Finance news

• Fed's Yellen defends 'stress test' of Wall Street

  14-02-2017 22:59 via news.yahoo.com
  
  A yearly checkup on leading Wall Street banks helps regulators protect the U.S. financial system and the reviews should be preserved, the Federal Reserve chair said on Tuesday. The largest 44 banks in the United States must satisfy regulators that they could weather a serious economic downturn in the annual 'stress test' administered by the Federal Reserve. "It's been a cornerstone of our effort to improve supervision," Fed Chair Janet Yellen told lawmakers.
  
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• Trump rally pushes Goldman Sachs to record high as Buffett shares smash through $250,000 mark

  14-02-2017 22:52 via news.yahoo.com
  
  Goldman Sachs shares closed at a record high last night as expectations of higher interest rates and optimism about Donald Trump’s pledge to reverse costly regulation lifted bank stocks. Shares in the Wall Street giant finished up 1.3pc, at $249.46, eclipsing the pre-crisis record of $247.92 set in October 2007. The rise followed comments by Janet Yellen, the chairman of the Federal Reserve, that the strength of the world’s biggest economy was likely to prompt further interest rate r
  
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• Trump rally pushes Goldman Sachs to record high

  14-02-2017 22:52 via news.yahoo.com
  
  Goldman Sachs shares closed at a record high last night as expectations of higher interest rates and optimism about Donald Trump’s pledge to reverse costly regulation lifted bank stocks. Shares in the Wall Street giant finished up 1.3pc, at $249.46, eclipsing the pre-crisis record of $247.92 set in October 2007. The rise followed comments by Janet Yellen, the chairman of the Federal Reserve, that the strength of the world’s biggest economy was likely to prompt further interest rate r
  
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• Apple, banks push Wall Street to all-time high

  14-02-2017 22:34 via news.yahoo.com
  
  (Reuters) - Major U.S. stock indexes established record highs on Tuesday, led by bank stocks after Federal Reserve Chair Janet Yellen said it would be unwise to wait too long to raise interest rates.
  
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• Wall Street hits record, dollar climbs after Yellen remarks

  14-02-2017 22:31 via news.yahoo.com
  
  NEW YORK (Reuters) - Financial stocks lifted the S&P 500 to a record closing high for a fourth consecutive session on Tuesday and the dollar strengthened as U.S. Federal Reserve Chair Janet Yellen struck a hawkish tone on the timing of an interest rate hike.
  
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• Mexico economy minister says doubts U.S. border tax will materialize

  14-02-2017 22:24 via news.yahoo.com
  
  Mexico Economy Minister Ildefonso Guajardo said on Tuesday he doubted a proposed border tax on Mexican imports to the United States, which the White House has said could be used to finance President Donald Trump's border wall, would ever materialize. Speaking on the sidelines of an event in Mexico City, Guajardo said he had spoken with several Trump's advisors and had not found any uniformity in their backing of the border tax. Billed as a way to boost U.S. manufacturing and pay for corporate ta
  
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• Yellen: Expect Fed to resume raising rates in coming months

  14-02-2017 22:07 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen pointed Tuesday to a solid U.S. job market and economy and said the Fed will likely resume raising interest rates in the next few months. But with uncertainties surrounding ...
  
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• China piles into Cuba as Venezuela fades and Trump looms

  14-02-2017 21:50 via news.yahoo.com
  
  By Marc Frank HAVANA (Reuters) - From buses and trucks to a $500 million golf resort, China is deepening its business footprint in Cuba, helping the fellow Communist-run state survive a crisis in oil-benefactor Venezuela and insulate against a possible rollback of U.S. detente. Cuban imports from China reached a record $1.9 billion in 2015, nearly 60 percent above the annual average of the previous decade, and were at $1.8 billion in 2016 as the flow of oil and cash slowed from Venezuela due to
  
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• This Wall Street veteran is changing the conversation about women, and men, investing

