Finance news

• Brazil's Temer lifts infrastructure aide to ministry post

  02-02-2017 23:43 via news.yahoo.com
  
  Brazilian President Michel Temer elevated his infrastructure investment secretary to a ministry-level position on Thursday, underscoring the importance of proposed privatizations in his agenda to spur economic growth. Wellington Moreira Franco, a close adviser to the president, will also be responsible for communications and ceremonies, the presidential spokesman told journalists. The promotion highlighted Temer's confidence in Moreira Franco, who, according to a source, had drafted a resignatio
  
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• Snapchat unveils New York stock market filing

  02-02-2017 23:13 via news.yahoo.com
  
  Snap Inc, the parent company of the photo messaging app Snapchat, has revealed plans to go public in what is expected to be the biggest US technology listings in recent years. The company's filing to the New York Stock Exchange has already raised eyebrows after revealing that losses have widened each year and stating that it "may never achieve or maintain profitability".
  
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• GE, Boeing, Oracle form coalition to support Republican border tax

  02-02-2017 23:08 via news.yahoo.com
  
  The group, comprised of more than 25 U.S. companies and dubbed the "American Made Coalition," also includes Dow Chemical Co , Eli Lilly and Co , Pfizer Inc , and Oracle Corp, the companies confirmed. The group's launch underscored a growing division in corporate America over the House Republican proposal that would cut corporate income tax to 20 percent from 35 percent, exclude export revenue from taxable income and impose the 20 percent tax on imports.
  
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• Maternity, paternity leave rates in the U.S. remain low

  02-02-2017 22:53 via news.yahoo.com
  
  By Shereen Lehman (Reuters Health) - The proportion of U.S. women taking maternity leave has remained about the same for the past two decades, according to a new study. Laws mandating paid leave in four states and an expanding national economy have had no impact on the proportion of working women who take maternity leave, which remains at about 678 per 10,000 births, an economist reports in the American Journal of Public Health. “The U.S. economy has expanded dramatically since the middle
  
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• Snapchat files for IPO as $SNAP — looks to raise $3 billion

  02-02-2017 22:48 via news.yahoo.com
  
  Snapchat, err Snap Inc., just made the papers for its long-awaited initial public offering appear.  The ephemeral mobile storytelling app is going public, a move that will raise $3 billion and open up the books of the secretive company. No valuation for the company as a whole is mentioned, but the company is predicted to still be one of the biggest tech IPOs ever. Back in 2012, Facebook was seeking a valuation of $5 billion.  The filing offers one of the biggest concrete indicators of
  
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• Dollar edges up, stocks stall as Trump's comments offset data

  02-02-2017 22:46 via news.yahoo.com
  
  The dollar rebounded from its weakest level against six major rivals since mid-November on Thursday, while world equity markets were mixed as investor concerns about the Trump administration's aggressive posture offset strong data on the world economy. U.S. stocks closed marginally lower as investors turned their focus to President Donald Trump's priorities. In a meeting with lawmakers, Trump said he would like to speed up talks to either renegotiate or replace the North American Free Trade Agre
  
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• Volatility swoon opens up options market opportunities

  02-02-2017 22:36 via news.yahoo.com
  
  Whether you believe the rally in U.S. stocks has run out of steam or expect shares to soar on to new highs, the recent slump in stock market volatility has opened up big opportunities for traders in the options market. U.S. stocks have risen about 6.5 percent since the November 8 election of President Donald Trump, but have stalled in the past few weeks on concerns Wall Street's priorities are not in synch with the administration's. On Wednesday, the CBOE Volatility Index , the widely followed b
  
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• Wall Street stalls as market, Trump priorities diverge

  02-02-2017 22:34 via news.yahoo.com
  
  U.S. stocks ended little changed on Thursday as the recent rally continued to stall following President Donald Trump's latest comments on trade and the policies he will pursue. The S&P 500 traded at levels it was six weeks ago, losing steam as investors focus on Trump's priorities, such as restricting travel to the United States and rewriting trade deals. Markets had run up sharply following Trump's Nov. 8 election win on the expectation that tax cuts, deregulation and a fiscal stimulus woul
  
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• Stocks end little changed as investors digest earnings

  02-02-2017 22:23 via news.yahoo.com
  
  NEW YORK (AP) — Stocks ended Thursday's trading mostly unchanged, as cautious investors focus a large batch of earnings reports from U.S. companies, including Facebook and Merck.
  
