Finance news

• Bank of England Governor: Bank will protect economic growth

  16-01-2017 21:39 via news.yahoo.com
  
  LONDON (AP) — The Bank of England remains ready to protect economic growth in the face of pressures caused by Britain's departure from the European Union, the central bank's top executive said Monday as investors waited for the country's prime minister to lay out her vision for Brexit.
  
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• Asked about sterling fall, BoE's Carney says it moves up and down

  16-01-2017 21:08 via news.yahoo.com
  
  Bank of England Governor Mark Carney declined on Monday to say if the central bank would respond to the sharp fall in the pound, saying only that the value of sterling goes up and down. "The best I can say is that the value of the pound will go up and down," Carney said, after being asked a question about the outlook for the currency after delivering a speech at the London School of Economics. Carney also repeated his view that leaving the European Union has the potential to reinforce existing r
  
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• Ivory Coast police fire teargas to disperse protesting students

  16-01-2017 20:35 via news.yahoo.com
  
  By Ange Aboa ABIDJAN (Reuters) - Ivory Coast police fired teargas on Monday to disperse pupils and students protesting at government ministries in the main city, Abidjan, as nationwide strikes intensified, police and a senior union official said. Ivory Coast, French-speaking West Africa's largest economy and the world's top cocoa grower, is facing a growing wave of public sector strikes that threaten to paralyze the country and undermine an impressive post-war economic recovery. "Our men dispers
  
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• The Latest: Davos backdrop is 'disruptive transformation'

  16-01-2017 19:50 via news.yahoo.com
  
  DAVOS, Switzerland (AP) — The Latest on the World Economic Forum's annual meeting in the Swiss ski resort of Davos (all times local):
  
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• Indian consumers most optimist in region despite note-ban: Report

  16-01-2017 19:30 via news.yahoo.com
  
  New Delhi, Jan 16 (IANS) Indian consumers remain the most optimistic in the Asia-Pacific region and their outlook on economy and stock market showed highest levels of confidence even after their government's recent demonetisation measure, a report said on Monday. "Consumers in India remain extremely optimistic in their outlook for the next six months," said the Mastercard Index of Consumer Confidence for the second half of 2016, released on Monday. India topped the Asia-Pacific region as the mos
  
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• RPT-UPDATE 3-Trump threatens German carmakers with 35 pct U.S. import tariff

  16-01-2017 19:19
  
  * FACTBOX-Global carmakers in Mexico
  (Repeats to add link to FACTBOX. Adds comment from General
  Motors CEO)
  
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• The Latest: Biden in Davos backs fight against cancer

  16-01-2017 19:18 via news.yahoo.com
  
  The Latest on the World Economic Forum's annual meeting in the Swiss ski resort of Davos (all times local): 7:15 p.m. U.S. Vice President Joe Biden says his "prayer" is that the incoming Trump ...
  
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• Davos CEOs more bullish in short-term, politics clouds future

  16-01-2017 18:52 via news.yahoo.com
  
  A PricewaterhouseCoopers (PwC) survey of nearly 1,400 CEOs released on Monday, on the eve of the annual World Economic Forum in Davos, found that 29 percent expected global economic growth to pick up in 2017, up from only 27 percent last year. Last year's outlook was particularly gloomy due to two years of falling oil prices and slowing growth in China, as well as uncertainty about the next U.S. president, Bob Moritz, PwC's global chairman, told Reuters. Although Donald Trump's election is a dra
  
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• UPDATE 3-Trump threatens German carmakers with 35 pct U.S. import tariff

  16-01-2017 18:36
  
  * Audi, Mercedes-Benz, BMW stepping up Mexican production(Adds comment from General Motors CEO)
  
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• Britain's FTSE ends historic rally, dragged down by banks' 'hard Brexit' worries

  16-01-2017 18:15
  
  LONDON, Jan 16 (Reuters) - Britain's top share index ended
  its record 14-day winning streak on Monday, finishing down for
  the first day since Dec. 21, as banking stocks slumped on 'hard
  Brexit'...
  
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• IMF boosts U.S. growth forecasts on Trump spending, tax plans

  16-01-2017 17:31 via news.yahoo.com
  
  The International Monetary Fund on Monday said the U.S. economy would grow faster than previously expected in 2017 and 2018 based on the incoming Trump administration's tax and spending plans, but it kept its global growth forecasts unchanged due to weakness in some emerging markets. Updating its World Economic Outlook, the IMF forecast overall global growth at 3.4 percent for 2017 and 3.6 percent for 2018, unchanged from October. It estimated a modest fiscal stimulus under President-elect Donal
  
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• BlackRock calling out the kettle is a step too far

  16-01-2017 17:31
  
  It is difficult to criticise high executive pay when your own boss earned $26 million in 2015
  
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• LSE: No plans to relocate businesses after Deutsche Börse merger

  16-01-2017 17:14
  
  LSE responds to report commissioned by its merger partner that says the deal would boost Frankfurt's status as a financial centre
  
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• Seven banks to test blockchain trade network

  16-01-2017 17:01
  
  Banks will attempt to launch the infrastructure first across the UK, France, Germany, Italy, and Benelux countries.
  
