Finance news

• New York Governor Andrew Cuomo stakes out progressive turf

  09-01-2017 23:49 via news.yahoo.com
  
  New York Governor Andrew Cuomo positioned his state on Monday as the "progressive capital of the nation" and proposed policies to drive a middle-class economic recovery. As part of his progressive agenda, Cuomo said he wanted to create a new hate crime task force within the State Police. Trump has drawn criticism for disparaging remarks about women and immigrants, as well as his promise to build a wall along the southern border with Mexico.
  
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• UPDATE 3-New York Gov. Andrew Cuomo stakes out progressive turf

  09-01-2017 23:47
  
  NEW YORK, Jan 9 (Reuters) - New York Governor Andrew Cuomo
  positioned his state on Monday as the "progressive capital of
  the nation" and proposed policies to drive a middle-class
  economic recovery.
  
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• UPDATE 3-Brazil's Petrobras breaks drought in LatAm market

  09-01-2017 23:43
  
  NEW YORK, Jan 9 (IFR) - Brazil's Petrobras opened the Latin
  American primary markets on Monday with a US$4bn two-part debt
  sale - the region's first cross-border bond of the year.
  
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• WRAPUP 4-U.S. charges Volkswagen executive with fraud over emissions scandal

  09-01-2017 23:34
  
  * VW struggling to draw line under emissions scandal 16
  months on(Adds details on settlement talks)
  
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• BRIEF-Performance Sports Group-entered into first amendment to asset purchase agreement on Jan. 6, 2017

  09-01-2017 23:28
  
  * Performance Sports Group-on January 6, 2017, co entered
  into a first amendment to asset purchase agreement, dated as of
  October 31, 2016 - sec filing
  
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• Size matters: Study shows big difference in office visit reimbursements

  09-01-2017 23:10 via news.yahoo.com
  
  By Gene Emery (Reuters Health) - An analysis of 15.3 million doctor office visits shows that physicians get paid significantly more if they are part of a large provider group, while insurance companies can dramatically reduce what they pay doctors for those visits if they've consolidated their share of the marketplace. The study in Health Affairs puts some hard numbers to a basic economic concept of market dominance and the bargaining that accompanies it. Just increasing their market share to 5
  
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• BRIEF-CorEnergy Infrastructure Trust enters deal with EXXI USA, ENERGY EXXI

  09-01-2017 22:55
  
  * Corenergy Infrastructure Trust - unit executed 2
  agreements, both effective as of dec 30 2016 , relating to
  chapter 11 bankruptcy of EXXI USA, ENERGY EXXI
  
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• Oil drop stymies Dow's march to 20,000; health stocks boost Nasdaq

  09-01-2017 22:40 via news.yahoo.com
  
  The Nasdaq notched a record high close, extending its bullish run with help from healthcare stocks. The S&P's energy sector dropped 1.5 percent as oil prices slid on concerns that rising Iraqi exports and U.S. output could dampen the impact of a deal among major producers to limit output. The S&P 500 benchmark has risen more than 6 percent since the Nov. 8 election of Donald Trump, who has pledged tax cuts, lighter regulation and fiscal stimulus, but investors are now waiting to see if h
  
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• Oil sinks on supply worries; sterling drops on May comments

  09-01-2017 22:35 via news.yahoo.com
  
  By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Oil prices fell on Monday on fears that record Iraqi crude exports and growing U.S. output could undermine OPEC's efforts to reduce supply, while sterling slumped on comments by British Prime Minister Theresa May suggesting what could be an aggressive exit from the European Union. The drop in oil prices weighed on energy stocks on Wall Street and the Dow Jones Industrial Average moved further from hitting the historic and widely awaited 20,000 mar
  
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• Dow, S&P 500 end down, weighed by energy, financials

  09-01-2017 22:07 via news.yahoo.com
  
  NEW YORK (Reuters) - Declines in energy and financial stocks weighed on the S&P 500 on Monday and helped stall the Dow's pursuit of the 20,000 milestone ahead of earnings season and U.S. policy changes under Donald Trump. Based on the latest available data, the Dow Jones Industrial Average was down 73.89 points, or 0.37 percent, to 19,889.91, the S&P 500 lost 7.95 points, or 0.349147 percent, to 2,269.03 and the Nasdaq Composite added 10.76 points, or 0.19 percent, to 5,531.82. (Reportin
  