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• Amazon beats 4Q profit forecasts

  02-02-2017 22:17 via news.yahoo.com
  
  Amazon.com Inc. (AMZN) on Thursday reported fourth-quarter earnings of $749 million. The Seattle-based company said it had net income of $1.54 per share. The results surpassed Wall Street expectations. ...
  
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• Exclusive: Brazil to ease foreign land ownership with restrictions: minister

  02-02-2017 21:46 via news.yahoo.com
  
  By Stephen Eisenhammer and Anthony Boadle BRASILIA (Reuters) - Brazil should push through a bill in the first of half of this year to ease limits on foreign purchases of agricultural land in a bid to rekindle economic growth, the agriculture minister said in an interview, adding it would be accompanied by measures to prevent speculation and ensure farms are not left idle. The bill, which is with the president's chief of staff and must go before Congress, is part of a broad series of reforms from
  
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• Germany's Gabriel condemned Berlin's handling of Greece in letter: report

  02-02-2017 21:31 via news.yahoo.com
  
  German Foreign Minister Sigmar Gabriel criticised the German government's handling of Greece in a letter he wrote to Chancellor Angela Merkel last month, a newspaper reported on Thursday. Handelsblatt newspaper said Gabriel - who swapped the Economy Ministry for the Foreign Ministry last week - had expressed his "great concern" about the talks on Greece's financial rescue and thought the government in Berlin should play a "more constructive role". Germany wants the International Monetary Fund (I
  
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• Dollar flat, stocks mixed as Trump's Iran, trade talk offsets data

  02-02-2017 21:06 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - The dollar was flat on Thursday after hitting its lowest level since mid-November, while world equity markets were mixed as investor concerns about the Trump administration's aggressive language toward Iran offset strong data on the world economy. U.S. stocks fell after President Donald Trump's latest remarks on trade. In a meeting with lawmakers, Trump said he would like to speed up talks to either renegotiate or replace the North American Free Trade Agreeme
  
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• Madoff victims' recovery tops $9.7 billion with new payout

  02-02-2017 21:05
  
  (Reuters) - Bernard Madoff's victims will soon recoup another $252 million from the trustee unwinding the swindler's firm, boosting their total recovery to $9.72 billion.
  
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• Delphi says automated work may come to U.S. from Mexico

  02-02-2017 20:50 via news.yahoo.com
  
  By Bernie Woodall DETROIT (Reuters) - Delphi Automotive Plc said on Thursday that if it brings any manufacturing to the United States from Mexico, it is likely to be automated work, which has fewer jobs attached to it, as the company issued fourth-quarter earnings that surpassed Wall Street expectations, sending shares higher. Joe Massaro, Delphi chief financial officer, said that 90 percent of the company's workforce is in "best-cost countries," which keep its costs down and profits up. Company
  
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• Stocks move lower as investors digest earnings

  02-02-2017 20:30 via news.yahoo.com
  
  Stocks were moving between slight gains and losses in afternoon trading Thursday, as traders focused on a large batch of earnings reports from U.S. companies, including Facebook and Merck. Ryder System, ...
  
