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Financial News from Reuters

  • Argentina's Economy Minister Kicillof arrives at the office of a court-appointed mediator in New York

    BUENOS AIRES/NEW YORK (Reuters) - Argentina faces its second default in more than 12 years after talks with holdout creditors failed on Wednesday. The country's economy minister, Axel Kicillof, speaking at a news conference at the Argentine consulate in New York, repeatedly referred to the holdout hedge funds as "vultures" …

  • * Stocks supported by strong U.S. GDP data * Fed says in no rush to raise rates but upgrades view on economy, inflation TOKYO, July 31 (Reuters) - The dollar stayed strong and U.S. bond yields held firm on Thursday after data showed solid U.S. economic growth, even as the Federal Reserve repeated its message that it is …

  • A pedestrian walks past a Beats brand display in the subway system of New York

    Apple Inc intends to lay off about 200 people at Beats Electronics LLC following its $3 billion acquisition of the headphone and music streaming services company, Bloomberg cited a person with knowledge ...

  • AMC Networks Inc is in talks to take a minority stake in BBC America, the Wall Street Journal on Wednesday cited people familiar with the matter as saying, in a deal that will team two smaller production houses known for high-quality programming. AMC, known for "Breaking Bad" and "The Walking Dead," and BBC America have …

  • Traders work on the floor of the New York Stock Exchange shortly after the market's opening in New York

    U.S regulators may relax rules that require the fastest possible execution of securities trades, potentially helping upstart trading venue IEX Group's plans to become a full-fledged stock exchange. IEX was described in author Michael Lewis' book "Flash Boys: A Wall Street Revolt" earlier this year as a place for investors …

  • General Electric Co's credit card unit, Synchrony Financial, raised $2.88 billion in the biggest initial public offering so far this year, the company said on Wednesday. The company's offering of 125 million ...

  • A last-ditch plan for Argentine commercial banks to buy out the non-performing debt held by hedge funds and avert a default collapsed on Wednesday, a senior banking executive and a second source from the ...

  • HealthTap Chief Executive Officer Ron Gutman believes paying the doctor a visit is expensive and time-consuming.     On Wednesday, the Palo Alto-based startup, which is backed by investor Vinod Khosla, introduced a virtual-consult service called HealthTap Prime. Consumers can opt to pay $99 a month to text or video conference …

  • Kraft Foods Group Inc said on Wednesday that its second-quarter revenue barely rose as price increases it implemented to cover rising commodity costs hurt consumer demand. Excluding the impact from Easter, Kraft, whose brands include Jell-O and Maxwell House coffee, said sales volumes of products like cheeses and cold …

  • Tesoro Corp, the No. 2 U.S. independent refiner, on Wednesday reported second-quarter net income that dipped to $224 million from $227 million a year ago as costs and expenses rose. Tesoro said it processed 816,000 barrels of crude oil and feedstock per day on average in the latest quarter after adding capacity in Los …

  • FOREX-Dovish Fed takes edge off dollar rally Reuters - 1 hour 11 minutes ago

    * Upbeat U.S. Q2 GDP partly offset by dovish comments from Fed * Nonfarm payrolls, PMI reports for China & euro zone next focus SYDNEY, July 31 (Reuters) - The U.S. dollar held below a 10-month peak against a basket of major currencies early on Thursday, having soared at first on upbeat growth data only to have a dovish …

  • PRESS DIGEST- British Business - July 31 Reuters - 1 hour 13 minutes ago

    July 31 - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times FOR BANKERS, CLAWBACK MEANS ...

  • Peruvian miner Buenaventura said on Wednesday that its net income jumped 22 percent to 9 cents per share in the second quarter from the same period in 2013 on stronger silver and copper sales. The $23.1 million result for the second quarter came in below the $49.85 million average estimate of two analysts, according to …

  • Barrick Gold Corp lowered its full-year cost forecast on Wednesday and again trimmed capital spending as the world's biggest gold producer works to rein in costs that soared industry-wide between 2008 and 2012, when bullion was rising. Barrick also said it appointed J. Michael Evans, the former vice-chairman of Goldman …

  • Under Democratic President Barack Obama, the U.S. National Labor Relations Board has been taking a stance on workplace relations that has employers, industry groups and Republican lawmakers voicing alarm. NLRB General Counsel Richard Griffin announced on Tuesday that McDonald's, not just its franchisees, can be liable …

  • BNP Paribas logo is pictured on the building of the bank in Geneva

        One of these people said Cuomo called Cyrus Vance, the Manhattan District Attorney, on June 27 to seek a big chunk of the $2.2 billion that was going to be available to Vance to tap for law enforcement projects.     Vance eventually agreed that $1.05 billion of the $2.2 billion would go into the state’s coffers because …

  • Alibaba Group Holding Ltd and SoftBank Corp are in talks to invest in or enter a partnership with Japan-based messenger app Line Corp, South Korean newspaper Chosun Ilbo reported. The newspaper, citing an unnamed high-ranking source in Naver, said Softbank and Alibaba each hope to acquire about a 30 percent stake in Line. …

  • PRESS DIGEST- Financial Times - July 31 Reuters - 1 hour 30 minutes 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 BOFA ORDERED TO PAY $1.3 BLN IN 'HUSTLE' CASE ALIBABA TALKS ...

