Financial News from Reuters

  • Tesla's Musk: No more discounts on new cars Reuters - 1 hour 1 minute ago

    Electric carmaker Tesla Motors Inc. Chief Executive Elon Musk told employees in an email to follow company policy of not offering discounts on new cars, responding to some investors' concerns about the practice. Musk's email to employees was included on Wednesday in a response to comments on a Reddit posting of someone questioning the discount policy. Musk said there could be discounts to floor models, vehicles that had been used for testing or those that were damaged in delivery.

  • ConAgra's profit beats on higher prices, less discounting Reuters - 1 hour 2 minutes ago

    ConAgra Foods Inc, the maker of Chef Boyardee pasta and Hunt's ketchup, reported a quarterly profit that handily beat analysts' estimates as it raised prices on some products and discounted less. ConAgra said on Thursday it stopped promoting brands such as Chef Boyardee and Snack Pack at $1 at retailers. "Locking a brand into a $1 price point for decades it's just not a good business decision because it puts relentless pressure on margins and food quality ... So the change was long overdue," a company executive said on a post-earnings call.

  • Brazil's central bank offers dollar liquidity after outflows Reuters - 1 hour 4 minutes ago

    Brazil's central bank has stepped up efforts to support foreign exchange liquidity as outflows frustrate investors who bet that the policies of the country's new government would trigger large inflows of foreign capital, traders said on Thursday. The central bank announced late on Wednesday it will sell as much as $4 billion with repurchase agreements on Friday, more than the roughly $2.4 billion worth of so-called repo contracts expiring this month. The move came hours after weekly central bank data showed net financial outflows of $4 billion last week, extending a four-month streak.

  • Slower deficit reduction does not impede Argentina upgrade - Moody's Reuters - 1 hour 5 minutes ago

    A slower reduction in Argentina's deficit than initially promised by President Mauricio Macri's government does not impede a credit upgrade in Argentina, Moody's senior analyst Mauro Leos said in an interview ...

  • Kirkland Lake to acquire Newmarket Gold in growth push Reuters - 1 hour 12 minutes ago

    Canada's Kirkland Lake Gold will acquire Australian miner Newmarket Gold for about C$1 billion ($764 million) in stock, creating a mid-tier producer poised to grow, the companies said on Thursday. The combination makes "something we can build from," Kirkland Lake Chief Executive Officer Tony Makuch said on a conference call. Kirkland Lake will hold 57 percent of the new company, which will have the same name, and Newmarket shareholders will get 43 percent.

  • China Yuan "quite a way" from being a reserve currency - Lew Reuters - 1 hour 15 minutes ago

    The Chinese Yuan is "quite a way" from becoming a global reserve currency despite its inclusion in the International Monetary Fund's currency basket, and China needs further reform to reach that goal, U.S. Treasury Secretary Jack Lew said on Thursday. Speaking in Mexico City, Lew added that the widespread use of the U.S. dollar as a global reserve currency was a singular feature of the U.S. economy.

  • Relief arrives for U.S. shale firms as OPEC folds in price battle Reuters - 1 hour 21 minutes ago
    Relief arrives for U.S. shale firms as OPEC folds in price battle

    It was a moment U.S. shale oil producers have been waiting on for more than two years: OPEC nations finally agreed to cut production on Wednesday in a move that lifted low prices ravaging their budgets. The agreement effectively establishes a floor on prices near $50 a barrel - around where many U.S. shale oil companies can make money and drill new wells. "This gives U.S. producers more confidence,” said James West, partner at the investment firm Evercore ISI in New York.

  • Russia aims to keep oil output around current level after OPEC deal Reuters - 1 hour 21 minutes ago

    Russia is aiming to keep its oil production at near-record levels despite OPEC's decision to modestly reduce its output, Russian Energy Minister Alexander Novak said on Thursday. Oil producers' group OPEC agreed on Wednesday to limit its output to 32.5-33.0 million barrels per day (bpd) to prop up weak crude prices that have hurt commodity-dependent economies across the world. Novak's comments are the first high-level response to the deal from non-OPEC member Russia, a major crude producer.

  • Planned global banking rules not balanced, need changes - EU's Dombrovskis Reuters - 1 hour 22 minutes ago

    A planned reform of global banking rules being discussed by the United States, Europe, Japan and other major economies risks negatively affecting European banks and needs to be changed, the EU financial services commissioner said on Thursday. The Basel Committee, a body of banking supervisors from nearly 30 countries, set the year-end as deadline to conclude an overhaul of banking rules - known as Basel III - meant to make the sector safer. "As things stand, the proposals Basel has issued for consultation would imply significant capital requirement increases in all areas," EU commissioner Valdis Dombrovskis told a banking conference in Brussels, in the most explicit criticism so far of the review by a European official.

