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Financial News from Reuters

  • Saudi Arabia's government will provide housing for 100,000 low-income families over the next year as part of a reform programme designed to strengthen the economy and reduce its dependence on oil, the Housing Ministry said on Sunday. "In line with Saudi Vision 2030, 100,000 housing products will be allocated and delivered …

  • French new car registrations rose 7.1 percent year-on-year in April, with foreign carmakers' figures up 8.8 percent and domestic ones up 5.7 percent, the CCFA automobile association said in a statement ...

  • File photo of a worker walking past a pump jack on an oil field owned by Bashneft, Bashkortostan

    International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed out, providing that the health of the global economy does not pose a concern. Oil prices hit 2016 highs on Friday with Brent crude (LCOc1.) reaching $48.50 a barrel on optimism that a global oil glut will ease. A decline …

  • Macau, the world's biggest casino hub, posted a drop of 9.5 percent in gambling revenue for April, with the pace of decline decreasing from the previous month as the southern Chinese territory struggled ...

  • Venezuela's President Nicolas Maduro on Saturday night increased the country's minimum wage 30 percent, amid rampant inflation that has destroyed purchasing power in the crisis-hit country. As of May 1, the minimum wage will jump to 15,051 bolivars per month - $1,505 at the strongest official exchange rate but just …

  • Activity in China's services industry expanded strongly in April, but at a slightly slower pace than in March, an official survey showed on Sunday. The official non-manufacturing Purchasing Managers' Index ...

  • Activity in China's manufacturing sector expanded more slowly than expected in April and marginally less than the previous month, an official survey showed on Sunday. The official Purchasing Managers' ...

  • The emergency manager for the cash-strapped Detroit Public Schools said on Saturday the district would run out of money to pay employees after the fiscal year wraps up on June 30, the Detroit News reported. Steven Rhodes, a former federal bankruptcy judge, told the newspaper that the $48.7 million in supplemental funding …

  • The storied stockpicker - speaking at a table festooned with Berkshire Hathaway Inc-owned See's Candies at the conglomerate's annual shareholder meeting - suggested that "supposedly sophisticated people" and institutions are being fleeced by hedge funds and their backers. "There's been far, far, far more money made by …

  • Warren Buffett participates in the newspaper tossing challenge during the Berkshire Hathaway Annual Shareholders Meeting at the CenturyLink Center in Omaha Nebraska

    Warren Buffett said on Saturday that Berkshire Hathaway Inc is poised to do well no matter who wins the White House in November, and the billionaire investor defended the performance and tactics of the conglomerate's several large investments. Buffett presided over his 51st Berkshire annual meeting in Omaha, Nebraska, …

  • Warren Buffett and Charlie Munger made clear that they are no fans of embattled drugmaker Valeant Pharmaceuticals International Inc. "In my view, the business model of Valeant was enormously flawed," Buffett said at the annual Berkshire Hathaway meeting on Saturday. Buffett implied that Valeant was similar, in some respects, …

  • Warren Buffett on Saturday said the odds were "extremely high" that his Berkshire Hathaway Inc would buy back "a lot" of its stock if the price fell below 1.2 times book value, a level it recently approached. "The stock is worth significantly more than 1.2" times book value, he said.

  • The Canadian government is eager to consider joining the pension fund Caisse de depot et placement du Quebec in investing in a new public transport light rail network in Montreal, the third-largest of its kind in the world, Prime Minister Justin Trudeau said on Saturday. Speaking at a Liberal convention in Montreal, …

  • Warren Buffett on Saturday vigorously defended Berkshire Hathaway Inc's large, long-standing investment in Coca-Cola Co, rejecting critics who say the company's sugary drinks harm people's health. Speaking at Berkshire's annual shareholder meeting in Omaha, Nebraska, Buffett said it seemed "spurious" to argue that calories …

  • Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York

    Coming off a barrage of flimsy company earnings reports that included Apple's first revenue drop in 13 years, investors will turn to April jobs data for signs of budding resilience or further weakening in the second quarter. U.S. nonfarm payrolls, unemployment and wages data are due Friday May 6, when the economy is expected …

  • Warren Buffett on Saturday said preliminary first-quarter profit at his Berkshire Hathaway Inc fell about 12 percent, hurt by weaker performance in its railroad and insurance operations. Quarterly operating ...

