Finance news

• Wall Street rises on earnings despite oil price pressure, dollar climbs

  07-02-2017 23:10 via news.yahoo.com
  
  By Hilary Russ NEW YORK (Reuters) - Wall Street ended higher on Tuesday boosted by corporate earnings, while the dollar climbed to a more than one-week high on technical buying and political uncertainty in Europe. The weakness in oil dragged down U.S. energy shares but this was countered by gains in big tech names that helped lift the Nasdaq to a record closing high. "The story is a pretty good one for stocks in terms of it looks like the economy is continuing to grow, I think corporate profits
  
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• Bank of America opens branches without employees

  07-02-2017 23:06
  
  (Reuters) - Bank of America Corp has opened three completely automated branches over the past month, where customers can use ATMs and have video conferences with employees at other branches,...
  
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• Market uncertainty persists in US as trade deficit rises

  07-02-2017 23:05 via news.yahoo.com
  
  Political uncertainly continues to plague the US stock market as investors maintain their "wait and see" policy regarding new laws brought in by President Donald Trump.
  
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• Tillerson stresses cooperation in calls with Australia, Japan, South Korea

  07-02-2017 23:04 via news.yahoo.com
  
  By David Brunnstrom and Lesley Wroughton WASHINGTON (Reuters) - U.S. Secretary of State Rex Tillerson has underscored Washington's intent to strengthen ties with Australia, Japan and South Korea, the State Department said on Tuesday, a move aimed at reassuring allies unnerved by the campaign rhetoric of new President Donald Trump. In separate calls with counterparts from the three long-time allies, they agreed to work closely to tackle threats from North Korea's nuclear ambitions and increased t
  
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• Nasdaq at record; French stocks fall on pre-election angst

  07-02-2017 23:00 via news.yahoo.com
  
  US equities rose Tuesday, with the Nasdaq edging to a fresh record, but Paris stocks and the euro retreated on rising anxiety about the French presidential election.
  
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• Revamping Dodd-Frank a 'this-year priority': U.S. lawmaker

  07-02-2017 22:58 via news.yahoo.com
  
  The chairman of the U.S. Financial Services Committee told CNBC on Tuesday that revamping the 2010 Dodd-Frank Wall Street reform law remained a "this-year priority" for President Donald Trump, Vice President Mike Pence and House Speaker Paul Ryan. Republican Representative Jeb Hensarling said he would soon reintroduce his legislation that gives banks a choice between complying with Dodd-Frank and holding more capital. Pence can cast votes to break ties on legislation.
  
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• Wall St rises on earnings despite oil price pressure, dollar climbs

  07-02-2017 22:56 via news.yahoo.com
  
  By Hilary Russ NEW YORK (Reuters) - Wall Street ended higher on Tuesday boosted by corporate earnings, while the dollar climbed to a more than one-week high on technical buying and political uncertainty in Europe. The weakness in oil dragged down U.S. energy shares but this was countered by gains in big tech names that helped lift the Nasdaq to a record closing high.
  
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• Tiny move: Nasdaq notches new high as US stocks inch higher

  07-02-2017 22:56 via news.yahoo.com
  
  Wall Street capped a subdued day of trading Tuesday with a tiny gain and another milestone.
  
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• IMF, Greece split on outlook for economy

  07-02-2017 22:48 via news.yahoo.com
  
  The International Monetary Fund and Greece are at odds over the outlook for the troubled European nation's economy, a split that likely will continue to hold up further IMF financing. Greece Finance Minister Euclid Tsakalotos said the IMF report on the economy, released Tuesday, "fails to do justice" to his country by underestimating growth and the progress made through years of sacrifice. The fund's long-delayed analysis of the Greek economy, known as the Article IV review, says Athens is relyi
  
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• Wall Street edges up as Nasdaq sets record high

  07-02-2017 22:34 via news.yahoo.com
  
  (Reuters) - The S&P 500 ended barely higher on Tuesday while the Nasdaq managed to scratch out a new record as gains in big tech names countered energy declines.
  
