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• U.S. attorneys argue Aetna-Humana deal violates antitrust law: trial

  05-12-2016 19:23
  
  WASHINGTON (Reuters) - Attorneys for the U.S. Justice Department argued before a federal court judge on Monday that health insurer Aetna Inc's planned acquisition of Humana Inc violated antitrust law...
  
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• Russia's Rosneft offers $9.4 billion in local bonds and eyes Egyptian investment

  05-12-2016 19:14
  
  MOSCOW (Reuters) - Russian oil firm Rosneftopened the books for a 600 billion rouble ($9.4 billion) bond sale on Monday to raise money for foreign projects, and said it was interested in an...
  
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• Techs buoy S&P, Nasdaq; Goldman pushes Dow to record high

  05-12-2016 19:07 via news.yahoo.com
  
  Financial and technology stocks powered the Dow to an all-time high on Monday, and set the S&P and the Nasdaq for their best day in two weeks. The Dow has been enjoying a record-setting rally, largely driven by bank and industrial stocks, which are expected to benefit the most from higher spending on infrastructure and simpler regulations under a Donald Trump administration. The index has risen 5 percent since the Nov. 8 vote, while the S&P financial index has surged 14.3 percent.
  
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• U.S. services sector activity scales one-year high

  05-12-2016 18:42 via news.yahoo.com
  
  U.S. services sector activity hit a one-year high in November, with a surge in production boosting hiring, further evidence of strength in the economy that clears the way for the Federal Reserve to raise interest rates next week. Monday's bullish report from the Institute for Supply Management (ISM) followed data last week showing strong job gains in November which helped drive the unemployment rate to a nine-year low of 4.6 percent. "The U.S. economy looks solid heading into year-end and, backe
  
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• Renzi to resign after referendum rout, leaving Italy in limbo

  05-12-2016 18:05 via news.yahoo.com
  
  By Crispian Balmer and Steve Scherer ROME (Reuters) - Italian Prime Minister Matteo Renzi is set to resign on Monday after suffering a resounding defeat in a referendum over constitutional reform, leaving the euro zone's third-largest economy in political limbo. It is a dramatic loss for Italy's youngest premier, who had been feted around the world as a pro-European reformer and lauded by U.S. President Barack Obama for his "bold, progressive" leadership. The euro initially fell along with Europ
  
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• Goldman sends Dow to record high, techs lift S&P, Nasdaq

  05-12-2016 18:00 via news.yahoo.com
  
  Wall Street rose on Monday, with financials and technology stocks powering Dow to a new intraday high and boosting the S&P and the Nasdaq. The Dow has been enjoying a record-setting rally, largely driven by bank and industrial stocks, which are expected to benefit the most from higher spending on infrastructure and simpler regulations under a Donald Trump administration. The index has risen 5 percent since the Nov. 8 vote, while the S&P financial index has surged 14.3 percent.
  
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• Eurozone ministers torpedo EU plans for more spending

  05-12-2016 17:49 via news.yahoo.com
  
  Eurozone finance ministers, led by Germany and the Netherlands, on Monday scrapped a European Commission proposal for richer countries to spend more in order to boost a lacklustre European economy. The Commission, the EU's executive arm, last month tabled unprecedented plans that would have compelled states with strong enough public finances to loosen the purse strings after years of austerity. Eurogroup head and Dutch Finance Minister Jeroen Dijsselbloem said national governments had refused to
  
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• Consolidated Communications to buy FairPoint in $1.5 billion deal

  05-12-2016 17:48
  
  (Reuters) - Consolidated Communications Holdings Inc said on Monday it would buy broadband service provider FairPoint Communications Inc in an all-stock deal valued at $1.5 billion, including debt.
  
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• Trian's Peltz started building new stake in undisclosed company: CNBC

  05-12-2016 17:43
  
  NEW YORK (Reuters) - Nelson Peltz, the billionaire head of activist hedge fund Trian Fund Management, told CNBC on Monday that his firm began building a new position in a company about two weeks ago,...
  
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• Fed's Evans sees period of rising U.S. interest rates ahead

  05-12-2016 17:38 via news.yahoo.com
  
  Citing rising 10-year U.S. Treasury yields and his forecast for about 2.25 percent economic growth next year, Chicago Federal Reserve President Charles Evans said on Monday he expects interest rate hikes to continue to rise as the economy improves. "We are on the cusp of a period of rising interest rates," Evans told reporters after a speech in Chicago. The yield on the benchmark 10-year Treasury note, which has risen to about 2.4 percent from below 2 percent before President-elect Donald Trump'
  
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• US services firms grow at fastest pace since October 2015

  05-12-2016 17:32 via news.yahoo.com
  U.S. services companies expanded last month at their fastest pace in more than a year, an encouraging sign for the economy. The Institute for Supply Management, a trade organization of purchasing managers, ...
  
