Finance news

• Private equity firm Warbug Pincus raises $2 billion China fund

  14-12-2016 23:55
  
  (Reuters) - Warburg Pincus LLC [WP.UL] has raised a $2 billion fund focused on investing in Chinese businesses, ranging from healthcare firms to real estate companies, the New York-based private...
  
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• Dow winning streak ends as Fed hikes interest rates

  14-12-2016 23:44 via news.yahoo.com
  
  New York (AFP) - Wall Street stocks tumbled and the US dollar rallied Wednesday after the Federal Reserve raised interest rates for only the second time in a decade.
  
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• Tax cuts can offset damage from higher U.S. rates: BlackRock's Rieder

  14-12-2016 23:40
  
  NEW YORK (Reuters) - Top BlackRock Inc bond investor Rick Rieder on Wednesday said tax cuts would help the U.S. economy withstand even sharply higher interest rates.
  
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• Gundlach: Fed did right thing but caught bond market 'off guard'

  14-12-2016 23:34
  
  NEW YORK (Reuters) - The U.S. Federal Reserve's decision on Wednesday to raise rates by a quarter point and to signal a faster pace of increases in 2017 was reasonable, according to leading bond...
  
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• U.S. bond yields, dollar gain, stocks fall after Fed rate hike

  14-12-2016 23:04 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - Yields on shorter-dated Treasuries hit their highest levels in more than five years on Wednesday while the dollar rose to its highest against the yen in 10 months after the U.S. Federal Reserve raised interest rates and signalled a faster pace of hikes in 2017. Wall Street stocks ended a volatile session with their biggest percentage decline since before the Nov. 8 U.S. presidential election, while gold prices hit a 10-month low. As expected, the Fed
  
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• As good as it gets? Boutique banks look to grow beyond M&A

  14-12-2016 22:57 via news.yahoo.com
  
  Boutique investment banks have grabbed a record share of the global merger and acquisition fee pool off larger Wall Street rivals this year but their stock price performance is trailing bigger peers. To diversify their revenues, firms including Rothschild & Co SCA , Lazard Ltd and Evercore Partners Inc are looking for new ways to gin up additional business including advising on raising debt, corporate governance structures and offering research for their clients. M&A levels have slowed a
  
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• Wall Street slides after Fed raises rates; energy weighs

  14-12-2016 22:45 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - U.S. stocks fell the most in two months on Wednesday after the Federal Reserve raised interest rates by a quarter point and signalled hikes could come next year at a faster pace than some expected. Energy stocks weighed the most on the S&P 500 after a sharp drop in U.S. crude oil prices. The Fed's decision to raise rates comes as President-elect Donald Trump, who will be sworn in next month, is seen cutting taxes and increasing spending on infrastructur
  
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• Trump meets Silicon Valley elite after mutual mistrust in campaign

  14-12-2016 21:59 via news.yahoo.com
  
  By Gina Cherelus and Dustin Volz NEW YORK (Reuters) - U.S. President-elect Donald Trump and some of Silicon Valley's most powerful executives met at his Manhattan tower on Wednesday, a summit convened to smooth over frictions after both sides made no secret of their disdain for each other during the presidential campaign. The meeting was expected to focus on economic issues and skirt the numerous disagreements the tech industry has with Trump - including on immigration, the trade relationship wi
  
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• Fed's Yellen says bank safety rules should be kept in place

  14-12-2016 21:45 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen said on Wednesday that tough banking rules are protecting financial markets and should largely be held in place. Many of those rules were conceived after the 2008 financial crisis and require the largest firms on Wall Street to hold more capital against future losses. "We have reduced the odds that (a) systemically important firm could fail," Yellen said at a press conference to discuss monetary policy.
  
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• Fed raises key interest rate and foresees 3 hikes in 2017

  14-12-2016 21:33 via news.yahoo.com
  
  The Federal Reserve has raised a key interest rate in response to a strengthening U.S. economy and expectations of higher inflation, and it foresees three more rate hikes in 2017. The Fed's move will mean ...
  
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• GE sees higher 2017 operating profit, sticks to 2018 EPS target

  14-12-2016 21:05 via news.yahoo.com
  
  (Reuters) - General Electric Co said on Wednesday that it expected 2017 operating earnings between $1.60 and $1.70 a share, and stuck to its 2018 earnings forecast of $2 per share.
  
