Finance news

• Mexico says top U.S., Mexican officials to meet in Washington next week

  19-01-2017 23:43 via news.yahoo.com
  
  MEXICO CITY (Reuters) - Senior Mexican officials will hold meetings on January 25 and 26 with U.S. President-Elect Donald Trump's top aides in Washington, to discuss bilateral relations such as security, trade and migration, the government said on Thursday. In a statement, the foreign ministry said Mexican Foreign Minister Luis Videgaray and Economy Minister Ildefonso Guajardo would attend talks with chief-of-staff Reince Priebus, Trump's son-in-law and advisor Jared Kushner, among others. ...
  
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• U.S outlook no more uncertain than usual, Fed policymaker says

  19-01-2017 23:14 via news.yahoo.com
  
  "We always have uncertainty when we are making monetary policy," San Francisco Federal Reserve Bank President John Williams told the Solano Economic Development Corporation in Fairfield, California on Thursday.
  
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• UPDATE 2-Telecommunications company Avaya files for bankruptcy

  19-01-2017 23:08
  
  WILMINGTON, Del, Jan 19 (Reuters) - Telecommunications
  company Avaya Inc filed for Chapter 11 bankruptcy on Thursday to
  reduce its debt load of about $6.3 billion but said it would not
  sell its call...
  
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• U.S. bankruptcy judge denies request for Peabody equity committee

  19-01-2017 23:03
  
  ST LOUIS, Jan 19 (Reuters) - A U.S. bankruptcy judge denied
  on Thursday a request to order the appointment of an official
  equity committee in chapter 11 of coal miner Peabody Energy Corp
  ....
  
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• George Soros says Trump will fail and market's dream will end

  19-01-2017 22:56 via news.yahoo.com
  
  (Reuters) - The billionaire investor George Soros said on Thursday that global markets will falter given the uncertainty of incoming U.S. President Donald Trump's policies.
  
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• IBM reports better-than-expected Q4 results; forecast beats

  19-01-2017 22:51 via news.yahoo.com
  
  (Reuters) - International Business Machines Corp forecast full-year earnings above Wall Street estimates and reported better-than-expected quarterly revenue, helped by growth in newer areas such as cloud-based services and analytics. IBM's shares were up 2.9 percent at $171.64 in after-hours trading on Thursday. The Armonk, New York-based company forecast adjusted earnings of at least $13.80 per share for fiscal 2017, beating the average analyst estimate of $13.74, according to Thomson Reuters I
  
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• Investors curb their enthusiasm ahead of Trump era

  19-01-2017 22:49 via news.yahoo.com
  
  A month ago, the dollar and stock markets were riding high as investors bet that the Trump administration, together with the Republican-controlled Congress, would usher in an era of lower taxes, more government spending and looser regulations. Longer-dated Treasury yields, which move inversely to the price of bonds, jumped to their highest levels in more than two years on fears about a spike in federal borrowing and inflation stemming from Trump's policies. The dollar hit a 14-year high against
  
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• Wall Street falls as investors ready for Trump's inauguration

  19-01-2017 22:46 via news.yahoo.com
  
  U.S. stocks fell on Thursday, continuing to pull back from the post-election rally, on investor caution ahead of Donald Trump's inauguration as president on Friday. The S&P 500 is up 5.8 percent since the vote. The rally in stocks since Trump's election has slowed in recent weeks as investors look for more details on his policies.
  
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• IBM reports better-than-expected fourth-quarter results; forecast beats

  19-01-2017 22:35 via news.yahoo.com
  
  (Reuters) - International Business Machines Corp forecast full-year earnings above Wall Street estimates and reported better-than-expected quarterly revenue, helped by growth in newer areas such as cloud-based services and analytics. IBM's shares were up 2.9 percent at $171.64 in after-hours trading on Thursday. The Armonk, New York-based company forecast adjusted earnings of at least $13.80 per share for fiscal 2017, beating the average analyst estimate of $13.74, according to Thomson Reuters I
  
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• AmEx profit misses estimates on higher marketing spend

  19-01-2017 22:33 via news.yahoo.com
  
  AmEx had previously expected to achieve at least $5.60 per share in 2017. "That outlook is built on a set of priorities designed to put us in a strong position for 2018 and the years ahead," Chief Executive Kenneth Chenault said. AmEx's stock has rallied since the U.S. election as investors hope Trump will usher in a new era of looser bank regulations along with economic growth which should drive increased spending among AmEx customers.
  
