Financial News from Reuters

  • FOREX-Dollar rises with stocks as yen and euro slip, ECB awaited Reuters - 1 hour 2 minutes ago

    The dollar climbed against the euro and yen on Thursday as global investors tentatively stepped back into equities, tempering demand for the single currency and the Japanese unit. The dollar was up 0.2 percent at 120.570 yen, having rebounded sharply from a low of 119.255 overnight. Global stock indexes extended gains Thursday after receiving a midweek lift from reports of brokerage measures in China, whose financial markets are closed Thursday and Friday for holidays, to invigorate the country's battered markets.

  • Morning News Call - India, September 3 Reuters - 1 hour 6 minutes ago

    To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_09032015.pdf You can read Morning News Call -- India via TOPNEWS India Companies page. ...

  • BOJ's Kiuchi warns Japan won't hit inflation goal for another 2-1/2 yrs Reuters - 1 hour 17 minutes ago

    Japan is unlikely to see inflation hit the central bank's 2 percent target over the next 2-1/2 years as consumer spending remains weak and China's slowdown hurts exports, Bank of Japan board member Takahide Kiuchi said on Thursday. The former market economist also warned that Asian economies may see growth slow significantly as China suffers from huge slack and U.S. consumer spending remains soft, keeping any rebound in Japan's economy modest.

  • Obama's Arctic adventure ends with sinking village, fish spawn Reuters - 1 hour 19 minutes ago

    President Barack Obama got a taste of the U.S. Arctic on Wednesday, dropping in to two remote fly-in native villages in a journey the White House hopes will show how climate change is affecting Americans. Crossing the Arctic Circle, Air Force One flew over Kivalina, pop. Obama said Kivalina is a harbinger of hardships other parts of the country could face if global warming goes unchecked.

  • Oil prices fall on U.S. crude stocks build, but equity rally supports Reuters - 1 hour 24 minutes ago
    Oil prices fall on U.S. crude stocks build, but equity rally supports

    Oil fell on Thursday on an unexpected build in U.S. crude stocks and a stronger dollar, but a recovery in Asian shares after Wall Street posted a near 2-percent gain overnight helped support prices. Asian investors were focused on the increase in U.S. crude inventories last week and questioned why supply had not filtered through to demand, said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance. U.S. crude has see-sawed, climbing 27.5 per cent earlier this week and late last week in the biggest three-day percentage increase since August 1990, and rebounding from a 6-1/2-year low last week when West Texas Intermediate tumbled to $37.75 a barrel.

  • Japan August PMI survey shows services expand at fastest pace in almost two years Reuters - 1 hour 25 minutes ago
    Japan August PMI survey shows services expand at fastest pace in almost two years

    Activity in Japan's services sector expanded at the fastest pace in almost two years in August, a survey showed on Thursday, as companies turned more optimistic on business conditions in a sign the economy may be bouncing back. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to a seasonally adjusted 53.7 from 51.2 in July to reach the highest since October 2013. The reading on the services sector could ease concern about the economy after disappointing industrial production and household spending data for July.

  • Solar power supplies 10 percent of Japan peak summer power: Asahi Reuters - 1 hour 25 minutes ago
    Solar power supplies 10 percent of Japan peak summer power: Asahi

    Japan has been pouring billions of dollars in clean-energy investment after introducing a feed-in tariff (FIT) program in 2012, aiming to help the world's third-biggest economy shift away from its reliance on nuclear power after the March 2011 Fukushima disaster. Asahi's survey showed that the ratio of solar power at peak hours was as low as Hokuriku Electric Power's 5.9 percent and as high as Kyushu Electric Power's 24.6 percent, depending on access to ample land with favorable sunlight conditions.

