Financial News from Reuters

  • Growing trust helps flurry of Sino-German deals Reuters - 32 minutes ago
    Growing trust helps flurry of Sino-German deals

    China has for years sought to buy in key technology rather than develop it at home more slowly, but attempts to reach deals have often failed. "The cultural dimension is very important," said Frank-Christian Raffel, Munich-based partner in boutique advisory firm MelchersRaffel, which specialises in M&A deals between German-speaking and Asian countries.

  • With prize in sight, Brexit camp risks dashing its dream Reuters - 41 minutes ago

    Striding through a housing estate in the drizzle to hand out leaflets, 52-year-old builder Kevin Lovett throws up his arms in despair as he rails against the deceit he sees at the heart of the European Union. Pitching their dream of a proud Britain breaking free from a German-dominated bloc, the "Out" campaigners cast leading pro-Europeans as members of an out-of-touch elite. "At the ground level we're all united and working together because we just want Britain out," he said, delivering leaflets in the pretty town of Witham in the south east of England, dotted with black and white buildings and red-brick town houses.

  • Foreign exchange, the world's biggest market, is shrinking Reuters - 41 minutes ago

    The foreign exchange market's status as the world's largest, built up over decades of rampant globalisation, deregulation and growth in financial services, is unlikely to be relinquished any time soon. Industry figures show the number of traders employed in Europe at the top 10 foreign exchange banks is down 30 percent over the last three years. Figures from the Bank of England and New York Federal Reserve last month showed that trading volume has fallen to its lowest level in three years.

  • Asian shares slip as bank fears add to global gloom Reuters - 43 minutes ago
    Asian shares slip as bank fears add to global gloom

    Asian shares fell for a sixth straight session on Friday as concerns about the health of European banks further threatened a global economy already under strain from falling oil prices and slowdowns in China and other emerging markets. "The markets are clearly starting to price in a sharp slowdown in the world economy and even a recession in the United States," said Tsuyoshi Shimizu, chief strategist at Mizuho Asset Management. MSCI's index of Asia-Pacific shares outside Japan fell 0.8 percent.

  • Nikkei in worst weekly drop since 2008, strong yen unnerves Reuters - 43 minutes ago

    Japan's Nikkei share average stumbled to a fresh 16-month low in heavy trade on Friday, and posted the biggest weekly drop since 2008 as investors scrambled to dump risky assets after the dollar dived to a 15-month low against the yen. The Nikkei (.N225) sank 4.8 percent to 14,952.61, the lowest closing level since October, 2014. For the week, the Nikkei dived 11.1 percent, the biggest weekly drop since October, 2008.

  • GLOBAL MARKETS-Asian shares slip as bank fears add to global gloom Reuters - 48 minutes ago

    Asian shares fell for a sixth straight session on Friday as concerns about the health of European banks further threatened a global economy already under strain from falling oil prices and slowdowns in China and other emerging markets. "The markets are clearly starting to price in a sharp slowdown in the world economy and even a recession in the United States," said Tsuyoshi Shimizu, chief strategist at Mizuho Asset Management. MSCI's index of Asia-Pacific shares outside Japan fell 0.8 percent.

  • Yellen's dilemma: a downturn with no easy response Reuters - 1 hour 25 minutes ago
    Yellen's dilemma: a downturn with no easy response

    The Federal Reserve's carefully scripted decision to raise interest rates last December, and begin a return to "normal" policy, may now become a nightmare for the U.S. central bank if an economic downturn forces a return to unconventional methods. Fed chair Janet Yellen told lawmakers this week she was studying ways to "be prepared" in the event the current slide in world stock markets, concern about financial sector stress, and slowing economic growth all translate into a recession or another financial crisis.

  • Zika pushes 38 pct of U.S. businesses surveyed to let workers defer trips Reuters - 1 hour 41 minutes ago

    Some 38 percent of U.S. multinationals, universities and non-profits surveyed by an arm of the State Department are allowing female employees to defer travel or leave countries where the Zika virus has been reported. A fifth of the 321 respondents said they were giving male employees similar options, a sign of how employers' travel policies are diverging as they react to the mosquito-borne virus and uncertainty about the way it is transmitted. Scientists are investigating a potential link between Zika infections of pregnant women and more than 4,000 suspected cases in Brazil of microcephaly, a condition marked by abnormally small head size that can result in developmental problems.