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• Barclays sees early U.S. rate increase unlikely

  14-12-2016 21:01 via news.yahoo.com
  
  The U.S. Federal Reserve is unlikely to raise short-term interest rates in early 2017 if the U.S. economic expansion slows and the Trump administration introduces tariffs that would hurt American exports, Barclays economists said on Wednesday. "In our view, the slowdown in growth early in the year associated with tariffs would preclude an early year rate hike," Barclays' U.S. economists Michael Gapen and Rob Martin wrote in a research note after the Fed, as expected, raised rates by a quarter po
  
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• Wall Street falls after Fed raises rates; energy weighs

  14-12-2016 20:52 via news.yahoo.com
  
  U.S. stocks fell in volatile trading on Wednesday after the Federal Reserve raised interest rates by a quarter point and signaled hikes could come next year at a faster pace than some expected. The Fed's decision comes as President-elect Donald Trump, who will be sworn in next month, is seen cutting taxes and increasing spending on infrastructure. "The Fed ramped up the pace of rate hikes on a hope and a prayer of faster growth in 2017," said Brian Jacobsen, chief portfolio strategist at Wells F
  
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• ECB 'yardstick of predictability' as elections in EU loom - policymaker Villeroy

  14-12-2016 20:43 via news.yahoo.com
  
  The European Central Bank's monetary policy is providing a "yardstick of predictability" as European countries go through a new cycle of elections next year, ECB policymaker Francois Villeroy de Galhau told the Wall Street Journal. "For next year we have an electoral cycle throughout Europe, so we say clearly: in this uncertain environment, economic actors know where monetary policy will be, which is a very strong advantage for them and the economic recovery in Europe," Villeroy was quoted as sa
  
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• Fed raises key interest rate for first time in year

  14-12-2016 20:06 via news.yahoo.com
  
  The Federal Reserve is raising a key interest rate for the first time in a year, reflecting a resilient U.S. economy and expectations of higher inflation. The move will mean modestly higher rates on some ...
  
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• Wall Street little changed as countdown to Fed decision begins

  14-12-2016 19:45 via news.yahoo.com
  
  U.S. stocks were off their highs and were little changed in afternoon trading on Wednesday as investors turned their attention to the outcome of the Federal Reserve's policy meeting. The Fed is widely tipped to lift rates 25 basis points, but investors are likely to pay close attention to Fed Chair Janet Yellen's tone and new forecasts for clues on policymakers' thinking on how President-elect Donald Trump's policies will impact growth and inflation. The last rate increase was a year ago, when t
  
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• Deutsche Boerse and LSE say EU's list of merger concerns has shortened

  14-12-2016 19:40 via news.yahoo.com
  
  The European Commission continues to have concerns about the planned merger of Deutsche Boerse and London Stock Exchange Group (LSE) , but to a lesser extent than three months ago, the stock market operators said in a joint statement on Wednesday. The groups said they had received a so-called statement of objections from the Commission that outlined fewer worries over the tie-up compared with a first letter sent at the end of September. "The list of concerns has shortened," a Deutsche Boerse spo
  
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• U.S.-based stock funds beat bonds for 4th week as higher rates loom: ICI

  14-12-2016 18:22
  
  NEW YORK (Reuters) - Investors poured $5.4 billion into U.S.-based stock funds during the latest week, showing more optimism about equities than bonds for the fourth straight week ahead of a possible...
  
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• Wall Street slips as investors pause ahead of Fed decision

  14-12-2016 17:35 via news.yahoo.com
  
  The Fed is widely tipped to lift rates 25 basis points, but investors are likely to pay close attention to Fed Chair Janet Yellen's tone and new forecasts for clues on policymakers' thinking on how President-elect Donald Trump's policies will impact growth and inflation. The announcement is due at 2 p.m. ET (1900 GMT), followed by Yellen's news conference 30 minutes later.
  