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• Total's Pouyanne says earnings will show it is doing well versus peers

  02-02-2017 20:11 via news.yahoo.com
  
  By Bate Felix PARIS (Reuters) - French oil and gas major Total will post industry-leading 2016 earnings, Chief Executive Patrick Pouyanne told France Info Radio on Thursday. Rival Royal Dutch Shell said on Thursday it was close to selling assets totalling $5 billion to cut debt following its acquisition of BG Group, as it reported its lowest full-year earnings in more than a decade. Asked if Total will restart investments following the rebound in oil prices, Pouyanne said the company will keep i
  
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• Canada's Trudeau decides not to poke U.S. 'grizzly bear' for now

  02-02-2017 19:59 via news.yahoo.com
  
  By David Ljunggren and Rod Nickel OTTAWA/WINNIPEG (Reuters) - Canadian Prime Minister Justin Trudeau is taking a low key approach to dealing with U.S. President Donald Trump, seeking to avoid clashes while indirectly signaling the two leaders' differences to a domestic audience. Insiders acknowledge the cautious strategy could anger progressives whose support helped bring Trudeau to power in 2015 but say for now, he has no choice but to hold fire: Canada sends 75 percent of its exports to the Un
  
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• Private equity executive Feinberg in talks to join Trump administration

  02-02-2017 19:55 via news.yahoo.com
  
  Cerberus Capital Management LP's chief executive, Stephen Feinberg, is in talks to join U.S. President Donald Trump's administration in a senior role, the private equity firm said on Thursday. Feinbeg's move would make him the latest Wall Street veteran to serve under Trump. U.S. Treasury Secretary nominee Steven Mnuchin, U.S. Commerce Secretary designate Wilbur Ross, and Gary Cohn, director of the White House National Economic Council, are just some of the high-profile financiers who have agree
  
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• North Dakota leads majority of U.S. states in revenue rebound

  02-02-2017 19:47 via news.yahoo.com
  
  While North Dakota tax collections as of 2016's second quarter rose nearly 37 percent over their 2008 peak, Alaska fared the worst with a nearly 94 percent drop since 2008, the Pew Charitable Trusts reported. Pew found that despite a tax revenue slump in the quarter that marked the end of fiscal 2016 for most states, collections in 27 states still exceeded pre-recession levels. "Twenty-three states still collect less tax revenue than at their recession-era peaks, after adjusting for inflation, a
  
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• The Stock Market Is Sending an Unusual Warning Signal

  02-02-2017 19:10 via news.yahoo.com
  
  Market sentiment is shifting as investors turn their focus from potential positives such as tax reform to negatives (from the perspective of big business) such as a clampdown on immigration and the prospect of chaotic fighting in Congress over everything from President Donald Trump’s cabinet picks to the legality of his executive actions. Trump complained of foreign currency devaluations (weakening the "strong dollar" post-election trade) and directly named China and Japan as "planning mon
  
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• Wall Street slips as investors digest Trump's trade comments

  02-02-2017 19:07 via news.yahoo.com
  
  U.S. stocks fell in late afternoon trading on Thursday, after edging up briefly, as investors turned wary following President Donald Trump's latest protectionist comments. Trump in a meeting with key lawmakers said he would like to speed up talks to either renegotiate or replace the North American Free Trade Agreement (NAFTA). Investors are also assessing possible consequences of Trump's other comments, including labeling a refugee swap agreement with staunch ally Australia as a "dumb deal" and
  
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• Merck 2017 forecast reassuring; full-speed ahead with Keytruda

  02-02-2017 18:58 via news.yahoo.com
  
  Merck & Co Inc, faced with patent expirations and increasing development costs for its high-profile Keytruda cancer immunotherapy, reassured investors on Thursday with a 2017 profit forecast roughly in line with Wall Street expectations. Shares of Merck were up nearly 3 percent at $63.90 after the U.S. drugmaker also reported fourth-quarter earnings that matched analysts' expectations. Despite acknowledging a need to hold down costs, Merck said it was charging ahead with Keytruda development
  
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• Canada risks missing expected infrastructure boost: watchdog