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• Fed's Williams says does not see elevated level of uncertainty

  19-01-2017 22:30 via news.yahoo.com
  
  In words that echoed nearly exactly the phrasing of Fed Chair Janet Yellen on Wednesday, Williams told the Solano Economic Development Corporation in Fairfield, California, that it "makes sense" for the Fed to raise interest rates now, given the progress made in the recovery since the recession. While the Fed currently expects to be able to raise rates gradually, he said, it is "always ready to reassess" that view as new information comes in.
  
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• Uber to pay $20 million to settle U.S. allegations it misled drivers about earnings

  19-01-2017 22:29 via news.yahoo.com
  
  WASHINGTON (Reuters) - The ride-hailing company Uber Technologies Inc [UBER.UL] has agreed to pay $20 million to settle allegations that it exaggerated prospective earnings in seeking to recruit drivers, according to documents filed with a U.S. federal court on Thursday.
  
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• Wall Street falls ahead of inauguration

  19-01-2017 22:06 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks fell on Thursday, led by declines in utilities and energy shares, with investors cautious ahead of Donald Trump's inauguration on Friday.
  
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• U.S. Treasury nominee Mnuchin hammered over offshore tax havens

  19-01-2017 21:23 via news.yahoo.com
  
  By David Lawder WASHINGTON (Reuters) - U.S. Treasury Secretary nominee Steven Mnuchin said on Thursday he would work to eliminate the need for offshore tax havens, as Democratic senators accused the Wall Street veteran of using such vehicles to shelter hedge fund money from the government. In a confirmation hearing before the Senate Finance Committee, President-elect Donald Trump's pick to lead the Treasury was attacked for failing to promptly disclose he was a director of an offshore business v
  
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• Dollar, bond yields up on strong U.S. data; Wall St. dips

  19-01-2017 20:36 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - The dollar and U.S. Treasury yields gained on Thursday after a batch of solid U.S. economic data, while U.S. shares slipped as investors remained cautious ahead of the inauguration of President-elect Donald Trump on Friday. Oil futures rallied from one-week lows after the International Energy Agency said crude markets were tightening. The S&P 500's energy index, however, traded lower.
  
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• Bad loans, other costs hobble Q4 earnings for Saudi banks

  19-01-2017 20:21 via news.yahoo.com
  
  Rising bad loans dragged down the fourth-quarter results of several Saudi Arabian banks on Thursday, underlining the tougher conditions lenders in the Arab World's largest economy face after lower oil ...
  
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• Mnuchin not in favor of cutting federal ties with Fannie, Freddie

  19-01-2017 20:17 via news.yahoo.com
  
  President-elect Donald Trump's pick for U.S. Treasury Secretary, Steve Mnuchin, on Thursday told a Senate panel he does not believe in severing federal ties with and privatizing mortgage giants Fannie Mae [FNMA.PK] and Freddie Mac [FMCC.PK]. Mnuchin, a Wall Street veteran, said at his confirmation hearing before the Senate Finance Committee that he does not support the idea of "recap and release," where the government-sponsored enterprises would stop paying the Treasury and use their profits to
  
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• Dollar, bond yields up on strong U.S. data; Wall Street dips

  19-01-2017 20:14 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - The dollar and U.S. Treasury yields gained on Thursday after a batch of solid U.S. economic data, while U.S. shares slipped as investors remained cautious ahead of the inauguration of President-elect Donald Trump on Friday. Oil futures rallied from one-week lows after the International Energy Agency said crude markets were tightening. The S&P 500's energy index, however, traded lower.
  