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• Oil sags on supply concerns; sterling drops on May comments

  09-01-2017 20:04 via news.yahoo.com
  
  By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Oil prices fell on Monday on fears that record Iraqi crude exports and growing U.S. output could undermine OPEC's efforts to reduce supply, while sterling slumped on comments by British Prime Minister Theresa May suggesting what could be an aggressive exit from the European Union. The drop in oil prices weighed on energy stocks on Wall Street as the Dow Jones Industrial Average moved further from hitting the historic and widely awaited 20,000 mark
  
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• New York Governor Andrew Cuomo stakes out progressive agenda

  09-01-2017 19:59 via news.yahoo.com
  
  New York Governor Andrew Cuomo positioned his state on Monday as the "progressive capital of the nation" and proposed policies to drive a middle-class economic recovery. Cuomo, widely seen as a potential presidential candidate, said he aimed to help struggling middle-class New Yorkers with a bigger state allocation to education than ever, more economic development investments and a doubling of the child care tax credit. The speech in Manhattan, the first of six planned in a State of the State to
  
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• UK law firm considers making claim for workers' rights at Deliveroo

  09-01-2017 19:25 via news.yahoo.com
  
  British law firm Leigh Day is advising drivers at takeaway foods delivery firm Deliveroo on the possibility of taking legal action to gain workers' rights such as the minimum wage, in a further challenge to the flourishing 'gig economy'. In October two drivers represented by Leigh Day won the right to be treated as workers by Uber in a move which the taxi app operator is seeking to appeal against but could benefit tens of thousands of drivers across the country. Deliveroo bicycle and motorbike r
  
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• Mars to buy pet healthcare provider VCA for $7.7 billion

  09-01-2017 19:12
  
  (Reuters) - Candy and pet food conglomerate Mars Inc is buying veterinary hospital operator VCA Incfor $7.7 billion in a deal that will give the maker of Pedigree pet food an even bigger share of...
  
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• Cuba, United States sign oil spill deal before Trump inauguration

  09-01-2017 19:09 via news.yahoo.com
  
  By Marc Frank HAVANA (Reuters) - Cuba and the United States agreed on Monday to jointly prevent, contain and clean up oil and other toxic spills in the Gulf of Mexico, as they rush to conclude deals before President-elect Donald Trump takes office. U.S. Charge d'Affaires Jeffrey DeLaurentis, upon signing the agreement, said it was one of a series of deals to protect the shared marine environment of the two neighboring countries separated by just 90 miles (145 km) of water. Trump has threatened t
  
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• Oil drop stymies Dow's march to 20,000; techs send Nasdaq to record

  09-01-2017 19:02 via news.yahoo.com
  
  Declines in financial and energy companies weighed on Wall Street on Monday, stalling the Dow's pursuit of 20,000, while the Nasdaq hit a record intraday high on gains in technology stocks and a string of deals in the health sector. Two-thirds of the 30 Dow components were lower, with Exxon Mobil's 2.1 percent decline weighing the most, followed by a 1.3 percent drop in Chevron . The declines meant the Dow stayed shy of the psychologically significant 20,000 mark.
  
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• Fiat Chrysler may end Mexico output if Trump tariff too high: CEO

  09-01-2017 18:38 via news.yahoo.com
  
  Fiat Chrysler Automobiles Chief Executive Sergio Marchionne said on Monday that if tariffs set in a Trump administration on vehicles made in Mexico and imported to the United States are too high, the company may end Mexican production. “It's possible, if the economic terms imposed by the U.S. administration on anything that comes into the United States that, if they’re sufficiently large that it would make the production of anything in Mexico uneconomical," said Marchionne.
  
