Finance news

• Nasdaq and S&P 500 manage modest gains while Dow hit hard by financial sector

  08-02-2017 23:54 via news.yahoo.com
  
  Meanwhile, oil prices managed to rebound after the release of supply data. The Nasdaq Composite rose a mere 8.24 points, or 0.15%, to settle at 5,682.45. The S&P 500 also made gains, jumping 1.59 points, or 0.07%, to close at 2,294.67.
  
  Read more

• Fund staff may be there to impress, not outperform: James Saft

  08-02-2017 23:14
  
  (Reuters) - The scads of analysts and fund managers at some money management firms may just be there as window dressing.
  
  Read more

• New Nasdaq record on mixed day for US stocks as oil rebounds

  08-02-2017 23:13 via news.yahoo.com
  
  Utilities, real estate and other big-dividend-paying companies led U.S. stocks mostly higher Wednesday, pushing the Nasdaq composite to a new record for the second day in a row.
  
  Read more

• U.S. states see favorable conditions for gas tax hikes

  08-02-2017 22:44 via news.yahoo.com
  
  By Rory Carroll SAN FRANCISCO (Reuters) - U.S. states where gasoline taxes have not risen in decades are now discussing an increase and conditions might be ripe for the proposed hikes to win approval in state legislatures, tax experts said this week. Low gas prices, a desperate need for revenue to fix crumbling roads, and a post-election period that gives politicians the space to tackle controversial issues have breathed life into efforts to raise the taxes, said Carl Davis, research director at
  
  Read more

• Advertisement

• Trump is 2nd president to tout unfinished Intel factory

  08-02-2017 22:43 via news.yahoo.com
  
  WASHINGTON (AP) — President Donald Trump on Wednesday held up Intel's plan to invest more than $7 billion in an Arizona factory as a win for his economic agenda, but it's also a reminder that not all corporate commitments come to fruition.
  
  Read more

• S&P 500 ekes out gain while banks drag on Dow

  08-02-2017 22:33 via news.yahoo.com
  
  The Nasdaq gained moderately to close at a record high for a second straight day, lifted by big tech names such as Facebook and Apple . Gilead Sciences shares tumbled 8.6 percent and were the biggest drag on the benchmark S&P after the biotech company's weak forecast for its hepatitis C medicines. Major U.S. stock indexes are hovering around record highs after a rally following the Nov. 8 election of President Donald Trump amid expectations he will usher in fiscal stimulus and lower regulati
  
  Read more

• Volvo Cars posts strong earnings on record sales

  08-02-2017 22:31 via news.yahoo.com
  
  Swedish carmaker Volvo Cars, owned by Chinese group Geely, said Wednesday it posted a healthy profit rise in 2016, boosted by record sales and stronger finances. "I foresee that 2017 will also be a record year in terms of sales," said chief executive Hakan Samuelsson. Volvo has made a remarkable comeback since 2010, when the loss-making carmaker was taken over by Chinese group Geely.
  
  Read more

• Wells Fargo likely to eliminate 2016 bonuses for top executives: WSJ

  08-02-2017 22:30
  
  (Reuters) - Wells Fargo & Co's board is likely to eliminate 2016 bonuses for the bank's top executives following the bogus account scandal, the Wall Street Journal reported on Wednesday, citing...
  
  Read more

• Advertisement

• New Zealand leaves interest rates at record low

  08-02-2017 22:30 via news.yahoo.com
  
  New Zealand's central bank left its base rate at a record low of 1.75 percent Thursday and indicated it would stay there "for a considerable period", barring any global shocks. The South Pacific nation's inflation rate hit the Reserve Bank's 1.0-3.0 percent target for the first time in two years during the final quarter of 2016 and governor Graeme Wheeler said the economic outlook was positive. While he had concerns about increased geo-political uncertainty and the stubbornly high New Zealand do
  
  Read more

• Coca-Cola European Partners to Webcast Fourth-Quarter and Full-Year 2016 Earnings Conference Call; Will Present at CAGE Conference

  08-02-2017 22:05 via news.yahoo.com
  
  LONDON--(BUSINESSWIRE)-- Coca-Cola European Partners plc (CCEP) (ticker symbol: CCE) will release fourth-quarter and full-year 2016 earnings before trading begins on the NYSE on Tuesday, 21 March 2017. ...
  