  • Asia shares stage patchy recovery but volatility remains high Reuters - 1 hour 32 minutes ago
    Asia shares stage patchy recovery but volatility remains high

    Asian shares struggled to recover on Thursday with volatility remaining high, while emerging economy and commodity-linked currencies softened as investors worried about the global repercussions of slower growth in China. Japan's Nikkei (.N225) rose for the first time in four days, gaining 1.4 percent, while South Korea's Kospi (.KS11) edge up 0.4 percent, although MSCI's broadest index of Asia-Pacific shares outside Japan erased early gains. Also helping to boost the market, Apple (AAPL.O), the world's largest company by market capitalization, jumped more than 4 percent, in anticipation of its Sept 9 media event where it is expected to unveil new iPhones and potentially a new version of its Apple TV set-top box.

  • GLOBAL MARKETS-Asia shares stage patchy recovery but volatility remains high Reuters - 1 hour 33 minutes ago

    Asian shares struggled to recover on Thursday with volatility remaining high, while emerging economy and commodity-linked currencies softened as investors worried about the global repercussions of slower growth in China. Japan's Nikkei rose for the first time in four days, gaining 1.4 percent, while South Korea's Kospi edge up 0.4 percent, although MSCI's broadest index of Asia-Pacific shares outside Japan erased early gains.

  • Nikkei rises as bargain hunters enjoy temporary respite amid China break Reuters - 2 hours 7 minutes ago

    Japan's Nikkei share average rose for the first time in four days on Thursday as gains on Wall Street boosted sentiment and bargain hunters flocked to recently battered stocks. Traders said global markets were getting some respite from worries about China, as markets there are closed on Thursday and Friday for ceremonies to mark the end of World War Two. Ando said investors will be closely watching whether analysts keep their bullish earnings expectations for Japanese firms with exposure to China and global markets.

  • Malaysia's economy in stronger position to meet any incoming storms-Najib Reuters - 2 hours 11 minutes ago

    The Malaysian economy is in a stronger position than it was during the 1997 Asian Financial Crisis to bear any "incoming storms", Prime Minister Najib Razak said on Thursday. Local companies now have stronger balance sheets and governance, while structural reforms to the financial and banking sector has strengthened it against "intense bouts of volatility", Najib said at the World Capital Markets Symposium, an event organised by the country's Securities Commission. "We are on track to achieve our goal of becoming a high income status nation by 2020," Najib said.

  • Toshiba to post annual net loss of about 10 billion yen: Yomiuri Reuters - 2 hours 23 minutes ago
    Toshiba to post annual net loss of about 10 billion yen: Yomiuri

    Japan's Toshiba Corp is likely to post a net loss of about 10 billion yen ($83 million) when it reports its financial 2014/15 earnings as early as this week, the Yomiuri daily reported, amid a probe into improper accounting at the company. Toshiba was already expected to report a loss after an independent probe found it had overstated its profits by $1.2 billion over several years, but the figure cited by Yomiuri was the first indication of how deep that loss would be. There was no immediate comment from Toshiba.

  • Sony, former workers in deal to settle lawsuit over 'Interview' hacking Reuters - 2 hours 25 minutes ago
    Sony, former workers in deal to settle lawsuit over 'Interview' hacking

    Sony Pictures Entertainment Inc has reached a settlement agreement with nine former employees who had filed a lawsuit claiming that their personal data was stolen in a 2014 hacking tied to the studio's ...

  • BOJ's Kiuchi: Japan to miss price goal more than 2 years ahead Reuters - 2 hours 25 minutes ago

    Japan is unlikely to see inflation hit the central bank's 2 percent target over the next 2-1/2 years as consumer spending remains weak and China's slowdown hurts exports, Bank of Japan board member Takahide Kiuchi said on Thursday. "I think the price target of 2 percent is well above the level consistent with Japan's current growth potential," Kiuchi said in a speech to business leaders in Aomori, northern Japan. The BOJ has kept monetary policy steady since October last year.