  02-02-2017 18:48 via news.yahoo.com
  
  Canada's government has found projects for only a small amount of its planned infrastructure spending, putting at risk the likelihood the economy will see as much of a boost as expected, the country's parliamentary budget watchdog said on Thursday. Of the C$13.6 billion ($10.45 billion) in infrastructure spending for the fiscal years 2016-18 that the government announced, departments have identified just C$4.6 billion worth of projects, the Parliamentary Budget Officer (PBO) said in a report. Th
  
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• Stocks ease as Wall Street trends lower

  02-02-2017 18:41 via news.yahoo.com
  
  European stock markets ended mostly lower on Thursday, weighed down by weaker prices on Wall Street following mixed corporate earnings reports, traders said.
  
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• European shares fall weighed down by poor earnings; Reckitt up

  02-02-2017 18:31 via news.yahoo.com
  
  By Danilo Masoni and Atul Prakash MILAN/LONDON (Reuters) - European shares slipped on Thursday, weighed down by disappointing earning updates from Danish drugmaker Novo Nordisk and German lender Deutsche Bank, although Reckitt Benckiser was boosted by news of talks to buy U.S. rival Johnson Nutrition. The pan-European STOXX 600 index fell 0.3 percent, while Britain's FTSE outperformed with a gain of 0.5 percent after the Bank of England appeared to be in no rush to tighten monetary policy in its
  
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• Stocks move lower in midday trading on Wall Street

  02-02-2017 18:28 via news.yahoo.com
  
  NEW YORK (AP) — Stocks slightly lower in midday trading on Wall Street on Thursday, as traders focused on a large batch of earnings reports from U.S. companies.
  
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• Exclusive: Brazil could ease foreign land ownership limits by June - minister

  02-02-2017 18:05 via news.yahoo.com
  
  By Stephen Eisenhammer and Anthony Boadle BRASILIA (Reuters) - Brazil could pass a law by the end of June to lift limits on foreign purchases of agricultural land, the Agriculture Minister said in an interview, adding he supported maintaining some restrictions to ensure farms were put to productive use. The bill, which still has to go before Congress, would end an effective ban on major foreign ownership of agricultural land imposed in 2010 under leftist former-President Luiz Inacio Lula da Silv
  
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• Wall St. edges up on gains in consumer stocks

  02-02-2017 17:37 via news.yahoo.com
  
  Investors are assessing consequences of Trump's latest actions, including labeling a refugee swap agreement with staunch rally Australia as a "dumb deal" and putting Iran "on notice" for firing a ballistic missile. U.S. equities had enjoyed a frenetic post-election rally on bets that Trump would usher in an era of growth, stimulating the economy through tax cuts, simpler regulations and higher infrastructure spending.
  
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• U.S. labor market tightening, productivity still weak

  02-02-2017 17:37 via news.yahoo.com
  
  The number of Americans filing for unemployment benefits fell more than expected last week, pointing to tightening labor market conditions that should support the economy this year. Other data on Thursday showed worker productivity slowing in the fourth quarter, which economists said suggested companies would need to keep hiring to increase output. Initial claims for state unemployment benefits fell 14,000 to a seasonally adjusted 246,000 for the week ended Jan. 28, the Labor Department said.
  
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• Trump risk, Fed uncertainty weighs on dollar, stocks

  02-02-2017 17:24 via news.yahoo.com
  
  By Dion Rabouin NEW YORK (Reuters) - The dollar fell on Thursday to its lowest since mid-November and world equity markets were little changed after the U.S. Federal Reserve gave no hint on its next interest rate hike and aggressive language from the Trump administration kept investors focused on geopolitical risk. On Wall Street, stock indexes were little changed as bank stocks fell after the Fed's minimal guidance on future rate hikes, but consumer staples such as Philip Morris outperformed wi
  
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• Frankfurt expects bank job-move decisions within weeks

  02-02-2017 17:13
  
  German regulators met 25 financial institutions earlier this week to discuss how they could move business to the country
  
