Finance news

• Raymond James to roll out robo-adviser in 2017

  30-01-2017 23:39 via news.yahoo.com
  
  NEW YORK (Reuters) - Raymond James Financial is rolling out a new digital platform with robo-adviser-like technology this year, the St. Petersburg, Florida-based firm said on Monday. Called Connected Advisor, the firm's 7,100 advisers will be able to use the platform to automate some basic investment management for certain accounts, communicate with clients and analyze client data. The announcement comes as Wall Street banks and wealth management firms scramble to build or buy robo-advisers to p
  
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• TSX falls more than one percent on U.S. political risk

  30-01-2017 23:21 via news.yahoo.com
  
  By Fergal Smith TORONTO (Reuters) - Canada's main stock index fell more than 1 percent to a nearly two-week low on Monday, with losses broad based after a travel curb ordered by U.S. President Donald Trump triggered a rethink by investors of U.S. political risk. Wall Street also lost ground after an executive order issued by Trump on Friday banned immigration from seven Muslim-majority countries. "People are starting to think well if this is generating this kind of chaos over a weekend, what hap
  
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• BoC says rising house prices, household debt worrisome

  30-01-2017 23:03 via news.yahoo.com
  
  Rising house prices and consumer indebtedness, particularly among already indebted Canadians, is a worry because the economic picture could change without warning, Bank of Canada's Deputy Governor Sylvain Leduc said on Monday. Speaking to a House of Commons finance committee, Leduc said the central bank has repeatedly warned about rising debt levels among consumers in case of an unexpected shock, even though the risk of an adverse event is low. "House prices are going up, people are reaching may
  
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• Wall Street falls the most this year as Trump honeymoon sours

  30-01-2017 23:01 via news.yahoo.com
  
  Major U.S. stock indexes posted their largest drop so far in 2017 on Monday as investors worried that a curb on immigration ordered by Donald Trump was a reminder that some of the U.S. president's policies are not market-friendly. An executive order issued by Trump on Friday banned immigration from seven Muslim-majority countries, including legal residents and visa holders, and temporarily halted the entry of refugees. U.S. equities had hit a series of record highs following Trump's election in
  
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• Trump travel curbs slam stocks, hit dollar vs. yen

  30-01-2017 22:16 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Major world equity markets fell on Monday and the dollar slipped against the safe-haven yen after new U.S. immigration curbs stirred concerns about the impact of U.S. President Donald Trump's policies on global trade and the economy. Stocks posted their worse day so far this year on Wall Street after Trump's executive order on Friday, to bar Syrian refugees and suspend travel to the United States from seven countries, put the spotlight back on his protectioni
  
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• Republicans take first steps to kill five Obama-era regulations

  30-01-2017 22:10 via news.yahoo.com
  
  By Lisa Lambert WASHINGTON (Reuters) - House Republicans on Monday began the process of killing five Obama-era rules on corruption, the environment, labor and guns under the first real test of the Congressional Review Act, a law intended to keep regulation in check. Republicans put as much urgency on limiting what they consider over-regulation that stifles economic growth as they do on overhauling the tax code and dismantling the Affordable Care Act, according to House Majority Leader Kevin McCa
  
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• Wall Street falls the most since Oct as Trump honeymoon sours

  30-01-2017 21:29 via news.yahoo.com
  
  The S&P 500 and the Dow were set to post their largest drop in more than three months on Monday as investors worried that a curb on immigration ordered by Donald Trump was a reminder that some of the U.S. president's policies are not market-friendly. An executive order issued by Trump on Friday banned immigration from seven Muslim-majority countries, including legal residents and visa holders, and temporarily halted the entry of refugees. U.S. equities had hit a series of record highs follow
  
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• House Republicans prepare to kill five Obama-era regulations

  30-01-2017 21:29 via news.yahoo.com
  
  By Lisa Lambert WASHINGTON (Reuters) - House Republicans were set on Monday to begin the process of killing five Obama-era rules on corruption, the environment, labor and guns under the first real test of a law intended to keep regulation in check. Republicans put as much urgency on limiting what they consider overregulation that stifles economic growth as they do on overhauling the tax code and dismantling the Affordable Care Act, according to House Majority Leader Kevin McCarthy. Under the Con
  