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• Wall Street edges higher as Nasdaq hits record

  07-02-2017 22:05 via news.yahoo.com
  
  NEW YORK (Reuters) - The S&P 500 inched higher on Tuesday while the Nasdaq was able to scratch out another record on gains in tech and big consumer names. The Dow Jones Industrial Average rose 37.6 points, or 0.19 percent, to 20,090.02, the S&P 500 gained 0.5 points, or 0.02 percent, to 2,293.06 and the Nasdaq Composite added 10.67 points, or 0.19 percent, to 5,674.22. (Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)
  
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• Deutsche Bank investment banking head Urwin in talks to leave - WSJ

  07-02-2017 22:01 via news.yahoo.com
  
  (Reuters) - Deutsche Bank AG's investment banking chief Jeffrey Urwin is in talks to leave the role, and the bank is in discussions to name finance chief Marcus Schenck to run the unit, the Wall Street Journal reported, citing people familiar with the matter. The bank hired Urwin, a Briton, in February 2015 from JP Morgan , where he co-headed the global banking division. Deutsche Bank declined to comment on the report. (http://on.wsj.com/2lhcgiH) (Reporting by Rama Venkat Raman in Bengaluru; Edi
  
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• Revamping Dodd-Frank is a 'this-year priority': U.S. Rep. Hensarling

  07-02-2017 21:51 via news.yahoo.com
  
  WASHINGTON (Reuters) - The chairman of the U.S. Financial Services Committee on Tuesday told CNBC that revamping the 2010 Dodd-Frank Wall Street reform law remains a "this-year priority" for President Donald Trump, Vice President Mike Pence and House Speaker Paul Ryan.
  
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• Why the US trade gap could obstruct Trump's economic vision

  07-02-2017 21:32 via news.yahoo.com
  
  The U.S. trade deficit hit a four-year peak in 2016 and is posing a tough challenge to President Donald Trump's drive to shrink the deficit, accelerate the economy and create many more jobs. Trump's combative ...
  
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• Wall Street pares gains on lower oil prices, dollar climbs

  07-02-2017 21:21 via news.yahoo.com
  
  By Hilary Russ NEW YORK (Reuters) - Wall Street pared gains on declining oil prices, while the dollar climbed to a more than one-week high on Tuesday on technical buying and political uncertainty in Europe. Oil fell with sluggish demand and evidence of a burgeoning revival in U.S. shale production. U.S. crude oil futures settled 1.58 percent, or 84 cents, lower at $52.17 a barrel.
  
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• Wall Street rally pauses near record highs

  07-02-2017 21:07 via news.yahoo.com
  
  U.S. stocks were little changed on Tuesday after key indexes hit record highs as oil prices turned lower and investors grappled with policy uncertainty under President Donald Trump. The Dow Jones Industrial Average and the Nasdaq Composite hit all-time highs just after the market opened, with the S&P 500 coming just shy of yet another record high. Energy was the worst-performing S&P sector, falling 1.3 percent.
  
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• Make 2017 the year you finally budget for charity

  07-02-2017 19:54 via news.yahoo.com
  
  If you're an avid reader of the news, or even just a casual internet user, then you know the state of the world isn't exactly great at the moment.  You probably want to help in whatever ways you can, and that often means financially supporting the organizations you care about. But maybe you're not totally sure how to work that into your budget.  SEE ALSO: Celebrities are pouring money into the ACLU after Trump's immigration ban As calls for monthly donations to nonprofits doing essenti
  
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• Wall Street pares gains as drop in oil prices weighs

  07-02-2017 19:32 via news.yahoo.com
  
  U.S. stocks pared gains in early afternoon trading on Tuesday as a fall in oil prices dragged down energy shares. The Dow Jones Industrial Average and the Nasdaq Composite hit all-time highs just after the market opened, with the S&P 500 coming within spitting distance of yet another record high. Oil prices were pressured by sluggish demand and evidence of a burgeoning revival in U.S. shale production that could complicate efforts by OPEC and other producers to reduce a supply glut.
  