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• Saudi bourse to start T+2 settlement in second quarter

  09-01-2017 18:20 via news.yahoo.com
  
  (Adds drafts short-selling, securities lending rules) DUBAI, Jan 9 (Reuters) - The Saudi Stock Exchange will introduce settlement of trades within two working days of execution during the second quarter of 2017, the bourse said on Monday as it published draft rules for short-selling and the borrowing and lending of securities. This has inconvenienced foreign investors in particular as they must have large amounts of money on hand before trading, which can be hard given Riyadh's time zone and its
  
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• London stocks hit record high on slumping pound

  09-01-2017 18:09 via news.yahoo.com
  
  The London stock market ended the day on another record high Monday, shrugging off weakness on Wall Street and other European markets, as Brexit concerns battered the pound. In the meantime, eurozone indices headed south, weighed down by weaker prices on Wall Street, where investors were cashing on some of last week's gains, while the euro was steady against the dollar. London's benchmark FTSE 100 index ended higher for the 10th consecutive session, closing up 0.4 percent at 7,243.76 points and
  
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• Oil slumps on supply worry, sterling hurt by May comments

  09-01-2017 18:03 via news.yahoo.com
  
  Oil prices fell on Monday on signs growing U.S. output could undermine plans by other producers to cut supply, while sterling slumped following comments by British Prime Minister Theresa May alluding to an aggressive exit from the European Union. Meanwhile, the drop in oil prices weighed on energy stocks on Wall Street as the Dow Jones Industrial Average moved further from hitting the historic and widely awaited 20,000 mark. "We see the optimism surrounding OPEC and non-OPEC production cuts bein
  
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• Global Markets - Oil slumps on supply worry, sterling hurt by May comments

  09-01-2017 18:00 via news.yahoo.com
  
  By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Oil prices fell on Monday on signs growing U.S. output could undermine plans by other producers to cut supply, while sterling slumped following comments by British Prime Minister Theresa May alluding to an aggressive exit from the European Union. Meanwhile, the drop in oil prices weighed on energy stocks on Wall Street as the Dow Jones Industrial Average moved further from hitting the historic and widely awaited 20,000 mark.
  
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• Banks, oil stocks hinder Dow's pursuit of 20,000

  09-01-2017 17:43 via news.yahoo.com
  
  Declines in bank and energy companies weighed on Wall Street on Monday, distancing the Dow from the 20,000 mark, while gains in technology stocks pushed the Nasdaq to a record intraday high. Two-thirds of the 30 Dow components were lower, with Goldman Sachs's 0.7 percent decline weighing the most. P&G and Coca-Cola dropped 0.9 percent after Goldman downgraded both the consumer staple stocks.
  
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• Sumatec loans cancelled, creditors demand for RM72.33million by Jan 19

  09-01-2017 17:31 via news.yahoo.com
  
  KUALA LUMPUR: Sumatec Resources Bhd’s creditors have terminated three collateralised loans and are demanding for the company to pay up the RM72.33million owed by Jan 19, 2017. The debt is being called up by the Malaysian Trustees Bhd (MTB), trustees to the three lenders of the loans – Kerisma Bhd, Capone Bhd and Prima Uno Bhd – according to Sumatec’s stock market filing this evening. Sumatec, however, said its lawyer Shearn Delamore & Co advised that the group is not
  
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• UPDATE 3-Japan's Takeda to buy U.S. cancer drug maker Ariad in $5.2 bln deal

  09-01-2017 16:25
  
  Jan 9 (Reuters) - Japan's Takeda Pharmaceutical Co Ltd
  said it would buy cancer drug maker Ariad
  Pharmaceuticals Inc in a deal valued at $5.20 billion,
  to beef up its oncology pipeline.
  
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• Supreme Court rejects Dow over $1 billion tax deduction claim

  09-01-2017 15:48 via news.yahoo.com
  
  The U.S. Supreme Court on Monday declined to hear Dow Chemical Co's bid to revive its claim to more than $1 billion in tax deductions based on partnerships the company entered into that lower courts said were created primarily to avoid tax liability and had no legitimate business purpose. The lower courts agreed with the Internal Revenue Service that Dow did not deserve the tax benefits, and also imposed a 20 percent penalty for negligence and substantial understatement of taxes. Chemtech I was
  
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• Fed's Rosengren: rate hike timing depends partly on fiscal policy

  09-01-2017 15:47 via news.yahoo.com
  
  HARTFORD, Conn. (Reuters) - It is appropriate for the Federal Reserve to be raising rates, Boston Fed President Eric Rosengren said on Monday, but the exact timing depends on economic data, international conditions and what happens with fiscal policy.
  