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• High price of shrimp linked to water pollution: study

  30-01-2017 21:29 via news.yahoo.com
  
  The price of big-sized shrimp can rise as a direct result of pollution from fertilizers that cause dead zones in coastal waters, US researchers said Monday. The study in the Proceedings of the National Academy of Sciences is the first to show how a low-oxygen water problem called hypoxia is related to the climbing price of seafood. "Many studies have documented the ecological impacts of hypoxia, but establishing a clear causal link to economic losses in affected fisheries has been elusive," said
  
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• U.S. inflation getting Trump lift: Wall Street strategist

  30-01-2017 20:45 via news.yahoo.com
  
  Long hibernating price inflation is taking center stage in America's economy, in part because President Trumps' anti-migrant policies are fueling already rising wages, a top Wall Street asset strategist said on Monday. Richard Bernstein, a celebrated asset allocator who oversees $3.1 billion at investment firm Richard Bernstein Advisors LLC, also told the Reuters Global Markets Forum that U.S. corporate profits reflected economic growth, that equities will outperform fixed income assets in 2017,
  
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• Trump imposes sweeping limits on new US regulations

  30-01-2017 20:36 via news.yahoo.com
  
  President Donald Trump on Monday imposed sweeping constraints on any new US regulations, by requiring two rules be killed before any new one can be introduced and mandating zero cost impact. Surrounded by a handful of small business owners at the White House, Trump said his latest executive order was aimed at reducing the burden on those companies, fulfilling one of his campaign promises. "We're getting rid of regulations to a massive extent, could be as much as 75 percent" to address "the damag
  
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• White House says executive order does not apply to independent regulators

  30-01-2017 20:03 via news.yahoo.com
  
  The White House confirmed on Monday that a new executive order to slash regulations will not apply to independent regulatory agencies such as the Securities and Exchange Commission, a spokeswoman said. President Donald Trump complained about the Dodd-Frank Wall Street reform law in a meeting with small business owners, in which he referred to the law as a "disaster." He made his remarks shortly before signing the executive order.
  
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• Goldman CEO does not support travel ban; others avoid criticism

  30-01-2017 19:53 via news.yahoo.com
  
  Goldman Sachs Group Inc Chief Executive Lloyd Blankfein became the first major Wall Street leader to speak out against President Donald Trump's order to halt arrivals from several Muslim-majority countries. In a voicemail to employees on Sunday, Blankfein said diversity was a hallmark of Goldman's success, and if the temporary freeze became permanent, it could create "disruption" for the bank and its staff. "This is not a policy we support, and I would note that it has already been challenged in
  
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• Brazilian ex-billionaire Batista surrenders to Rio police

  30-01-2017 19:30 via news.yahoo.com
  
  Fallen tycoon Eike Batista, who personified Brazil's economic boom and once boasted he was the world's richest man, was arrested Monday at Rio de Janeiro's airport after returning to face corruption charges. Batista, who rose to become his country's wealthiest person and number seven in the world, with a fortune of $34.5 billion reported by Bloomberg in 2012, flew in from New York and walked immediately to a waiting police SUV. The 60-year-old former oil and mining magnate is alleged to have pai
  
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• Wall Street trips as Trump's travel curbs fuel uncertainty

  30-01-2017 19:08 via news.yahoo.com
  
  Trump on Friday signed executive orders to suspend travel to the United States from seven Muslim-majority countries on grounds of national security. "The market is reacting negatively right now because of the uncertainty that it creates," said Robert Pavlik, chief market strategist at Boston Private Wealth. U.S. equities hit a series of record highs following Trump's election in November, encouraged by his promise of tax cuts and simpler regulations.
  