  • German Finance Minister Wolfgang Schaeuble speaks during a news conference at the 2016 World Bank-IMF Spring Meeting in Washington

    Germany's finance minister Wolfgang Schaeuble has criticized the executive board of scandal-ridden carmaker Volkswagen for not waiving bonuses despite bringing the company to the brink of collapse. "I have no sympathy for managers who first drive a large blue chip-listed company into an existence-threatening crisis and …

  • An Air France pilot looks on as he taxis his Boeing 777 aircraft after landing at the Charles de Gaulle International Airport in Roissy, near Paris

    Air France-KLM's (AIRF.PA) board is to appoint Jean-Marc Janaillac as the Franco-Dutch airline group's next chief executive on Tuesday to replace Alexandre de Juniac, a source close to the matter said on Saturday. Frederic Gagey would remain as head of Air France, the source said. Sixty-three year old Janaillac, CEO of …

  • Daimler hires Deloitte for internal emissions probe Reuters - Sat, Apr 30, 2016 5:45 AM EDT
    Car bonnet emblems for Mercedes-Benz S-class models are pictured at a plant in Sindelfingen

    Daimler (DAIGn.DE) has hired auditor Deloitte Touche Tohmatsu to help with an internal investigation into its diesel-engine emissions technology requested by the U.S. Department of Justice, the luxury car maker said. The investigation is to see if Daimler used devices to manipulate emissions tests and comes after another …

  • Africa's giant eye in the sky proving worth its SALT Reuters - Sat, Apr 30, 2016 3:35 AM EDT
    A man walks past dome housing SALT located near Sutherland in South Africa

    South Africa’s SALT telescope has helped detect the first white dwarf pulsar, the latest co-discovery that has astronomers eager to use the largest optical telescope in the southern hemisphere to unlock the galaxy's secrets. Quick reaction times, as well as being significantly cheaper than similar European or American …

  • File photo of a United Airlines Boeing 787 Dreamliner touching down at San Francisco International Airport, San Francisco

    The 2015 annual incentive pay of Chief Operations Officer Greg Hart was reduced by $1 million in connection with a probe into the No.3 U.S. airline's relationship with the Port Authority of New York and New Jersey. The internal probe focused on whether United added flights to Columbia, South Carolina to curry favor with …

  • United Continental Holdings Inc said in a proxy statement Friday that it cut the pay of one of its top officers in connection with an internal probe that resulted in its chief executive's resignation last year. The 2015 annual incentive pay of Chief Operations Officer Greg Hart was reduced by $1 million in connection …

  • Facebook hit with lawsuit over plan to issue new stock Reuters - Fri, Apr 29, 2016 9:29 PM EDT
    Facebook CEO Mark Zuckerberg holds a pair of the touch controllers for the Oculus Rift virtual reality headsets during the Facebook F8 conference in San Francisco, California

    A Facebook Inc (FB.O) shareholder filed a proposed class action lawsuit on Friday in a bid to stop the company's plan to issue new Class C stock, calling the move an unfair deal to entrench Chief Executive Mark Zuckerberg as controlling shareholder. The lawsuit, filed in the Delaware Court of Chancery, followed the social …

  • 14-year-olds Austin Stephanos and Perry Cohen are showing in this handout provided by the United States Coast Guard in Miami

    If Apple retrieves anything from the water-damaged phone that relates to the day the boys disappeared - including photos, texts and social media posts - the data will be given to a judge, who will decide if it is evidence and whether it may be shared with the families, according to a report by WPLG television in Miami. …

  • The secretive U.S. Foreign Surveillance Intelligence Court did not deny a single government request in 2015 for electronic surveillance orders granted for foreign intelligence purposes, continuing a longstanding trend, a Justice Department document showed. The court received 1,457 requests last year on behalf of the National …

  • Dole under U.S. probe after deadly Listeria outbreak Reuters - Fri, Apr 29, 2016 8:07 PM EDT