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• Barclays: new bank accounting rules could lead to volatility

  09-01-2017 15:43
  
  Analysts say IFRS9, which hits in 2018, could lead to heightened volatility in banks’ earnings and capital over an economic cycle
  
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• Wall Street opens lower as energy stocks, Goldman weigh

  09-01-2017 15:36 via news.yahoo.com
  
  REUTERS - U.S. stocks opened lower on Monday as energy stocks were pulled down by a drop in oil prices, while a decline in Goldman Sachs moved the Dow Jones Industrial Average further from the historic 20,000 mark. The Dow Jones Industrial Average was down 49.68 points, or 0.25 percent, at 19,914.12. The S&P 500 was down 3.18 points, or 0.139659 percent, at 2,273.8. The Nasdaq Composite was up 6.91 points, or 0.13 percent, at 5,527.96. (Reporting by Yashaswini Swamynathan in Bengaluru; Editi
  
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• UK’s public pension fund recruits deputy investments chief

  09-01-2017 15:30
  
  £1.3bn UK public pension plan expands in-house team as assets swell
  
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• Chinese humanoid robot turns on the charm in Shanghai

  09-01-2017 15:16 via news.yahoo.com
  
  Shanghai (AFP) - "Jia Jia" can hold a simple conversation and make specific facial expressions when asked, and her creator believes the eerily life-like robot heralds a future of cyborg labour in China. Billed as China's first human-like robot, Jia Jia was first trotted out last year by a team of engineers at the University of Science and Technology of China. Team leader Chen Xiaoping sounded like a proud father as he and his prototype appeared Monday at an economic conference organised by banki
  
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• BSE aims to challenge international finance hubs with new bourse

  09-01-2017 15:16 via news.yahoo.com
  
  By Euan Rocha and Abhirup Roy GANDHINAGAR (Reuters) - Indian stock market operator BSE aims to win market share from financial hubs such as Singapore and Hong Kong by investing in technology and offering almost 24-hour trading at its new exchange in Gujarat, Chief Executive Ashishkumar Chauhan said. The International Exchange will trade a range of financial instruments, including equities, commodities and currency, in Gujarat International Finance Tec-City (GIFT), which has been created to spear
  
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• India's BSE aims to challenge international finance hubs with new bourse

  09-01-2017 15:14 via news.yahoo.com
  
  By Euan Rocha and Abhirup Roy GANDHINAGAR, Jan 9 (Reuters) - Indian stock market operator BSE aims to win market share from financial hubs such as Singapore and Hong Kong by investing in technology and offering almost 24-hour trading at its new exchange in Gujarat, Chief Executive Ashishkumar Chauhan said. The International Exchange will trade a range of financial instruments, including equities, commodities and currency, in Gujarat International Finance Tec-City (GIFT), which has been created t
  
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• Morocco political deadlock deepens as premier ends coalition talks

  09-01-2017 14:59 via news.yahoo.com
  
  By Aziz El Yaakoubi RABAT (Reuters) - Morocco's prime minister has broken off talks to form a new government with two main coalition partners three months after the country's elections, deepening the worst political deadlock since the 2011 Arab Spring. The failure to agree delays the appointment of a parliament chief and pushes back debate of Morocco’s economic reform program to overhaul subsidies and public spending. Premier Abdelilah Benkirane, leader of the Islamist Justice and Developm
  
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• Ivory Coast posts deflation of -0.2 pct yr/yr in December

  09-01-2017 14:33 via news.yahoo.com
  
  ABIDJAN (Reuters) - Ivory Coast recorded consumer price deflation of -0.2 percent year-on-year in December, down from 0.4 percent inflation in November, data from the National Statistics Institute showed on Monday. The monthly report showed food and soft drink prices in the world's top cocoa grower declined 2.1 percent year-on-year, while housing and utilities prices added 0.7 percent and transport costs fell 2.1 percent. Ivory Coast's economy accounts for around 40 percent of the eight-nation W
  
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• WisdomTree creates European compliance chief role

  09-01-2017 14:13
  
  Former Aberdeen Asset Management consultant on Mifid II joins $39bn ETF provider
  
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• World stocks mostly lower, pound slides to 10-week low

  09-01-2017 14:06 via news.yahoo.com
  
  HONG KONG (AP) — World stock markets were mostly lower on Monday while the British pound fell to a 10-week low on indications the government is inclined to opt for a full break away from the European Union's single market.
  