  • Yamana Gold reported higher-than-expected second-quarter earnings on Wednesday, helped by higher production and lower costs. Yamana Chief Executive Peter Marrone said in a statement the miner would look at "strategic alternatives" for operations that are underperforming, as well as at assets that could provide more value …

  • Argentina's Economy Minister Kicillof arrives at the office of a court-appointed mediator in New York

    BUENOS AIRES/NEW YORK (Reuters) - Argentina failed to strike a deal to avert its second default in more than 12 years after talks with holdout creditors ended without a settlement on Wednesday. The country's economy minister, Axel Kicillof, speaking at a news conference at the Argentine consulate in New York, repeatedly …

  • Two airline trade groups asked a U.S. appeals court on Wednesday to review fee increases on airplane tickets imposed by the Transportation Security Administration, saying the agency is "improperly" raising taxes on travelers and hurting carriers. The petition, filed in federal court for the District of Columbia, concerns …

  • Akamai Technologies Inc, which helps companies deliver internet content, reported a 26 percent rise in quarterly revenue, falling short of investor hopes that it would exceed its own forecast due to heavy ...

  • By Paul Kilby NEW YORK, July 30 - Argentina's murky credit story grew even more complicated Wednesday as the US mediator said the country was headed to default after last-ditch talks with holdout creditors ...

  • Kicillof's comments came at a press conference at the Argentine consulate in New York following two days of negotiations with holdout creditors seeking full repayment of the country's restructured bonds. Without a deal, Argentina will be considered to be in default on the bonds after midnight on Wednesday (0400 GMT) because …

  • Puerto Rico's troubled electric power authority may dip into a construction fund to pay for vital oil shipments if talks with banks to extend $671 million in loans are unsuccessful, according to people familiar with the situation. The banks are asking for a much higher interest rate to extend the loans than the authority, …

  • Tor, the prominent system for protecting Internet privacy, said on Wednesday many of its users trying to reach hidden sites might have been identified by government-funded researchers. In a note on the nonprofit's website, Tor Project leader Roger Dingledine said the service had identified computers on its network that …

  • The Republican-led U.S. House of Representatives on Wednesday cleared the way for the launch of a lawsuit accusing President Barack Obama of overstepping his authority in carrying out his signature healthcare law. The planned lawsuit is expected to generate months of bitter campaign rhetoric from both Republicans and Democrats …

  • * Q2 operating earnings per share $1.01 vs est of $0.70 July 30 (Reuters) - Allstate Corp, the largest publicly traded home and auto insurer in the United States, reported a 49 percent jump in quarterly profit as costs fell and the company took in more premiums. Home insurance policies would continue to see an increase …

  • Kinross Gold Corp on Wednesday reported its adjusted earnings fell by more than two thirds in the second quarter, hurt by lower average gold prices, and said it could restart mining at La Coipa in Chile. The company said it has decided to start work on a pre-feasibility study on the possibility of resuming operations at …

  • Yelp Inc, the operator of consumer review website Yelp.com, reported its first quarterly profit as a public company, shrugging of analyst forecasts of a loss as small business customers spent more on advertising. Yelp shares fell as much as 3 percent in extended trading, before recovering most of the lost ground. "One …

  • Yamana Gold reported a return to profit in the second quarter on Wednesday, helped by higher production and lower costs. The Canadian-based gold miner said earnings were $5.1 million, or 1 cent a share, in the quarter, compared with a net loss of $7.9 million, or 1 cent a share, in the same quarter a year earlier.

  • In a statement, court-appointed mediator Daniel Pollack said that default is "is not a mere 'technical' condition, but rather a real and painful event that will hurt real people," including Argentine citizens, exchange bondholders and the holdout investors. Argentina has been fighting holdout investors demanding payment …

  • Argentina's Economy Minister Axel Kicillof was expected to speak shortly at the country's New York consulate, a government spokeswoman said on Wednesday. Kicillof has been locked in intense negotiations ...