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• Liberty Mutual to buy insurer Ironshore from Fosun for $3 billion

  05-12-2016 17:26
  
  (Reuters) - Liberty Mutual Holding Co Inc will buy Ironshore Inc, a U.S. insurer whose previous acquisition by China's Fosun International Ltd had attracted scrutiny by a U.S. national security...
  
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• Wall Street rises with oil; investors shrug off Italian referendum

  05-12-2016 17:12 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - Financial shares and strong oil prices bolstered U.S. stocks on Monday while currency and bond investors shrugged off Italian Prime Minister Matteo Renzi's resignation, following voters' rejection of his constitutional reforms. The Italian referendum stoked worries about Italy's political stability and its banking system, but U.S. Treasury yields reversed their fall as the initial demand for low-risk U.S. government debt faded with a euro and stock price revi
  
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• Venezuela to print 20,000-unit banknote

  05-12-2016 17:12 via news.yahoo.com
  
  Inflation-stricken Venezuela will launch a new 20,000-bolivar banknote to help shoppers struggling with huge wads of currency in the country's economic crisis, the central bank said. Falling world prices for Venezuela's crucial oil exports have caused a shortage of dollars in the country.
  
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• Islamic State urges supporters not to flee Iraqi flashpoint town of Tal Afar

  05-12-2016 17:12 via news.yahoo.com
  
  Islamic State's new spokesman threatened on Monday attacks against Turkish embassies around the world and urged supporters in the flashpoint Iraqi town of Tal Afar near Mosul not to flee as the group fights offensives on different fronts. "Destroy their vehicles, raid them ... in their shelters so they can taste some of your misery and do not talk yourselves into fleeing," Abi al-Hassan al-Muhajer said in an audio recording posted online. Muhajer also said Islamic State supporters would target "
  
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• Aixtron could revive takeover despite U.S. block: analysts

  05-12-2016 17:12
  
  BEIJING/FRANKFURT (Reuters) - The sale of Aixtronto Chinese investors could go ahead under new terms if the German semiconductor equipment maker sells its Silicon Valley division separately to get...
  
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• U.S. government stimulus would likely spur more Fed hikes: Dudley

  05-12-2016 17:01 via news.yahoo.com
  
  NEW YORK (Reuters) - The Federal Reserve would likely raise interest rates quicker than currently planned were the Trump administration to stimulate the economy and boost activity next year, New York Fed President William Dudley said on CNBC on Monday.
  
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• GLOBAL MARKETS-Wall Street rises with oil; investors shrug off Italian referendum

  05-12-2016 16:58 via news.yahoo.com
  
  Financial shares and strong oil prices bolstered U.S. stocks on Monday while currency and bond investors shrugged off Italian Prime Minister Matteo Renzi's resignation, following voters' rejection of his ...
  
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• Fed's Evans says 'smart' tax reform could boost economy

  05-12-2016 16:50 via news.yahoo.com
  
  Chicago Federal Reserve Bank President Charles Evans said on Monday that while the U.S. labor market is "kind of tight," wage growth is weak and inflation is still too low, suggesting he wants the central bank to go slow on raising interest rates. The Fed is widely expected to raise rates when it meets next week, and attention is now focused on how fast it will increase them next year as president-elect Donald Trump begins to put his new policies in place. During his campaign he said his policie
  
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• South Korean tycoons to take center stage in political scandal

  05-12-2016 16:22 via news.yahoo.com
  
  By Se Young Lee and Hyunjoo Jin SEOUL (Reuters) - The heads of nine of South Korea's top conglomerates controlling revenue equivalent to half the country's economy face an unprecedented televised grilling by lawmakers on Tuesday, as the glare from a widening political scandal falls on Korea Inc. A parliamentary panel is investigating whether the so-called chaebol, which include the heavyweight Samsung and Hyundai Motor Groups, were pressured by President Park Geun-hye or her friend and aide to g
  
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• UniCredit in exclusive talks to sell Pioneer to Amundi

  05-12-2016 16:05
  
  MILAN (Reuters) - UniCreditentered exclusive talks with France's Amundito sell its asset management arm Pioneer Investments, Italy's biggest bank said, setting the scene for a deal that could be...
  
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• Bondholders wait anxiously as BMPS fate hangs in the balance

  05-12-2016 15:53
  
  LONDON, Dec 5 (IFR) - The fate of Banca Monte dei Paschi di
  Siena bondholders sits on a knife edge as bankers hammer out the
  feasibility of a private recapitalisation for the troubled
  lender, after...
  