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• Wall Street lower as Fed uncertainty weighs on bank stocks

  02-02-2017 17:09 via news.yahoo.com
  
  U.S. stocks slipped on Thursday, as bank stocks fell after the Federal Reserve provided little clarity into whether it would raise interest rates at its next meeting, even as the central bank painted an upbeat picture of the economy. The Fed, which left interest rates unchanged on Wednesday, gave no firm signal of a hike in March as it closely watches the impact of President Donald Trump's fiscal policies, adding another layer to the uncertainty triggered by his recent comments and decisions. Th
  
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• Advisers big and small circle Reckitt’s $16.7bn Mead bid

  02-02-2017 17:01
  
  Acquisition could be the most lucrative UK-led M&A deal of the year so far
  
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• Bank of England, ramping up growth forecast, in no mood for rate hike

  02-02-2017 16:59 via news.yahoo.com
  
  By William Schomberg and David Milliken LONDON (Reuters) - The Bank of England made its latest sharp increase to forecasts for British economic growth in 2017 on Thursday, but appeared in no rush to raise interest rates, warning of "twists and turns" on the road out of the European Union. There were signs of a partial split as some of the BoE's nine rate-setters "moved a little closer" to their limits for tolerating an expected overshoot of inflation above their 2 percent goal. In response, the
  
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• Stocks diverge on Fed, earnings

  02-02-2017 16:28 via news.yahoo.com
  
  London (AFP) - Most major stock markets trended lower on Thursday, as Wall Street opened weaker amid uncertainty over the new US administration under President Donald Trump, traders said.
  
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• The New York Times is headed for Snapchat Discover

  02-02-2017 16:22 via news.yahoo.com
  
  Snapchat is getting some gray.  The New York Times , or the Gray Lady, will join Snapchat Discover, the app's network of media outlets, the companies announced Thursday ( Mashable is a Discover partner).  SEE ALSO: Snapchat is about to tell us so many things about its business On Snapchat, The Times will offer a daily edition, published Monday to Friday, of its "Morning Briefing," an email digest of the day's news. The edition will be available in the U.S., Canada and Australia, where
  
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• Average US 30-year mortgage rate unchanged at 4.19 percent

  02-02-2017 16:04 via news.yahoo.com
  
  Long-term US mortgage rates barely budged this week, after marking their first increase of the year last week. Mortgage buyer Freddie Mac says the rate on 30-year fixed-rate loans was unchanged from last ...
  
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• Ranks of financial high-earners swell in Europe

  02-02-2017 15:46
  
  The number of European financiers who took home more than €1m grew by a third in 2015, latest EBA figures show
  
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• Phil sees his shadow on Groundhog Day

  02-02-2017 15:39 via yahoo.com
  
  Punxutawney Phil saw his shadow on Thursday morning, predicting six more weeks of winter during Groundhog Day festivities at Gobbler’s Knob, a small hill just outside Phil’s hometown.Members of Punxsutawney Phil’s top hat-wearing inner circle plan to reveal their forecast at sunrise, just before 7:30 a.m. Thursday.In reality, Phil’s prediction is decided ahead of time by the group on Gobbler’s Knob, a tiny hill just outside Punxsutawney.
  
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• Journey to running top hotels started with rigorous first jobs

  02-02-2017 15:28
  
  NEW YORK (Reuters) - No matter your politics, it's the middle of winter and most Americans would be happy to take a vacation right about now.
  