  • FOREX-Dollar surges vs yen after OPEC deal, euro edges higher Reuters - 1 hour 26 minutes ago

    The U.S. dollar hit an eight-day high against the yen on Thursday on reduced appetite for the safe-haven currency a day after OPEC agreed to cut oil output, while easing concerns surrounding the European banking sector helped the euro gain. OPEC agreed on Wednesday to modest oil output cuts in the first such deal since 2008, with the group's leader, Saudi Arabia, softening its stance on arch-rival Iran amid mounting pressure from low oil prices. The dollar was last up 0.92 percent against the yen at 101.58 yen after hitting an eight-day high of 101.84 yen.

  • U.S. pending home sales drop as inventory remains weak Reuters - 1 hour 26 minutes ago

    The National Association of Realtors said on Thursday its pending home sales index, based on contracts signed last month, decreased 2.4 percent to 108.5 following a jump in July. The index was 0.2 percent lower than in August 2015.

  • IMF praises Argentina reforms amid first meetings in a decade Reuters - 1 hour 27 minutes ago

    An official at the International Monetary Fund (IMF) on Thursday praised ongoing reforms in Argentina, hours before concluding the fund's first consultation in a decade in Latin America's third-largest economy. The visit from IMF officials comes as President Mauricio Macri, who took office in December, throws open Argentina's economy to investors after 12 years of leftist rule and isolation from capital markets. "The changes to the macroeconomic, regulatory and business environment clearly have the characteristics to boost investments," Alejandro Werner, director of the IMF's Western Hemisphere Department, said in a conference in Buenos Aires.

  • Chesapeake receives DoJ subpoena on accounting for asset purchase Reuters - 1 hour 27 minutes ago
    Chesapeake receives DoJ subpoena on accounting for asset purchase

    The No. 2 U.S. natural gas producer said in May that it had received subpoenas and demands for documents from the DoJ and some state government agencies in connection with investigations into possible violations of antitrust laws relating to the purchase and lease of oil and natural gas rights. Chesapeake had also received subpoenas from the DoJ, the U.S. Postal Service and states, seeking information on how the company pays royalties to landowners. The company said in a regulatory filing on Thursday it had engaged in discussions with the DoJ, the U.S. Postal Service and state agency representatives and continue to respond to such subpoenas and demands.

  • Wall Street slips as Apple, healthcare stocks drop Reuters - 1 hour 28 minutes ago
    Wall Street slips as Apple, healthcare stocks drop

    The S&P healthcare index fell 0.7 percent, marking the second straight day of decline as shares of Merck and Johnson & Johnson booked losses. Apple fell 1.23 percent after Barclays cut its price target. The stock was the biggest drag on Wall Street.

  • US STOCKS-Wall St slips as Apple, healthcare stocks drop Reuters - 1 hour 30 minutes ago

    Wall Street was lower in choppy trading late Thursday morning, pulled lower by Apple and healthcare stocks. The S&P healthcare index fell 0.7 percent, marking the second straight day of decline as shares of Merck and Johnson & Johnson booked losses. Apple fell 1.23 percent after Barclays cut its price target.

  • TREASURIES-U.S. yields inch higher as risk aversion eases Reuters - 1 hour 31 minutes ago

    By Gertrude Chavez-Dreyfuss NEW YORK, Sept 29 (Reuters) - U.S. Treasury debt yields edged higher for a second straight session on Thursday, as risk appetite improved with oil and global stocks mostly posting gains after news on Wednesday OPEC would cut crude supply. However, U.S. yields, which move inversely to prices, are still trapped in tight ranges and could well get back to the current downtrend given geopolitical tensions and political uncertainty, analysts said. Any indication that Republican candidate Donald Trump is gaining momentum heading into the election could inject uncertainty into the market and boost Treasury prices, said Mike Materasso, co-chair of Franklin Templeton's fixed income policy committee in New York.

  • Deutsche Bank opens digital factory, hires 400 specialists Reuters - 1 hour 32 minutes ago
    Deutsche Bank opens digital factory, hires 400 specialists

    Deutsche Bank opened a center for software developers and IT and financial specialists in Frankfurt on Thursday, joining other lenders in developing products for digital banking. Germany's biggest lender said the so-called digital factory brought together 400 technology and financial professionals from 14 countries. The lender, which has similar tech centers in New York, London and Berlin, plans to invest 750 million euros ($842 million) in the effort through 2020, including 200 million in this year alone.