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• Fed set to hike rates, policy outlook hinges on Trump presidency

  14-12-2016 17:26 via news.yahoo.com
  
  By Howard Schneider WASHINGTON (Reuters) - The Federal Reserve will conclude its two-day policy meeting on Wednesday with an interest rate increase all but assured and issue new forecasts assessing whether the economic outlook has changed since Donald Trump won the White House. The latest policy statement and projections are to be released at 2 p.m. ET (1900 GMT) with a press conference by Fed Chair Janet Yellen following at 2:30 p.m. Financial markets dipped on Wednesday as new U.S. data showed
  
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• Atlanta Fed lowers U.S. fourth quarter growth forecast to 2.4 percent

  14-12-2016 17:20 via news.yahoo.com
  
  NEW YORK (Reuters) - The U.S. economy is on track to grow at a 2.4 percent annualized pace in the fourth quarter following weaker-than-expected data on retail sales in November, the Atlanta Federal Reserve's GDP Now forecast model showed on Wednesday.
  
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• BoE's Woods doubtful that Trump presidency will ditch financial rules

  14-12-2016 16:54 via news.yahoo.com
  
  There is no real evidence that the United States will abandon key financial regulation under President Donald Trump, a top Bank of England official said on Wednesday. Trump, who takes office in January, has said he wants to ditch parts of Dodd Frank, a core reform of Wall Street that includes rules on bank capital requirements. BoE Deputy Governor Sam Woods said U.S. bank shares have risen on the prospect of a lighter touch regime.
  
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• U.S. retail sales, industrial output data point to slowing growth

  14-12-2016 16:37 via news.yahoo.com
  
  U.S. retail sales barely rose in November and industrial production recorded its biggest drop in eight months, suggesting some loss of momentum in economic growth in the fourth quarter. The weak retail sales and industrial output readings reported on Wednesday, however, were unlikely to deter the Federal Reserve from raising interest rates later in the day, against the backdrop of steadily rising inflation and a tightening labor market. The moderation in retail sales came after two straight mont
  
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• Lufthansa reaches deal for Brussels Airlines

  14-12-2016 16:16
  
  BRUSSELS (Reuters) - Lufthansahas reached a deal to fully take over Brussels Airlines, the Belgian carrier said on Wednesday, part of a drive by the German carrier to grow its budget unit and...
  
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• U.S. retail sales slow in November; producer prices increase

  14-12-2016 16:14 via news.yahoo.com
  
  U.S. retail sales barely rose in November as households cut back on purchases of motor vehicles, suggesting some loss of momentum in economic growth in the fourth quarter. The moderation in retail sales came after two straight months of strong gains. With incomes rising and household wealth at record highs, the cool-off in retail sales is likely to be temporary.
  
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• U.S. business inventories post largest decline in 11 months

  14-12-2016 16:14 via news.yahoo.com
  
  The Commerce Department said on Wednesday that business inventories fell 0.2 percent after being unchanged in September. Inventory investment rebounded in the third quarter, contributing half a percentage point to the economy's 3.2 percent annualized growth rate during that quarter.
  
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• Retail magnate Wiese pursues retail vision through 'Africa's IKEA'

  14-12-2016 16:14
  
  JOHANNESBURG (Reuters) - South African retail magnate Christo Wiese sought to create an African retail giant on Wednesday with the proposed takeover of Steinhoff's African assets by Africa's...
  
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• Goldman names 2 chief operating officers to replace Cohn

  14-12-2016 15:46 via news.yahoo.com
  
  NEW YORK (AP) — Goldman Sachs named two executives to share the chief operating officer role, replacing Gary Cohn, who is leaving the investment bank to join President-elect Donald Trump's economic policy team.
  
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• Goldman names Solomon, Schwartz as Cohn's successors

  14-12-2016 15:41 via news.yahoo.com
  
  The Wall Street investment bank said Chief Information Officer R. Martin (Marty) Chavez would replace Schwartz as chief financial officer at the end of April. Solomon, a Bear Stearns veteran who joined Goldman in 1999, has co-headed its investment banking division since 2006. Solomon is best known for his behind-the-scenes work with Goldman's top clients and has helped expand the firm's dealmaking and capital-raising business.
  
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• Wall Street opens flat ahead of Fed decision

  14-12-2016 15:37 via news.yahoo.com
  
  (Reuters) - Wall Street opened little changed on Wednesday, a day after all three major indexes hit record highs, as investors refrained from making large bets ahead of the outcome of the U.S. Federal Reserve meeting where the central bank is widely expected to raise interest rates.
  