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• Strong earnings boost European shares, but France lags

  07-02-2017 19:10 via news.yahoo.com
  
  By Danilo Masoni and Atul Prakash MILAN/LONDON (Reuters) - European shares rose on Tuesday, helped by some encouraging company results, but French stocks slipped after earnings at BNP Paribas disappointed and election jitters weighed on the country's sovereign bonds. French banks, among the best performers among European financials in 2016, fell after BNP reported results below forecasts, while the country's bond yields spiked on concerns that the far right could win France's presidential vote a
  
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• Stock markets rise on Wall Street, stronger dollar

  07-02-2017 18:53 via news.yahoo.com
  
  London (AFP) - Global stock markets headed higher Tuesday, driven by a stronger dollar and a crop of upbeat earnings reports on Wall Street, traders said.
  
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• ICE chief: Europe will follow US in reviewing regulation

  07-02-2017 18:19
  
  Jeff Sprecher's comments came as the exchange operator reported an increase in fourth-quarter revenues
  
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• US Colleges Raise a Record $41 Billion, So Why Is Tuition Still Climbing?

  07-02-2017 18:04 via news.yahoo.com
  
  More than a quarter of contributions went to just 20, mostly private, institutions, led by Harvard, Stanford and the University of Southern California, according to a new report from the Council for Aid to Education. Relatively weak stock market performance during the 2016 fiscal year, which ended June 30, meant fewer individual donations last year. Overall, charitable contributions comprise just 10 percent of university spending, down from a high of 16 percent in 2000.
  
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• Greece bailout 'credible' despite IMF criticism: EU

  07-02-2017 17:58 via news.yahoo.com
  
  The EU on Tuesday firmly maintained that Greece's economy remained on track despite a withering opinion by the IMF that Athens needed major deep debt relief and less austerity to prosper. A standoff between the eurozone and the International Monetary Fund has dragged on for months, raising fears of a new debt crisis and sparking fresh talk of Greece tumbling out of the euro. The fund and the 19-nation single currency area are battling over how much debt relief Greece needs, and over economic tar
  
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• Dow, Nasdaq hit record highs as rally regains steam

  07-02-2017 17:46 via news.yahoo.com
  
  U.S. stocks were higher in later morning trading on Tuesday, with the Dow Jones Industrial Average and the Nasdaq Composite hitting record levels and the S&P 500 coming within spitting distance of yet another all-time high. The S&P 500 is trading at 17.7 times forward 12-month earnings, above the 10-year median of 14.7 times, according to StarMine data. Fourth-quarter earnings are estimated to have risen 8.2 percent - the best in nine quarters.
  
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• Bank of England's Forbes breaks ranks, says rates could rise soon

  07-02-2017 17:12 via news.yahoo.com
  
  By Andy Bruce LONDON (Reuters) - Differences among Bank of England officials about the outlook for interest rates moved into sharper focus on Tuesday, as one of them said rates might need to rise soon if the growth remains solid and inflation continues to accelerate. Last week the central bank signalled it was in no rush to hike rates, with BoE Governor Mark Carney stressing that Britain's economy would face "twists and turns" during its departure from the European Union.
  
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• Esma: It’s ‘too early’ to regulate blockchain

  07-02-2017 17:09
  
  A number of big-name financial services companies are currently developing and testing blockchain technology
  
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• South Africa's Zuma downplays rumours of cabinet reshuffle

  07-02-2017 17:05 via news.yahoo.com
  
  South Africa's President Jacob Zuma on Tuesday downplayed the possibility of a cabinet reshuffle following months of speculation that he would fire some ministers after a failed bid to remove him as leader of the ruling party. The president of Africa's most industrialised economy faced a revolt from inside the African National Congress (ANC) in November after an anti-corruption watchdog called for a judicial inquiry into alleged influence-peddling in Zuma's government. Zuma also rattled markets
  
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• How to raise financially savvy kids

  07-02-2017 16:55
  
  NEW YORK (Reuters) - Wondering why our kids are not so great with money? Just look in the mirror; it's because adults are often financial train wrecks themselves.
  
