Finance news

• Trump claims $50 billion SoftBank investment due to his election win

  06-12-2016 23:52 via news.yahoo.com
  
  The head of Japan's SoftBank Group Corp , which in October set up a $100 billion fund for technology investments, said on Tuesday he would invest $50 billion (£39.4 billion) in U.S. businesses, a move President-elect Donald Trump claimed was a direct result of his election win. The investment, which could create 50,000 new U.S. jobs, revived speculation on Wall Street that U.S. telecommunications giant Sprint Corp , 82-percent-owned by SoftBank, might rekindle merger talks with T-Mobile US
  
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• California gas power plant La Paloma files for bankruptcy

  06-12-2016 22:33
  
  CHICAGO, Dec 6 (Reuters) - A natural gas-fired power plant
  in California that earlier this year warned it might need to
  shut down filed for bankruptcy protection on Tuesday, blaming
  "inhospitable"...
  
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• Banks, telecoms lead Wall Street up; another Dow record

  06-12-2016 22:24 via news.yahoo.com
  
  The bank's chief executive told an investor conference it will see a near-term profit hit because of the sharp rise in interest rates, but will benefit in the longer term from rising rates. Bank of America , Citigroup and Goldman Sachs also ended higher. Financials have climbed more than 15 percent since the Nov. 8 election and are seen as one of the sectors particularly benefiting as President-elect Donald Trump seeks to pass economic stimulus and reduce corporate taxes and regulations.
  
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• BRIEF-OHA Investment says on Dec 1, Bennu Oil & Gas filed for bankruptcy under chapter 7

  06-12-2016 22:15
  
  * Oha investment - on dec 1, bennu oil & gas filed for
  bankruptcy under chapter 7 of u.s. Bankruptcy code, indicating
  intention to liquidate
  
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• BRIEF-UCI's plan of reorganization confirmed by bankruptcy court

  06-12-2016 22:11
  
  * UCI International - UCI's restructuring will reduce
  company's funded debt by approximately $380 million
  
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• U.S. high schoolers fall behind world peers in math, study says

  06-12-2016 22:06 via news.yahoo.com
  
  U.S. high school students are falling further behind their global peers in mathematics and are treading water in reading and science, an ongoing survey on international education said on Tuesday. The triennial report by the Paris-based Organization for Economic Cooperation and Development showed that 15-year-old U.S. students ranked 40th in the world in math last year out of 72 countries or cities. The U.S. average math score of 470 was down 17 points from 2009, and 20 points below the average o
  
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• Trump calls for cancellation of Air Force One replacement order with Boeing

  06-12-2016 22:01 via news.yahoo.com
  
  A tweet from president-elect Donald Trump calling on the U.S. government to scrap an order with Boeing Co. for the development of a replacement for the Air Force One jet temporarily knocked about $1 billion US off the stock market value of the aircraft maker. "Boeing is building a brand new 747 Air Force One for future presidents, but costs are out of control, more than $4 billion. Cancel order!" Trump tweeted Tuesday morning.
  
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• Japan's SoftBank to invest $50 billion in United States

  06-12-2016 21:56 via news.yahoo.com
  
  Japanese telecoms and internet firm SoftBank Group Corp plans to invest $50 billion (39.48 billion pounds) in the United States in businesses and create 50,000 new jobs, U.S. President-elect Donald Trump said on Tuesday. The money would come from a $100 billion investment fund that SoftBank Chief Executive Masayoshi Son is setting up with Saudi Arabia’s sovereign-wealth fund and other potential partners, according to the Wall Street Journal. Trump made the announcement in the lobby of Trum
  
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• UPDATE 1-Abengoa's U.S. unit, holdout creditor spar over bankruptcy plan

  06-12-2016 21:49
  
  WILMINGTON, Del./CHICAGO, Dec 6 (Reuters) - A U.S.
  subsidiary of Spanish renewable energy firm Abengoa SA pressed a
  judge on Tuesday to approve its plan to exit bankruptcy over
  objections from a...
  
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• Wall Street rises, euro down ahead of ECB meeting

  06-12-2016 21:38 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - Oil futures snapped a four-day rally on Tuesday on signs of higher output while the euro slipped from a three-week high ahead of a meeting of the European Central Bank on Thursday. Wall Street was boosted by financial and telecom stocks while U.S. Treasury yields held in narrow ranges ahead of the ECB meeting. Italian banks rebounded. The euro fell 0.5 percent to $1.071 as currency investors focused on the possibility the ECB may take a hawkish turn, even as
  
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• GLOBAL MARKETS-Wall Street rises, euro down ahead of ECB meeting

  06-12-2016 21:26 via news.yahoo.com
  
  NEW YORK, Dec (Shanghai: 600875.SS - news) 6 (Reuters) - Oil futures snapped a four-day rally on Tuesday on signs of higher output while the euro slipped from a three-week high ahead of a meeting of the European Central Bank on Thursday. Wall Street was boosted by financial and telecom stocks while U.S. Treasury yields held in narrow ranges ahead of the ECB meeting. Italian banks rebounded.
  