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• Goldman Sachs CEO says bank does not support Trump travel ban

  30-01-2017 18:16 via news.yahoo.com
  
  Goldman Sachs Group Inc Chief Executive Lloyd Blankfein became the first major Wall Street leader to speak out against President Donald Trump's order to halt arrivals from several Muslim-majority countries. In a voicemail to employees on Sunday, Blankfein said diversity was a hallmark of Goldman's success, and if the temporary freeze became permanent, it could create "disruption" for the bank and its staff. "This is not a policy we support, and I would note that it has already been challenged in
  
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• Global equities rocked by Trump travel ban

  30-01-2017 18:12 via news.yahoo.com
  
  World stocks were spooked Monday by Donald Trump's controversial travel ban, which dealers said may be an early taste of coming turmoil prompted by the US president. Asian and European equities kicked off the downward spiral and were joined by Wall Street, with the Dow index waving goodbye to the 20,000 level it breached for the first time last week. Markets were "on the back foot after US President Trump announced one of his most radical policies yet, in the form of a travel ban," said CMC Mark
  
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• U.S. consumer spending, housing data bolster economic outlook

  30-01-2017 18:05 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer spending accelerated in December as households bought motor vehicles and cold weather boosted demand for utilities amid a rise in wages, pointing to sustained domestic demand that could spur economic growth in early 2017. A strengthening economy, rising price pressures and tightening labor market could allow the Federal Reserve to raise interest rates at least three times this year. Time for the Fed to hoist sail on interest rates." The Comm
  
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• Trump travel curbs weaken stocks, dollar vs yen

  30-01-2017 17:36 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Equity markets fell across the world on Monday and the dollar slipped against the safe-haven yen after immigration curbs introduced by Donald Trump stirred concerns about the impact of the U.S. president's policies on global trade and the economy. Stocks fell about 1 percent on Wall Street and Europe after Trump's executive orders on Friday to bar Syrian refugees and suspend travel to the United States from seven countries put the spotlight back on his protec
  
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• Trump travel curbs weaken stocks, dollar versus yen

  30-01-2017 17:36 via news.yahoo.com
  
  Equity markets fell across the world on Monday and the dollar slipped against the safe-haven yen after immigration curbs introduced by Donald Trump stirred concerns about the impact of the U.S. president's policies on global trade and the economy. Stocks fell about 1 percent on Wall Street and Europe after Trump's executive orders on Friday to bar Syrian refugees and suspend travel to the United States from seven countries put the spotlight back on his protectionist bent. The negative reaction t
  
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• Trump travel curbs weaken global stocks, dollar vs yen

  30-01-2017 17:35 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Equity markets fell across the world on Monday and the dollar slipped against the safe-haven yen after immigration curbs introduced by Donald Trump stirred concerns about the impact of the U.S. president's policies on global trade and the economy. Stocks fell about 1 percent on Wall Street and Europe after Trump's executive orders on Friday to bar Syrian refugees and suspend travel to the United States from seven countries put the spotlight back on his protec
  
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• TSX posts largest drop since September on travel curb jitters

  30-01-2017 17:26 via news.yahoo.com
  
  Canada's main stock index fell to a nearly two-week low on Monday and was on track for its deepest loss since September after a travel ban implemented by U.S. President Donald Trump triggered uncertainty for investors. Wall Street also lost ground after Trump on Friday signed executive orders to bar admission of Syrian refugees and suspend travel to the United States from Syria, Iraq, Iran and four other countries on the grounds of national security. Canada will offer temporary residency to any
  
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• Germany talks to banks about Frankfurt move after Brexit

  30-01-2017 17:16 via news.yahoo.com
  
  By John O'Donnell FRANKFURT (Reuters) - Germany's top regulators met about 50 envoys from foreign banks on Monday to explain how they could move business to Europe's biggest economy after Britain leaves the European Union, German financial watchdog Bafin said. Bafin, which has been approached by numerous banks in recent weeks, said it answered questions from the banks such as how to get a banking license in Germany. Peter Lutz, a Bafin official in charge of bank oversight, said the authorities w
  
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• US pending home sales increased in December

  30-01-2017 16:14 via news.yahoo.com
  
  WASHINGTON (AP) — More Americans signed contracts to buy homes in December. The increase possibly reflects more people scrambling to purchase homes as mortgage rates have been rising and increasing the costs of ownership.
  