  14-02-2017 21:48 via news.yahoo.com
  
  Women should own it . It's a sentence up for interpretation. For Sallie Krawcheck, one of the most powerful women in finance and now CEO of women-focused investment platform Ellevest, it should definitely apply to stock, and it should also apply to behavior in the workplace.  SEE ALSO: Why this tech CEO is hopeful about the future of online publishing That's why Krawcheck titled her new book "Own It: The Power of Women at Work." It's a mix of personal anecdotes of her time on Wall Street an
  
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• Fed's Yellen says rate hike coming; fiscal policy adds uncertainty

  14-02-2017 21:44 via news.yahoo.com
  
  US Federal Reserve Chair Janet Yellen made it clear on Tuesday that interest rate hikes are coming, and could happen at any time. At the same time Yellen weighed into the debate over spending plans and tax cuts promised by President Donald Trump, as well as potential immigration limits, cautioning about measures that could bust the budget or slow economic growth. With an aging population and rising health care costs, the budget is "already not sustainable," she told the Senate Banking Committee
  
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• EDF shrinks dividends as weak energy markets drag on earnings

  14-02-2017 21:32 via news.yahoo.com
  
  EDF, the French energy giant building the new nuclear plant at Hinkley Point, plans to shrink its dividends for next year as it wrestles with the spiralling costs of maintaining its ageing nuclear fleet in France . The company issued three profit warnings last year following a string of unplanned nuclear plant shutdowns ahead of its €55bn nuclear upgrade programme. In the clearest sign that the financial pressure facing the group will continue EDF said it will cut its dividend ratio by over
  
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• Exclusive: Retail CEOs to meet Trump in bid to kill U.S. border tax

  14-02-2017 21:24 via news.yahoo.com
  
  U.S. President Donald Trump will meet on Wednesday with the chief executives of eight large retailers, including Target Corp , Best Buy Co Inc and J.C. Penney Company Inc , to discuss tax reform and infrastructure improvements, according to people with knowledge of the meeting. A White House official confirmed Trump will meet with retail industry CEOs on Wednesday morning to discuss economic growth. The meeting will include Target CEO Brian Cornell, Best Buy CEO Hubert Joly, Gap Inc CEO Art Peck
  
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• Facebook launches app for watching its videos on TV

  14-02-2017 21:13 via news.yahoo.com
  
  (Reuters) - Facebook Inc is launching an app for smart TVs that will help the social network's users enjoy its videos on a bigger screen. The app will roll out soon from app stores for Apple TV, Samsung Smart TV and Amazon Fire TV, the company said in a blogpost on Tuesday. The Wall Street Journal reported last month that Facebook was creating an app for TV set-top boxes that would bring the company closer to live video and video advertisements.
  
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• Bats Global Markets Remained #1 European Stock Market in January; Reports 11.5% in U.S. Options, Nears Closing of CBOE Transaction

  14-02-2017 21:12 via news.yahoo.com
  
  KANSAS CITY, Mo. & NEW YORK & LONDON--(BUSINESSWIRE)-- Hotspot reports ADNV of $29.6 billion in January, Best in 11 Months Bats Global Markets, Inc. (Bats: BATS) today reported January volume and highlights, ...
  
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• Dollar index rises as Yellen signals more rate hikes

  14-02-2017 21:09 via news.yahoo.com
  
  By Richard Leong NEW YORK (Reuters) - The dollar climbed on Tuesday to a three-week peak against a basket of major currencies as investors raised their outlook on a faster pace of U.S. interest rate increases following comments from Federal Reserve Chair Janet Yellen. Yellen's remarks reinforced recent comments from other Fed policymakers who would like to see a faster pace of rate increases that is appropriate at this point of the economic expansion. "She is laying the groundwork for three rate
  
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• Wall Street at record, dollar gains in wake of Yellen comments