    Dole Food Co Inc said on Friday the U.S. Department of Justice was investigating a deadly Listeria monocytogenes outbreak linked to packaged salad products from its processing plant in Springfield, Ohio. Listeria, a common bacterium that can be either harmless or pathogenic, can enter a processing facility via raw …

  • Colombia's Ecopetrol halts No.2 pipeline after rebel attack Reuters - Fri, Apr 29, 2016 8:04 PM EDT

    Colombian state-run oil company Ecopetrol has halted pumping on the country's No. 2 oil pipeline after a rebel bombing that sent crude spilling into a nearby river, a source at the company told Reuters on Friday. The attack on the 485-mile (780 km) Cano-Limon Covenas pipeline caused a spill in Arauca province's Bojaba …

  • The Government Development Bank (GDB)in San Juan Puerto Rico

    Puerto Rico’s Government Development Bank said it has reached a deal with credit unions to avoid defaulting on about $33 million of debt due on Monday. The GDB, Puerto Rico’s primary fiscal agent, said in a statement on Friday that it was still negotiating with other creditors in hopes of avoiding default on another $422 …

  • Puerto Rico's Government Development Bank said it has reached a deal with credit unions to avoid defaulting on about $33 million of debt due on Monday. The GDB, Puerto Rico's primary fiscal agent, said in a statement on Friday that it was still negotiating with other creditors in hopes of avoiding default on another …

  • Airbus grounds Super Puma helicopters after Norway crash Reuters - Fri, Apr 29, 2016 7:36 PM EDT

    Airbus Helicopters said all commercial passenger flights of helicopters similar to the Super Puma that crashed off Norway on Friday have been suspended. Britain and Norway said they were halting flights of the same type of helicopter, also known as the EC225LP. Airbus Helicopters, a unit of Airbus Group, said the …

  • Berkshire's Clayton sees upturn in business despite critics Reuters - Fri, Apr 29, 2016 7:30 PM EDT
    Berkshire Hathaway CEO Buffett talks to reporters while holding an ice cream at a trade show during the company's annual meeting in Omaha

    Clayton Homes, the mobile home unit of Warren Buffett's Berkshire Hathaway Inc, said it is seeing an upturn in activity even as it defends against accusations its lending practices harm borrowers and can be racist. Speaking at Berkshire's annual meeting, where Clayton is marking its 60th anniversary, marketing director …

  • Brazil's real surged to an eight-month high on Friday, prompting the country's central bank to step up intervention to derail the rally, while Colombia and Mexico's pesos also hit their strongest levels ...

  • Dole Food Company Inc on Friday said the U.S. Department of Justice is investigating a deadly Listeria monocytogenes outbreak linked to packaged salad products from its processing plant in Springfield, ...

  • U.S., European trade negotiators battle political headwinds Reuters - Fri, Apr 29, 2016 6:39 PM EDT
    A Mini car is seen with a Union flag and European Union flag design on its bonnet in London

    Facing deeply entrenched differences and political headwinds, the top negotiators trying to reach a sweeping U.S.-European free trade deal avoided agriculture, public procurement and other thorny issues in talks this week. Instead, Assistant U.S. Trade Representative Daniel Mullaney and European Commission lead negotiator …

  • U.S. approves first drug for psychosis linked to Parkinson's Reuters - Fri, Apr 29, 2016 6:26 PM EDT

    Acadia Pharmaceuticals Inc's drug for psychosis linked to Parkinson's disease was approved in the United States on Friday, becoming the first treatment for the condition to get a nod in the country. The U.S. Food and Drug Administration, however, asked Acadia to include a black-box warning, its strictest warning, on …

  • The U.S. Department of Commerce said on Friday it had launched trade investigations into imports of certain carbon and alloy steel cut-to-length plate from a number of countries, including Brazil, China and Korea. The investigations were launched at the request of ArcelorMittal USA, Nucor Corp and SSAB Enterprises, …

  • Acadia Pharmaceuticals Inc's drug for psychosis linked to Parkinson's disease was approved by the U.S. Food and Drug Administration on Friday, becoming the first ever treatment to get a U.S. nod for the condition. The regulator, however, asked Acadia to include a black-box warning, its strictest warning, on the drug's …

  • The logo of Air France-KLM is seen during the company's 2014 First-Half results presentation in Paris

    The board of Air France-KLM is likely to name Jean-Marc Janaillac as the Franco-Dutch airline group's next chief executive after the resignation of Alexandre de Juniac, French media reported. Janaillac, ...