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• Renzi to resign as referendum rout tips Italy into turmoil

  05-12-2016 15:50 via news.yahoo.com
  
  By Crispian Balmer and Steve Scherer ROME (Reuters) - Italian Prime Minister Matteo Renzi is set to resign on Monday after suffering a crushing defeat in a referendum over constitutional reform, tipping the euro zone's third-largest economy into political turmoil. Renzi's emotional, midnight resignation announcement sent the euro lower and jolted stock and bond markets on concerns that early elections could follow, possibly paving the way for an anti-euro party, the 5-Star Movement, to come to p
  
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• Fed's Dudley defends push for some rules, resistance to others

  05-12-2016 15:35 via news.yahoo.com
  
  A top Federal Reserve official, asked about the apparent disconnect of his recommendation for automatic fiscal policies alongside his resistance against similar restraints on monetary policies, said such an approach is necessary in times of economic upheaval. New York Fed President William Dudley said the automatic government spending policies he endorses would only come into play when the U.S. economy "really needs it, when you are in an economic downturn," and it would boost investor and publi
  
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• Trump win creates 'considerable' uncertainty, Fed's Dudley says

  05-12-2016 15:27 via news.yahoo.com
  
  The U.S. election of Donald Trump has created "considerable" uncertainty over the policies he will pursue so it is too soon for the Federal Reserve to judge whether its plan for gradual interest rate hikes needs adjusting, one of the most influential Fed policymakers said on Monday. In a speech that stepped well into fiscal policy, including a nod to rising debt levels and a prescription for more predictable actions from Washington, New York Fed President William Dudley painted a fairly benign p
  
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• Costs, targets and IPO in focus at Credit Suisse investor update

  05-12-2016 15:21
  
  ZURICH (Reuters) - Just over a year since laying out his turnaround plan for Credit Suisse , Chief Executive Tidjane Thiam is expected to take another ax to costs and pare back ambitious profit...
  
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• How Donald Trump Can Grow the Economy and Keep His Promise

  05-12-2016 15:09 via news.yahoo.com
  
  Many academic economists must be perplexed by the last three weeks’ financial news, having confidently opined that a Trump presidency would spell economic disaster. Let’s hope that they are feeling a little embarrassed by the stock market’s surge, by sharply rising inflation expectations, and by accelerating growth forecasts. Interestingly, many voters saw what economic “experts” did not: an utter contempt for economic growth by the Obama Administration and the Clin
  
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• U.S. fiscal picture unclear; rate-hike plan stays for now: Fed's Dudley

  05-12-2016 14:37 via news.yahoo.com
  
  The U.S. election of Donald Trump has created "considerable" uncertainty over the policies he will pursue so it is too soon for the Federal Reserve to judge whether its plan for gradual interest rate hikes needs adjusting, one of the most influential Fed policymakers said on Monday. In a speech that stepped well into fiscal policy, including a prescription for more predictable actions from Washington, New York Fed President William Dudley painted a fairly benign picture of the current U.S. econo
  
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• Euro jumps as investors bet on Italian political limbo, not turmoil

  05-12-2016 13:59 via news.yahoo.com
  
  By Jamie McGeever LONDON (Reuters) - European stocks and the euro rose on Monday, battling back as investors bet that Prime Minister Matteo Renzi's resignation after voters rejected his constitutional reforms would not trigger a snap election in Italy. Italian stocks broadly languished below the water line but the losses seen as the scale of Renzi's defeat in Sunday's referendum emerged were more than halved. U.S. futures took their cue from the generally positive tone across the rest of Europe
  
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• GLOBAL MARKETS-Euro jumps as investors bet on Italian political limbo, not turmoil

  05-12-2016 13:58 via news.yahoo.com
  
  LONDON, Dec (Shanghai: 600875.SS - news) 5 (Reuters) - European stocks and the euro rose on Monday, battling back as investors bet that Prime Minister Matteo Renzi's resignation after voters rejected his constitutional reforms would not trigger a snap election in Italy. Italian stocks broadly languished below the water line but the losses seen as the scale of Renzi's defeat in Sunday's referendum emerged were more than halved. U.S. futures took their cue from the generally positive tone across t
  
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• Italy faces political, economic uncertainty after referendum

  05-12-2016 13:55 via news.yahoo.com
  
  MILAN (AP) — Italian voters dealt Premier Matteo Renzi a resounding rebuke by rejecting his proposed constitutional reforms, plunging Europe's fourth-largest economy into political and economic uncertainty Monday.
  
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• Europe suffers Italian blow but bigger tests loom

  05-12-2016 13:49 via news.yahoo.com
  
  By Noah Barkin BERLIN (Reuters) - The resounding "no" from Italian voters to Prime Minister Matteo Renzi's referendum on constitutional reform was not a rejection of the European Union and its single currency, as jubilant populists from across the bloc claimed on Monday. In one fell swoop, it adds another country to the list of EU members that are likely to be pre-occupied by domestic politics in 2017, a year in which the Dutch, French, Germans, and possibly the British, will go to the polls. Mo
  
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