  14-02-2017 20:25 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Financial stocks propelled Wall Street to a record on Tuesday and the dollar strengthened as U.S. Federal Reserve Chair Janet Yellen struck a hawkish tone on the timing of an interest rate hike. Yellen told the U.S. Senate Banking Committee the central bank will likely need to raise interest rates at an upcoming meeting, although she expressed caution about the considerable economic policy uncertainty under the Trump administration. Financial stocks move
  
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• Apple and banks propel Wall Street to record high

  14-02-2017 20:24 via news.yahoo.com
  
  (Reuters) - Major U.S. stock indexes hit record highs on Tuesday, led by bank stocks after Federal Reserve Chair Janet Yellen said it would be unwise to wait too long to raise interest rates.
  
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• Wall St. at record, dollar gains in wake of Yellen comments

  14-02-2017 20:20 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - Financial stocks propelled Wall Street to a record on Tuesday and the dollar strengthened as U.S. Federal Reserve Chair Janet Yellen struck a hawkish tone on the timing of an interest rate hike. Yellen told the U.S. Senate Banking Committee the central bank will likely need to raise interest rates at an upcoming meeting, although she expressed caution about the considerable economic policy uncertainty under the Trump administration. Financial stocks move
  
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• Apple hits intraday record high for first time since 2015

  14-02-2017 20:19 via news.yahoo.com
  
  Apple Inc shares hit an intraday record high on Tuesday for the first time almost two years as investors raised bets that a 10th anniversary iPhone will boost lackluster sales. The S&P 500's largest component has climbed 50 percent from lows in the first half of last year and is up 16 percent so far in 2017, with many investors betting that Apple will mark the iPhone's 10th anniversary with a dramatically improved model. Many on Wall Street also believe that strong sales of the iPhone 6S two
  
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• Wall Street at record high as banks gain on Yellen's comments

  14-02-2017 19:26 via news.yahoo.com
  
  Apple rose about 1 percent to hit an all-time high of $134.59, helping the three major indexes to hit fresh record highs for the fourth day in a row. President Donald Trump's pro-business stance sparked a record-setting rally in stocks. "It is too early to know what policy changes will be put in place or how their economic effects will unfold," Yellen said.
  
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• Bank of Spain backs its officials over doomed Bankia listing

  14-02-2017 19:00 via news.yahoo.com
  
  The Bank of Spain said on Tuesday its staff had acted correctly in their oversight of Bankia and its ill-fated stock market listing, after a court said it would investigate several former officials at the central bank. A casualty of Spain's real estate crash, state-controlled Bankia had to be bailed out in 2012, less than a year after it was floated, causing losses for many ordinary Spaniards. Spain's High Court, which has been looking into who knew what about Bankia's troubled state before it w
  
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• Dollar index rises as Yellen sees another rate increase

  14-02-2017 18:57 via news.yahoo.com
  
  By Richard Leong NEW YORK (Reuters) - The dollar rose to a three-week peak against a basket of major currencies on Tuesday as investors raised their outlook on a faster pace of U.S. rate increases following comments from Federal Reserve Chair Janet Yellen. Yellen's remarks reinforced recent remarks from other Fed policy-makers who like to see a faster adjustment to rates seen appropriate at this point of the economic expansion. The market seems to be under-pricing an upcoming rate hike," said Om
  
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• Global rally for stocks stalls; bond yields cruise higher

  14-02-2017 18:33 via news.yahoo.com
  
  NEW YORK (AP) — Stock markets around the world downshifted into neutral on Tuesday, and U.S. indexes remained close to their record highs. Bond yields rose after Federal Reserve Chair Janet Yellen said the central bank is still on track to raise interest rates gradually.
  
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• World stocks retrench as Fed spurs rate hike talk

  14-02-2017 18:22 via news.yahoo.com
  
  World stock markets paused Tuesday and the dollar strengthened as Federal Reserve chief Janet Yellen appeared to lean towards an early rate rise, analysts said.
  