  • Ackman's Pershing Square hedge fund drops 9.2 percent in August Reuters - 2 hours 26 minutes ago
    Ackman's Pershing Square hedge fund drops 9.2 percent in August

    Hedge fund mogul William Ackman, one of last year's best performers, joined a string of high profile managers in reporting deep losses for August as global markets tumbled amid fears over slower growth in China. Ackman's Pershing Square Capital Management, which makes concentrated bets on a small number of stocks, told clients on Wednesday that its Pershing Square LP fund fell 7.7 percent last month, leaving it flat on the year with a 0.06 percent gain. The firm's Pershing Square Holdings portfolio dropped 9.2 percent, and is now down 0.1 percent for the year, erasing a 10 percent gain it had at the end of July, two sources familiar with the numbers said.

  • Australia new vehicle sales rise in August, SUVs in demand -VFACTS Reuters - 2 hours 31 minutes ago

    Sales of new vehicles in Australia rose 2.9 percent in August compared with the same month a year ago, led by a boom in demand for small sports utilities. The Australian Federal Chamber of Automotive Industries' ...

  • Ackman's Pershing Square hedge fund drops 9.2 percent in Aug Reuters - 2 hours 34 minutes ago

    Hedge fund mogul William Ackman, one of last year's best performers, joined a string of high profile managers in reporting deep losses for August as global markets tumbled amid fears over slower growth in China. Ackman's Pershing Square Capital Management, which makes concentrated bets on a small number of stocks, told clients on Wednesday that its Pershing Square LP fund fell 7.7 percent last month, leaving it flat on the year with a 0.06 percent gain. The firm's Pershing Square Holdings portfolio dropped 9.2 percent, and is now down 0.1 percent for the year, erasing a 10 percent gain it had at the end of July, two sources familiar with the numbers said.

  • Bid to override veto of arbitration bill fails in Illinois House Reuters - 3 hours ago

    The Illinois House on Wednesday failed to override Governor Bruce Rauner's veto of a controversial bill to send collective bargaining impasses to arbitration, leaving open the possibility of a future strike or lockout of state workers. The Democrat-controlled House fell three votes short of the 71 needed to make the bill law after the Senate, which also has a Democratic majority, overrode Rauner's veto last month. Democratic lawmakers and the Republican governor have been locked in a struggle over a state budget and an agenda pushed by Rauner that includes legislative term limits and collective bargaining curbs.

  • Brazil halts interest rate hikes as recession takes hold Reuters - 3 hours ago

    Brazil's central bank halted one of the world's most aggressive rate-hiking cycles on Wednesday, taking pressure off an economy struggling with recession despite concerns that a budget crisis could stoke inflation. In a unanimous vote, the central bank's monetary policy committee, known as Copom, kept its benchmark Selic rate at 14.25 percent, a nine-year high and still the highest among the world's top 10 economies. While most other major emerging-market economies are gearing up to raise borrowing costs to head off rising prices, Brazil is ending monetary tightening as its economic downturn proves more severe than even the most pessimistic economists had envisioned.

  • FOREX-Dollar bounces with stocks as yen and euro retreat, ECB awaited Reuters - 3 hours ago

    The dollar climbed against the euro and yen on Thursday as global investors tentatively stepped back into riskier equities, tempering the recent rush to unwind carry trades that had boosted the single currency and the Japanese unit. The dollar was up 0.3 percent at 120.655 yen, having rebounded sharply from a low of 119.255 overnight. The euro dipped to $1.1210, adding to an overnight loss of 0.8 percent.

  • PRESS DIGEST- Financial Times - Sept 3 Reuters - 4 hours ago

    The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Rebekah Brooks to resume as News UK CEO on Monday Martin ...

  • Stock volatility, ETF rise drive rethink of post-flash crash U.S. rules Reuters - 4 hours ago

    U.S. regulators and stock exchanges are re-examining rules designed to ensure orderly trading in equities after investors fell afoul of them during a near-unprecedented bout of volatility at the beginning of last week, exchange officials said. The measures, which include pausing trade in individual stocks if their prices move violently in a short time, were introduced after the 2010 flash crash when around $1 trillion in paper value was temporarily wiped from U.S. stock markets within minutes. During the mayhem, more than 1,250 trading halts were triggered in 455 stocks and exchange-traded funds (ETFs), which are used by ordinary investors to gain exposure to a basket of securities or an entire index.