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• Wall Street drops on jitters over Trump's travel curbs

  30-01-2017 15:59 via news.yahoo.com
  
  U.S. stocks opened lower on Monday as investors turned defensive due to uncertainty sparked by President Donald Trump's orders to curb travel and immigration from some countries. The promise of tax cuts and simpler regulations had lured investors into equity markets since Trump's election in November, but some are worried about the potential risk of his protectionist policies. "A new week of trading is getting off on a sour note, as key macro news, Fed action, international and domestic backlash
  
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• German inflation puts ECB policy back in spotlight

  30-01-2017 15:47 via news.yahoo.com
  
  A second month of high inflation in Germany in January will likely prompt a fresh round of complaints against the European Central Bank's loose monetary policy, analysts predicted. Consumer prices in Europe's largest economy rose by 1.9 percent year-on-year, federal statistics office Destatis said in preliminary data released Monday, up from a rate of 1.7 percent recorded in December. The last time inflation was that high in Germany was in July 2013, the statisticians observed.
  
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• Brazilian ex-billionaire Eike Batista surrenders to Rio police

  30-01-2017 15:43 via news.yahoo.com
  
  Fallen tycoon Eike Batista, who personified Brazil's economic boom and once boasted he'd become the world's richest man, was arrested Monday at Rio de Janeiro's airport after returning to face corruption charges. Batista, who rose to become his country's wealthiest person and number seven in the world, with a fortune of $34.5 billion reported by Bloomberg in 2012, flew in from New York and walked immediately to a waiting police SUV. The 60-year-old former oil and mining magnate is alleged to hav
  
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• MIDEAST STOCKS-Saudi, Kuwait, Egypt retreat; Aramex earnings beat supports Dubai

  30-01-2017 15:39 via news.yahoo.com
  
  * Saudi ends seven-day winning streak * Nama Chemicals, Ma'aden resilient * Kuwait weighed down by blue chips * Aramex soars on doubling Q4 net profit * Egypt pulls back as global emerging markets hit by Trump DUBAI, Jan 30 (Reuters) - Middle Eastern equity markets diverged on Monday, with last week's top gainers pulling back on profit taking while strong quarterly earnings from courier firm Aramex bolstered Dubai. The Saudi Arabian index fell 0.7 percent, snapping seven consecutive sessions of
  
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• Nigeria asks Goldman, Stanbic to help sell debut "diaspora bond"

  30-01-2017 15:15 via news.yahoo.com
  
  Nigeria has asked Goldman Sachs and the local unit of South Africa's Standard Bank to advise it on the sale of a debut "diaspora bond" targeted at Nigerians living abroad, Stanbic IBTC Bank said on Monday. Such bonds are a form of government debt that targets members of the national community abroad and Africa's biggest economy first announced plans to sell them in 2013 to raise between $100 million to $300 million. Goldman Sachs and Stanbic were due to manage the sale at the time, but the gover
  
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• U.S. consumer spending rises solidly; inflation firming

  30-01-2017 15:06 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer spending rose solidly in December as households bought motor vehicles and a range of services amid rising wages, pointing to sustained domestic demand that could spur faster economic growth in early 2017. The strengthening economy, rising price pressures and a tightening labor market could allow the Federal Reserve to lift interest rates at least three times this year. The Commerce Department said on Monday that consumer spending, which acco
  
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• Wall Street set to open lower after Trump's travel curbs

  30-01-2017 15:03 via news.yahoo.com
  
  U.S. stocks looked set to open lower on Monday, amid uncertainty following President Donald Trump's orders to curb travel and immigration from certain countries. The promise of tax cuts and simpler regulations had lured investors into equity markets since Trump's election in November, but some are worried about the potential risk of his protectionist policies. "A new week of trading is getting off on a sour note, as key macro news, Fed action, international and domestic backlash over Trump's imm
  
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• Google throws shade at Trump's 'Muslim ban' with a historical Doodle

  30-01-2017 14:59 via news.yahoo.com
  
  Google honored Fred Korematsu on Monday in its daily Doodle in celebration of what would have been his 98th birthday. It isn't a milestone year, but the homage may just be a reference to Donald Trump's "Muslim ban," which put a 120-day halt on the entry to the U.S. of any refugees, a 90-day halt for all citizens of seven Muslim-majority countries, and an indefinite halt on all refugees from Syria.  SEE ALSO: How Syrian refugees spent the holidays Korematsu was an American civil rights activ
  
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• Mark Clacy-Jones joins Standard Life Investments as fund strategist

  30-01-2017 14:56
  
  (Reuters) - Scotland-based investment manager Standard Life Investments appointed Mark Clacy-Jones as a fund strategist to its global real estate research and strategy team.
  
