Finance news

• Loeb's Third Point takes new stakes in Goldman, BofA, JPMorgan

  10-02-2017 23:29
  
  NEW YORK (Reuters) - Hedge fund manager Dan Loeb's Third Point LLC took new equity stakes in Goldman Sachs Group Inc, Bank of America Corp, JPMorgan Chase & Co during the fourth quarter, according to...
  
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• US stock indexes extend climb into record heights

  10-02-2017 23:27 via news.yahoo.com
  
  Wall Street capped a week of milestones Friday with a rally that pushed the major stock indexes to all-time highs for the second day in a row.
  
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• TSX hits record high; bolstered by oil, economic prospects

  10-02-2017 22:51 via news.yahoo.com
  
  By Solarina Ho TORONTO (Reuters) - Canada's main stock index powered to a record high on Friday propelled by higher oil prices and expectations of corporate-friendly tax cuts in the United States, while an unexpected surge in domestic job growth also suggested a brighter economic outlook. The Toronto Stock Exchange's S&P/TSX composite index finished up 111.82, or 0.72 percent, at 15,729.12, with all but one of the index's 10 main groups ending in positive territory. The TSX rose 1.6 percent
  
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• Libya mayors say Europe's migration crisis should not be dumped on them

  10-02-2017 22:48 via news.yahoo.com
  
  By Ahmed Elumami TRIPOLI (Reuters) - Mayors from Libya's desert south to its northern shores fear a deal between Tripoli and Rome to fund migrant holding centers in this north African country will simply shift Europe's migration crisis onto Libyan soil. The Mediterranean Sea between Libya and Italy has become the main crossing point for asylum seekers and economic migrants seeking a better life in Europe. The deal foresees European Union money for holding centers in towns and cities along the ma
  
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• Senators question Goldman Sachs on its role in Trump banking policy

  10-02-2017 22:41
  
  (Reuters) - Two U.S. senators are seeking details from Goldman Sachs Group Inc'schief executive on the extent to which the bank's employees were involved in drafting of the recent executive orders...
  
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• Wall Street hits records again, boosted by Trump economy hopes

  10-02-2017 22:23 via news.yahoo.com
  
  The S&P 500 tallied its fourth straight session of gains, a day after Trump vowed a major tax announcement in the next few weeks. The benchmark S&P 500 has surged 8.3 percent since Trump's Nov. 8 election, fueled by expectations he will lower corporate taxes, reduce regulations and increase infrastructure spending. The rally had stalled amid concerns over Trump's protectionist stance and lack of clarity on policy reforms.
  
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• TSX rallies to record on oil, economic prospects

  10-02-2017 22:12 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's benchmark stock index closed at a record high on Friday, propelled by higher oil prices and U.S. markets, while an unexpected surge in domestic job growth suggested a brighter economic outlook. The Toronto Stock Exchange's S&P/TSX composite index finished up 111.82 points, or 0.72 percent, at 15,729.12. All but one of the index's 10 main industry groups ended in positive territory. (Reporting by Solarina Ho, editing by G Crosse)
  
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• Trump tax cut talk, China data spur risk rally

  10-02-2017 21:43 via news.yahoo.com
  
  By Saqib Iqbal Ahmed NEW YORK (Reuters) - A key index of global equity markets rose to a 20-month high on Friday, with Wall Street shares hitting records for a second straight day, as investors continued to bask in the afterglow of U.S. President Donald Trump's promise of tax reform. The dollar hovered near an 11-day high against a basket of major rivals, as Trump and Japanese Prime Minister Shinzo Abe opened two days of talks looking to cement a decades-old alliance. Strength on Wall Street boo
  
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• Top U.S. Federal Reserve official resigns as bank deregulation looms