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• Wall Street edges higher, supported by banks, telecoms

  06-12-2016 21:06 via news.yahoo.com
  
  Wall Street edged higher on Tuesday as telecom stalwarts AT&T and Verizon gained and bank shares added to their torrid post-election rally. The bank's chief executive told an investor conference it will see a near-term profit hit because of the sharp rise in interest rates, but will benefit in the longer term from rising interest rates. Bank of America , Citigroup and Goldman Sachs also were higher.
  
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• Wall St. edges higher, supported by banks, telecoms

  06-12-2016 21:01 via news.yahoo.com
  
  The bank's chief executive told an investor conference it will see a near-term profit hit because of the sharp rise in interest rates, but will benefit in the longer term from rising interest rates. Bank of America , Citigroup and Goldman Sachs also were higher. Financial shares have climbed 15 percent since the November 8 election, with the sector particularly seen benefiting as President-elect Donald Trump is expected to seek economic stimulus and reduce corporate taxes and regulations.
  
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• Brazil's president, beset on all sides, struggling to be savior

  06-12-2016 20:17 via news.yahoo.com
  
  By Paulo Prada RIO DE JANEIRO (Reuters) - When Michel Temer took over Brazil's presidency in May, many hoped he could overcome the political gridlock, corruption scandals and economic obstacles that have hobbled Latin America's biggest country. Like a sequel to her administration, Temer's is already beset by scandal, an unwieldy legislature and an economy that risks entering a third year of recession. Instead of hope and change, after 13 years of increasingly feckless government by the leftist W
  
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• BMO comfortable with capital after earnings beat view

  06-12-2016 20:05 via news.yahoo.com
  
  By Matt Scuffham TORONTO (Reuters) - Bank of Montreal's Chief Financial Officer said he was comfortable with the bank's capital strength, despite it being weaker than rivals', after the lender reported better-than-expected earnings. Analysts on average had expected earnings of C$1.85, according to Thomson Reuters I/B/E/S. Shares in Bank of Montreal were up 2.5 percent in afternoon trading. Last month, the bank said it had overstated its capital strength in the first three quarters of 2016 and re
  
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• Mugabe praises resilient Zimbabweans, skirts bond notes

  06-12-2016 19:44 via news.yahoo.com
  
  By MacDonald Dzirutwe HARARE (Reuters) - President Robert Mugabe praised Zimbabweans on Tuesday for resilience in the face of economic hardship, in a speech that avoided the recent introduction of "bond notes", a new currency that has raised fears of uncontrolled money-printing. "Let me conclude by paying tribute to our peace-loving people who have endured all manner of economic hardships since we embarked on the historic land-reform programme," Mugabe said to grumbles from opposition benches an
  
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• Caesars unit's bank lenders threaten to end bankruptcy deal

  06-12-2016 19:39
  
  CHICAGO, Dec 6 (Reuters) - The bank lenders of Caesars
  Entertainment Corp's operating unit said they might walk
  away from a plan to bring the casino unit out of its $18 billion
  bankruptcy,...
  
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• Nigeria's Buhari to submit 2017 budget to lawmakers on Dec.14

  06-12-2016 19:32 via news.yahoo.com
  
  By Felix Onuah and Camillus Eboh ABUJA (Reuters) - Nigeria's President Muhammadu Buhari plans to submit next year's spending plan to lawmakers on Dec. 14, according to a letter read to parliament on Tuesday, with government sources saying the 2017 budget would be 7.2 trillion naira ($23.65 billion). The record spending plan will seek to boost spending to help pull Africa's largest economy out of its first recession in 25 years, caused largely by low global oil prices. Nigeria planned a 6.06 tril
  
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• South Africa's rand rallies, stocks slide to 10-month low

  06-12-2016 19:29 via news.yahoo.com
  
  South Africa's rand rallied to its firmest in nearly a month on Tuesday, brushing off a poor economic growth print as a weaker dollar and bets on improvement in commodity prices boosted appetite for emerging currencies. Stocks ended lower in a broad-based sell-off that sent the benchmark index to its lowest level in nearly 10 months as weaker metal prices pressured heavily weighted mining shares. By 1530 GMT the rand had strengthened 0.84 percent to 13.6150 per dollar, its firmest level since No
  
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• Brazil Senate defies Supreme Court move to dismiss its head

  06-12-2016 19:26 via news.yahoo.com
  
  By Alonso Soto BRASILIA (Reuters) - The president of Brazil's Senate refused on Tuesday to accept a Supreme Court injunction removing him from office, pushing the country toward a constitutional crisis as it struggles to end political gridlock and an economic recession. A judge on the top court on Monday ordered the removal of Calheiros because he was indicted last week for embezzlement, deepening conflict between the judiciary and the legislature over the prosecution of corrupt politicians.
  