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• German inflation picks up in January: preliminary data

  30-01-2017 14:56 via news.yahoo.com
  
  Inflation in Europe's largest economy Germany picked up in January, preliminary data showed Monday, although the headline number was not as high as analysts had expected. Consumer prices rose by 1.9 percent year-on-year, federal statistics office Destatis said, up from a rate of 1.7 percent recorded in December. The last time inflation was that high in Germany was in July 2013, the statisticians added.
  
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• Shares fall, dollar dips vs yen after Trump travel curbs

  30-01-2017 14:52 via news.yahoo.com
  
  Shares fell in Europe and Asia on Monday and the dollar dipped against the safe-haven yen after immigration curbs introduced by Donald Trump added an extra layer of uncertainty to the economic impact of the new U.S. president's policies. The euro fell to an 11-day low against the dollar and German government bond yields pared gains after German inflation in January came in slightly below forecast, easing pressure on the European Central Bank to unwind its stimulus program. "Concerns on protectio
  
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• US consumer spending up 0.5 percent in December

  30-01-2017 14:46 via news.yahoo.com
  
  Consumers boosted spending in December at the fastest pace in three months, giving the economy some momentum going into 2017. Consumer spending advanced 0.5 percent in December, a major improvement over ...
  
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• South Africa's Gordhan alleges campaign by Guptas against Treasury

  30-01-2017 13:46 via news.yahoo.com
  
  South African Finance Minister Pravin Gordhan said in court documents on Monday that a trio of Indian-born businessmen was waging an "organized campaign" against him and the Treasury, the latest salvo in a legal and financial battle that has unsettled investors. The Gupta brothers, who deny allegations that they wield excessive influence over President Jacob Zuma, had themselves accused Gordhan in a court filing 10 days ago of conducting a vendetta against them and trying to damage their busines
  
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• Trump's travel ban weighs on global stock markets

  30-01-2017 13:21 via news.yahoo.com
  
  LONDON (AP) — Global stock markets fell Monday after President Donald Trump's decision to impose a travel ban on seven Muslim-majority countries. Investors are wary of what the move presages for global trade, not least because there is so much disagreement around the world over the move.
  
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• Rainbow Rare Earths listing raises funds for Burundi mining project

  30-01-2017 12:53 via news.yahoo.com
  
  Rainbow Rare Earths listed on the main London stock market on Monday, raising 8 million pounds ($10 million) to invest in its Gakara project in Burundi, with a view to starting sales to Germany's Thyssenkrupp by year-end. The project's minerals are weighted towards magnetic rare earths, including neodymium and praseodymium, which are expected to used become increasingly sought after for use in generators, wind turbines and electric vehicles as supply from top producer China dwindles. Rainbow's s
  
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• Global equities rocked by Trump immigration ban

  30-01-2017 12:51 via news.yahoo.com
  
  London (AFP) - Asian and European stock markets sank on Monday with dealers spooked by uncertainty over Donald Trump's divisive immigration ban, dealers said.
  
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• Shares fall, dollar dips versus yen after Trump travels curbs

  30-01-2017 11:14 via news.yahoo.com
  
  By Nigel Stephenson LONDON (Reuters) - Shares fell in Europe and Asia on Monday and the dollar dipped against the yen after immigration curbs introduced by Donald Trump added an extra layer of uncertainty to the economic impact of the new U.S. president's policies. French 10-year yields hit a 16-month high in early trade after an opinion poll showed conservative presidential election candidate Francois Fillon, the favorite to win the vote, losing ground. Trump suspended travel to the United Stat
  
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• Global shares fall, dollar dips vs yen after Trump travels curbs

  30-01-2017 11:13 via news.yahoo.com
  
  By Nigel Stephenson LONDON (Reuters) - Shares fell in Europe and Asia on Monday and the dollar dipped against the yen after immigration curbs introduced by Donald Trump added an extra layer of uncertainty to the economic impact of the new U.S. president's policies. French 10-year yields hit a 16-month high in early trade after an opinion poll showed conservative presidential election candidate Francois Fillon, the favourite to win the vote, losing ground. Trump suspended travel to the United Sta
  