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• Armitage teams up with Mills on small-caps venture

  07-02-2017 16:45
  
  Former HgCapital chief also brings in former colleague Widdowson as fund manager
  
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• Get ready for a ‘fierce’ banking talent war

  07-02-2017 16:37
  
  Greenwich Associates report says demand for the best bankers will soon outstrip supply
  
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• Dow and Nasdaq hit record highs

  07-02-2017 16:10 via news.yahoo.com
  
  (Reuters) - The Dow Jones Industrial Average and the Nasdaq Composite hit record levels at the open on Tuesday, while the S&P 500 was less than five points away from hitting another all-time high.
  
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• Get ready for ‘fierce’ competition for banking talent

  07-02-2017 16:08
  
  New Greenwich Associates report says demand for the best bankers will soon outstrip supply
  
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• At Goldman Sachs, video makes the banking stars

  07-02-2017 16:07
  
  Lloyd Blankfein says the firm is focusing on science, technology and engineering talent - and that reaching them in new ways is working
  
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• MIDEAST STOCKS-Corporate earnings boost Egypt, Dubai; Kuwait's pull-back deepens

  07-02-2017 15:51 via news.yahoo.com
  
  * Egypt's Palm Hills soars on Q4 earnings beat * Two Egyptian food producers rise daily limits * Dubai's DFM outperforms on Q4 profit leap * Banks support Abu Dhabi * Kuwait drops on profit-booking in heavy volume DUBAI, Feb 7 (Reuters) - Strong corporate earnings in Egypt and Dubai buoyed those markets on Tuesday, while Kuwait continued pulling back on profit-taking after a bullish run last month. Cairo's Palm Hills Development soared 9.2 percent to 3.08 Egyptian pounds after it reported fourth
  
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• GM fourth-quarter profit falls on currency losses; stock tumbles

  07-02-2017 15:49 via news.yahoo.com
  
  General Motors Co on Tuesday reported that fourth-quarter net income dropped partly from $500 million in foreign exchange losses, and the automaker forecast flat 2017 profit per share despite hefty stock buybacks. The stock tumbled 4.7 percent in early trading in part because Wall Street fretted over GM's higher U.S. inventories. GM Chief Financial Officer Chuck Stevens said the company had built up stocks ahead of product launches, and intends to bring inventories down through the year.
  
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• Nigeria's recession "will soon be history", says vice president

  07-02-2017 15:45 via news.yahoo.com
  
  Nigeria's economic recession, its first in 25 years, "will soon be history", the vice president said on Tuesday, as the country grapples with high inflation and low prices for the crude oil exports it depends on for revenues. As part of a medium-term economic recovery plan, Nigeria is targeting a growth rate of at least 7 percent a year by 2020, a far cry from the current situation. "With complete focus on improving the economy every day, the recession will soon be history," Vice President Yemi
  
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• Dow, Nasdaq hit record highs

  07-02-2017 15:34 via news.yahoo.com
  
  (Reuters) - The Dow Jones Industrial Average and the Nasdaq Composite hit a record high at the open on Tuesday. The Dow Jones Industrial Average rose 61.66 points, or 0.31 percent, to 20,114.08. The S&P 500 gained 2.88 points, or 0.12 percent, to 2,295.44. The Nasdaq Composite added 7.06 points, or 0.12 percent, to 5,670.62. (Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D'Silva)
  
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• Bank of England's Forbes says rates should rise soon if growth and inflation stay strong

  07-02-2017 15:17 via news.yahoo.com
  
  The Bank of England should raise interest rates soon if British economic growth remains solid and inflation continues to accelerate, rate-setter Kristin Forbes said in remarks published on Tuesday. Forbes, an American academic and external member of the Bank's Monetary Policy Committee (MPC), said she was beginning to grow uncomfortable with the BoE's policy stance. Forbes said the latest data did not point to a sharp deterioration in the economy in the next couple of months, while there were al
  
