Financial News from Reuters

  • Anti-Trump protesters block some entry points to inauguration Reuters - 22 minutes ago

    Liberal activists protesting U.S. President-elect Donald Trump's inauguration scuffled with police in Washington on Friday and temporarily blocked some of the Republican real estate developer's supporters streaming in for the ceremony. About 900,000 people were expected to pack the grassy National Mall facing the Capitol, where Trump will be sworn in, as well as the parade route along Pennsylvania Avenue to the White House and other parts of central Washington. The Disrupt J20 protest organizer Alli McCracken, 28, of Washington, said the group was voicing its displeasure over Trump's controversial comments about women, illegal immigrants and Muslims.

  • Schlumberger expects international markets recovery in late 2017 Reuters - 23 minutes ago
    Schlumberger expects international markets recovery in late 2017

    The world's No.1 oilfield services provider reported a more-than-8-percent drop in fourth-quarter revenue as strong activity in the Middle East and North America was offset by weakness in Latin America, Europe, Russia and Africa. "Our international business is currently like a highly-compressed coiled spring," Chief Executive Paal Kibsgaard said on an analyst call.

  • Schlumberger expects international markets recovery in late 2017 Reuters - 23 minutes ago

    Schlumberger NV said on Friday that it does not expect a "dramatic" short-term recovery in international markets, compared with North America where shale producers are already ramping up drilling activity. The world's No.1 oilfield services provider reported a more-than-8-percent drop in fourth-quarter revenue as strong activity in the Middle East and North America was offset by weakness in Latin America, Europe, Russia and Africa.

  • T. Rowe Price to recover $100 million from insurance after Dell error Reuters - 27 minutes ago
    T. Rowe Price to recover $100 million from insurance after Dell error

    Fund manager T. Rowe Price Group Inc. (TROW.O) said in a securities filing this month it has entered into an insurance agreement to recover $100 million after it made a voting error in the 2013 buyout of Dell Inc. T. Rowe Price said in the filing dated Jan. 4 that it has recognized the insurance recovery in its fourth-quarter results, to be reported next week, offsetting a $166 million operating charge it took in the second quarter. T. Rowe Price's investment team had opposed the $25 billion buyout, saying it undervalued the computer maker, but the firm mistakenly voted clients shares "for" the merger.

  • T. Rowe Price to recover $100 mln from insurance after Dell error Reuters - 28 minutes ago

    Fund manager T. Rowe Price Group Inc. said in a securities filing this month it has entered into an insurance agreement to recover $100 million after it made a voting error in the 2013 buyout of Dell Inc. T. Rowe Price said in the filing dated Jan. 4 that it has recognized the insurance recovery in its fourth-quarter results, to be reported next week, offsetting a $166 million operating charge it took in the second quarter. T. Rowe Price's investment team had opposed the $25 billion buyout, saying it undervalued the computer maker, but the firm mistakenly voted clients shares "for" the merger.

  • Venezuela 2016 inflation hits 800 pct, GDP shrinks 19 percent- document Reuters - 30 minutes ago

    Venezuelan consumer prices rose 800 percent in 2016 while the economy contracted by 18.6 percent, according to preliminary central bank figures seen by Reuters, the sharpest contraction in 13 years and the worst inflation reading on record. The extended slump in oil prices has turned the OPEC nation's once-prosperous oil-boom economy into a mirror of the latter day Soviet Union, with rampant product shortages leading leaving to skip meals and wait hours in food lines. President Nicolas Maduro's government blames the situation on an "economic war" led by political adversaries with the help of the United States.

  • Behind the Big Mac: McDonald's gets movie and literary spotlight Reuters - 31 minutes ago

    The man who turned a popular California hamburger stand into the McDonald's global fast-food empire is having a posthumous Hollywood moment. Michael Keaton plays Ray Kroc, a hard-drinking, somewhat desperate middle-aged milkshake equipment salesman who 60 years ago out-hustled the McDonald brothers to gain control of their namesake brand in "The Founder," which is opening in U.S. movie theaters on Friday. Kroc, who died in 1984, convinced Richard and Maurice McDonald to let him franchise their clean, quick-service restaurants that helped end the U.S. carhop era.