  10-02-2017 21:30 via news.yahoo.com
  
  By Jason Lange and Lisa Lambert WASHINGTON (Reuters) - The top Federal Reserve official charged with bank regulation said on Friday that he would resign, giving President Donald Trump the ability to reshape the powerful board governing the U.S. financial system just as he begins revamping and undoing reforms put in place after the 2007-09 financial crisis. Daniel Tarullo, at the Fed since 2009, said in his brief resignation letter to Trump that he would leave the central bank "on or around April
  
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• Top Federal Reserve official resigns as bank deregulation looms

  10-02-2017 21:28 via news.yahoo.com
  
  The top Federal Reserve official charged with bank regulation said on Friday that he would resign, giving President Donald Trump the ability to reshape the powerful board governing the U.S. financial system just as he begins revamping and undoing reforms put in place after the 2007-09 financial crisis. Much of Tarullo's legacy involves erecting safeguards after the crisis and accompanying recession, where big banks crumbled or were driven by the Fed and U.S. Treasury into shotgun mergers intende
  
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• Greece, creditors narrow their differences in bailout talks

  10-02-2017 20:37 via news.yahoo.com
  
  Greece's finance minister and international creditors made "substantial progress" Friday in narrowing their differences over the bailout program keeping the Greek economy afloat, amid renewed ...
  
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• Abe 'optimistic' about positive outcome to trade talks with Trump

  10-02-2017 19:59 via news.yahoo.com
  
  Japanese Prime Minister Shinzo Abe said on Friday that he and U.S. President Donald Trump would discuss trade and economic issues at a working lunch and he was "optimistic" there would be good results from the dialogue. Abe said he was "fully aware" of Trump's decision to withdraw from the Trans-Pacific Partnership multilateral trade accord. "I am quite optimistic that ... good results will be seen from the dialogue," he said, adding that Japan was looking for a fair, common set of rules for tra
  
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• Mexico's own populist politician softens tone in bid for presidency

  10-02-2017 19:42 via news.yahoo.com
  
  By Anahi Rama and Gabriel Stargardter MEXICO CITY, (Reuters) - Mexico's home-grown populist Andres Manuel Lopez Obrador has tapped into wide discontent with the ruling party and resentment toward Donald Trump to make a bid for the center ground, raising his chances of winning the presidency next year. The approval ratings of President Enrique Pena Nieto, from the Institutional Revolutionary Party (PRI), have been battered to as low as 12 percent by anemic economic growth, rising fuel prices and
  
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• Nigeria seizes $10 million from ex-state oil manager

  10-02-2017 19:17 via news.yahoo.com
  
  Nigeria's anti-corruption agency says agents seized nearly $10 million from a safe in a slum building belonging to a former manager of the state oil company. Spokesman Wilson Uwujaren of the Economic and ...
  
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• Trump's tax talk drives Wall Street to record high

  10-02-2017 19:01 via news.yahoo.com
  
  U.S. stocks hit record highs for the second day on Friday as investors remained upbeat about a tax reform plan that President Donald Trump vowed to unveil in the coming weeks. Trump's promise of a "phenomenal" tax plan helped reignite a post-election rally, which had stalled in recent weeks on concerns over his protectionist stand and the lack of clarity on policy reforms. "The market is saying, 'Thank you for coming back to the very core of the reasons we have accepted your agenda'," said Quinc
  
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• Deutsche Boerse boss faces new insider trading questions

  10-02-2017 18:50 via news.yahoo.com
  
  Insider trading suspicions against Deutsche Boerse chief Carsten Kengeter took a new turn Friday after a German media report that he discussed merger plans with the London Stock Exchange with a government official shortly before a large share purchase. Der Spiegel news weekly reported that Kengeter told Lars-Hendrik Roeller -- an economic advisor to Chancellor Angela Merkel -- in November 2015 that he was "basically in agreement" with the LSE over a planned merger.
  