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• Spain's economy powers ahead again in 2016

  30-01-2017 11:01 via news.yahoo.com
  
  Spain's economy grew 3.2 percent last year, official figures showed Monday, as the country continues to power ahead following a damaging crisis marked by sky-high unemployment and rising inequalities. The GDP growth figure, the same as that of 2015, is one of the best among European countries. Spain's growth was boosted by low petrol prices, high domestic demand as unemployment drops, exports and a booming tourism sector that beat all records in 2016.
  
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• Strong 2016 growth brings Spain close to pre-crisis economy

  30-01-2017 10:04 via news.yahoo.com
  
  The Spanish economy grew 3.2 percent in 2016 according to preliminary figures released by the National Institute of Statistics (INE) on Monday, consolidating three consecutive years of strong growth and ...
  
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• Asian shares, dollar retreat on Trump travel ban, U.S. GDP

  30-01-2017 07:54 via news.yahoo.com
  
  By Nichola Saminather SINGAPORE (Reuters) - Asian share markets and Wall Street stock futures fell on Monday after immigration curbs introduced by U.S. President Donald Trump heightened concerns about the impact of the new administration's policies on trade and the economy. European markets were also poised for a sluggish start, with financial spreadbetter CMC Markets expecting Germany's DAX to start the day 0.3 percent lower, Britain's FTSE 100 to open down 0.4 percent, and France's CAC 40 to f
  
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• BUZZ-Dubai's Aramex rises on Q4 earnings beat

  30-01-2017 07:24 via news.yahoo.com
  
  Jan 30 (Reuters) - ** Shares in Dubai courier company Aramex rise 1.5 percent to 4.19 dirhams, highest since mid-December ** Company reported 129 percent jump in fourth-quarter net profit to 131.8 million dirhams ($35.9 million); EFG Hermes and SICO Bahrain had forecast 94.0 million dirhams and 77.5 million dirhams respectively ** Chief executive Hussein Hachem said firm is cautious but looks forward to continuing its growth momentum ** Stock faces technical resistance at December peak of 4.31 d
  
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• Drugmaker Novo Nordisk bets $145 million on post-Brexit UK science

  30-01-2017 07:05 via news.yahoo.com
  
  By Ben Hirschler LONDON (Reuters) - Novo Nordisk, the world's top maker of diabetes drugs, is investing 115 million pounds ($145 million) in a new research center in Britain, undeterred by Brexit. The Danish company said on Monday it would invest the money over 10 years in the center based at the University of Oxford, which will employ 100 scientists hunting for new ways to treat type 2 diabetes. The decision is likely to be welcomed by Prime Minister Theresa May, who last week highlighted life
  
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• New York City wastes billions on affordable housing tax breaks -study

  30-01-2017 05:00
  
  NEW YORK, Jan 29 (Reuters) - New York City wasted as much as
  $2.8 billion over an 11-year period on condominium apartments
  included in a massive affordable housing tax break program,
  according to a...
  
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• GLOBAL MARKETS-Shares, dollar retreat on Trump travel ban, weak U.S. GDP

  30-01-2017 04:25
  
  SINGAPORE, Jan 30 (Reuters) - Asian share markets and U.S.
  stock futures fell on Monday after President Donald Trump
  introduced immigration curbs that sparked criticism at home and
  abroad, adding to...
  
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• CSX, outgoing Canadian Pacific CEO in settlement talks - WSJ

  30-01-2017 04:12 via news.yahoo.com
  
  (Reuters) - U.S. railroad operator CSX Corp is discussing a settlement with Hunter Harrison, the outgoing chief executive of Canadian Pacific Railway Ltd , and activist investor Paul Hilal that could make Harrison CSX's CEO, the Wall Street Journal reported. The talks come less than two weeks after Harrison partnered with Hilal's new fund, Mantle Ridge LP. The parties are discussing Mantle Ridge's request for more than three CSX board seats, but CSX is said to be unwilling to hand over that many
  
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