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• Bankers expect Britain to back Brexit transition calls

  19-01-2017 19:59 via news.yahoo.com
  
  By Carmel Crimmins DAVOS (Reuters) - Top bankers are confident that British Prime Minister Theresa May's government will support a transition period of several years for the financial sector to cope with Britain's exit from the European Union. May met the heads of major U.S. financial firms at the World Economic Forum in Davos on Thursday to discuss their concerns. The Prime Minister confirmed on Tuesday that Britain would quit the single market when it exits the EU, although she said she would
  
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• Iran's Revolutionary Guards reaps economic rewards in Syria

  19-01-2017 19:49 via news.yahoo.com
  
  By Bozorgmehr Sharafedin and Ellen Francis DUBAI/BEIRUT (Reuters) - Iran's government and entities close to the elite Revolutionary Guards have signed major economic contracts with Syria, reaping what appear to be lucrative rewards for helping President Bashar al-Assad regain control of parts of his country from rebels. An opposition group condemned the telecommunications and mining deals signed with Iran, Damascus's main regional ally, as "looting" of the Syrian people and the country's wealth
  
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• The Latest: WTO chief frets over trade war talk

  19-01-2017 19:42 via news.yahoo.com
  
  DAVOS, Switzerland (AP) — The Latest on the World Economic Forum in Davos, Switzerland (all times local):
  
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• UPDATE 1-LVMH to take up to 10 pct of Italy's eyewear firm Marcolin - source

  19-01-2017 19:06
  
  MILAN, Jan 19 (Reuters) - French luxury goods group LVMH
  is set to take a stake of up to 10 percent in unlisted
  Italian glasses-maker Marcolin as it seeks to increase control
  over eyewear...
  
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• Davos 2017: May’s speech resonates

  19-01-2017 19:06
  
  British Prime Minister's focus on tackling inequality strikes a cord with conference theme and with business leaders in the Swiss resort
  
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• Treasury nominee Mnuchin says long-term dollar strength important

  19-01-2017 18:59 via news.yahoo.com
  
  U.S. Treasury Secretary nominee Steven Mnuchin said on Thursday it was important to maintain a strong dollar in the long term, adding that President-elect Donald Trump's recent comments that the currency was too strong were focused on short-term impacts. "When the president-elect made a comment on the U.S. currency, it wasn't meant to be a long-term comment," Mnuchin said in a confirmation hearing before the Senate Finance Committee. Mnuchin, a Wall Street veteran, added that Trump's comments th
  
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• Wall Street dips as investors ready for Trump's inauguration

  19-01-2017 18:50 via news.yahoo.com
  
  The markets are also digesting a clutch of information including the European Central Bank's decision to maintain its monetary policy, while awaiting a speech by Federal Reserve Chair Janet Yellen. After hitting a series of record highs in a post-election rally, Wall Street has been trading in a tight range as investors look for more details on Trump's policies. "We may give Trump the benefit of doubt in the first hundred days," said Sam Stovall, chief investment strategist at CFRA Research.
  
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• The Latest: Question marks over Britain's WTO future

  19-01-2017 18:49 via news.yahoo.com
  
  The Latest on the World Economic Forum in Davos, Switzerland (all times local): 6:50 p.m. Roberto Azevedo, director-general of the World Trade Organization, said it's not inevitable that Britain will rejoin ...
  
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• Spoofing charges cost Citigroup $25 million

  19-01-2017 18:48
  
  The US regulator promised to keep up its scrutiny of spoofing, a bluffing tactic that has come under increased scrutiny
  
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• U.S. economy shows strength on eve of Trump presidency

  19-01-2017 18:32 via news.yahoo.com
  
  U.S. homebuilding rebounded sharply in December as a firming economy boosts demand for rental housing, while an unexpected drop in the number of Americans filing for unemployment benefits last week pointed to a further tightening in the labor market. The economy's brightening prospects were underscored by other data on Thursday showing factory activity in the mid-Atlantic region accelerating to a two-year high this month, amid jumps in new orders, employment and inventories. The reports came as
  
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• Dollar, bond yields up on strong U.S. data; Wall Street slips

  19-01-2017 18:07 via news.yahoo.com
  
  By Sinead Carew NEW YORK (Reuters) - The dollar rose against the euro on Thursday after comments from the European Central Bank chief, while U.S. Treasury yields gained on a batch of solid U.S. economic data. Trading in European equities and the euro was choppy after ECB President Mario Draghi reaffirmed interest rates would stay at current or lower levels for an extended period and that the central bank was ready to increase or extend bond purchases if the outlook worsens. U.S. shares slipped a
  