  Read more

• Panera surges to record as Wall Street eyes payoff from technology

  08-02-2017 21:02 via news.yahoo.com
  
  Shares of Panera Bread surged to a record high on Wednesday and were on track for the biggest one-day move in almost two years after the company gave an upbeat forecast and said technology investments at its restaurants were paying off. Recent investments to add ordering kiosks and other technology upgrades to Panera's retail locations are beginning to show results, company founder and Chief Executive Ron Shaich told analysts on a conference call late on Tuesday. Following the lead of Domino's P
  
  Read more

• Connecticut governor seeks cuts, labor savings, to close budget hole

  08-02-2017 20:32 via news.yahoo.com
  
  In his $18 billion general fund spending plan for 2018, Malloy also proposed roughly $320 million of revenue generators to close the gap, including the elimination of property tax credits on personal income taxes. "These cuts are not made lightly," Malloy said. Connecticut has been daunted by slow revenue growth as fixed costs, including for public pensions hit by poor investment returns, continue to balloon.
  
  Read more

• Robert F. Kennedy's son announces run for Illinois governor

  08-02-2017 20:11 via news.yahoo.com
  
  Businessman Chris Kennedy, a member of the Kennedy family political dynasty, officially announced his campaign for governor of Illinois in 2018 on Wednesday. After months of speculation, the Democratic candidate will formally file paperwork with the Illinois State Board of Elections on Wednesday afternoon, according to a statement from campaign officials. Kennedy, son of former U.S. senator Robert F. Kennedy and nephew of former president John F. Kennedy, will run against Illinois' current Repub
  
  Read more

• Dow dragged down by banks; S&P and Nasdaq flat

  08-02-2017 20:03 via news.yahoo.com
  
  (Reuters) - The S&P 500 and the Nasdaq Composite index were little changed on Wednesday, while the Dow was pressured by losses in bank stocks.
  
  Read more

• Baupost's Klarman warns Trump-related jitters stoking investor risk

  08-02-2017 19:51
  
  BOSTON (Reuters) - Billionaire money manager Seth Klarman, whose Baupost Group hedge fund ranks among the world's largest and closely watched, warned that U.S. President Donald Trump is creating...
  
  Read more

• TMX seeks part of Saudi Aramco listing

  08-02-2017 19:47 via news.yahoo.com
  
  By Alastair Sharp and John Tilak TORONTO (Reuters) - Toronto Stock Exchange owner TMX Group Ltd said on Wednesday it was pitching the energy-rich bourse to "Saudi officials of significant influence" to bring at least part of the kingdom's massive Saudi Aramco [IPO-ARMO.SE] public listing to Canada. Saudi Arabia expects to value the state-owned oil producer at a minimum of $2 trillion, in what could be the world's biggest initial public offering (IPO), the centerpiece of a plan to transform the S
  
  Read more

• Make your own fiduciary rule with three easy steps

  08-02-2017 19:34
  
  NEW YORK (Reuters) - Tired of the on-again-off-again tease of a government rule that would make financial advisers act in your best interest? No need to wait.
  
  Read more

• Philips to sell 15 percent stake in Lighting unit in line with plan

  08-02-2017 19:14 via news.yahoo.com
  
  (Reuters) - Philips said on Wednesday it will sell 14.8 percent stake in Philips Lighting , eight months after a successful spin-off and stock market listing of the unit, in line with its plan to exit fully in two years. Philips, set up in 1891 as a maker of light bulbs before expanding into consumer electronics, spun off the lighting business in May by selling 25 percent stake, making Philips Lighting the world's largest independent lighting maker. Shares in Philips Lighting have risen 20 perce
  
  Read more

• Ex-IMF chief Rato, already in dock, accused of 'tax fraud'

  08-02-2017 19:14 via news.yahoo.com
  
  Former IMF chief Rodrigo Rato stands accused of tax fraud carried out in his native Spain over more than a decade, according to a report Wednesday detailing charges that come atop another ongoing trial for embezzlement. Rato, who was Spain's economy minister from 1996 to 2004 and led the International Monetary Fund from 2004 to 2007, failed to declare "a little more than 14 million euros (15 million dollars) in earnings from 2004 to 2015 inclusive", the report by the tax authority's fraud invest
  
  Read more

• Earnings support European shares but political jitters hit banks

  08-02-2017 19:06 via news.yahoo.com
  
  By Danilo Masoni and Helen Reid MILAN/LONDON (Reuters) - European shares edged ahead on Wednesday, helped by good earning updates, but bank stocks hit a five-week low on growing concerns over the region's crowded election agenda this year. At the forefront of investors' concerns is the French presidential election, with worries about the strong showing of far-right candidate Marine Le Pen keeping euro and French debt under pressure on Wednesday.
  