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• Hairline cracks emerge in UK consumer spending, pillar of economy

  07-02-2017 15:10 via news.yahoo.com
  
  By Andy Bruce LONDON (Reuters) - The first post-Brexit vote cracks may be emerging in consumer spending, the cornerstone of Britain's economy, with a series of downbeat retail surveys suggesting inflation pressures are starting to weigh on households. Britain's economy outperformed expectations after the June 23 vote to leave the European Union, finishing 2016 with the fastest growth among any of its large, advanced-economy peers. Gauges of retail sales - which can be volatile month to month and
  
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• U.S. trade deficit falls as exports hit more than 1-1/2 year high

  07-02-2017 15:08 via news.yahoo.com
  
  The U.S. trade deficit fell more than expected in December as exports rose to their highest level in more than 1-1/2 years, outpacing an increase in imports. The trade deficit rose 0.4 percent to a four-year high of $502.3 billion in 2016. The Trump administration is targeting trade in its quest to boost economic growth.
  
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• Citi partners with tech giants and fintech startups

  07-02-2017 14:58
  
  US bank and firms including Facebook and Microsoft will develop tools to detect fraud in government services
  
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• £25bn railways scheme appoints investment head

  07-02-2017 14:20
  
  Chief operating officer for investments at RPMI moves across to lead the pension scheme's in-house manager
  
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• Nigeria's Fidelity Bank targets electronic banking for growth

  07-02-2017 14:15 via news.yahoo.com
  
  By Chijioke Ohuocha LAGOS (Reuters) - Nigeria's Fidelity Bank is targeting retail clients using low-cost electronic channels to boost profits after a recession in Africa's biggest economy forced the mid-tier lender to slow loan growth, a senior executive said on Tuesday. Nigeria faces its worst recession in 25 years, brought on by the fall in oil prices. Fidelity Chief Operations and Information Officer Gbolahan Joshua said electronic banking had become a growth area as lenders enable customers
  
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• UniCredit fills raft of top investment banking roles

  07-02-2017 14:05
  
  Appointments include new heads of capital markets teams in the Italian bank's home country
  
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• Futures trend higher ahead of economic data

  07-02-2017 13:49 via news.yahoo.com
  
  (Reuters) - Canada's main stock index was set to open higher on Tuesday, reversing losses from the previous session, ahead of economic data including trade balance and building permits. The country's December trade surplus is expected to have narrowed after posting its first surplus in more than two years in November. Also, markets will watch to see if exports can maintain their strength, as the sector has been a key one for the Bank of Canada's outlook. The data is due at 8:30 a.m. ET. Canada's
  
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• Stock futures rise with focus on earnings

  07-02-2017 13:36 via news.yahoo.com
  
  (Reuters) - U.S. stock index futures were higher on Tuesday as investors look for a steer from a rush of quarterly earnings reports.
  
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• M&G chief: does ageing make GDP outdated?

  07-02-2017 13:31
  
  A globally ageing population has to think again about what economic success looks like, says Anne Richards
  
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• Hermes names new consultant relations head

  07-02-2017 13:05
  
  New hire will oversee the £28.6 billion manager's relations with UK and European consultants
  
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• BP earnings disappoint as it cuts costs, investment

  07-02-2017 13:02 via news.yahoo.com
  
  Oil producer BP's earnings rose less than expected in the fourth quarter, as it sought to adapt to low energy prices with cost cuts, asset sales and a pullback in investment plans. A key measure of net ...
  
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• France's Macron dismisses affair as rival Fillon battles scandal

  07-02-2017 12:36 via news.yahoo.com
  
  By Sudip Kar-Gupta PARIS (Reuters) - France's presidential election campaign lurched deeper into uncertainty on Tuesday after centrist Emmanuel Macron was forced to deny an extramarital affair while financial scandal continued to dog conservative rival Francois Fillon and his party. Macron has become favorite to win by a thin margin since a scandal two weeks ago surrounding the work of Fillon's wife, Penelope, knocked the former prime minister off the top spot. Late on Monday, the centrist forme
  
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