Financial News from Reuters

  • U.S. veterans to meet with tribe elders in pipeline protest Reuters - 1 minute 41 seconds ago

    U.S. military veterans will meet with tribal leaders on Saturday as they continue to entrench themselves in a North Dakota camp where thousands of activists are protesting a multibillion-dollar pipeline project near a Native American reservation. Veterans Stand for Standing Rock members will meet with Standing Rock Sioux elders to determine how the potentially 3,500 veterans arriving over the weekend can aide protesters who have spent months demonstrating against plans to route the Dakota Access Pipeline beneath a lake near the tribe's reservation. The group of veterans are also expected over the weekend to complete building a barracks and mess hall near where they constructed a headquarters at the Oceti Sakowin camp about 5 miles (8 km) north of the small town of Cannon Ball.

  • China securities regulator chairman condemns 'barbaric' company buy-outs by asset managers Reuters - 19 minutes ago
    China securities regulator chairman condemns 'barbaric' company buy-outs by asset managers

    The chairman of China's securities regulator condemned "barbaric" leveraged company buy-outs by some asset managers using illegal funds, according to a statement posted on the China Securities Regulatory Commission (CSRC) website on Saturday. "You've ultimately become a robber in the industry, and that is unacceptable," CSRC chairman Liu Shiyu said during his strong-worded speech at a meeting held by the Asset Management Association of China. Liu said China's capital markets had seen a series of "abnormal phenomena" lately, challenging the bottom line of China's financial law and regulations.

  • Airbnb, New York City settle rental law lawsuit Reuters - 6 hours ago
    Airbnb, New York City settle rental law lawsuit

    Airbnb Inc and New York City said on Friday they had resolved a lawsuit brought by the company challenging a law it argued could expose it to significant penalties for advertising short-term apartment rentals. Airbnb had contended that the law's ambiguous wording could allow New York authorities to apply it to online platforms like itself that host third-party listings, creating the risk of significant civil penalties and criminal liability. Under the terms of the settlement, New York City agreed that the law would not be enforced against the company and was instead aimed at individual violators, a spokeswoman for Mayor Bill de Blasio said.

  • Mexico's Carstens prefers prudence on hikes amid uncertainty Reuters - 6 hours ago

    Mexico's central bank chief Agustin Carstens said on Friday that he and his fellow policymakers prefer to be prudent with interest rate moves given uncertainty over future U.S. policy. Mexico hiked interest ...

  • U.S. greenlights Norwegian Air flights in blow to U.S. industry Reuters - 8 hours ago
    U.S. greenlights Norwegian Air flights in blow to U.S. industry

    The order finalized a tentative ruling the department made in April and came days after the European Commission formally filed for arbitration over Norwegian's request, which had languished for three years. U.S. airlines and unions have said the subsidiary, Norwegian Air International, would undermine U.S. wages and working standards, claims Norwegian has dismissed.

  • EMERGING MARKETS-Mexico peso edges up, but Trump trade risks loom Reuters - 9 hours ago

    The Mexican peso rose on Friday, ending the week up about 0.3 percent at 20.64 per dollar. The peso has traded in an increasingly narrow range after blowing out to a record low following Trump's unexpected victory on Nov. 8. Trump has threatened to curtail trade with Mexico, which sends about 80 percent of its exports to its northern neighbor.

  • U.S. veterans build barracks for pipeline protesters in cold Reuters - 9 hours ago

    U.S. military veterans were building barracks on Friday at a protest camp in North Dakota to support thousands of activists who have squared off against authorities in frigid conditions to oppose a multibillion-dollar pipeline project near a Native American reservation. Veterans volunteering to be human shields have been arriving at the Oceti Sakowin camp near the small town of Cannon Ball, where they will work with protesters who have spent months demonstrating against plans to route the Dakota Access Pipeline beneath a lake near the Standing Rock Sioux Reservation, organizers said.