  • AIG to pay Buffett's Berkshire about $10 billion in insurance deal Reuters - 31 minutes ago
    AIG to pay Buffett's Berkshire about $10 billion in insurance deal

    American International Group Inc (AIG.N) has agreed to pay roughly $10.2 billion to Warren Buffett's Berkshire Hathaway Inc (BRKa.N) to take on many long-term risks on U.S. commercial insurance policies it has already written. The reinsurance transaction covers "long-tail" exposures, which are liabilities that can emerge long after policies are issued, from excess casualty, workers compensation and other AIG policies dating from 2015 and before. Berkshire's National Indemnity Co unit will take on 80 percent of net losses in excess of the first $25 billion, with a maximum liability of $20 billion.

  • AIG to pay Buffett's Berkshire about $10 bln in insurance deal Reuters - 32 minutes ago

    American International Group Inc has agreed to pay roughly $10.2 billion to Warren Buffett's Berkshire Hathaway Inc to take on many long-term risks on U.S. commercial insurance policies it has already written. The reinsurance transaction covers "long-tail" exposures, which are liabilities that can emerge long after policies are issued, from excess casualty, workers compensation and other AIG policies dating from 2015 and before. Berkshire's National Indemnity Co unit will take on 80 percent of net losses in excess of the first $25 billion, with a maximum liability of $20 billion.

  • "The work begins!" - Trump to be sworn in as U.S. president Reuters - 34 minutes ago

    Donald Trump began the ceremonial events leading up to his swearing-in later on Friday as the 45th president of the United States, when he will take power over a divided country after a bitter campaign and set the country on a new, uncertain path at home and abroad. Trump and his vice president, Mike Pence, will take the oath of office at midday (1700 GMT) outside the domed U.S. Capitol, with U.S. Chief Justice John Roberts presiding. "It all begins today!" Trump, a Republican, wrote in a note on Twitter at about 7:30 a.m. "I will see you at 11:00 A.M. for the swearing-in.

  • T. Rowe Price to recover $100 mln from insurance after voting error Reuters - 48 minutes ago

    Fund manager T. Rowe Price Group said in a securities filing this month it has entered an insurance agreement to recover $100 million after it made a voting error in the 2013 buyout of Dell Inc. T. Rowe Price of Baltimore said in the filing dated January 4 that it has recognized the insurance recovery in its fourth-quarter results, to be reported next week, as an offset to a $166 million operating charge it took in the second quarter.

  • Wall St. gains across sectors ahead of Trump inauguration Reuters - 1 hour 0 minutes ago
    Wall St. gains across sectors ahead of Trump inauguration

    Trump, a New York businessman and former reality TV star, is scheduled to be sworn in around midday by U.S. Supreme Court Chief Justice John Roberts in Washington. Investors will focus on Trump's inaugural speech to get more insight into his economic policies.

  • US STOCKS-Wall St gains across sectors ahead of Trump inauguration Reuters - 1 hour 1 minute ago

    U.S. stocks rose amid gains across sectors on Friday as investors counted down to Donald Trump's inauguration as the 45th president of the United States. Trump, a New York businessman and former reality TV star, is scheduled to be sworn in around midday by U.S. Supreme Court Chief Justice John Roberts in Washington. Investors will focus on Trump's inaugural speech to get more insight into his economic policies.

  • UK's BT to raise broadband prices in April Reuters - 1 hour 4 minutes ago

    Britain's biggest telecoms group BT will raise its broadband prices by an inflation-busting 5 or 6 percent in April, as well as charge more for calls and some of its TV packages. BT customers on standard copper broadband will be charged an extra 2 pounds ($2.46) from April 2, the company said on Friday, while those on its faster Infinity product face paying an extra 2.50 pounds. The rises are more than triple the current 1.6 percent rate of consumer inflation.