  • PRESS DIGEST- British Business - Sept 3 Reuters - 4 hours ago

    The following are the top stories on the business pages of British newspapers. Natalie Massenet has stepped down from Net-A-Porter, the online luxury fashion retailer that she founded 15 years ago. Yoox SpA, which bought Net-A-Porter in March, said on Wednesday Massenet had tendered her resignation.

  • IMF staff warn G20 of increasing downside economic growth risks Reuters - 4 hours ago

    Downside risks to the global economy have risen and a combination of threats including slower growth in China and rising market volatility could severely cut the outlook, International Monetary Fund staff warned on Wednesday. A note prepared by IMF staff for a meeting of Group of 20 finance officials describes a cocktail of potentially dangerous risks ranging from a stronger U.S. dollar to depreciating currencies in emerging markets, falling commodity prices and weaker capital inflows. The IMF in July lowered its global growth forecast for 2015 to 3.3 percent and forecast growth in China - where a currency devaluation and growth concerns have fanned sharp moves on global financial markets - would slow to 6.8 percent.

  • Brazil halts rate hikes as recession takes hold Reuters - 4 hours ago

    Brazil's central bank halted one of the world's boldest rate-hiking cycles on Wednesday, taking pressure off an economy struggling with recession even amid concerns that a looming budget crisis could stoke inflation. In a unanimous vote, the central bank's monetary policy committee, known as Copom, kept its benchmark Selic rate at 14.25 percent, a nine-year high and still the highest among the world's top 10 economies. An overwhelming majority of economists expected policymakers to keep interest rates unchanged after seven consecutive hikes.

  • Canada's Syncrude seen at 'minimal' rates until late Sept -operator Reuters - 4 hours ago

    CALGARY, Alberta/NEW YORK, Sept 2 (Reuters) - Canada's largest synthetic crude project will return to normal operations toward the end of September, its operator said late on Wednesday, confirming market talk of an extended outage after last weekend's fire. The Syncrude venture, which produced 326,000 barrel per day of synthetic crude in July, will operate with "minimal synthetic crude oil shipments and operating rates" for the next two weeks as part of a phased recovery, Canadian Oil Sands Ltd, the joint venture partner with the largest stake in Syncrude, said in a statement. The disruption means that Syncrude output this year will be "near the low end" of the current 96 million to 107 million barrel range for the year, COS said.

  • Brazil central bank holds interest rate at 14.25 pct Reuters - 5 hours ago

    Brazil's central bank halted one of the world's boldest rate-hiking cycles on Wednesday, giving a breather to an economy in recession despite fears a fiscal crisis could stoke high inflation. In a unanimous ...

  • Brazil's economic troubles threaten to spill over into Peru -finmin Reuters - 5 hours ago

    Brazil's sinking economy is a new risk to Peru's fragile recovery and builds on worries about China's slowdown and an exodus of capital ahead of an expected U.S. interest rate hike, Peru's finance minister said Wednesday. Brazil's economy is slipping into a recession that is on track to be the country's worst in nearly three decades. "That has a direct impact on Peru because of economic links but also because of the uncertainty that it can generate in the region," Finance Minister Alonso Segura said.

  • Saudi Arabia, U.S. near deal for two Lockheed warships -sources Reuters - 5 hours ago

    Saudi Arabia is in advanced discussions with the U.S. government about buying two frigates based on a coastal warship that Lockheed Martin Corp is building for the U.S. Navy, and could reach agreement by the end of the year, according to sources familiar with the talks. The frigate sale, valued at well over $1 billion, will be the cornerstone of a long-delayed multibillion-dollar modernization of the Royal Saudi Navy's Gulf-patrolling eastern fleet of aging U.S. warships and would include smaller patrol boats. It underscores strong business and military ties between the two countries, despite tensions over the U.S.-led Iran nuclear deal.