  • Money transfer firm WorldRemit eyes new markets, growth Reuters - 9 hours ago

    WorldRemit, an online service for overseas money transfers, is looking to expand into new markets and add services like direct payments for bills and school fees, its president said on Friday. The UK-based financial technology start-up, which has raised $192.7 million since its founding in 2010, also wants to grow in Canada and is open to taking the company public, Andrew Lee said in an interview. WorldRemit, which caters to migrants and people with no bank accounts, allows money transfers to over 100 countries.

  • Eddie Lampert proposes to buy further stake in Sears Hometown Reuters - 9 hours ago
    Eddie Lampert proposes to buy further stake in Sears Hometown

    Sears Holdings has been exploring alternatives — including partnerships for its Kenmore, Craftsman and Diehard brands, and its Sears Home Services unit since May — as it looks to reinvigorate its ailing business. In a filing with regulators, Sears said Lampert met with representatives of Sears Hometown on Thursday to seek their participation in the process. Sears Holdings has lost more than $8 billion over the last five years and posted a quarterly profit just once in the last four years.

  • Sirius reapproaches Pandora for a takeover: source Reuters - 10 hours ago
    Sirius reapproaches Pandora for a takeover: source

    Sirius XM did not offer a specific price and Pandora has yet to respond to the overture, the source added. Representatives and Sirius XM declined to comment. The report noted that earlier this year, Sirius offered about $15 per share to buy Pandora.

  • Obama bars China's Fujian from buying Aixtron's U.S. business Reuters - 10 hours ago
    Obama bars China's Fujian from buying Aixtron's U.S. business

    FRANKFURT/WASHINGTON (Reuters) - President Barack Obama blocked a Chinese investment fund from acquiring the U.S. business of German semiconductor equipment maker Aixtron (AIXGn.DE) because the deal posed a risk to American national security, the Treasury Department said on Friday. Obama's executive order barring China's Fujian Grand Chip Investment Fund (FGC) from completing the acquisition of a German company with American assets was one of few such instances in which a U.S. president has blocked a transaction due to national security concerns.

  • Trump's win gives some hedge funds big boost -investors Reuters - 10 hours ago

    Donald Trump's U.S. presidential election win gave a huge boost to some prominent hedge fund portfolios, helping them post double-digit gains in November, several investors said. William Ackman's Pershing Square Capital Management posted gains of roughly 10 percent in two portfolios while Mick McGuire's Marcato Capital Management's flagship fund surged 12 percent, investors in the funds said. Both firms are known as activist investors that often try to shake up management.

  • Options Clearing Corp shakes up senior management Reuters - 10 hours ago

    The Options Clearing Corp, known as OCC, also said it had hired a former CME Group Inc executive to fill a newly created treasurer's position. The changes are part of an overhaul in leadership as OCC works to bolster the way it manages finances and risk after its regulator, the U.S. Securities and Exchange Commission, raised concerns in recent years. The designation requires compliance with risk management standards and heightened oversight by regulators.

  • Peabody wants to repay term loan early thanks to improving coal prices Reuters - 10 hours ago

    U.S. coal producer Peabody Energy Corp said it would seek court approval to repay a $500 million term loan ahead of schedule because it has enough cash to operate in bankruptcy thanks to a rise in coal prices. Peabody obtained an $800 million debtor-in-possession or DIP financing from both secured and unsecured creditors when it joined other large U.S. coal producers in bankruptcy in April, hit by a drop in coal prices. The financing included a $500 million term loan, which the company is planning to repay, along with a $200 million bonding accommodation facility for cleanup costs and a letter of credit worth $100 million.