  • Cadillac Fairview sells 50 pct of its Vancouver portfolio Reuters - 1 hour 6 minutes ago

    Real estate manager Cadillac Fairview said on Friday that it agreed to sell a 50 percent interest in its Vancouver portfolio to Ontario Pension Board and the Workplace Safety and Insurance Board. Privately ...

  • MOVES-Cerno hires Tom Milnes as business development director Reuters - 1 hour 9 minutes ago

    Cerno Capital appointed Tom Milnes as business development director to assist with the investment manager's intermediary client relationships and enhance compliance with investment needs. Milnes, who has ...

  • Goldman Sachs rejects Indonesian businessman's $1.1 billion claim over share trade Reuters - 1 hour 9 minutes ago
    Goldman Sachs rejects Indonesian businessman's $1.1 billion claim over share trade

    Goldman Sachs has rejected allegations by an Indonesian businessman who is seeking $1.1 billion in damages from the U.S. bank for making what he called "unlawful" trades in the shares of a property firm. Indonesia's government has recently raised investor concerns by cutting business ties with JPMorgan over a negative research report and partially reversing a mining policy. Benny Tjokrosaputro, president director of Indonesian property developer PT Hanson International Tbk, filed a lawsuit in a Jakarta court on Sept. 8 against Goldman's unit, Goldman Sachs International.

  • LPC: Insatiable demand for floating rate assets cuts borrowing costs Reuters - 1 hour 11 minutes ago

    Almost a third of the $875 billion leveraged loan market has taken advantage of huge demand for floating-rate assets to cut pricing on existing debt over the last year, shaving interest payments by millions of dollars, and the floodgates are still wide open, lenders said. Investors are increasingly piling into the asset class as the Federal Reserve has started raising interest rates and is seen hiking more this year, driving low-rated companies back to the market in hoards to slash borrowing costs before issuing debt becomes more expensive. Companies are often returning to the market quickly after arranging loans to reprice the debt at more favorable terms, without much resistance from existing investors who are easily replaceable by others eager for debt that will adjust with rising interest rates.

  • World trade chief warns against 'talking ourselves into a crisis' Reuters - 1 hour 15 minutes ago

    The world should be wary of stumbling into trade wars that would destroy jobs, World Trade Organization Director-General Roberto Azevedo said on Friday. Azevedo was speaking at the World Economic Forum in Switzerland, hours before the presidential inauguration of Donald Trump, who has promised sweeping changes in trade policy with the aim of protecting U.S. workers. "I've heard a lot in Davos about trade wars.

  • Iraq slowly untangles Islamic State's bureaucratic legacy Reuters - 1 hour 15 minutes ago

    Bushra Mohammed married two years ago in her hometown of Mosul and bore a child last spring but as far as the Iraqi state is concerned she is single and her son does not exist. Bushra is one of thousands of Iraqis emerging from more than two years of Islamic State rule to find themselves in legal limbo: neither her marriage nor her son's birth certificate issued by the militants are recognised by the Iraqi government. As Iraqi forces retake territory from the militants, the state is working to reverse the bureaucratic legacy of Islamic State, which subjected millions to its rule after seizing large parts of Iraq during the summer of 2014.

  • Germany says U.S. under Trump must abide by trade deals Reuters - 1 hour 19 minutes ago

    The United States must stick to international agreements under the presidency of Donald Trump, German Finance Minister Wolfgang Schaeuble said on Friday, adding he did not expect a major trade war despite Trump's attack on German car makers. Trump, taking office on Friday, has vowed to make sweeping changes to U.S. trade policy and economists see his protectionism as the biggest risk to U.S. growth.

  • HIGHLIGHTS-Donald Trump's inauguration as U.S. president Reuters - 1 hour 19 minutes ago

    Donald Trump is to be sworn in as president in Washington on Friday, taking over from Barack Obama. Highlights of the day: SWEARING-IN Donald Trump is to be sworn in at middday , setting the country on ...