  Read more

• Boutique bank Moelis wins advisory role for mammoth Saudi Aramco IPO

  08-02-2017 18:13 via news.yahoo.com
  
  NEW YORK/LONDON/DUBAI (Reuters) - New York-based boutique investment bank Moelis & Co has been chosen as an adviser by Saudi Aramco [IPO-ARMO.SE] on its plans for what is expected to be the world's biggest initial public share offer, sources familiar with the matter told Reuters. The IPO, which officials expect to value the oil producer at a minimum of $2 trillion, is the centrepiece of a Saudi Arabian government plan to transform the economy by attracting foreign investment and diversifying
  
  Read more

• Convergex teams up with trading surveillance firm

  08-02-2017 17:38
  
  With regulators looking to stamp out market abuse, Convergex has deployed a market surveillance offering from Ancoa
  
  Read more

• Saudi Aramco picks US bank Moelis as adviser for biggest ever IPO

  08-02-2017 17:26 via news.yahoo.com
  
  Oil giant Saudi Aramco has appointed global investment bank Moelis & Co. to work on its stock market flotation, which is expected to be the biggest listing in history. According to the Financial Times, the New York-based bank saw off a number of rivals to secure the appointment, given a host of banks had sought to work on the company's initial public offering (IPO), which is expected to raise $100bn (£80bn). The share sale, which Saudi Arabian government's officials hope will value the
  
  Read more

• Political jitters lift gold, dent euro and French debt

  08-02-2017 17:23 via news.yahoo.com
  
  By Hilary Russ NEW YORK (Reuters) - Political uncertainty ahead of European elections gave nervous investors a reason to sell the euro and kept French government debt under pressure on Wednesday, while the price of safe-haven gold hit three-month highs. Wall Street stocks opened lower, weighed down by losses in the banking and healthcare sector, and European share prices turned negative, while oil recovered after a surprise draw in gasoline stockpiles. The Dow Jones Industrial Average was down 3
  
  Read more

• Wall Street flat as investors focus on earnings

  08-02-2017 17:20 via news.yahoo.com
  
  U.S. stocks were little changed late Wednesday morning as investors assessed a flood of quarterly earnings reports. More than half of the S&P 500 companies have reported results so far, with their combined earnings estimated to have risen 8.2 percent - the most in nine quarters. U.S. crude fell 0.5 percent after data showed a much bigger-than-expected build in crude stockpiles.
  
  Read more

• U.N. needs $2.1 billion to avert famine in Yemen

  08-02-2017 17:02 via news.yahoo.com
  
  By Stephanie Nebehay GENEVA (Reuters) - The United Nations said on Wednesday that 12 million people in Yemen faced the threat of famine brought on by two years of civil war and the situation was rapidly deteriorating. It appealed for $2.1 billion to provide food and other life-saving aid, saying that Yemen's economy and institutions are collapsing and its infrastructure has been devastated. "If there is no immediate action, and despite the ongoing humanitarian efforts, famine is now a real possi
  
  Read more

• BlackRock CEO Fink sees 'dark shadows' in financial markets

  08-02-2017 16:30 via news.yahoo.com
  
  By Trevor Hunnicutt NEW YORK (Reuters) - BlackRock Chief Executive Larry Fink on Wednesday said the U.S. economy is in the midst of a slowdown and financial markets could see a significant setback, because of uncertainty over global trade and the Trump administration's plan to cut taxes. "I see a lot of dark shadows," he said at an event hosted by Yahoo. "The markets are probably ahead of themselves." Fink, whose company manages $5.1 trillion in assets, said investors are caught up in the potent
  
  Read more

• Wall Street slips as bank, health stocks drag

  08-02-2017 16:19 via news.yahoo.com
  
  By Yashaswini Swamynathan (Reuters) - U.S. stocks were slightly lower on Wednesday, weighed down by losses in bank and healthcare stocks. Oil prices fell 0.5 percent as an increase in U.S. crude inventories and a slump in Chinese demand implied that global oil markets remain oversupplied despite OPEC-led efforts to cut output. [O/R] The S&P 500 financial index , which has outperformed other sectors in a post-election rally, was down 0.83 percent and was on track for its third straight day of
  