  • Exclusive: Ex-Hugo Boss CEO appointed Bottega Veneta boss - source Reuters - 1 hour 36 minutes ago
    Exclusive: Ex-Hugo Boss CEO appointed Bottega Veneta boss - source

    French luxury and sports group Kering (PRTP.PA) is to announce this week the appointment of former Hugo Boss Chief Executive Claus-Dietrich Lahrs as the new head of its Italian leather goods maker Bottega Veneta, a source close to the matter said. Lahrs, who left Hugo Boss (BOSSn.DE) in February after eight years at the German fashion brand, joins Bottega Veneta at a difficult time. In the quarter to June, Bottega Veneta's sales in its own shops were down 11 percent.

  • Fed tells one of China's top banks to boost oversight Reuters - 1 hour 37 minutes ago
    Fed tells one of China's top banks to boost oversight

    The Federal Reserve on Thursday told Agricultural Bank of China , one of the Asian country's top four banks, to bolster its compliance and risk management operations in order to ensure it adhered to U.S. rules. The Fed gave the Chinese bank 60 days to come up with a comprehensive plan to ensure it was in compliance with regulations issued by the U.S. Treasury's Office of Foreign Assets Control. The Fed said it had identified "significant deficiencies" in the bank's compliance with anti-money laundering laws.

  • Wells Fargo chief offers promises, fails to appease U.S. lawmakers Reuters - 1 hour 39 minutes ago

    WASHINGTON/NEW YORK, Sept 29 (Reuters) - Wells Fargo & Co Chief Executive Officer John Stumpf returned to Capitol Hill on Thursday offering a package of actions to fix widespread sales abuses that have exploded into a scandal in Washington and on Wall Street. Stumpf, who again faced tough questioning, told House of Representatives lawmakers that Wells Fargo will eliminate sales quotas for branch staff beginning Oct. 1, accelerating the plan from Jan. 1. Earlier this week, the bank took back $41 million in stock awarded to Stumpf, an unprecedented rebuke to a major U.S. bank CEO, but the move is unlikely to silence calls for his resignation.

  • UK signs long-awaited Franco-Chinese nuclear project behind closed doors Reuters - 1 hour 40 minutes ago

    A $24-billion deal to build Britain's first new nuclear power station in decades was signed behind closed doors in London on Thursday in a low-key ceremony that underlined Prime Minister Theresa May's cautious approach to the Franco-Chinese project. Journalists were not invited to the event but the government said the contract had been formally signed at a ceremony attended by Britain's Business Secretary Greg Clark, French Foreign Minister Jean-Marc Ayrault and China's National Energy Administration Director Nur Bekri. The no-frills event for the project in Hinkley, southwest England, to be built by France's EDF and part-funded by China, contrasted with the approach taken by May's predecessor David Cameron who courted Chinese investment during a lavish state visit laid on for President Xi Jinping last year.

  • Brazil's supermarket sales rise 1.7 percent in August Reuters - 1 hour 43 minutes ago

    Brazilian supermarket sales rose 1.7 percent in August from the same month a year ago, with signs consumers are spending more on food, according to a statement from industry group Abras on Thursday. Sales ...

  • U.S. Treasury to sell $78 bln in bills Reuters - 1 hour 49 minutes ago

    For details of the U.S. Treasury's auctions of 13-week and 26-week bills next week, see: 13-week bills http://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/A_20160929_1.pdf 26-week bills ...

  • African economic growth dips to two-decade low - World Bank Reuters - 1 hour 49 minutes ago

    Economic growth in sub-Saharan Africa is likely to slip to 1.6 percent this year, its lowest level in two decades, due to continuing woes in the continent's largest economies South Africa and Nigeria, a World Bank report said on Thursday. Africa has been one of the world's fastest growing region's over the past decade, but a commodities slump has hit its oil and mineral exporters hard, bringing growth down to 3 percent in 2015.

  • Nissan to seek Brexit compensation pledge for new UK investment Reuters - 1 hour 50 minutes ago

    PARIS/LONDON (Reuters) - Nissan wants Britain to pledge compensation for any eventual tax barriers imposed due to Brexit if the Japanese automaker is to make a new investment in the country's biggest car plant, Chief Executive Carlos Ghosn said on Thursday. Nissan, which builds around one in three of all of Britain's total car output at its Sunderland facility, is due to decide early next year on where to build its next Qashqai sport utility vehicle. "If I need to make an investment in the next few months and I can't wait until the end of Brexit, then I have to make a deal with the UK government," Ghosn told reporters at the Paris auto show.

  • Toyota drops diesel from new model, signals likely phase-out Reuters - 1 hour 50 minutes ago

    Toyota has decided to drop diesel engines from its new C-HR compact in the wake of Volkswagen's (VOWG_p.DE) emissions scandal and will probably do the same for future model renewals, the carmaker's second-ranking global executive said on Thursday. The Japanese automaker decided "within the last six to 12 months" not to offer a diesel version of the car, unveiled at the Paris auto show, because demand for the powertrain technology is falling sharply, Executive Vice President Didier Leroy told Reuters in an interview. If faced with a renewal decision today for other models up to and including the larger Auris compact, a Toyota staple, "we would probably do the same thing", Leroy added.