  • Schindler 2015 net profit down 17 pct to 747 mln Sfr Reuters - 1 hour 47 minutes ago

    Schindler on Friday posted 2015 net profit of 747 million Swiss francs , down 17 percent from last year as the elevator and escalator maker was hurt by currency exchange rates and by price pressure, including ...

  • PRESS DIGEST- New York Times business news - Feb 12 Reuters - 2 hours 22 minutes ago

    The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - The Swedish central bank's decision on Thursday to ...

  • PRESS DIGEST - Wall Street Journal - Feb 12 Reuters - 2 hours 29 minutes ago

    The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - World powers agreed early Friday to reach a cease-fire in Syria ...

  • As U.S. refinery cuts quicken, crude market faces next threat Reuters - 2 hours 40 minutes ago

    For the past six years, U.S. refiners from Texas to Philadelphia have bought every barrel of crude they can lay their hands on to cash in on a golden era of healthy margins. Now, at least five refiners - including two of the country's largest - have voluntarily cut output of gasoline and distillate in the most widespread cuts since the global financial crisis, moves that may deepen crude's prolonged rout as storage tanks at Cushing, Oklahoma, the main U.S. oil hub, near capacity. Independent refiners including Valero Energy Corp, PBF Energy INC, Philadelphia Energy Solutions and Monroe Energy, a unit of Delta Air Lines Inc, are curbing output, capitulating to record stockpiles and sluggish winter demand that have hurt profits.

  • JGBs slip on profit taking, yields pull away from record lows Reuters - 2 hours 40 minutes ago

    Japanese government bond prices slipped on Friday as profit taking emerged after a volatile week that saw debt yields sink to record lows. The benchmark 10-year JGB yield was up 6 basis points at 0.065 percent. The 10-year yield had dropped to an all-time low of minus 0.035 percent earlier in the week as global flight-to-quality added to the downward pressure exerted from the Bank of Japan's negative interest rate policy.

  • Shunned for years, gold stages comeback as equities melt down Reuters - 2 hours 41 minutes ago

    Gold's prospects for a sustained price rally are better than they have been for years as a weaker dollar, crashing oil prices and concerns about the global economy have revived its safe-haven status after years as the dog of global financial markets. The last time gold prices rose more than 10 percent in a 10-day stretch, the bullion market was in the last gasp of a decade-long rally that soon peaked at more than $1,920 per ounce in 2011. Gold surged 5 percent on Thursday, its biggest daily gain in more than seven years on the possibility that the U.S. central bank may cut interest rates instead of raising them.

  • U.S. Air Force replaces arms buyer over disclosure issue on Northrop Reuters - 3 hours ago

    The U.S. Air Force said on Thursday it had replaced its acting acquisition chief, Richard Lombardi, after he disclosed that he had failed to report his wife's Northrop Grumman Corp retirement account on his annual financial disclosure form. The news came days before the U.S. Government Accountability Office is due to rule on a protest filed by Boeing Co and Lockheed Martin Corp against the Air Force's decision in October to award an $80 billion long-range bomber contract to Northrop. Lombardi was not involved in the bomber competition, an Air Force spokesman said.

  • BOJ Kuroda: Discussed markets, global economy with PM Abe Reuters - 3 hours ago

    Bank of Japan Governor Haruhiko Kuroda said on Friday he discussed global economic and market developments in a meeting with Prime Minister Shinzo Abe. "There was no particular comment from the prime minister," Kuroda told reporters, when asked what they discussed on monetary policy. Kuroda said Japan's economy was moving in line with the BOJ's scenario, adding that now is the time to monitor the economic effects of last month's decision to adopt a negative interest rate policy.

  • FOREX-Dollar on track for steep weekly losses Reuters - 3 hours ago

    The dollar nursed losses on Friday that have put it on course for steep weekly drops against major currencies, with many investors favouring the perceived safe-haven appeal of the yen amid sinking global markets. The dollar's overnight jump back above the 112-yen level led to speculation that Japanese authorities were checking currency rates, a step that often precedes intervention. A government official declined to comment on intervention on Friday.

  • FOREX-Dollar on track for steep weekly loss Reuters - 3 hours ago

    The dollar fell on Friday headed for steep weekly losses, as investors braced for another day of cratering sentiment and waited to see whether Japan would act to stem its currency's rise. The yen's recent rapid ascent followed the Bank of Japan's move to adopt negative interest rates on Jan. 29, under which banks have to pay interest on certain deposits held at the BOJ. "The BOJ's negative interest rate policy has less effect on encouraging more liquidity by banks but more side effects on the market," said Shinichi Kashiwagi, head of market sales at National Australia Bank in Tokyo.