  Read more

• Czech government doubles quota for Ukrainian workers

  08-02-2017 16:16 via news.yahoo.com
  
  The Czech government has decided to double its quota for Ukrainian workers, Foreign Minister Lubomir Zaoralek said on Wednesday, due to an acute labor shortage as the economy continues to grow strongly. The Czech Republic has the lowest rate of unemployment in the European Union, and leading corporate lobby groups urged the government on Monday to relax rules for bringing in foreign workers, particularly from nearby Ukraine. "We have approved broadening the program in Ukraine," Zaoralek told a n
  
  Read more

• Three commodities hedge funds join the 130% club

  08-02-2017 15:58
  
  Firms betting on the commodities markets top a ranking of the world's best-performing hedge funds last year
  
  Read more

• Zambia's 2016 investment pledges up marginally to $3.4 billion

  08-02-2017 15:46 via news.yahoo.com
  
  Zambia recorded $3.4 billion in investment pledges in different sectors of the economy in 2016, representing a 0.7 percent increase from the previous year, the investment promotion agency said on Wednesday. The energy sector registered the highest amount of pledged investment, followed by manufacturing and agriculture, the Zambia Development Agency said in a statement. It said investment rose despite a general election last year, showing confidence in Zambia was not eroded, and forecast a furthe
  
  Read more

• British tourism to Spain hits record despite pound's post-Brexit fall

  08-02-2017 15:40 via news.yahoo.com
  
  By Sonya Dowsett MADRID (Reuters) - The number of British tourists visiting Spain jumped by the most in over a decade to hit a record in 2016, defying expectations of a slowdown in bookings after June's Brexit vote and the subsequent tumble in sterling. The trend looks set to continue into this year, with British early bookings for 2017 summer holidays in Spain up 16 percent on last year, according to travel market analysts GfK. Spanish economists and policymakers had feared tourism, which accou
  
  Read more

• Carlyle’s loss widens on hedge fund costs

  08-02-2017 15:17
  
  Firm’s results continue to reflect fallout from largely closed hedge fund business
  
  Read more

• Putin meets Volkswagen CEO, offers help in Russia

  08-02-2017 15:15 via news.yahoo.com
  
  President Vladimir Putin met Volkswagen Chief Executive Matthias Mueller in Moscow on Wednesday and said he was ready to help the German car giant develop its business in Russia at a time of sliding sales and weak demand. Putin said he understood the challenges the car maker faced in Russia, where the country's once-booming auto market has fallen victim to a sustained economic downturn. "We are very happy that your business as a whole is doing well, although we understand there are certain diffi
  
  Read more

• FCA steps up scrutiny of open-ended funds for illiquid assets

  08-02-2017 15:13
  
  Watchdog wants to consider its approach to regulating open-ended funds, which attracted unwanted attention after the Brexit vote
  
  Read more

• Canadian insurer Intact posts earnings below forecasts

  08-02-2017 15:08 via news.yahoo.com
  
  (Reuters) - Intact Financial Corp , Canada's largest property and casualty insurer, reported quarterly operating profit that was worse than analysts expected, hit by a weak performance from its auto insurance business. The company's net operating income fell to C$212 million ($161.20 million), or C$1.58 per share, in the fourth quarter ended Dec. 31, from C$265 million, or C$1.97 per share, a year ago. Analysts on average had expected net operating income per share of C$1.75 per share, according
  
  Read more

• Britons face smaller pay rises, buttressing central bank's slowdown forecast

  08-02-2017 14:59 via news.yahoo.com
  
  By David Milliken LONDON (Reuters) - British employers plan to offer the least generous pay deals since 2012 this year, the Bank of England said on Wednesday, underscoring its view that the economy is set to suffer from the effects of the Brexit vote. The economy surprised investors last year when it outpaced its peers among the world's big rich nations, driven by the spending of households who shrugged off the vote to leave the European Union. Inflation was running at 1.6 percent year-on-year i
  
  Read more

• City of London commits £70k to social mobility drive

  08-02-2017 14:51
  
  The corporation is to fund an index to rank how City businesses approach and implement social mobility strategies
  
  Read more

• Wall Street set to open flat amid earnings rush

  08-02-2017 14:48 via news.yahoo.com
  
  (Reuters) - U.S. stocks looked set to open little changed as investors assessed a flood of quarterly earnings, a day after the Nasdaq closed at a record high.
  