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• Wall Street slips as countdown to Trump's swearing-in begins

  19-01-2017 17:49 via news.yahoo.com
  
  U.S. stocks edged lower on Thursday as investors appeared wary of taking on too much risk ahead of Donald Trump's swearing-in as president on Friday. The markets are also digesting a clutch of information including the European Central Bank's decision to maintain its monetary policy, while awaiting a speech by Federal Reserve Chair Janet Yellen. After hitting a series of record highs in a post-election rally, Wall Street has been trading in a tight range as investors look for more details on Tru
  
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• Macron defies French parties with pledge to field parliament candidates

  19-01-2017 17:37 via news.yahoo.com
  
  By Michel Rose PARIS (Reuters) - Independent presidential candidate Emmanuel Macron threw down a direct challenge to France's existing political parties on Thursday by announcing he would field candidates in all constituencies in June's parliamentary elections. Macron, a centrist whose rise in opinion polls is worrying leftwing and rightwing candidates in the presidential race, launched a call for applications online for all those who would like to run as a lawmaker under the colors of his young
  
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• Your Money: How the deck is stacked against student loan borrowers

  19-01-2017 17:35
  
  NEW YORK (Reuters) - Paying back your student loans is hard enough. It certainly does not help when the trillion-dollar industry seems set up to make you fail.
  
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• Telecoms company Avaya files for bankruptcy

  19-01-2017 17:33
  
  WILMINGTON, Del, Jan 19 (Reuters) - Telecommunications
  company Avaya Inc filed for Chapter 11 bankruptcy on Thursday to
  reduce its debt, but said it will not sell its call center
  business at this...
  
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• Telling critics to be patient, ECB sticks to ultra-easy policy

  19-01-2017 17:32 via news.yahoo.com
  
  The European Central Bank stuck to its super-easy monetary policy on Thursday, telling those calling for a tightening - like economic powerhouse Germany - to be patient as the bloc slowly regains its economic health. Pledging to look through an inflation blip fueled by rising oil prices, ECB President Mario Draghi acknowledged a string of surprisingly strong growth indicators. Having already bought 1.5 trillion euros ($1.6 trillion)worth of assets and cut rates deep into negative territory, the
  
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• U.S. Treasury nominee Mnuchin denies exploiting homeowners after crash

  19-01-2017 17:26 via news.yahoo.com
  
  By David Lawder WASHINGTON (Reuters) - President-elect Donald Trump's choice to head the U.S. Treasury, Steven Mnuchin, denied on Thursday that a bank he owned had profited at the expense of vulnerable homeowners in the aftermath of the 2007-2009 housing crash. In prepared testimony for his confirmation hearing before the Senate Finance Committee, the Wall Street veteran said accusations his OneWest Bank had operated as a "foreclosure machine" were untrue and politically motivated. "Since I was
  
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• Average US 30-year mortgage rate falls to 4.09 percent

  19-01-2017 17:18 via news.yahoo.com
  
  WASHINGTON (AP) — Long-term US mortgage rates marked their third week of declines this week, after snapping a nine-week run of increases.
  
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• Atlanta Fed leaves U.S. fourth-quarter 2016 GDP view at 2.8 percent

  19-01-2017 17:18
  
  NEW YORK (Reuters) - The U.S. economy is on track to grow at a 2.8 percent annualized pace in the fourth quarter of 2016 following a stronger-than-forecast rise in housing starts in December, the...
  
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• BRIEF-Avaya files for Chapter 11 protection

  19-01-2017 17:08
  
  * Company has obtained a committed $725 million
  debtor-in-possession financing facility underwritten by Citibank
  
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• Draghi sends eurozone stocks higher, euro lower

  19-01-2017 17:00 via news.yahoo.com
  
  European stock markets rebounded while the euro slumped after ECB chief Mario Draghi signalled that the time had not yet come to wind down unprecedented stimulus measures. In the eurozone, Frankfurt's DAX 30 index rose 0.3 percent and the Paris CAC 40 added 0.1 percent in afternoon trading. As predicted, at its first policy meeting of 2017 the ECB kept interest rates at record lows and made no changes to its asset-purchasing scheme, which is designed to encourage spending and investment in a bid
  
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• ECB keeps stimulus on high even as economy picks up

  19-01-2017 16:57 via news.yahoo.com
  
  FRANKFURT, Germany (AP) — The head of the European Central Bank has warned there is still little sign of an enduring pick-up in shop prices and workers' wages in the eurozone — a symptom of economic weakness that means the bank will leave its stimulus programs running nearly full blast at least until year-end.
  