  • Nikkei slumps over 5 pct on firm yen, set for worst weekly loss since 2008 Reuters - 3 hours ago

    Japan's Nikkei share average fell more than 5 percent to a fresh 16-month low on Friday, and was set for its biggest weekly drop since 2008 as investors rushed to dump risky assets after the dollar dived to a 15-month low against the yen. Japanese markets were closed for a public holiday on Thursday, when the dollar fell as low as 110.985 yen, its lowest level since October 2014 as fears of a global economic slowdown and concerns about stress in the banking system increased demand for safe havens. It last stood at 112.24 yen.

  • Morning News Call - India, February 12 Reuters - 4 hours ago

    To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_02122016.pdf FACTORS TO WATCH 3:15 pm: IDBI Bank Chief Executive Kishor Kharat briefs media after third-quarter earnings in Mumbai. INDIA TOP NEWS Tata's profit dented by drop in Jaguar Land Rover's Chinese sales Tata Motors reported on Thursday strong sales by its British Jaguar Land Rover subsidiary in Europe and North America in the last three months of last year, offsetting a drop in China, once its fastest-growing market. State Bank of India Q3 net plunges, bad loans rise less than expected State Bank of India, the nation's top lender by assets, reported a 62 percent fall in quarterly profit although its bad loans rose less than expected.

  • TMX Group's adjusted profit falls, misses estimates Reuters - 4 hours ago

    TMX Group Ltd, which owns and operates the Toronto Stock Exchange, reported a fall in fourth-quarter adjusted profit that missed analyst estimates, as sustained low commodity prices hurt a large portion of its resource-based issuers. "Economic factors, particularly the prolonged slump in commodity values, continued to weigh heavily on the performance of the Canadian economy and on key elements of our market ecosystem," Chief Executive Lou Eccleston said on Thursday. Excluding impairment charges, TMX Group earned 87 Canadian cents per share for the quarter ended Dec. 31, compared with 93 Canadian cents a year earlier.

  • TMX Group posts fourth-quarter loss on charges Reuters - 5 hours ago

    TMX Group Ltd, which owns and operates the Toronto Stock Exchange, reported a fourth-quarter loss, hurt by impairment charges and sustained low commodity prices impacting its large portion of resource-based ...

  • New York police have covertly tracked cell phones, group says Reuters - 5 hours ago

    New York City's police have made extensive use of covert devices to track cell phones without obtaining warrants since 2008, a civil liberties group said on Thursday, revealing how frequently law enforcement in the largest U.S. city has employed the technology. The New York Civil Liberties Union released files that showed the New York Police Department used "cell site simulators" to track nearby cell phones more than a 1,000 times over the past eight years. The American Civil Liberties Union has identified 60 local, state and federal agencies that have adopted the devices in recent years, but the group has said there are likely far more.

  • Louisiana governor says state's finances in dire situation Reuters - 5 hours ago

    Louisiana Governor John Bel Edwards presented a dire picture of the state's fiscal situation on Thursday, urging lawmakers to consider a set of budget cuts and revenue-raising measures, including tax increases. Edwards made his remarks before state legislators convene for a special session on Sunday to hash out how to fix the budget woes. The state is contending with a $940 million budget deficit for the current fiscal year and a $2 billion projected deficit for the next fiscal year starting in July.

  • PRESS DIGEST- British Business - Feb 12 Reuters - 6 hours ago

    The following are the top stories on the business pages of British newspapers. Shire Plc has called time on its $50 billion acquisition spree as it attempts to digest its biggest deal yet. The FTSE 100 pharmaceuticals group expects its $32 billion acquisition of Baxalta Inc to close this year and said it would concentrate on integrating the American business before embarking on any other deals.

  • Elon Musk's vision is not for the faint of heart Reuters - 6 hours ago
    Elon Musk's vision is not for the faint of heart

    Musk's electric vehicle startup, Tesla Motors Inc, on Wednesday posted its eleventh straight quarterly loss, when analysts had expected a profit. Tesla also said it planned $1.5 billion in capital spending this year but had just $1.2 billion in the bank. Investors focused instead on Musk's promises to make Tesla profitable this year and to deliver 60 percent to 80 percent more vehicles than last year.