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• Syngenta CEO expects regulatory approval for ChemChina deal soon: CNBC

  16-01-2017 16:54 via news.yahoo.com
  
  ZURICH (Reuters) - Syngenta Chief Executive Erik Fyrwald expects regulatory approval soon for ChemChina's proposed $43 billion takeover of the Swiss pesticides and seeds group, he said on Monday. "I am very confident that we will finish the deal. We are making a lot of progress," he told broadcaster CNBC in an interview from the World Economic Forum annual meeting in Davos. "We are working well with the U.S. and the EU regulators now toward finalising the agreements with them and expect to be fi
  
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• Hard Brexit fears hit pound ahead of May speech

  16-01-2017 16:42 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - Britain's pound fell on Monday as concern mounted that the country was heading for a "hard" Brexit from the European Union and its single market, a day before a speech by Prime Minister Theresa May on the government's plans. Some British newspapers have billed May's speech on Tuesday as a push away from preferential EU single market access and a hardening of the UK's stance toward an economic bloc that accounts for roughly half its exports and imports. A spokeswo
  
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• IMF boosts growth forecast for US, cites Trump impact

  16-01-2017 16:37 via news.yahoo.com
  
  WASHINGTON (AP) — The International Monetary Fund is raising its forecast for the U.S. economy this year and in 2018, reflecting an expected boost from the economic policies of President-elect Donald Trump.
  
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• Global stocks, pound drop amid worries over Brexit

  16-01-2017 16:23 via news.yahoo.com
  
  TOKYO (AP) — Global stock markets and the pound fell on Monday amid worries that Britain will opt for a "hard exit" from the European Union in which it severs its access to the bloc's single market.
  
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• Mudajaya expects 2016 earnings to be impacted by KLRCA decision

  16-01-2017 16:01 via news.yahoo.com
  
  KUALA LUMPUR: Mudajaya Group Bhd, currently on an adjudication claim to seek more than RM175 million from CMC Machipex Sdn Bhd, expects the Kuala Lumpur Regional Centre For Arbitration (KLRCA) decision to have a negative impact of RM98.35 million on the group’s earnings. In a statement to Bursa Malaysia, the construction and property development group said it had sought payment claims for work done totalling RM175.33 million (principal sum) plus late payment interest and cost from CMC in a
  
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• BVCA chief: ‘Brexit is more complicated than organising a war’

  16-01-2017 16:00
  
  Tim Hames talks about Brexit, increased regulation and the 'boringfication' of the industry
  
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• IMF upgrades China growth estimate on stimulus, downgrades India after cash crunch

  16-01-2017 15:40 via news.yahoo.com
  
  The International Monetary Fund on Monday raised its forecast for China's economic growth this year by 0.3 percentage points to 6.5 percent, on expectations of continued policy stimulus. At the same time, it downgraded India's growth outlook by 0.4 percentage points to 7.2 percent as consumption in Asia's third-largest economy takes a hit from the government's recent decision to abolish large currency notes. China's economy grew 6.7 percent over the first three quarters of 2016, in line with the
  
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• Q&A: Sallie Krawcheck has a new game plan for women at work

  16-01-2017 15:22
  
  NEW YORK (Reuters) - For decades, Wall Street was the ultimate boys club of all boys clubs.
  
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• IMF boosts US growth estimate on expected stimulus

  16-01-2017 15:21 via news.yahoo.com
  
  The International Monetary Fund on Monday boosted its estimates for US growth on expected stimulus spending by the incoming Trump administration, but kept the forecast for global growth unchanged. The IMF's quarterly World Economic Outlook (WEO) however said the forecasts for 2017 and 2018 are beset by uncertainty and risk, including signs of rising protectionism. It sees world growth of 3.4 percent this year and 3.6 percent in 2018, unchanged from the October report, as concerns about slowing i
  
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• UPDATE 5-Luxottica and Essilor in 46 bln euro merger to create eyewear giant

  16-01-2017 15:12
  
  * Share prices of both companies rise sharply(Writes through, adds quotes, detail, background and analysts)
  
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• IMF sees Trump spending aiding U.S. growth, some emerging markets weaker