  • U.S. presidential commission issues recommendations on cyber security Reuters - 10 hours ago
    U.S. presidential commission issues recommendations on cyber security

    The commission created by President Barack Obama earlier this year also recommended that the president and Congress accelerate the pace at which technology is updated in the federal sector and that the president appoint an ambassador for cyber security for efforts abroad. Obama said in a statement after meeting the commission's head, his former national security adviser Tom Donilon, on Friday that his administration strongly supported the commission's "thoughtful and pragmatic" recommendations. Obama, who leaves office on Jan. 20, said he had asked the commission to brief the transition team of President-elect Donald Trump at the earliest opportunity.

  • Wal-Mart to settle U.S. lawsuit over benefits for same-sex spouses Reuters - 10 hours ago
    Wal-Mart to settle U.S. lawsuit over benefits for same-sex spouses

    Wal-Mart and lawyers for Jacqueline Cote, the worker who filed the 2015 lawsuit in federal court in Boston, said in a court filing that the money may be split among more than 1,000 people who were denied spousal benefits between 2011 and 2014, when Wal-Mart changed its policy. Sally Welborn, a senior vice president at Bentonville, Arkansas-based Wal-Mart, said in a statement that diversity and inclusion were among the company's core values. "We will continue to not distinguish between same and opposite sex spouses when it comes to the benefits we offer under our health insurance plan," she said.

  • Chicago schools eye bond sales despite new budget hole Reuters - 10 hours ago

    The junk-rated Chicago Public Schools (CPS) on Friday announced a bigger, largely bond-financed capital budget a day after a veto by Illinois' governor put a $215 million hole in the district's budget. CPS said it added $600 million in projects to its fiscal 2017 capital plan, bringing the total to $938 million. On Thursday, Republican Governor Bruce Rauner vetoed a bill to give CPS a one-time $215 million state payment to help cover pension costs.

  • IMF lifts freeze on Guinea-Bissau funding Reuters - 11 hours ago

    The International Monetary Fund (IMF) on Friday resumed payments to Guinea-Bissau which were suspended in June over the government's loan bailouts for two private banks. The decision by the IMF's board could also lead donors, which also suspended budget support equal to 2.1 percent of GDP for this year, to follow suit. Total donor contributions, including direct budget support and financing for targeted sectors and projects, typically make up around 80 percent of Guinea-Bissau's budget.

  • Deutsche Bank to pay $60 million to settle U.S. gold price-fixing case Reuters - 11 hours ago
    Deutsche Bank to pay $60 million to settle U.S. gold price-fixing case

    Deutsche Bank AG has agreed to pay $60 million to settle private U.S. antitrust litigation by traders and other investors who accused the German bank of conspiring to manipulate gold prices at their expense. The preliminary settlement was filed on Friday with the U.S. District Court in Manhattan, and requires a judge's approval. Amanda Williams, a spokeswoman for the bank, declined to comment.

  • Exclusive: U.S. networking company Ixia explores sale - sources Reuters - 11 hours ago

    The company's move comes as the ever increasing volume of data traffic flowing through social media, smartphones and cloud computing tests the resilience and integrity of networks, making offerings such as those of Ixia more popular. Ixia is working with an investment bank on a sale process that is already under way and has attracted the interest of other companies and private equity firms, the people said, asking not be identified because the negotiations are confidential. A sale of Ixia, should one occur, is still several weeks away, they added.

  • Deutsche Bank to pay $60 mln to settle U.S. gold price-fixing case Reuters - 11 hours ago

    Deutsche Bank AG has agreed to pay $60 million to settle private U.S. antitrust litigation by traders and other investors who accused the German bank of conspiring to manipulate gold prices at their expense. The preliminary settlement was filed on Friday with the U.S. District Court in Manhattan, and requires a judge's approval. Amanda Williams, a spokeswoman for the bank, declined to comment.

  • U.S. jobless rate falls to nine-year low, payrolls rise Reuters - 11 hours ago
    U.S. jobless rate falls to nine-year low, payrolls rise

    The U.S. unemployment rate fell to a nine-year low of 4.6 percent in November, as employers added another 178,000 jobs, making it almost certain that the Federal Reserve will raise interest rates later this month. The unemployment rate hit its lowest level since August 2007 because more people found work but also because the labor force shrank as more people retired, lowering the number of working-age people in the labor force to 62.7 percent. Economists had forecast payrolls rising by 175,000 last month and the unemployment rate remaining unchanged at 4.9 percent.