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• U.S. consumer sentiment falls as election euphoria fizzles

  10-02-2017 18:44 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer sentiment eased off a 13-year high in early February likely as some of the jubilation over Donald Trump's election victory ebbed, but it remained strong enough to suggest that consumers will continue to drive the economy. The jump in sentiment tracked a stock market rally as both consumers and investors focussed on the business mogul-turned politician's promises to cut taxes and reduce regulations. At a meeting with airline executives on Thu
  
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• Stocks shine on Trump tax cut pledge

  10-02-2017 18:37 via news.yahoo.com
  
  Global stock markets rose and the dollar climbed against the euro and yen Friday after US President Donald Trump said he would release details of a "phenomenal" tax cut plan. Japan's Nikkei index led the advance, piling on 2.5 percent as the yen sank, while a forecast-busting trade report from China also lifted spirits in Hong Kong and Shanghai, dealers said. European markets also finished higher, with London receiving a boost from far better-than-expected British industrial production data.
  
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• UK fintech firms offered ‘virtual sandbox’

  10-02-2017 17:44
  
  200 start-ups approached about initiative to help share ideas about fundraising, testing and getting products to market quicker
  
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• Abby Joseph Cohen plans to retire from Goldman Sachs

  10-02-2017 17:26
  
  NEW YORK (Reuters) - Abby Joseph Cohen, the Goldman Sachs Group Inc strategist whose prescient, upbeat stock-market forecasts made her the face of the 1990s bull market, is retiring as president of...
  
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• UK court backs plumber in new challenge to 'gig' economy

  10-02-2017 17:21 via news.yahoo.com
  
  The Court of Appeal in Britain has ruled in favour of a plumber claiming workers' rights from a firm that took him on as a contractor, in a decision hailed by unions as a victory for the self-employed in the so-called "gig" economy. The decision comes three months after another tribunal ruled taxi app Uber should pay its drivers the minimum wage and holiday pay deals. Gary Smith had worked as an "independent contractor" for London-based Pimlico Plumbers from 2005 until he suffered a heart attack
  
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• TSX posts record high as oil prices climb

  10-02-2017 17:19 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock index rose on Friday to an all-time high on strengthening oil prices and hopes of business-friendly tax cuts in the United States, while a surge in domestic jobs suggested the country's economy was picking up. At 10:40 a.m. ET (1540 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 87.25 points, or 0.56 percent, to 15,704.55, having breached its 15,685.13 peak from September 2014. U.S. President Donald Trump's promise of a "phenomenal" ta
  
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• To regain advertiser trust, Facebook is tracking ads by the millisecond

  10-02-2017 16:29 via news.yahoo.com
  
  You may scroll through something so fast on Facebook that you don't notice it. But Facebook wants every moment to count — at least in what it presents to advertisers.  The company announced Friday they will provide millisecond-level data for ads on Facebook, Instagram and its online ad ecosystem Audience Network.  SEE ALSO: Legal action over boxing livestream highlights Facebook's piracy problem Now, for the first time through Facebook, advertisers can see how long their ads were
  
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• Britain's economy likely expanded 0.7 percent in three months to January - NIESR

  10-02-2017 16:19 via news.yahoo.com
  
  Its estimate follows the publication of industrial output and trade data for December, which underlined the economy's strong end to 2016. NIESR cited consumer spending and a pick-up in industrial production as the main drivers behind the economy. "Despite our estimates indicating a strong start of 2017, we expect economic growth to soften to 1.7 per cent this year as rising consumer price inflation weighs on consumer spending," said Oriol Carreras, a research fellow at NIESR.
  
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• Wall Street hits record high on Trump tax talk

  10-02-2017 16:00 via news.yahoo.com
  
  U.S. stocks hit record highs shortly after the open on Friday, a day after President Donald Trump said he would release a major tax reform plan in the coming weeks. Trump's promise of a "phenomenal" tax plan helped reignite a post-election rally, which had stalled in recent weeks on concerns over his protectionist stand and the lack of clarity on his policies. The biggest theme for investors is that Trump's tax plan will move quickly and he has always maintained that it is going to be very aggre
  
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• Bullish Blankfein coins new term for growth

  10-02-2017 15:59
  
  Goldman Sachs's shares have gained about a third since the November presidential election
  
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• UK court ruling may affect labor rights in 'gig economy'

  10-02-2017 15:58 via news.yahoo.com
  
  LONDON (AP) — A London plumber who worked as a contractor for a company for years has won a court ruling giving him employment rights, in a case seen as a key test of labor rules in the so-called gig economy.
  