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• President Trump: a case study in how not to lead

  14-02-2017 17:47
  
  The basic principles of good business governance carry over to political leadership
  
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• GM in talks to sell European auto business to Peugeot

  14-02-2017 17:29 via news.yahoo.com
  
  LONDON/FRANKFURT (Reuters) - In a move that could shake up the global auto industry, General Motors Co and French automaker PSA Group said on Tuesday they are in talks that could result in PSA buying GM's European auto operations. For PSA, owner of the Peugeot, Citroen and DS brands, acquiring GM's Opel and Vauxhall brands would give it a 16.3 percent share of the European passenger car market, vaulting it into second place in the region, ahead of French rival Renault SA and behind Germany's Vol
  
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• Wall Street slips on Yellen's rate hike comments

  14-02-2017 17:19 via news.yahoo.com
  
  While President Donald Trump's pro-business stance sparked a record-setting rally in equities, he has given scant detail on his policies, giving the Fed limited visibility on the direction of the economy. "It is too early to know what policy changes will be put in place or how their economic effects will unfold," Yellen said.
  
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• Global stocks dip, dollar strengthens after Yellen rate hike comments

  14-02-2017 17:17 via news.yahoo.com
  
  By Chuck Mikolajczak NEW YORK (Reuters) - A gauge of global equity markets dipped on Tuesday and the dollar strengthened as U.S. Federal Reserve Chair Janet Yellen struck a hawkish tone on the timing of an interest rate hike. Yellen said in prepared remarks before the U.S. Senate Banking Committee that the central bank will likely need to raise interest rates at an upcoming meeting, although she expressed caution about the considerable economic policy uncertainty under the Trump administration.
  
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• Growth gives Greece fresh ammunition against austerity

  14-02-2017 17:13 via news.yahoo.com
  
  The Greek government on Tuesday welcomed the debt-laden country's return to annual growth in 2016, using it for a fresh assault on austerity measures sought by its creditors. The European Commission also pencilled in Greek growth of 2.7 percent this year and 3.1 percent in 2018. Government spokesman Dimitris Tzanakopoulos said the estimates showed that "the Greek economy has definitely returned to growth".
  
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• TSX retreats from record high as materials lose ground

  14-02-2017 17:08 via news.yahoo.com
  
  TORONTO (Reuters) - Canada's main stock index dipped on Tuesday after five straight days of gains that took it to an all-time high, as the materials group lost ground and investors weighed testimony from Federal Reserve Chair Janet Yellen. At 10:36 a.m. ET (1536 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 35.88 points, or 0.23 percent, at 15,720.70. The Fed will probably need to raise interest rates at an upcoming meeting, Yellen said, although she flagged considerabl
  
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• Stock markets around the world downshift into neutral

  14-02-2017 16:52 via news.yahoo.com
  
  Stock markets around the world downshifted into neutral on Tuesday, and U.S. indexes edged lower in early trading a day after setting record highs. Bond yields climbed after Fed Chair Janet Yellen told ...
  
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• Paris museum gets an Airbus A380 superjumbo

  14-02-2017 16:42 via news.yahoo.com
  
  By Tim Hepher PARIS (Reuters) - France honored the A380 superjumbo with a place in its national aerospace museum on Tuesday, granting it equal status with the Boeing 747 even as questions pile up over the future of the industry's biggest jets. The A380 test plane, the fourth to be built and the second to actually fly in 2005, flew to Le Bourget near Paris from Toulouse with 50 technicians who will spend months adapting it for public view. It is the first time Airbus has transferred one of its te
  
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• Fed chief Yellen's prepared testimony to Senate panel