  • CANADA STOCKS-TSX slightly higher with gold miners Reuters - 11 hours ago

    Canada's main stock index eked out a small gain on Friday as miners rose as the price of gold climbed while energy stocks slipped after an OPEC deal earlier in the week propelled oil to its biggest weekly gain in years. The Toronto Stock Exchange's S&P/TSX composite index settled up 24.99 points, or 0.17 percent, at 15,052.52. National Bank of Canada added 1.4 percent to C$51.52 after the country's sixth biggest lender posted better-than-expected profit and said it planned to strengthen its capital position next year.

  • U.S. jobless rate falls to 9-year low, payrolls rise Reuters - 11 hours ago

    The U.S. unemployment rate fell to a nine-year low of 4.6 percent in November, as employers added another 178,000 jobs, making it almost certain that the Federal Reserve will raise interest rates later this month. The unemployment rate hit its lowest level since August 2007 because more people found work but also because the labor force shrank as more people retired, lowering the number of working-age people in the labor force to 62.7 percent.

  • 'Big Short' adviser loses appeal in SEC case Reuters - 11 hours ago
    'Big Short' adviser loses appeal in SEC case

    An investment adviser featured in best-seller "The Big Short" failed to persuade a federal appeals court to shut down a U.S. Securities and Exchange Commission fraud case on the ground that the agency sued him in the wrong forum. The 2nd U.S. Circuit Court of Appeals in Manhattan on Friday said federal judges lacked jurisdiction to decide whether the SEC deprived Wing Chau and his firm Harding Advisory LLC of equal protection by pursuing an in-house administrative proceeding instead of suing in federal court. Chau was accused of concealing how he had let a hedge fund choose assets to back Octans I CDO Ltd, a collateralized debt obligation it eventually shorted, and whose April 2008 failure stuck investors with roughly $1.1 billion of losses.

  • U.S. regulator clears way for online lenders to have national charter Reuters - 11 hours ago
    U.S. regulator clears way for online lenders to have national charter

    Online credit companies and paperless lenders would be able to get federal charters to do business nationwide under a plan outlined on Friday by a U.S. banking regulator. The Office of the Comptroller of the Currency (OCC), the main regulator for federal banks, said it hoped offering a charter for "fintech" companies would spur banking sector innovation. "Technology-based products and services are the future of banking and the economy," OCC director Thomas Curry said, outlining the proposal in a speech at the Georgetown University Law Center.

  • DoubleLine Total Return posts 3rd largest outflow since 2013 in Nov Reuters - 11 hours ago

    The DoubleLine Total Return Bond Fund had net outflows of $1.4 billion in November, the third-largest cash withdrawals since the "taper-tantrum" months of 2013, while flows increased into DoubleLine's low duration and unconstrained bond funds, the firm said Friday. The $59.2 billion DoubleLine Total Return Bond Fund , an open-end intermediate-term bond fund that invests primarily in mortgage-backed securities, is run by Jeffrey Gundlach, chief executive officer, and Philip Barach, its president. The DoubleLine Total Return Bond Fund's largest and second-largest net outflows for a month, -$2.2 billion and -$2.0 billion, were posted respectively during the taper-tantrum months of December and September 2013.

  • Small banks rally pauses but may not be over yet Reuters - 11 hours ago
    Small banks rally pauses but may not be over yet

    The rally in regional U.S. bank stocks that followed last month's election of Donald Trump may not be over, but investors may have to wait for policy to take shape for the massive move to extend further. The S&P 600 index of small-cap banks (.SPSMCBKS) has surged more than 20 percent since Trump's surprise Nov. 8 victory, while their large-cap peers on the S&P 500 (.SPXBK) index have jumped over 17 percent. Smaller lenders could potentially add as much as 40 percent to their fourth-quarter 2017 earnings if Trump's promises of tax cuts and regulatory changes materialize, according to Sandler O' Neill analyst Brad Milsaps.