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• Greece, creditors seek to give bailout talks 'a push'

  10-02-2017 15:34 via news.yahoo.com
  
  BRUSSELS (AP) — Greece's finance minister and international creditors met Friday to move forward talks on the bailout program keeping the Greek economy afloat, amid renewed tensions about the country's future in the euro.
  
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• Blackstone to buy Aon’s HR platform for $4.3bn

  10-02-2017 15:27
  
  Deal establishes the human resources outsourcing platform as a stand-alone company
  
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• Service sector drives stronger Canada job growth in January

  10-02-2017 15:24 via news.yahoo.com
  
  By Leah Schnurr OTTAWA (Reuters) - Canadian job growth unexpectedly surged in January as hiring in the service sector helped the labor market build on its momentum from the latter part of 2016, suggesting the economy was finding its footing. Canada added 48,300 jobs last month, Statistics Canada said on Friday, exceeding economists' expectations for employment growth to be unchanged. Although that was outpaced by a 32,400 increase in part-time work, economists were encouraged by the decline in t
  
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• Investors sticking with ETFs in stock picker's market

  10-02-2017 15:22
  
  LONDON (Reuters) - European investors are piling into exchange-traded funds, favoring those that mimic active fund managers, in a market where traditional trading relationships between assets are...
  
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• Wall Street set to open higher after Trump tax cut talk

  10-02-2017 15:06 via news.yahoo.com
  
  Wall Street looked set to open slightly higher on Friday, a day after its major indexes hit record highs on President Donald Trump's promise to unveil a tax reform plan in the coming weeks. Trump called his tax plan as "phenomenal", but offered no details other than citing the need to lower tax burden on businesses. The news helped reignite a post-election rally, which had stalled in recent weeks on concerns over Trump's protectionist stance and the lack of clarity on his policies.
  
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• Fitch turns negative on Russell Investments

  10-02-2017 15:04
  
  A slated $200 million debt issuance has Fitch analysts concerned for the parent company's strategy
  
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• Fintech body looks to speed start-ups’ route to market

  10-02-2017 15:04
  
  Innovate Finance considers launching a virtual community to help start-ups get their products off the ground
  
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• EU finance chief says UK faces disruption after Brexit

  10-02-2017 15:00 via news.yahoo.com
  
  LONDON (Reuters) - Britain is likely to face some economic disruption and worse trading terms if it leaves access to the European single market when it leaves the EU in 2019, the bloc's financial services chief said on Friday. Valdis Dombrovskis, who is also vice president of the European Commmission, said that "lots of time and energy" will be spent as negotiating new trading terms after the so-called hard Brexit flagged by British Prime Minister Theresa May. ...
  
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• Dollar touches 10-day high before Trump-Abe meeting

  10-02-2017 15:00 via news.yahoo.com
  
  By Patrick Graham LONDON (Reuters) - The dollar hit its highest level in 10 days against the yen ahead of a meeting of the U.S. and Japanese leaders on Friday, putting it on course for its best week against a basket of major currencies since mid-December. President Donald Trump's promise on Thursday of a major tax reform plan cooled some of the market nerves that have dominated currency markets for weeks, putting the focus back on efforts to boost economic growth and reinvigorating dollar bulls.
  
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• Natixis names new CEO for global asset management unit

  10-02-2017 14:38
  
  (Reuters) - Natixis SA appointed Jean Raby chief executive of Natixis Global Asset Management, effective Feb. 20.
  