  • Obama heads to remote reaches of Alaska on last day of tour Reuters - 5 hours ago

    President Barack Obama headed to remote fly-in native villages of Alaska on Wednesday on a trek the White House hopes will bring attention to how climate change is affecting Americans. Obama will become the first sitting U.S. president to visit a community north of the Arctic Circle when he flies into Kotzebue, an Arctic town of about 3,000 that is battling coastal erosion caused by rising seas. Before going to Kotzebue, Obama went to Dillingham, home to one of the world's largest sockeye salmon fisheries, where residents are fighting the Pebble Mine copper and gold project that has been proposed by Northern Dynasty Minerals Ltd .

  • HSBC Argentina makes proposal to cenbank amid tax evasion probe Reuters - 5 hours ago

    HSBC Argentina sent a proposal to the country's central bank on Wednesday that would allow its general manager to continue carrying out the executive functions of the bank, as the state locks horns with HSBC over money laundering charges. The central bank on Tuesday ordered HSBC Argentina to name a new president and vice president within 24 hours, accusing it of failing to establish necessary controls to prevent tax evasion and money laundering. "The executive functions of HSBC Bank Argentina SA continue to be carried out by its general manager, Andrés Hammar Aldatz, who was approved by the central bank on May 28," said a press statement issued by HSBC, which made no mention of the bank's president or vice president.

  • Wal-Mart to reopen five U.S. stores at center of union complaint Reuters - 5 hours ago
    Wal-Mart to reopen five U.S. stores at center of union complaint

    Wal-Mart will start hiring for the stores in Texas, Oklahoma, Florida and California, and will encourage previous employees and those that transferred to other stores to apply, company spokesman Lorenzo Lopez said on Wednesday. Wal-Mart announced the store closures in April to fix plumbing and other repairs. The move impacted some 2,200 workers and the United Food and Commercial Workers International Union (UFCW), which backs campaigns pushing the retailer to improve pay and benefits for store employees, filed a complaint to the NLRB that is still pending.

  • itBit hires former NY financial regulator's general counsel Reuters - 5 hours ago

    Bitcoin exchange itBit has hired Daniel Alter as the company's new general counsel and chief compliance officer, the firm announced on Wednesday. Alter, who spent three years as general counsel to the ...

  • Puerto Rico's PREPA reaches deal with bondholder group Reuters - 5 hours ago

    Puerto Rico's electric power utility PREPA has agreed with a bondholder group to reduce its $9 billion debt, a significant step towards restructuring the obligations of the U.S. territory, although the deal will be classed by credit ratings agencies as another default from the indebted island. Under the deal with the so-called ad hoc group representing about 35 percent of its bondholders, those creditors would swap their bonds for new notes, receiving 85 percent of their existing bond claims, according to a statement from the utility. Credit rating agency Standard & Poor's said the deal was a distressed exchange and "we would consider PREPA to be in default if this restructuring were to occur" and would lower the ratings on its outstanding debt to a D. S&P currently rates PREPA's bonds at CC.

  • Tesla Signature series Model X to begin delivery September 29 Reuters - 6 hours ago
    Tesla Signature series Model X to begin delivery September 29

    Tesla Motors Inc (TSLA.O) said on Wednesday it would begin delivering its first luxury electric crossovers, the Model X Signature series, on Sept. 29 to customers who have already reserved the sport utility vehicles. Chief Executive Officer Elon Musk tweeted that the first production cars would be handed over Sept. 29 at the company's factory in Fremont, California. Tesla has been spending heavily ahead of the launch of the Model X, its first battery-powered SUV to follow the Model S sedan to market, even as it develops a cheaper, mass-market vehicle starting at $35,000, the Model 3.