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• BNY Mellon profit rises 29 percent on lower costs

  19-01-2017 16:50
  
  (Reuters) - Bank of New York Mellon Corp said on Thursday fourth-quarter profit increased 29.04 percent as expenses fell and net interest revenue rose.
  
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• Grading Obama's performance on retirement, aging issues

  19-01-2017 16:48
  
  CHICAGO (Reuters) - In his farewell address last week, President Barack Obama quoted something his mother used to tell him: “Reality has a way of catching up with you."
  
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• After Iran's nuclear pact, state firms win most foreign deals

  19-01-2017 16:27 via news.yahoo.com
  
  By Yeganeh Torbati, Bozorgmehr Sharafedin and Babak Dehghanpisheh WASHINGTON (Reuters) - When world powers agreed in 2015 to lift sanctions on Iran in return for curbs on its nuclear program, the deal's supporters in the United States, Europe and Tehran hoped renewed trade and investment could boost Iran's private sector and weaken the state's hold on the economy. Of nearly 110 agreements worth at least $80 billion that have been struck since the deal was reached in July 2015, 90 have been with
  
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• U.S. investors see more automation, not jobs, under Trump administration

  19-01-2017 16:13
  
  NEW YORK (Reuters) - When U.S. President-elect Donald Trump criticized United Technologies Corp'sCarrier unit in November for its plan to move some 800 jobs to Mexico, the parent-company made a...
  
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• As more Latin Americans eat processed food, obesity rates surge

  19-01-2017 16:05 via news.yahoo.com
  
  Latin America, once plagued by malnutrition, now faces a different type of public health crisis as processed food increasingly replaces traditionally prepared dishes, leading to a surge in obesity rates, a United Nations report showed on Thursday. Nearly 58 percent of the region's inhabitants, or close to 360 million people, is either overweight or obese, said the report by the United Nations' Food and Agriculture Organization (FAO) and the Pan American Health Organization (PAHO). The rapid jump
  
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• In Davos, PM May unveils vision for global Britain post-Brexit

  19-01-2017 16:03 via news.yahoo.com
  
  By Elizabeth Piper and Noah Barkin DAVOS, Switzerland (Reuters) - Prime Minister Theresa May unveiled her vision for Britain after Brexit on Thursday, describing its future role as a defender of free trade and globalization in a speech intended to ease concerns among the global business elite. In her first appearance at the World Economic Forum in Davos, where the world's business elite congregates in the Swiss Alps, May pressed her mantra that Britain would become more global after voting to le
  
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• Fidelity: Brexit will be “complex and drawn-out”

  19-01-2017 16:02
  
  UK business of fund management giant warns of challenging Brexit process as it reports rising profit and AUM
  
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• Bank CEOs talk Brexit job moves at Davos

  19-01-2017 16:02
  
  Bosses from Barclays, Goldman Sachs and other big banks talk about the UK's exit from the EU and what it means for the City
  
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• Peabody, shareholders face off in bankruptcy court

  19-01-2017 15:59
  
  ST. LOUIS, Jan 19 (Reuters) - Peabody Energy Corp
  , the world's largest private-sector coal producer, is
  squaring off in court with shareholders who claim their stock
  should not be wiped out in the...
  
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• Wall Street flat as countdown to Trump's swearing-in begins

  19-01-2017 15:52 via news.yahoo.com
  
  U.S. stocks were flat on Thursday, with investors seemingly wary of taking on risk ahead of Donald Trump's swearing-in as U.S. president on Friday. After having driven Wall Street to record highs in a post-election rally, investors are on the sidelines as they await Trump's inaugural speech to get a steer on his policies. Markets are also eyeing a speech by Federal Reserve Chair Janet Yellen.
  
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