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• EU probes online sales in electronics, video games, hotels

  02-02-2017 15:25 via news.yahoo.com
  
  By Foo Yun Chee BRUSSELS (Reuters) - EU antitrust regulators opened three investigations on Thursday into 15 companies suspected of restricting online sales of electronics, video games and hotel rooms to deny consumers choice and prevent them from buying at the lowest prices. The EU aims to boost online cross-border sales and stop "geo-blocking" - restricting offers based on a customer's location - which runs counter to its goal of a single market for digital goods and services that would underp
  
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• Highlights - Bank of England's Carney speaks following rates decision

  02-02-2017 15:16 via news.yahoo.com
  
  Bank of England Governor Mark Carney gave a news conference on Thursday after the central bank boosted its forecast for British growth in 2017 and some rate-setters said they were more nervous about rising inflation. The MPC expects growth to be stronger over the forecast period than in November, with the economy now projected to expand by 2.0 percent in 2017 and around 1.75 percent thereafter. INFLATION "Inflation is expected to increase further, peaking around 2.8 percent at the start of 2018,
  
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• BoE's Carney - Upgraded growth forecast doesn't mean Brexit has no consequences

  02-02-2017 15:16 via news.yahoo.com
  
  LONDON (Reuters) - Bank of England Governor Mark Carney said on Thursday that the central bank's new, upgraded forecasts for British economic growth do not mean that last year's Brexit vote will have no consequences. The BoE said it now expected economic growth of 2.0 percent this year, higher than economists had predicted and up from its previous forecast of 1.4 percent. "This stronger projection doesn't mean the referendum is without consequence," Carney said at a news conference after the BoE
  
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• Deutsche Bank lags rivals with quarterly loss

  02-02-2017 15:07 via news.yahoo.com
  
  By Arno Schuetze FRANKFURT (Reuters) - Deutsche Bank fell further behind its Wall Street rivals in 2016, lagging their strong rebound in bond trading in the last three months of the year and increasing pressure on CEO John Cryan ahead of an expected strategy update this spring. Germany's flagship lender posted on Thursday a net loss of 1.9 billion euros ($2.1 billion) in the final quarter of 2016 as legal costs for past misdeeds weighed heavily on results. Analysts had expected the bank to post
  
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• Wall Street set to open lower as Fed clouds rate hike timing

  02-02-2017 14:58 via news.yahoo.com
  
  Wall Street looked set to open lower on Thursday as the Federal Reserve gave little insight into whether it would raise interest rates at its next meeting, even as the central bank painted an upbeat picture of the economy. The Fed left interest rates unchanged on Wednesday but gave no firm signal of a hike in March, as it awaits more clarity on President Donald Trump's fiscal policies, adding another layer to the uncertainty triggered by his recent comments and decisions. The greenback has been
  
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• Dollar falls after non-committal Fed, earnings weigh on stocks

  02-02-2017 14:46 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - The dollar slipped to a 12-week low on Thursday and European stocks traded cautiously after the U.S. Federal Reserve stuck to its mildly upbeat view of the world but gave no hint on when it will next raise interest rates. Britain's pound nonetheless fell against the dollar and euro after the Bank of England, while raising its forecast for British growth this year, also kept policy unchanged and said rates could go either way depending on the economic outlook. The
  
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• Dollar falls after non-commital Fed, earnings weigh on stocks

  02-02-2017 14:45 via news.yahoo.com
  
  By Marc Jones LONDON (Reuters) - The dollar slipped to a 12-week low on Thursday and European stocks traded cautiously after the U.S. Federal Reserve stuck to its mildly upbeat view of the world but gave no hint on when it will next raise interest rates. Britain's pound nonetheless fell against the dollar and euro after the Bank of England, while raising its forecast for British growth this year, also kept policy unchanged and said rates could go either way depending on the economic outlook. The
  
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• CME Group sees profit rise on higher clearing and transaction fees

  02-02-2017 14:25
  
  Chicago-based futures market hit records for quarterly average daily volume in interest rates, energy and metals
  
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• Bank of England revises up UK growth forecasts

  02-02-2017 14:23 via news.yahoo.com
  
  LONDON (AP) — The Bank of England on Thursday revised up its growth forecasts for the British economy for the coming three years but cautioned about the inflation outlook in the wake of the pound's sharp decline since the country's vote to leave the European Union.
  
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