  16-01-2017 15:11 via news.yahoo.com
  
  The International Monetary Fund on Monday lifted its forecast for U.S. economic growth in 2017 and 2018 based on President-elect Donald Trump's tax cut and spending plans, but said this would largely be offset by weaker growth in several key emerging markets. Updating its World Economic Outlook, the IMF kept its overall global growth forecasts unchanged from October at 3.4 percent for 2017 and 3.6 percent for 2018, up from 3.1 percent growth in 2016, the weakest year since the 2008-2009 financia
  
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• Kenya's economy to grow at a slower pace this year: IMF Rep

  16-01-2017 15:04 via news.yahoo.com
  
  Kenya's economic growth rate will slow in 2017, from about 6 percent last year, due to sluggish credit growth and as investors take a wait-and-see attitude before a presidential election in August, a senior IMF official said on Monday. Armando Morales, the International Monetary Fund's representative in Kenya, said growth is likely to remain within the 5-6 percent range of the past five years, despite the slowdown. "We expect a deceleration of growth for several reasons, but I think the most imp
  
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• Panmure Gordon finance chief to step down

  16-01-2017 15:02
  
  Stockbroker announced earlier this month it had returned to profitability in 2016
  
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• Goldman and UBS turn IPO into broking win

  16-01-2017 14:52
  
  FTSE 100 firm calls on bankers that worked on its October listing for new broking line-up
  
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• 'Fantasy' to think others will follow Brexit, EU's Moscovici tells Trump

  16-01-2017 14:46 via news.yahoo.com
  
  It's fantasy to think other European countries will follow Britain in deciding to leave the European Union, a top European official said on Monday, after U.S. President-elect Donald Trump said he believed it would be the case. Asked about Trump's comments in an interview with the Times of London newspaper, European Economic Affairs Commissioner Pierre Moscovici said the cost of Brexit would be "considerable" and that it would deter other countries to follow suit. "I'm not worried, I think this i
  
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• MIDEAST STOCKS-Sinking banks drag down Saudi stocks, rest of region mixed

  16-01-2017 14:38 via news.yahoo.com
  
  * Earnings miss at Riyad Bank prompts slide by sector * Oil shipper Bahri sinks on Q4 earnings * Qatar National Bank closes firm despite earnings miss * Egypt's Global Telecom drops on plan to cancel GDRs * But Commercial International Bank climbs on HSBC upgrade By Andrew Torchia DUBAI, Jan 16 (Reuters) - A slide in banking shares after earnings at a major bank missed analysts' estimates dragged down Saudi Arabia's stock market on Monday, while markets in the rest of the region were mixed. ...
  
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• Germany's Schaeuble warns Trump over protectionism: WSJ

  16-01-2017 14:36 via news.yahoo.com
  
  German Finance Minister Wolfgang Schaeuble has issued a warning to U.S. President-elect Donald Trump over the dangers of protectionist trade policies, adding that what he called "fake news" coming out of Russia amounted to a propaganda war. "Whoever wants growth - and I trust this administration will be a growth-friendly one - must be in favor of open markets," Schaeuble told the Wall Street Journal in an interview. The paper said Schaeuble was speaking before the publication of a Trump intervie
  
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• Correction: Davos Forum story

  16-01-2017 14:26 via news.yahoo.com
  
  In a story Jan. 15 about the World Economic Forum, The Associated Press erroneously reported John Drzik's title as president of the global insurance and risk management firm Marsh. His title is president ...
  
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• Hard Brexit fears crunch sterling ahead of PM May speech

  16-01-2017 13:45 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - Britain's pound fell sharply on Monday as concern mounted that the country was heading for a "hard" Brexit from the European Union and its single market, a day before a speech by Prime Minister Theresa May on the government's plans. Some British newspapers have billed May's speech on Tuesday as laying out potential major changes to its preferential single market access and hardening its stance toward an economic bloc that accounts for roughly half its exports and
  
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• Russell’s Duval strikes out on his own

  16-01-2017 13:33
  
  After 22 years running Russell Investments in Emea, Duval is helming an eponymous firm
  
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• Top-ranked Dutch private equity firm to open UK office

  16-01-2017 13:32
  
  Dutch firm says its plan predated Brexit, but believes it can benefit from the vote
  
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• The Latest: Davos organizers urge shift in economic policy

  16-01-2017 13:30 via news.yahoo.com
  
  DAVOS, Switzerland (AP) — The Latest on the World Economic Forum's annual meeting in the Swiss ski resort of Davos (all times local):
  
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• Exclusive: China to target around 6.5 percent growth in 2017 - sources

  16-01-2017 13:28 via news.yahoo.com
  
  By Kevin Yao BEIJING (Reuters) - China will lower its 2017 economic growth target to around 6.5 percent from last year's 6.5-7 percent, policy sources said, reinforcing a policy shift from supporting growth to pushing reforms to contain debt and housing risks. The proposed target was endorsed by top leaders at the closed-door Central Economic Work Conference in mid-December, according to four sources with knowledge of the meeting outcome. "The target will be around 6.5 percent, which indicates t
  