  • CANADA FX DEBT-C$ hits a fresh 2-week low on domestic data Reuters - 1 hour 24 minutes ago

    * Bond prices higher across much of the yield curve By Fergal Smith TORONTO, Jan 20 (Reuters) - The Canadian dollar weakened to a fresh 2-week low against its U.S. counterpart on Friday, pressured by weaker-than-expected domestic inflation and retail sales data just two days after the Bank of Canada left the door open to cutting interest rates. Canada's annual inflation rate rose to 1.5 percent in December from November's 1.2 percent, short of analysts' forecasts for an increase to 1.7 percent, data from Statistics Canada showed. "These numbers are not going to help the (Canadian) dollar, that's already on its back foot and I don't think it really changes the (Bank of Canada's) view of things," said Doug Porter, chief economist at BMO Capital Markets.

  • Goldman Sachs rejects Indonesian businessman's $1.1 bln claim over share trade Reuters - 1 hour 25 minutes ago

    Goldman Sachs has rejected allegations by an Indonesian businessman who is seeking $1.1 billion in damages from the U.S. bank for making what he called "unlawful" trades in the shares of a property firm. Indonesia's government has recently raised investor concerns by cutting business ties with JPMorgan over a negative research report and partially reversing a mining policy. Benny Tjokrosaputro, president director of Indonesian property developer PT Hanson International Tbk, filed a lawsuit in a Jakarta court on Sept. 8 against Goldman's unit, Goldman Sachs International.

  • SEC asks Herbalife for documents on China anti-corruption compliance Reuters - 1 hour 26 minutes ago

    The U.S Securities and Exchange Commission asked Herbalife Ltd for documents and information related to the dietary supplements maker's compliance with anti-corruption laws in China, the company said on Friday. Herbalife said it was conducting its own review and cooperating with the SEC, but added that it could not currently predict the eventual outcome of the matter. The company also estimated that it fell well short of its net sales and volume forecasts in the fourth quarter ended Dec. 31.

  • US STOCKS SNAPSHOT-Wall St opens higher ahead of Trump inauguration Reuters - 1 hour 29 minutes ago

    The Dow Jones industrial average was up 79.6 points, or 0.4 percent, at 19,812, the S&P 500 was up 7.62 points, or 0.336619 percent, at 2,271.31 and the Nasdaq composite was up 17.77 points, or 0.32 percent, at 5,557.85.

  • Fears of economic 'race to bottom', strong dollar in Davos Reuters - 1 hour 30 minutes ago
    Fears of economic 'race to bottom', strong dollar in Davos

    A strengthening dollar and a "race to the bottom" on taxes, deregulation and trade policy are the major risks to an otherwise brightening global economy, financial leaders said on the final day of the World Economic Forum in Davos. Asked about "black swans", or unexpected, disruptive events, that could derail the outlook in 2017, International Monetary Fund (IMF) chief Christine Lagarde touched on risks stemming from the policy promises of incoming U.S. president Donald Trump. "If the disruptions we are expecting for 2017 as a result of what has happened in 2016 prove to be all negative and we are to end up in a race to the bottom on the tax front, on the trade front, on the financial regulation front, then that for me would be a really big 'black swan' that would have devastating effects," she said.

  • Fears of economic "race to bottom", strong dollar in Davos Reuters - 1 hour 32 minutes ago

    A strengthening dollar and a "race to the bottom" on taxes, deregulation and trade policy are the major risks to an otherwise brightening global economy, financial leaders said on the final day of the World Economic Forum in Davos. Asked about "black swans", or unexpected, disruptive events, that could derail the outlook in 2017, International Monetary Fund (IMF) chief Christine Lagarde touched on risks stemming from the policy promises of incoming U.S. president Donald Trump. Business leaders and policymakers rounding off four days of discussions in Davos applauded the anticipated economic stimulus from a new Trump administration determined to ramp up infrastructure investments reduce taxes.

  • Gambia's Jammeh offered last chance for peaceful exit before troops advance Reuters - 1 hour 35 minutes ago

    West African leaders on Friday extended a deadline for Gambia's longtime leader Yahya Jammeh to leave office or face action by a regional military force to install President Adama Barrow, the winner of an election in December. Mauritanian President Mohamed Ould Abdel Aziz and Guinean President Alpha Conde flew to the capital Banjul on Friday to try to persuade Jammeh to cede power peacefully. Troops spearheaded by Senegal and Nigeria had crossed into Gambia on Thursday at the request of Barrow, who was sworn in on Thursday at Gambia's embassy in Dakar as Jammeh refused to step down.