  14-02-2017 16:28 via news.yahoo.com
  
  The following are highlights of Federal Reserve Chair Janet Yellen's semiannual testimony on the U.S. economy and monetary policy as prepared for delivery on Tuesday to the Senate Banking Committee. My colleagues on the FOMC and I expect the economy to continue to expand at a moderate pace, with the job market strengthening somewhat further and inflation gradually rising to 2 percent. At our upcoming meetings, the Committee will evaluate whether employment and inflation are continuing to evolve
  
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• Fed's Yellen says fiscal policy adds 'uncertainty' to outlook

  14-02-2017 16:27 via news.yahoo.com
  
  Possible changes in fiscal policy by US President Donald Trump are among the factors adding "uncertainty" to the economic outlook, Federal Reserve Chair Janet Yellen said Tuesday. Regardless, the central bank will decide at its upcoming monetary policy meetings -- the next one is March 14-15 -- whether to raise the key interest rate once inflation rises closer to the Fed's two percent target and as employment continues to strengthen, as expected, Yellen said in her semi-annual testimony to Congr
  
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• Reuters poll - Chances of 4 percent U.S. economic growth this year low: economists

  14-02-2017 16:19 via news.yahoo.com
  
  The U.S. economy will get a small boost in 2017 from President Donald Trump's planned deregulation and fiscal stimulus, a Reuters poll showed, but economists said the probability of achieving 4 percent growth was low. The latest results showed a wide gap between economists, who were criticized for being too optimistic late in the last economic cycle, and market expectations that have sent bond yields and the U.S. dollar soaring and pushed Wall Street to record highs. Trump has promised sweeping
  
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• Fed chief Yellen's prepared testimony to Congress

  14-02-2017 16:18 via news.yahoo.com
  
  The following is the full text of Federal Reserve Chair Janet Yellen's prepared remarks to the U.S Senate Banking Committee on Tuesday as she delivers the central bank's semiannual monetary policy report to Congress. Chairman Crapo, Ranking Member Brown, and other members of the Committee, I am pleased to present the Federal Reserve’s semiannual Monetary Policy Report to the Congress. In my remarks today I will briefly discuss the current economic situation and outlook before turning to mo
  
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• World stocks retrench as Fed testimony underway

  14-02-2017 16:17 via news.yahoo.com
  
  World stock markets paused Tuesday consolidating recent gains as Federal Reserve chief Janet Yellen started giving her take on the US economy under Donald Trump in a Congress testimony.
  
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• Fed on course to raise interest rates at an upcoming meeting: Yellen

  14-02-2017 16:03 via news.yahoo.com
  
  The Federal Reserve will likely need to raise interest rates at an upcoming meeting, Fed Chair Janet Yellen said on Tuesday, although she flagged considerable uncertainty over economic policy under the Trump administration. Yellen said delaying rate increases could leave the Fed's policymaking committee behind the curve and eventually lead it to hike rates quickly, which she said could cause a recession. "Waiting too long to remove accommodation would be unwise," Yellen said in prepared remarks
  
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• German Economy Minister attacks PSA/Opel talks for excluding labor representatives

  14-02-2017 15:59 via news.yahoo.com
  
  German Economy Minister Brigitte Zypries said it was totally unacceptable that talks took place on French carmaker PSA Group buying General Motors' European Opel unit without consulting German works councils or local government. Speaking on the sidelines of a meeting of lawmakers, Zypries also said on Tuesday that the German government had no information on the talks. GM had a responsibility to ensure that Opel's innovation center remained in Germany, the minister said.
  
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• Investors gear up for a boom

  14-02-2017 15:53
  
  Bulls are gaining in confidence, finds latest BAML survey - but they don't like the British pound
  
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• Wall Street flat ahead of Yellen testimony

  14-02-2017 15:51 via news.yahoo.com
  
  While President Donald Trump's pro-business stance sparked a record-setting rally in equities, he has given scant detail on his policies, giving the Fed limited visibility on the direction of the economy. Richmond Fed President Jeffrey Lacker said the central bank will likely have to raise rates more rapidly than the markets currently expect given that any new policies by the Trump administration, while uncertain, will force the Fed's hand. The Fed in December projected three rate hikes this yea
  
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• Tata Motors stock falls over 7 percent over weak Q3 earnings

  14-02-2017 15:49 via news.yahoo.com
  
  The stock which opened at Rs 503 level fell to intra-day low of Rs 468.30 after the earnings were announced around 3 pm. Before the earnings came out, the stock was trading at Rs 503 level.
  