  • As Deutsche struggles, German lawmakers say no more help for ailing banks Reuters - 1 hour 51 minutes ago
    As Deutsche struggles, German lawmakers say no more help for ailing banks

    Germany will not help ailing lenders such as Deutsche Bank, senior lawmakers in Chancellor Angela Merkel's conservative bloc said on Thursday, as resistance grew to any possibility of staging a rescue. With Merkel meeting European Central Bank chief Mario Draghi on Thursday, Berlin has already flatly denied it is planning any repeat of the taxpayer-funded bailouts that Germany and other Western countries mounted during the global financial crisis. This followed a newspaper report earlier in the week that the German government had made provisional plans to rescue Deutsche (DBKGn.DE), which is fighting a fine of up to $14 billion from the U.S. Department of Justice.

  • U.S. FCC delays final vote on pay TV box reform Reuters - 1 hour 52 minutes ago

    The U.S. Federal Communications Commission said on Thursday it would delay a final vote on a landmark reform of the $20 billion television set-top box market. FCC Chairman Tom Wheeler has touted his plan to allow tens of millions of U.S. pay TV subscribers to ditch costly set-top boxes and access video programming online. The plan, first proposed in January, is aimed at ending the cable industry's long domination of the $20-billion-a-year set-top box market and lowering prices for consumers.

  • Fed can be patient in weak global environment: Powell Reuters - 1 hour 53 minutes ago

    Federal Reserve Governor Jerome Powell said on Thursday the U.S. economy is in "solid shape" but that the Fed can be patient in approving any interest rate increase because of the weak global environment. "We can continue to be patient," Powell said. Powell did not say if he expected rates to rise this year, either at the Fed's November or December meetings.

  • Brazil's Meirelles says wants spending cap approved this year Reuters - 1 hour 55 minutes ago

    Brazil's government expects to approve a federal spending cap this year with few if any changes from its original proposal, Finance Minister Henrique Meirelles said on Thursday. Meirelles added that tax ...

  • CANADA STOCKS-TSX rises to nearly 1-week high, led by energy Reuters - 1 hour 56 minutes ago

    Canada's main stock index rose on Wednesday to a nearly one-week high as energy stocks added to sharp gains from one day before on a surprise output cut agreement by OPEC. The most influential movers on ...

  • London to launch inquiry into foreign property ownership -report Reuters - 2 hours 1 minute ago

    London's mayor Sadiq Khan will launch an inquiry into foreign ownership of property in the British capital which has helped push up housing costs, the Guardian newspaper cited him as saying on Thursday. "It's clear we need to better understand the different roles that overseas money plays in London's housing market, the scale of what's going on, and what action we can take to support development and help Londoners find a home," the Guardian quoted Khan as saying. London property prices rose more than 12 percent in the 12 months to July after notching up annual gains of around 20 percent in mid-2014, according to official data.

  • Horizon Pharma to pay Express Scripts $65 mln to settle rebate litigation Reuters - 2 hours 2 minutes ago

    Horizon Pharma Plc said it would pay pharmacy benefit manager Express Scripts Holding $65 million to settle litigation related to after-market rebates for three of its medicines. Express Scripts, the largest manager of U.S. drug benefits, in November sued Horizon for a breach of contract, seeking $166.2 million in rebates related to Duexis, Rayos and Vimovo. Horizon contested the claim and contended that Express Scripts had breached the rebate agreement.

  • Nigerian minister says claims of involvement in alleged $14 bln MTN illegal transfer are baseless Reuters - 2 hours 2 minutes ago

    Nigeria's minister for industry, trade and investment said on Thursday claims that he was involved in an alleged illegal repatriation of $13.92 billion from the country by telecoms giant MTN are "without ...

  • OFFICIAL-'Sell in May and go away'? Not this year, as stocks power ahead in Q3 Reuters - 2 hours 4 minutes ago

    Investors following the stock market maxim "Sell in May and go away" will be ruing that decision this year, after emerging market, Japanese and euro zone equities emerged as the biggest winners in the third quarter. There are signs that the coming quarters may not be as robust, but for the third, the prospect of central banks keeping the stimulus taps open for longer following Britain's shock decision in June to leave the European Union boosted investors' risk appetite and demand for higher-yielding assets like stocks. A Reuters graphic -- http://reut.rs/2doKMRd -- tracking 23 markets across all geographical regions and asset classes shows the divergence between stocks, which were the best performers, and sterling and commodities, which were the worst.