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• Trade tensions, dollar danger cloud economic optimism in Davos

  16-01-2017 13:08 via news.yahoo.com
  
  A trade war between the United States and China and a strengthening dollar are among the biggest threats to a brightening global economic outlook, according to leading economists at the World Economic Forum in Davos. As political leaders, businessmen and bankers converge on the resort in the Swiss Alps this week, they can draw hope from a more benign economic picture and a rally in global stock markets on expectations of major stimulus under a new U.S. administration led by Donald Trump. The bac
  
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• Tanzania seeks $200m World Bank loan to clear arrears of state utility

  16-01-2017 13:02 via news.yahoo.com
  
  By Fumbuka Ng'wanakilala DAR ES SALAAM (Reuters) - Tanzania is seeking a loan of $200 million from the World Bank for debt-ridden state power supplier TANESCO, the country's energy ministry said on Monday, two weeks after the president refused to allow the utility to hike prices to cover costs. President John Magufuli wants cheap electricity to drive industrialization, but the World Bank is likely to insist the loss-making utility increases prices so it can cover the cost of producing power and
  
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• May agrees on changing economic model post-Brexit if forced - spokeswoman

  16-01-2017 12:56 via news.yahoo.com
  
  Prime Minister Theresa May shares her Chancellor's view that Britain stands ready to consider alternative economic models following Brexit if forced to, her spokeswoman said on Monday. Philip Hammond was quoted on Sunday as saying the country could change its economic model to regain competitiveness if it were to leave the EU without an agreement on access to the single market. "But if we are forced to do something different because we can't get the right deal, then we stand ready to do so." The
  
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• Panmure Gordon CFO to step down

  16-01-2017 12:53
  
  Stockbroker announced earlier this month it had returned to profitability in 2016
  
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• Alliance Trust reveals eight-strong manager line-up to beat the market

  16-01-2017 12:50
  
  A team led by Willis Towers Watson chief investment officer will be responsible for the overall portfolio of Alliance Trust's investments
  
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• China's Xi says Chinese economy to keep growing steadily

  16-01-2017 12:34 via news.yahoo.com
  
  BERN (Reuters) - China's economy will remain stable and keep growing steadily while resisting protectionism, President Xi Jinping told Swiss executives on Monday.
  
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• Profit growth pickup could justify Wall Street rally

  16-01-2017 12:25 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - U.S. companies are set to report their strongest profit growth in two years, which could go a long way toward justifying Wall Street's record-breaking rally, say stock investors who anticipate many companies will top expectations. Fresh from a year-long decline in quarterly profits, companies in the benchmark S&P 500 are expected to report their bottom lines grew by 6.2 percent in the fourth quarter, the latest Thomson Reuters data shows, the str
  
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• Ashmore takes a hit from Trump

  16-01-2017 12:24
  
  News of $700 million net outflow following US election comes as fellow emerging markets manager Aberdeen freezes salaries for 2017
  
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• Pound tanks on Brexit fear as stocks retreat

  16-01-2017 12:18 via news.yahoo.com
  
  The pound slumped Monday on reports British Prime Minister Theresa May was ready to take the country out of the European Union in a so-called "hard Brexit". Sterling's weakness sent London's FTSE 100 index to a fresh record high, while eurozone and Asian stock markets retreated. "It would appear that the main catalyst behind this (pound) sell-off is speculation that UK Prime Minister Theresa May will set out tomorrow the UK governmentâ s position" on negotiating Brexit, said Michael Hewson
  
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• L&G unveils head of £20bn retail division

  16-01-2017 12:06
  
  New head charged with growing the unit globally, with US markets a 'key focus'
  
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• UPDATE 2-Hugo Boss gets boost from sales rise in China, UK

  16-01-2017 12:04
  
  * 2016 operating profit seen at better end of forecast
  decline(Adds analyst comment, details)
  
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• FTSE 100 rises as pound slips on fears over ‘hard Brexit’

  16-01-2017 12:02
  
  Traders wait for Theresa May speech on Brexit on Tuesday
  
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• JPMorgan upgrades Indonesian stocks to 'neutral' after row

  16-01-2017 11:40 via news.yahoo.com
  
  By Gayatri Suroyo and Hidayat Setiaji JAKARTA (Reuters) - JPMorgan Chase & Co upgraded its investment recommendation on Indonesian stocks to "neutral" from "underweight" on Monday, partially reversing a move it made in November that upset the government. Indonesia cut its business ties with JPMorgan after the U.S. investment bank downgraded its recommendation on Indonesian stocks to "underweight" from "overweight" in a research report issued after the U.S. presidential election. Government o
  
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