  • File photo of a Bombardier C Series aircraft at the Singapore Airshow at Changi Exhibition Center

    Bombardier Inc's dual-class share structure is vital to protect the long-term interests of the Quebec-based aerospace and transportation company, and the Bombardier-Beaudoin family has no plans to relinquish its majority control, Executive Chairman Pierre Beaudoin said on Friday. "For the family, the success of this company …

  • CANADA STOCKS-TSX hits six-month high led by gold miners Reuters - Fri, Apr 29, 2016 5:28 PM EDT

    Canada's main stock index rose to a six-month high on Friday as mining stocks surged on higher gold and base metal prices, while shares of its largest airline jumped after quarterly results were reported. Improving prices in commodities have helped drive the index higher both year-to-date and on Friday, said Noman …

  • German transport minister Alexander Dobrindt urged foreign carmakers and vehicle testing authorities to cooperate with Germany to clamp down on diesel emissions by issuing wider recalls, German daily newspaper Sueddeutsche Zeitung said. Germany's motor transport authority KBA conducted blanket tests of foreign and domestic …

  • A Lexus version of a Google Self Driving car is shown in Moutain View, California

    Google and Fiat Chrysler Automobiles NV are close to agreeing on a partnership that could break boundaries between Silicon Valley and the auto industry in the race to develop self-driving cars, people familiar with the discussions said on Friday. Google, a unit of Alphabet Inc, and Fiat Chrysler declined to comment. Google …

  • German public sector agrees two-stage pay hike of 4.75 pct Reuters - Fri, Apr 29, 2016 5:12 PM EDT

    The German government and unions have agreed on a two-stage wage increase of 4.75 percent over this year and next for more than 2 million public sector employees at the federal and municipal level, the Interior Ministry said on Friday. Strong domestic demand has replaced exports as the main pillar of support in Europe's …

  • Peru's central bank chief on Friday called a recent court ruling "an outrage" for including the bank's employees in a merit-based labor regime for the civil service, saying it undermines the bank's autonomy. Julio Velarde, president of the central bank for the past decade, said he asked the Constitutional Court for …

  • Brazilian production of gasoline rose in March compared with the same month a year earlier while output of diesel fell, Brazil's petroleum regulator ANP said on its website on Friday. Production of A-type gasoline, or gasoline without any ethanol added, rose 17 percent to 14.4 million barrels in March compared with …

  • Delays in approving TransCanada Corp's Energy East pipeline have cost Canada's struggling economy billions of dollars, the company's chief executive said on Friday, adding he was hopeful regulators would finish their review by 2018 as scheduled. Speaking on Friday after TransCanada reported a drop in quarterly profits …

  • The loonie, as Canada's dollar is commonly known, has rallied 17 percent from a 12-year low in January of C$1.4689, helped by better-than-expected domestic economic activity, fiscal stimulus and rebounding oil prices. However, it had trouble on Friday breaking convincingly through C$1.2500, or 80 U.S. cents, due to …

  • An accounting firm for a financial services company that advised former heavyweight boxing champion Mike Tyson and other athletes violated a rule designed to safeguard customer funds, U.S. securities regulators said on Friday. The accounting firm, Santos, Postal & Co P.C. and one of its partners, Joseph Scolaro, conducted …

  • Wall Street falls as earnings weigh; Dow, S&P up for month Reuters - Fri, Apr 29, 2016 4:37 PM EDT
    Traders work on the floor of the NYSE

    U.S. stocks posted their largest weekly drop in more than two months on Friday as earnings reports continued to weigh, but the S&P 500 and Dow managed to close up for April after strong showings mid-month. Company results once more gave the market direction as a 9 percent decline in Gilead Sciences shares weighed the most …

  • U.S. stocks posted their largest weekly drop in more than two months on Friday as earnings reports continued to weigh, but the S&P 500 and Dow managed to close up for April after strong showings mid-month. Company results once more gave the market direction as a 9 percent decline in Gilead Sciences shares weighed the …

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