  Read more

• Carlyle’s loss widens on hedge fund vosts

  08-02-2017 14:39
  
  Firm’s results continue to reflect fallout from largely closed hedge fund business
  
  Read more

• Political risks weigh on global markets ahead of oil data

  08-02-2017 14:35 via news.yahoo.com
  
  A raft of political risks kept a lid on global stock markets on Wednesday, a day after the Dow Jones industrial average struck a new milestone. KEEPING SCORE: In Europe, the FTSE 100 index of leading British ...
  
  Read more

• Moelis wins big with Aramco mandate

  08-02-2017 14:31
  
  Advisory boutique is the only independent adviser working with the Middle Eastern oil giant
  
  Read more

• Political jitters keep euro, French debt under pressure

  08-02-2017 14:28 via news.yahoo.com
  
  By Nigel Stephenson LONDON (Reuters) - Political uncertainty ahead of European elections prompted nervous investors to sell the euro and kept French government debt under pressure on Wednesday while the price of safe-haven gold hit three-month highs. U.S. stock futures pointed to a weak start on Wall Street after shares rose in Europe and Asia. Industrial companies' shares led the charge in Europe.
  
  Read more

• MIDEAST STOCKS-Qatar rises as Barwa leaps; oil price drop pulls down Saudi

  08-02-2017 14:03 via news.yahoo.com
  
  * Qatar's Barwa Real Estate surges after swing to Q4 profit * But United Development falls on lower proposed dividend * Energy companies support Abu Dhabi before earnings * Strength in Emaar Properties lifts Dubai * Juhayna Food continues soaring in Egypt DUBAI, Feb 8 (Reuters) - Qatar's stock market rose on Wednesday after a major real estate company swung to a fourth-quarter profit, while a drop in oil prices pulled Saudi Arabia down. The Qatari index closed 0.7 percent higher as Barwa Real Es
  
  Read more

• Unigestion creates $6bn private equity unit with Akina deal

  08-02-2017 12:42
  
  A quarter of the Swiss investment boutique's assets will be in private equity after the deal completes
  
  Read more

• Jim Armitage: A Saudi coup for Moelis — and there’s more to shoot for

  08-02-2017 12:11 via news.yahoo.com
  
  While it’s clearly a major coup for Ken Moelis, the dealmaker who started off at junk bonder Drexel Lambert back in the day, his victory is primarily over boutiques like Rothschild, Lazard and Evercore, not the Wall Street and City global banks. The megabanks will still be coining it from this $2 trillion share sale, distributing the stock to investors around the world.
  
  Read more

• Earnings nudge European shares higher, Storebrand and Vinci lead

  08-02-2017 11:23 via news.yahoo.com
  
  By Helen Reid LONDON (Reuters) - European shares edged higher on Wednesday led by mining and construction stocks on a heavy day for company results. The pan-European STOXX 600 index was up 0.2 percent, but national indexes were mixed, with Italy, Spain and Britain in negative territory while France's blue-chip index outperformed. Its shares were up 3.8 percent after it hiked its dividend and forecast higher revenue for 2017 and more traffic on its French motorways.
  
  Read more

• Brexit may push 30,000 finance jobs from UK

  08-02-2017 11:20
  
  Brussels-based think tank Bruegel also estimates 17% of all UK banking assets could potentially move
  
  Read more

• Overhauling Dodd-Frank May Not Succeed, But Also May Not Matter

  08-02-2017 11:15 via news.yahoo.com
  
  Nancy Pelosi says President Trump’s call to reshape Dodd-Frank is a “massive con” and that he is putting #WallStreetFirst. Sadly, she has set the tone for Congressional Democrats, siding with Elizabeth Warren progressives who hate Wall Street bankers and absolutely loathe Donald Trump. Given the toxic political climate, Congress is unlikely to produce a much-needed overhaul of Dodd-Frank.
  
  Read more

• Saudi hires Jadwa Investment to advise on selling soccer clubs -sources

  08-02-2017 10:55 via news.yahoo.com
  
  (Adds context) DUBAI, Feb 8 (Reuters) - Saudi Arabia's Jadwa Investment, one of the country's largest privately owned investment banks, has been appointed to advise on the privatisation of as many as five soccer clubs in the Saudi Professional League, sources told Reuters on Wednesday. Spokespeople for Jadwa and the government's General Authority of Sports were not immediately available to comment. Last November, the government approved plans to turn state-owned sports clubs into private compani
  
  Read more

Follow @FinanceUSA_News on Twitter!