  • Walters to step down as president of ExxonMobil Production Co Reuters - 11 hours ago

    Exxon Mobil Corp, the world's largest publicly traded oil company, said Tom Walters, president of ExxonMobil Production Co, will retire after 38 years with the company. Neil Duffin, president of ExxonMobil ...

  • Speculative Eurodollar futures net shorts hit record -CFTC data Reuters - 11 hours ago

    The margin of speculators' bearish bets over bullish ones on Eurodollar futures hit a record on growing certainty the Federal Reserve would raise interest rates later this month, according to Commodity ...

  • U.S. dollar net longs hit 10-month high; specs turn short yen -CFTC, Reuters Reuters - 12 hours ago

    Speculators boosted positive bets on the U.S. dollar for a second straight week, with net longs rising to their highest since mid-January. The value of the dollar's net long position rose to $24.82 billion ...

  • Bond yields slip on U.S. jobs data, euro steady before Italy vote Reuters - 12 hours ago
    Bond yields slip on U.S. jobs data, euro steady before Italy vote

    Bond yields fell on Friday as solid U.S. jobs data reinforced the view that the Federal Reserve would raise interest rates gradually, while stock and currency markets were cautious ahead of an Italian constitutional reform vote on Sunday. Crude futures rebounded on a weaker dollar, resuming a rise sparked by a cut in oil output agreed this week by the Organization of Petroleum Exporting Countries, the first since 2008. The strength of the U.S. November payrolls report had been seen as critical for the Fed to lift rates again for the first time in nearly a year.

  • GLOBAL MARKETS-Bond yields slip on U.S. jobs data, euro steady before Italy vote Reuters - 12 hours ago

    Bond yields fell on Friday as solid U.S. jobs data reinforced the view that the Federal Reserve would raise interest rates gradually, while stock and currency markets were cautious ahead of an Italian constitutional reform vote on Sunday. The strength of the U.S. November payrolls report had been seen as critical for the Fed to lift rates again for the first time in nearly a year. The U.S. unemployment rate slipped to 4.6 percent last month, its lowest in more than nine years, but wages unexpectedly fell 0.1 percent, dashing expectations of faster growth in household income that would fire up inflation.

  • U.S. health spending in 2015 rose at fastest rate since 2007 Reuters - 12 hours ago
    U.S. health spending in 2015 rose at fastest rate since 2007

    Growth rose 5.8 percent to $3.2 trillion, or $9,990 per person, according to federal data published in the independent journal Health Affairs and compiled into a report by officials with the Centers for Medicare and Medicaid Services. After five years of historically low growth between 2009 and 2013, spending picked up in 2014 and 2015 as the Affordable Care Act - sometimes referred to as Obamacare - expanded health insurance coverage through marketplace insurance plans and Medicaid, the report said. Over the two-year period between 2013 and 2015 the number of people with private health insurance rose 2.5 percent on average to 9.7 million.

  • Wall Street little changed as bank rally pauses Reuters - 12 hours ago
    Wall Street little changed as bank rally pauses

    A U.S. Labor Department report showed employers in private and public sectors hired more people last month than economists had expected, further strengthening expectations of a hike when the U.S. central bank meets Dec. 13 and 14. "If it is in the high one hundred (thousands) on payrolls then everybody is pretty much just yawning at it," said Jeff Weniger, senior strategist at BMO Private Bank in Chicago. Major Wall Street indexes have hit a series of record highs over the past three weeks in the wake of Donald Trump's victory in the U.S. presidential election, as investors have rotated into sectors expected to benefit from campaign promises of tax cuts, infrastructure spending and bank deregulation.