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• HSBC names first CEO of ring-fenced bank

  14-02-2017 15:47
  
  Head of commercial banking in the UK and Europe appointed to lead HSBC UK
  
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• Dollar dips after Trump advisor quits, eyes on Yellen

  14-02-2017 15:40 via news.yahoo.com
  
  The dollar slipped against major currencies on Tuesday as investors reined in any expectations for a March rise in U.S. interest rates and U.S. President Donald Trump's national security adviser Michael Flynn quit in a controversy over Russia. Investors await the semi-annual economic testimony from Federal Reserve Chair Janet Yellen on Tuesday before Congress where she might drop clues on the probability on a rate increase next month as the jobs sector has improved further and inflation has show
  
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• Wall Street opens lower ahead of Yellen's testimony

  14-02-2017 15:35 via news.yahoo.com
  
  REUTERS - U.S. stocks opened slightly lower on Tuesday, with the "Trump rally" pausing ahead of a testimony by Federal Reserve Chair Janet Yellen that will be scrutinized for clues on the timing of the next interest rate hike. The Dow Jones Industrial Average was down 29.99 points, or 0.15 percent, at 20,382.17, the S&P 500 was down 3.02 points, or 0.13 percent, at 2,325.23 and the Nasdaq Composite was down 8.39 points, or 0.15 percent, at 5,755.57. (Reporting by Yashaswini Swamynathan in Be
  
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• Chances of 4 percent U.S. growth this year low: Economists via Reuters poll

  14-02-2017 15:35 via news.yahoo.com
  
  The latest results showed a wide gap between economists, who were criticized for being too optimistic late in the last economic cycle, and market expectations that have sent bond yields and the U.S. dollar soaring and pushed Wall Street to record highs. Trump has promised sweeping tax cuts for individuals and businesses, infrastructure spending, and deregulation to boost growth, which in the long recovery from the financial crisis has been weaker than in past expansions. Investors have taken tho
  
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• Pensions firm Xafinity raises £180m for stock market debut

  14-02-2017 15:23
  
  Xafinity is set for debut on London Stock Exchange this week following sale by private equity owners CBPE Capital
  
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• Economists: Chances of 4 percent economic growth this year low - poll

  14-02-2017 15:23 via news.yahoo.com
  
  The latest results showed a wide gap between economists, who were criticized for being too optimistic late in the last economic cycle, and market expectations that have sent bond yields and the U.S. dollar soaring and pushed Wall Street to record highs. Trump has promised sweeping tax cuts for individuals and businesses, infrastructure spending, and deregulation to boost growth, which in the long recovery from the financial crisis has been weaker than in past expansions. All of the 58 economists
  
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• MIDEAST STOCKS-Company earnings, news support UAE; Saudi, Egypt underperform

  14-02-2017 15:13 via news.yahoo.com
  
  * Dubai's DSI rises despite wider Q4 net loss * DXB Entertainments rises on first yearly revenue * Arabtec slides for second day * Dana Gas up on award in dispute with Kurdistan * Kuwait rises in heavy trade DUBAI, Feb 14 (Reuters) - Corporate earnings and other news from companies in Dubai helped that market rise on Tuesday, while Abu Dhabi was supported by earnings at Union National Bank and an arbitration judgement in favour of Dana Gas. The builder reported a net loss in the fourth quarter o
  
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• FCA mulls new bond trading hub in London

  14-02-2017 15:02
  
  The UK regulator wants to improve the way debt markets function for issuers and investors
  
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