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• Wall Street flat as banks gain, utilities drag

  06-12-2016 19:17 via news.yahoo.com
  
  The S&P 500 financial index rose 0.43 percent, led by a 1.2 percent rise in Wells Fargo . The telecom services index was on track for its best day in two weeks, helped by gains in AT&T and Verizon . AT&T gave the biggest boost to the S&P 500, rising 1.3 percent after CEO Randall Stephenson told investors that the new streaming television service DirectTV Now has so far exceeded expectations.
  
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• Paris at year's high as European stocks extend gains

  06-12-2016 19:02 via news.yahoo.com
  
  European markets pushed higher on Tuesday as Paris stocks reached the year's highest level and Italian banks surged, while oil prices weighed on Wall Street. Traders have registered little reaction to Italian Prime Minister Matteo Renzi's defeat in Sunday's referendum and subsequent resignation in the wake of recent shock votes in Britain and the United States. 2016 has already witnessed a wave of anti-establishment populism, which saw Britain vote for its EU exit and the United States elect Don
  
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• US stocks are mixed on Wall Street as oil price slumps

  06-12-2016 18:19 via news.yahoo.com
  
  Stocks are wavering between small gains and losses in midday trading on Wall Street Tuesday. Energy companies slumped as the price of crude oil turned lower after a four-day rally. The Dow Jones industrial ...
  
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• Wall Street flat as telecom gains fail to counter oil drop

  06-12-2016 18:16 via news.yahoo.com
  
  (Reuters) - U.S. stocks were little changed on Tuesday, as gains in telecom services were offset by losses in energy stocks following a drop in oil prices.
  
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• This financier left Wall Street to start a marijuana chocolate company

  06-12-2016 18:00 via news.yahoo.com
  
  Courtesy of 1906 Peter Barsoom. Peter Barsoom made … Continued The post This financier left Wall Street to start a marijuana chocolate company appeared first on Business Insider.
  
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• Brazil's president, beset on all sides, struggling as savior

  06-12-2016 17:57 via news.yahoo.com
  
  By Paulo Prada RIO DE JANEIRO (Reuters) - When Michel Temer took over Brazil's presidency in May, many hoped he could overcome the political gridlock, corruption scandals and economic obstacles that have hobbled Latin America's biggest country. Like a sequel to her administration, Temer's is already beset by scandal, an unwieldy legislature and an economy that risks entering a third year of recession. Instead of hope and change, after 13 years of increasingly feckless government by the leftist W
  
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• Oil drags on Wall Street, euro down ahead of ECB meeting

  06-12-2016 17:34 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - Oil futures snapped a four-day rally on Tuesday on signs of higher output while the euro slipped from a three-week high ahead of a meeting of the European Central Bank on Thursday. Wall Street showed slim gains as energy stocks weighed while European stocks were on track for a second day of gains helped by strong German data, and U.S. Treasury yields held in narrow ranges ahead of the ECB meeting. The euro fell to $1.072 as currency investors focused on the p
  
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• Greece rejects lenders' calls to extend austerity past 2018

  06-12-2016 16:43 via news.yahoo.com
  
  The Athens government was "determined to pursue negotiations" still ongoing with Eurozone countries and the IMF but "refuses to accept measures concerning post-2018", spokesman Dimitris Tzanakopoulos said. The comments come a day after Eurozone lenders approved "short-term" debt relief measures for Greece, in reward for Athens' completion of a recent round of budgetary and economic reforms. The IMF played a key role in the first two rescues but balked at a third in 2015, worth 86 billion euros,
  
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• Supreme Court upholds broad power to curb insider trading

  06-12-2016 16:23 via news.yahoo.com
  
  WASHINGTON (AP) — A unanimous Supreme Court is siding with the government in a legal clash over the nation's insider trading laws. It's a victory for prosecutors seeking to curb corruption on Wall Street.
  