  • California insurance regulators probing Zenefits Reuters - 6 hours ago

    Software company Zenefits is being investigated by the California Department of Insurance over questions about its business practices, the agency said Thursday. California Insurance Commissioner Dave Jones revealed in a statement that the agency had launched an investigation into Zenefits in 2015. Jones said he had directed the agency to use additional resources to investigate whether Zenefits had complied with regulations that require the licensing and training of insurance agents and brokers.

  • Senate panel to hear from U.S. antitrust bosses Reuters - 6 hours ago
    Senate panel to hear from U.S. antitrust bosses

    The Senate Judiciary Committee's antitrust subcommittee will hear from the top U.S. antitrust bosses next month to discuss a wave of big mergers over the past year, according to a staffer briefed on the hearing. The Justice Department's Bill Baer, the assistant attorney general for the antitrust division, and Edith Ramirez, chairwoman of the Federal Trade Commission, will testify, the staffer said. The hearing will be March 9 at the Senate Judiciary Committee's antitrust panel, which is headed by Senator Mike Lee, a Republican from Utah.

  • Google self-driving car effort expands hiring, posts manufacturing jobs Reuters - 6 hours ago
    Google self-driving car effort expands hiring, posts manufacturing jobs

    Alphabet Inc's (GOOGL.O) self-driving project is advertising dozens of jobs on its website with a special focus on manufacturing expertise. Thirty-six jobs related to the Google X car project were listed including engineers working on motion control, displays, robotics and sensors as well as managers charged with operations, materials and marketing. Google, which declined to comment, has denied in the past that it had any interest in making cars.

  • Investors flee health, bank and tech funds in search of safety -Lipper Reuters - 7 hours ago

    Investors pulled money from U.S.-based stock funds again during the most recent week, piling into Treasuries, gold and other safe-haven assets as global market performance continued to falter. The stock ...

  • Argentina seeks to lift debt injunctions after settlement offer Reuters - 7 hours ago
    Argentina seeks to lift debt injunctions after settlement offer

    A U.S. judge on Thursday ordered creditors suing Argentina over defaulted bonds to establish why orders that restricted it from servicing its restructured debts should not be vacated after the country's $6.5 billion offer to settle the dispute. U.S. District Judge Thomas Griesa in Manhattan gave bondholders until mid-February to show why the injunctions should not be lifted if Argentina repeals two local laws regarding its debts and pays any creditors who settle by Feb. 29. The order, which Argentina requested, came after the South American country last Friday proposed a $6.5 billion payment to settle a legal battle stemming from its record $100 billion default in 2002.

  • Tweetwars: the social challenge in Twitter 'capital', Indonesia Reuters - 7 hours ago
    Tweetwars: the social challenge in Twitter 'capital', Indonesia

    While Twitter doesn't break down country figures, Global Web Index data shows Indonesia remains joint first with Mexico in active users among the 34 countries the UK-based metrics company monitors - and significantly ahead in terms of penetration, at 74 percent of all Internet users. The proportion of active Twitter users in Indonesia has dipped 10 percentage points in the past two years, to about one third of Internet users, the Global Web Index data show. "Unless Twitter makes changes or there's some new exciting things on Twitter that can't be found on other platforms then I don't think people are coming back to Twitter," said Enda Nasution, a blogger and entrepreneur who has nearly 200,000 followers on his Twitter account.

  • What's behind the global stock market selloff? Reuters - 7 hours ago
    What's behind the global stock market selloff?

    Global stock markets are on their shakiest footing in years. Investors are fleeing stocks and running to safe-havens like bonds and gold, driven by concerns about economic growth and the effectiveness of central banks' policies. At the same time, tumbling energy prices are upending the economies of oil-producing countries, further slicing into global economic growth.

  • Nikkei dips below 15,000 for first time since Oct 2014 Reuters - 7 hours ago

    Japan's Nikkei share average fell below the psychologically important mark of 15,000 for the first time in 16 months, as the dollar dived to a 15-month low against the yen. The Nikkei fell as much as 4.6 ...

  • JPMorgan's Dimon buys more than $25 million of company stock Reuters - 7 hours ago
    JPMorgan's Dimon buys more than $25 million of company stock

    Jamie Dimon, chief executive officer of JPMorgan Chase & Co (JPM.N), on Thursday bought 500,000 shares of the company's stock for more than $25 million, according to a filing with the U.S. Securities and Exchange Commission. The stock has fallen nearly 20 percent this year, in line with the decline of the KBW Bank Stock index (.BKX). JPMorgan shares have fallen as the outlook for bank profits has dimmed with expectations of continued low interest rates, higher costs for bad loans, particularly related to energy, and a slow economy.