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• World stocks extend gains sparked by Trump tax cut vow

  10-02-2017 14:27 via news.yahoo.com
  
  World stock markets mostly kept rising on Friday after U.S. President Donald Trump promised he would soon cut taxes for businesses. KEEPING SCORE: Germany's DAX added 0.3 percent to 11,678 and France's ...
  
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• Blackstone’s cash pile tops $30bn

  10-02-2017 14:25
  
  The world's private equity firms are coming under pressure to deploy more than $820 billion in unspent capital
  
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• Kenya raises tax revenue forecast; economists surprised

  10-02-2017 14:22 via news.yahoo.com
  
  By Duncan Miriri NAIROBI (Reuters) - Kenya has raised its tax revenue forecast for the financial year ending in June 2017 by 8.7 percent as efforts to boost collection start to pay off, officials said. Economists said the forecast for this fiscal year was slightly too optimistic, saying there was evidence economic growth, estimated at 5.9 percent in 2016, was losing momentum. The government said on Thursday it expected ordinary tax revenue of 1.5 trillion shillings ($14.5 billion), up from its i
  
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• Stock futures edge up after Wall St. hits record high

  10-02-2017 13:33 via news.yahoo.com
  
  (Reuters) - U.S. stock index futures were slightly higher on Friday, a day after Wall Street hit record high on President Donald Trump's promise to unveil a tax reform plan in the coming weeks.
  
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• Deutsche Boerse warns against hasty changes to U.S. banking rules

  10-02-2017 13:31 via news.yahoo.com
  
  German exchange operator Deutsche Boerse warned on Friday the United States should be cautious in any revamp of banking regulations to ensure the lessons of the financial crisis are not forgotten. U.S. President Donald Trump has ordered reviews of major banking rules that were put in place after the 2008 financial crisis, drawing fire from Democrats who said his order lacked substance and squarely aligned him with Wall Street bankers. Deutsche Boerse said in a statement that "sustainable growth
  
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• US banks will stretch lead with Dodd-Frank rollback

  10-02-2017 13:10
  
  Those expecting good things following President Trump’s steps to row back regulation could be disappointed
  
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• How a hedge fund picks its home

  10-02-2017 13:05
  
  Goldman Sachs is relocating its London hedge fund to New York
  
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• Investors chase reflation trades via stocks, emerging assets: BAML

  10-02-2017 12:49
  
  LONDON (Reuters) - Global investors poured money into stocks, emerging markets and corporate debt in the week to Wednesday, as they continued to chase the Trump-induced reflation trade, data from...
  
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• Zuercher Kantonalbank CEO: scant progress on U.S. tax case

  10-02-2017 12:48
  
  ZURICH (Reuters) - Swiss local government-owned Zuercher Kantonalbank (ZKB) hasn't made much progress in settling a tax case with U.S. authorities, its chief executive told journalists on Friday.
  
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• From stained glass to stylists, Spain bids to be global shopping hub

  10-02-2017 12:45 via news.yahoo.com
  
  By Amanda Calvo MADRID (Reuters) - Restorers of vintage stained glass are enjoying a new lease on life in Madrid these days, bringing their artisanal skills to a luxury retail and hotel complex in the center of Spain's capital. The old-but-new leadlights are destined to shine on what business and government cheerleaders see as the epicenter of a wide movement to propel Madrid into the big league of global shopping destinations. Alongside revamps of tired beach resorts, Spain is attempting to lur
  
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• Goldman CEO coins new term for Wall Street’s bulls

  10-02-2017 12:41
  
  US bank's shares have gained about a third since the November presidential election
  
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• Aberdeen targets $300m for US private equity fund

  10-02-2017 12:39
  
  UK-listed fund manager has been building its private markets capabilities across the US and Asia
  
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• Court rules in favor of worker in gig economy lawsuit

  10-02-2017 12:37 via news.yahoo.com
  
  LONDON (AP) — Britain's Court of Appeal has ruled that a plumber was entitled to employment rights in a case seen as a key test of labor rules in the new gig economy.
  
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