  • Microsoft board adds mobile savvy with Stanton Reuters - 2 hours 18 minutes ago
    A shadow of a man using his mobile phone is cast near Microsoft logo at the 2014 Computex exhibition in Taipei

    Microsoft Corp named wireless industry pioneer John Stanton to its board on Wednesday, adding a director with experience in the mobile sector it has struggled to crack. The move to appoint Stanton, 58, who until last year was the chairman of wireless broadband company Clearwire Corp, comes six months into the leadership …

  • Argentina Economy Minister Axel Kicillof on Wednesday said the country offered a group of holdout creditors the same reduced payment terms it has agreed to pay other holders of its restructured bonds, but the holdouts refused the offer. The holdouts, a group of hedge funds that bought the bonds at a steep discount following …

  • Peruvian miner Buenaventura said on Wednesday its net income rose 22 percent to $23.1 million in the second quarter from the same period in 2013 because of stronger silver and copper sales.

  • Canadian gold producer Agnico Eagle Mines Ltd reported a second-quarter profit on Wednesday compared with a loss a year earlier, as gold production jumped and costs improved. The miner boosted its gold production forecast for 2014 by 13 percent, to 1.35 million ounces, citing its recent acquisition of part of the Canadian …

  • A former Credit Suisse AG trader avoided prison on Wednesday for his role in artificially inflating subprime mortgage bond prices, in one of the few U.S. criminal cases to stem from the financial crisis. Salmaan Siddiqui, who pleaded guilty in 2012 to one conspiracy count and agreed to cooperate with the government, was …

  • An executive at 1-800 CONTACTS told Congress on Wednesday that decisions by three of the four top U.S. contact lens makers to set price minimums for some products would push up the prices of the medical devices. Alcon, owned by Novartis AG ; Bausch & Lomb, owned by Valeant Pharmaceuticals ;

  • Johnson & Johnson said on Wednesday it plans to ask doctors to return its power morcellators, a controversial surgical device that may inadvertently spread cancer in women being treated for uterine growths called fibroids. J&J's Ethicon unit in April suspended sales and distribution of the devices while their role in treating …

  • A sign hangs in the Verizon booth on the first day of the Consumer Electronics Show in Las Vegas

    The top U.S. telecommunications regulator said on Wednesday he is "deeply troubled" by Verizon Communications Inc's plan to slow data downloads for some high-speed wireless customers remaining on the older unlimited data plans. Verizon, the largest U.S. wireless carrier, stopped offering unlimited data plans in 2012 and …

  • Canadian base metal miner First Quantum Minerals Ltd reported higher second quarter earnings on Wednesday as copper sales increased, but the result was slightly below analysts' expectations. First Quantum produced 107,808 tonnes of copper in the quarter, up 4 percent from the same period a year ago, and copper sales jumped …

  • A federal appeals court panel heard arguments on Wednesday between Detroit and one of its last hold-out creditors over casino tax revenue, with one of the judges promising a careful consideration of the case, the Detroit News reported. The appeal by Syncora Guarantee Inc of a July 11 U.S. District Court's ruling that affirmed …

  • People walk and talk on cell phones along Broad Street in front of the New York Stock Exchange

    U.S. mobile phone users have likely paid hundreds of millions of dollars in unauthorized charges "crammed" onto their bills, according to a report released by the U.S. Senate Commerce Committee on Wednesday to coincide with a hearing on the topic. "Scammers figured out a way to beat the system," Senator Richard Blumenthal, …

  • Boeing Co chose on Wednesday to build its biggest Dreamliner, the 787-10, exclusively at its South Carolina plant in North Charleston, saying the jet is too large to build economically in more than one location. The newest and longest of three 787 models, the 787-10 also is eagerly awaited by airlines seeking its increased …

  • The city attorney of bankrupt San Bernardino, California, has a novel idea for raising new revenue - open medical marijuana dispensaries to sell pot. As San Bernardino struggles to deliver a bankruptcy exit plan two years after it filed for Chapter 9 protection, city attorney Gary Saenz says marijuana sales should be part …

  • A man walks out of the entrance of Husi Food factory in Shanghai

    "If the significant sales impact is sustained, it will have a material effect on full-year earnings per share," Yum said in a regulatory filing. Shares in Yum, which counts China as its No. 1 market, tumbled 6.1 percent in extended trading, down $4.45 to $68.55. Police have detained five people including Shanghai Husi's …

  • Israeli drugmaker Teva Pharmaceuticals Industries said on Wednesday it turned back efforts by Israeli industrialist Benny Landa to shake up the company's board of directors, with shareholders approving all of the company's proposals and board nominations. Landa had mounted a proxy fight that called on shareholders to reject …

  • The Chicago City Council on Wednesday agreed to increase a monthly emergency service surcharge on phone lines that would free up $50 million in operating funds, allowing them to make higher payments to two city pension funds. Effective Sept. 1, the phone surcharge will increase by $1.40 to $3.90 per line to generate an …

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