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• King Salman acknowledges Saudis' economic pain

  14-12-2016 15:33 via news.yahoo.com
  
  King Salman told Saudis on Wednesday he recognized that economic restructuring measures adopted in response to a sharp drop in oil prices were painful, but said they were necessary to avoid long-term damage to the country. "The state has sought to deal with these changes ... through a variety of measures to restructure the economy, some of which may be painful in the short run but ultimately aim to protect the economy of your country from worse problems," he told the consultative Shura Council.
  
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• Alaska Air completes Virgin America acquisition

  14-12-2016 15:30
  
  (Reuters) - Alaska Air Group Incsaid on Wednesday it completed its $2.6 billion acquisition of Virgin America Inc , more than eight months after it was first announced, to become the fifth-largest...
  
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• Liberty Media to raise $1.55 billion to fund Formula One deal

  14-12-2016 15:09
  
  (Reuters) - Liberty Media Corp , led by U.S. cable mogul John Malone, said on Wednesday it would raise $1.55 billion to fund its acquisition of Formula One racing car series.
  
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• Neustar to go private in $2.9 billion deal including debt

  14-12-2016 14:52
  
  (Reuters) - Neustar Inc , which helps telephone carriers route calls and text messages, said it would be taken private by an investment group led by private equity firm Golden Gate Capital in a deal...
  
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• Court to rule on bid target Braas Monier's capital hike by December 21

  14-12-2016 14:51
  
  FRANKFURT (Reuters) - A Luxembourg court will decide by Dec. 21 whether to lift a temporary injunction preventing Braas Monierfrom raising capital, said the German roof tile maker, which is...
  
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• Germany expects consensus for Russia sanctions extension at EU summit

  14-12-2016 14:46 via news.yahoo.com
  
  BERLIN (Reuters) - Germany expects a consensus at an EU summit on Thursday for extending economic sanctions against Russia by six months for its intervention in Ukraine, a senior German official said. The official, speaking at a pre-summit briefing in Berlin, said he did not expect EU leaders to introduce additional sanctions against Russia for its role in Syria. (Reporting by Noah Barkin and Andreas Rinke; Editing by Madeline Chambers)
  
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• Buhari says Nigeria faces worst economic situation in its history

  14-12-2016 14:41 via news.yahoo.com
  
  ABUJA (Reuters) - Nigeria's President Muhammadu Buhari said on Wednesday the country was facing the worst economic situation in its history, in a speech to lawmakers to present the 2017 budget. Africa's biggest economy is in recession for the first time in 25 years, largely brought on by low oil prices. The OPEC nation relies on crude oil sales for two-thirds of government revenue. (Reporting to Paul Carsten and Ulf Laessing,; Writing by Alexis Akwagyiram)
  
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• Trump, Silicon Valley's elite seek to smooth over frictions

  14-12-2016 14:05 via news.yahoo.com
  
  By Dustin Volz and David Shepardson WASHINGTON (Reuters) - U.S. President-elect Donald Trump, who has made no secret of his disdain for the titans of Silicon Valley, will host executives from top technology companies for a meeting at his Manhattan tower on Wednesday. Tech luminaries, including Apple Inc Chief Executive Tim Cook, Facebook Inc Chief Operating Officer Sheryl Sandberg and Tesla Motors Inc Executive Elon Musk, will seek to find common ground on economic issues at the roundtable even
  
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• Futures fall on lower oil prices

  14-12-2016 13:47 via news.yahoo.com
  
  (Reuters) - Canada stock futures were lower on Wednesday as oil prices fell and ahead of a widely expected U.S. interest rate hike. Oil fell more than 1 percent after industry data showed an unexpected rise in U.S. inventories and on concerns that the OPEC may have produced more crude in November. The U.S. Federal Reserve will conclude its two-day policy meeting later in the day, with an interest rate increase all but assured, and will issue new forecasts assessing whether the economic outlook h
  
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• UK employment slips from post-referendum record, wages strengthen

  14-12-2016 13:46 via news.yahoo.com
  
  By David Milliken and William Schomberg LONDON (Reuters) - The number of people in work in Britain has fallen slightly for the first time in over a year, suggesting that a six-year expansion in the labour market may be coming to an end ahead of a Brexit-led economic slowdown which is expected next year. "The UK labour market continued to show resilience in October ... however, some cracks could potentially be appearing," Barclays economists Andrzej Szczepaniak and Fabrice Montagne wrote in a not
  
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• Avoiding the 'withdrawal pains' of retirement accounts

  14-12-2016 13:45
  
  CHICAGO (Reuters) - (The opinions expressed here are those of the author, a columnist for Reuters.)
  