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• Wall Street lower as oil snaps four-day rally

  06-12-2016 16:07 via news.yahoo.com
  
  Brent crude prices fell 2.5 percent, the first decline in five days, after data showed an increase in output from major producers, just days after OPEC and Russia agreed to a production cut. Oil prices had risen more than 18 percent since last Wednesday when the producers agreed to limit output. U.S. stocks have climbed since the Nov. 8 election, driven by expectations of significant economic stimulus and cuts in corporate taxes and regulations under President-elect Donald Trump.
  
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• UPDATE 3-BMO quarterly results beat market view, shares higher

  06-12-2016 15:50
  
  * Shares up 2.4 percent(Adds shares, further analyst comment)
  
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• Energy weighs on S&P, Dow; techs boost Nasdaq

  06-12-2016 15:39 via news.yahoo.com
  
  REUTERS - The S&P 500 and the Dow were little changed on Tuesday, weighed down by energy stocks, while gains in technology companies boosted the Nasdaq. The Dow Jones Industrial Average rose 2.83 points, or 0.01 percent, to 19,219.07. The S&P 500 gained 1.6 points, or 0.07 percent, to 2,206.31. The Nasdaq Composite added 7.51 points, or 0.14 percent, to 5,316.40. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)
  
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• Italian minister, after talking to Renzi, sees new election in February

  06-12-2016 15:28 via news.yahoo.com
  
  By Gavin Jones ROME (Reuters) - Italy could have an election as early as February, a minister in Matteo Renzi's outgoing government said on Tuesday after speaking with the prime minister. The comments will heighten support for a quick vote as the only way to avoid protracted political limbo in the euro zone's third largest economy following Sunday's "No" vote on Renzi's constitutional reforms. Renzi announced he would step down after his resounding referendum defeat.
  
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• Canadian trade deficit shrinks as one-off factors hit imports

  06-12-2016 15:28 via news.yahoo.com
  
  By David Ljunggren OTTAWA (Reuters) - Canada's trade deficit in October shrank to C$1.13 billion ($0.85 billion) from a record C$4.38 billion in September as one-off factors helped slash the value of imports, Statistics Canada data indicated on Tuesday. The long-suffering export sector - which the Bank of Canada says is a cause for concern - turned in a sluggish performance despite a low Canadian dollar and a strengthening U.S. economy. Imports fell by 6.3 percent to C$44.71 billion, the lowest
  
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• Rio 2016, the most perfect imperfect Games: IOC

  06-12-2016 14:51 via news.yahoo.com
  
  By Karolos Grohmann LAUSANNE, Switzerland (Reuters) - The Rio de Janeiro Olympics may not have been perfect but organizers exceeded expectations given the political and economic situation in the South American country, the International Olympic Committee (IOC) said on Tuesday. Rio, the first Olympic host city on the continent, had to grapple with a protracted political crisis, the worst recession in more than 80 years and a string of organizational problems due to a lack of cash. The run-up to t
  
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• Italy's youngest ever premier felled by discontented youth

  06-12-2016 14:50 via news.yahoo.com
  
  By Isla Binnie ROME (Reuters) - Twenty-year-old Francesco Incorvaia, a sociology student from Rome, was just the kind of voter Matteo Renzi had spent years trying to win over. Italy's youngest ever prime minister had changed labor laws in a bid to reduce one of Europe's highest youth unemployment rates, handed cash to low earners and proposed constitutional amendments to streamline lawmaking and boost an ailing economy. "At least this way there is an idea that the people can still have some say,
  
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• Olympics-Rio 2016, the most perfect imperfect Games - IOC

  06-12-2016 14:44 via news.yahoo.com
  
  By Karolos Grohmann LAUSANNE, Switzerland, Dec 6 (Reuters) - The Rio de Janeiro Olympics may not have been perfect but organisers exceeded expectations given the political and economic situation in the South American country, the International Olympic Committee (IOC) said on Tuesday. Rio, the first Olympic host city on the continent, had to grapple with a protracted political crisis, the worst recession in more than 80 years and a string of organisational problems due to a lack of cash. The run-
  
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• Poll: Britain's EU divorce most likely to end with bilateral trade deal

  06-12-2016 14:32 via news.yahoo.com
  
  Britain will most likely leave the European Union having signed a bilateral trade agreement, according to a Reuters poll of economists on Tuesday that also suggested there remains little chance of the country slipping into recession. Since the June 23 decision to leave the EU, Britain's economy has performed much better than had been previously feared. The Bank of England is not expected to loosen monetary policy further in the foreseeable future.
  