  • Philly Fed's Harker sees three U.S. rate hikes 2017 Reuters - 1 hour 37 minutes ago

    Philadephia Federal Reserve President Patrick Harker said on Friday he expects three interest rate increases in 2017 if the labor market improves further and inflation moves to the Federal Reserve's 2 percent goal. "I see three modest hikes as appropriate for the coming year, assuming the economy stays on track," Harker, who is a voting member of the Fed's policy-setting group this year, said in a prepared speech at an event sponsored by the New Jersey Bankers Association. "Consumer confidence is strong, retail sales are still solid - though slightly slower than previously anticipated - and equity markets are up," Harker said.

  • Sony Music seeks Nigeria streaming growth to build on ringback market Reuters - 1 hour 38 minutes ago

    Sony Music Entertainment sees big growth prospects for music streaming in Nigeria, thanks to falling internet data costs and a large, growing population, a senior executive told Reuters. Music streaming could help the company generate revenue beyond its dominant position in the country in ringback tones - the sound or music heard by a caller when phoning someone. Michael Ugwu, general manager for West Africa, said Sony Music had set up partnership deals in Nigeria with telecoms companies MTN, Airtel and Etisalat [ETELZS.UL] since opening an office in commercial capital Lagos in February 2016.

  • TREASURIES-Yields rise on growth hopes, impending supply Reuters - 1 hour 39 minutes ago

    * Investors bet on inflation, higher growth under Trump * Heavy corporate supply, Treasury issuance weighs * Higher European debt yields adds to U.S. weakness By Karen Brettell NEW YORK, Jan 20 (Reuters) - U.S. Treasury yields rose on Friday as investors evaluated the prospect of faster growth and higher inflation before Donald Trump's inauguration as U.S. president. Investors have bet that Trump will adopt fiscal policies to boost the economy, although some have become wary as they await details of new stimulus plans. New Treasury supply to finance any new government spending is also likely, which may further drag on bonds and send yields higher.

  • Sony Music seeks Nigeria streaming growth to build on ringback market Reuters - 1 hour 39 minutes ago

    Sony Music Entertainment sees big growth prospects for music streaming in Nigeria, thanks to falling internet data costs and a large, growing population, a senior executive told Reuters. Music streaming could help the company generate revenue beyond its dominant position in the country in ringback tones - the sound or music heard by a caller when phoning someone. Michael Ugwu, general manager for West Africa, said Sony Music had set up partnership deals in Nigeria with telecoms companies MTN, Airtel and Etisalat since opening an office in commercial capital Lagos in February 2016.

  • Investment Focus: History suggests Trump month will be stocks down, dollar up Reuters - 1 hour 42 minutes ago
    Investment Focus: History suggests Trump month will be stocks down, dollar up

    For financial markets, the Trump era begins on Monday, and if history is any guide the following month should be a rocky one for Wall Street but positive for the dollar. The S&P 500 (.SPX) has fallen a median 2.7 percent in the month after each new president has taken the keys to the White House since Herbert Hoover did so in January 1929, according to Reuters analysis. Only four presidents have seen Wall Street rise in their first month in power: Hoover (+3.8 percent), John F. Kennedy in 1961 (+6 pct), George H. W. Bush in 1989 (+5.3 pct) and Bill Clinton in 1993 (0.8 pct).

  • Canada Dec annual inflation rises less than expected as food falls Reuters - 1 hour 45 minutes ago

    Canada's annual inflation rate rose less than expected in December as cheaper food offset higher gasoline prices, leaving inflation below the Bank of Canada's target and reinforcing expectations the central bank will be on hold for some time. The annual inflation rate rose to 1.5 percent, Statistics Canada said on Friday, short of expectations for 1.7 percent. Gasoline prices jumped 5.5 percent.