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• Frustrated SWFs cast eyes over West's plans to upgrade crumbling assets

  14-12-2016 13:44
  
  LONDON (Reuters) - Sovereign wealth funds are queuing up to finance the West's overhauls of crumbling roads, bridges and ports as public purse strings are loosened after a period of austerity, but...
  
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• Exclusive: Maersk, DONG oil and gas merger talks stall over price - sources

  14-12-2016 13:31
  
  COPENHAGEN/LONDON (Reuters) - Talks between shipping group A.P. Moller-Maerskand DONG Energyto merge their oil and gas business have stalled after the two Danish firms could not agree on a price,...
  
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• IMF cuts Mozambique growth, policy adjustments required for aid

  14-12-2016 13:08 via news.yahoo.com
  
  The International Monetary Fund (IMF) cut its 2016 growth forecast for Mozambique further on Tuesday, saying it would require fiscal policy adjustments to pave the way for financial assistance and a recovery program. In a statement after aid talks with government officials on Tuesday, the lender said it now expected economic growth of 3.4 percent compared with the 3.7 percent seen in September and against an outcome of 6.6 percent in 2015.
  
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• South Africa's retail sales fall, January rate hike unlikely

  14-12-2016 13:00 via news.yahoo.com
  
  South African retail sales unexpectedly fell for the first time this year in October, data showed on Wednesday, suggesting the central bank might continue to hold off raising interest rates in January to take pressure off the economy. The South African Reserve Bank has hiked the benchmark repo by a total of 200 basis points since early 2014, but has kept it unchanged at 7 percent since the last increase in March as economic growth, traditionally been driven by consumer demand, remains weak. On W
  
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• S&P says India's demonetisation hurts confidence in RBI

  14-12-2016 12:21 via news.yahoo.com
  
  India's surprise move to abolish high-value rupee notes has undermined the central bank's reputation for competence and independence, even as it remains a credible institution, Standard & Poor's director Kyran Curry said on Wednesday. The comments come as the Reserve Bank of India (RBI) and the government face criticism for their implementation of the demonetisation initative in November, abolishing 500 and 1,000 rupee notes ($7.41-$14.82), which accounted for 86 percent of the currency in c
  
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• Actelion talking to Sanofi after J&J exit: sources

  14-12-2016 12:01
  
  NEW YORK/ZURICH (Reuters) - Switzerland's Actelion Ltdis in talks with French drugmaker Sanofiabout a deal, sources said on Wednesday, after U.S. healthcare group Johnson & Johnsonabandoned...
  
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• China leaders convene for key economic meeting: Xinhua

  14-12-2016 11:59 via news.yahoo.com
  
  China's top leaders have started an annual meeting to map out economic and reform plans for 2017, state media reported on Wednesday. The annual Central Economic Work Conference is keenly watched by investors for clues on policy priorities and key economic targets for the year ahead. Xinhua news agency said the meeting began on Wednesday, but it did not say when the conference would end.
  
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• JPMorgan, Goldman Sachs expected to lead Altice USA listing: sources

  14-12-2016 11:26
  
  LONDON (Reuters) - Investment banks JPMorganand Goldman Sachsare in pole position to be mandated to lead the initial public offering (IPO) of shares in Altice USA, three sources familiar with the...
  
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• Kaveri Seeds stock loses most on BSE on Q2 earnings

  14-12-2016 11:20 via news.yahoo.com
  
  Kaveri Seed is engaged in the production, processing and marketing of hybrid seeds. It owns over 600 acres of farm land. At 1207 hours, the stock was trading 5.36 per cent or 23 points lower at Rs 406.35 level on the BSE.
  
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