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• UPDATE 2-Italy readying state bailout for Monte dei Paschi bank-sources

  06-12-2016 14:01
  
  * Private-sector solution for bank increasingly
  difficult-sources
  
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• Dubai's IMG plans another record indoor theme park

  06-12-2016 14:00 via news.yahoo.com
  
  * IMG Worlds of Legends to be world's largest indoor theme park * To feature characters from gaming, children's TV * Parent company considering stock market listing - sources By Tom Arnold and Hadeel Al Sayegh DUBAI, Dec 6 (Reuters) - Dubai's IMG Worlds plans to build the world's largest indoor theme park, based on children's TV and gaming characters, only months after another of its new resorts claimed the record for size. Located in Dubai, IMG Worlds of Legends will feature eight property part
  
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• BRIEF-Monte dei Paschi shares suspended after 5 pct fall

  06-12-2016 13:58
  
  * Shares in the troubled lender were temporarily suspended
  from trading after falling 5 percent
  
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• Nigeria to issue 95 bln naira bonds on Dec. 14 - DMO

  06-12-2016 13:52 via news.yahoo.com
  
  Nigeria plans to sell 95 billion naira ($302 million) worth of bonds on Dec. 14, its last debt auction for the year, the Debt Management Office (DMO) said on Tuesday. The office said it would sell 35 billion naira of a bond maturing in 2036, 25 billion naira of paper maturing in 2026 and 35 billion of debt maturing in 2021, using the Dutch auction system. Africa's biggest economy issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund i
  
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• UPDATE 1-Britain clamps down on spread betting industry

  06-12-2016 13:46
  
  * Follows moves in Cyprus, France, Belgium(Adds details, context, company comments, updates shares)
  
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• Stocks track higher after Wall Street hit another record

  06-12-2016 13:23 via news.yahoo.com
  
  HONG KONG (AP) — Stock markets pushed higher on Tuesday as investors cheered another record day on Wall Street and looked past the political and economic uncertainty buffeting Europe.
  
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• UPDATE 3-UK coal power producer Drax to buy energy supplier, gas plants

  06-12-2016 13:15
  
  * 2016 EBITDA expectation remains at bottom of range(Updates shares, adds background, analyst quote)
  
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• Global security firm G4S upbeat about growth, sticks to debt target

  06-12-2016 13:05
  
  EDINBURGH, Dec 6 (Reuters) - British security company G4S
  sought to reassure investors that was on track to meet
  its full-year debt target on Tuesday, adding that its expects to
  increase its free...
  
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• Federer, Serena out of International Premier Tennis League

  06-12-2016 11:49 via news.yahoo.com
  
  (Reuters) - Roger Federer and Serena Williams have pulled out of the International Premier Tennis League ahead of the tournament's Indian leg next week due to economic "uncertainty", organisers said on Tuesday. India has been gripped by a cash crunch after the government withdrew high denomination from circulation last month. "We have had challenges this year, and we were hoping to get past them," Mahesh Bhupathi, the Asia-based mixed team tennis league's founder and director, said in a statemen
  
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• Euro and global stocks hold Italy-related gains ahead of ECB

  06-12-2016 11:25 via news.yahoo.com
  
  The euro held firm on Tuesday, having seen a wild 3-cent swing in the wake of Italy's referendum, while the region's bond yields dipped in line with U.S. peers as oil saw its first fall for five days. Asian stocks saw their strongest day for 2 weeks overnight after Wall Street's Dow Jones index hit a record high, and Europe's main bourses struggled into positive territory as bumper German data helped settle an early wobble. Italy remained in focus with sources telling Reuters that precautionary
  
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• Euro and stocks hold Italy-related gains ahead of ECB

  06-12-2016 11:20 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - The euro held firm on Tuesday, having seen a wild 3-cent swing in the wake of Italy's referendum, while the region's bond yields dipped in line with U.S. peers as oil saw its first fall for five days. Asian stocks saw their strongest day for 2 weeks overnight after Wall Street's Dow Jones index hit a record high, and Europe's main bourses struggled into positive territory as bumper German data helped settle an early wobble. Italian bond yields were back below lev
  
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• Exclusive: McDonald's to keep up to 25 percent stake in China, HK stores - source

  06-12-2016 11:17 via news.yahoo.com
  
  By Elzio Barreto HONG KONG (Reuters) - McDonald's Corp is looking to raise $1 billion to $2 billion with the sale of its China and Hong Kong stores after the U.S. fast-food chain decided to keep "a significant minority stake in the business," a person with direct knowledge of the plans said on Tuesday. McDonald's wants exposure to future growth in the world's second-largest economy which is why it decided to maintain the stake, the person said. A McDonald's spokeswoman in Shanghai declined to co
  
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