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• DTCC to rebuild credit default swaps processing platform with blockchain

  09-01-2017 14:00 via news.yahoo.com
  
  Post-trade provider the Depository Trust & Clearing Corporation (DTCC) will use blockchain technology this year to rebuild its platform that processes $11 trillion worth of credit default swaps, as Wall Street intensifies efforts to take advantage of the emerging technology. IBM Corp and technology startups Axoni and R3 CEV have been selected to work on the project which is set to kick-off this month, DTCC said on Monday. The project is one of the largest implementations of the nascent techn
  
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• European private equity funds gear up for fundraising in 2017

  09-01-2017 13:51
  
  There are 135 funds on the European fundraising trail attempting to amass a combined €48.8 billion for growth and buyout investments
  
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• U.S. stock futures dip with oil prices; all eyes on Dow 20,000

  09-01-2017 13:30 via news.yahoo.com
  
  The Dow hit 19,999.63 points on Friday after a late pop in Apple and other technology stocks. Wall Street has rallied since Donald Trump won the U.S. election in November as investors bet he will stimulate the economy with lower taxes and infrastructure spending.
  
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• Q&A with DTCC: Why we are building blockchain for derivatives

  09-01-2017 13:27
  
  'We need to embrace new technology', DTCC chief executive tells FN
  
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• Immigration boosts wealth, does not increase inequality: IMF

  09-01-2017 12:37 via news.yahoo.com
  
  By Jan Strupczewski BRUSSELS (Reuters) - Immigration has a generally positive economic impact on receiving countries but the benefits depend on how well the migrants are integrated, the International Monetary Fund's First Deputy Managing Director David Lipton said on Monday. Speaking at a seminar in Brussels, Lipton noted that the politics and economics of migration were at odds with each other because like trade, immigration created winners and losers and required time for societies and busines
  
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• London stock market hits record high on slumping pound

  09-01-2017 12:33 via news.yahoo.com
  
  The London stock market reached another record high Monday as the pound slumped to the lowest level in three months on Brexit concerns.
  
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• Brevan Howard profits fell last year

  09-01-2017 12:10
  
  Despite spending many months in the red, Brevan Howard's main fund saw a pick up in performance towards the end of 2016
  
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• Eurozone jobless rate holds on to post-crisis low

  09-01-2017 11:58 via news.yahoo.com
  
  The eurozone jobless rate held at the lowest level in some seven years in November as a modest economic upturn continues, official data showed on Monday. Coming in at 9.8 percent in November, unchanged from October, the jobless rate for the 19-nation eurozone was the best since July 2009, according to the official statistics agency Eurostat, and in line with analyst forecasts compiled by Factset. The figures, plus other economic reports, have bolstered hopes the eurozone is finally turning the c
  
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• S&P sees ECB staying in support mode until 2018

  09-01-2017 11:52 via news.yahoo.com
  
  Rating agency Standard and Poor's said it did not expect the European Central Bank to switch away from its supportive monetary policy before 2018, despite signs that inflation pressures are beginning to return. A report by S&P's chief European economist and a colleague said 2017 was likely to mark the return of inflation in the euro zone, though core readings that strip out more volatile goods such as crude oil should remain subdued and give the ECB leeway to maintain support. "The ECB could
  
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• Fintech startup launches platform for private bond placements

  09-01-2017 11:52
  
  Origin has partnered with BNP Paribas, Bank of America Merrill Lynch, Credit Suisse and others on the launch
  
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• French fund manager Tikehau to debut on stockmarket

  09-01-2017 11:28
  
  BNP Paribas and Crédit Agricole Corporate and Investment Bank will advise the boutique asset manager on the deal
  
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• Pound falls after May’s Brexit comments

  09-01-2017 11:15
  
  Theresa May said on Sunday she was confident the UK could get a good deals on both trade and immigration, but added that the country couldn’t just keep 'bits of EU membership'
  
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• Northern Trust names new head of Emea transition management

  09-01-2017 11:13
  
  Hire is a statement of intent for the Emea region, says global head of transition management
  
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• Morgan Stanley, UBS to raise stakes in China securities joint ventures to 49 percent: sources

  09-01-2017 11:01 via news.yahoo.com
  
  Morgan Stanley and UBS Group AG are set to raise their stakes in separate Chinese securities joint ventures to 49 percent, people with direct knowledge of the moves said, betting on strong deals momentum in the world's second-largest economy. China allowed foreign banks to boost holdings in securities joint ventures to a maximum 49 percent in 2012 from the previous cap of a third to help modernize its capital markets.
  
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