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U.S. Treasuries rally, equity futures drop after jobs data

Sun, 04/05/2015 - 06:54
U.S. Treasuries prices rallied, the U.S. dollar fell and stock index futures fell on Friday after weaker-than-expected March U.S. jobs data. U.S. Labor Department data showed employers added just 126,000 jobs in March, the smallest monthly increase in more than a year. Bond prices rose sharply, pushing the benchmark 10-year Treasury note yield to its lowest level in about two months, as the expectation for a Federal Reserve interest-rate rise by September diminished.
Categories: Business

Greece says ready to make IMF payment on April 9

Sun, 04/05/2015 - 00:54
Greece will repay a loan tranche to the IMF on time on April 9, its deputy finance minister said on Friday, seeking to quell fears of default after a flurry of contradictory statements on the issue in recent days. Greece is fast running out of cash and its euro zone and International Monetary Fund lenders have frozen bailout aid until the new leftist-led government reaches agreement on a package of reforms. Euro zone officials then quoted Greece as saying it will run out of money on April 9, which the finance ministry denied. "We strive to be able to pay our obligations on time," Dimitris Mardas told Greece's Skai TV.
Categories: Business

Activist hedge fund says will not seek to replace Vivendi board

Sat, 04/04/2015 - 18:54
U.S. hedge fund P. Schoenfeld Asset Management (PSAM) will stop short of seeking to replace the board of Vivendi at an April 17 shareholders' meeting, despite opposing the French media group's stance on shareholder returns. "We are not planning to try to put any new directors on the agenda," Peter Schoenfeld told Reuters in an interview. Schoenfeld and Vivendi have been at odds since March 23, when the fund called for an increase to the company's planned payout to shareholders from a 35 billion euro ($38 billion) cash pile amassed from a series of disposals. Some at Vivendi had been concerned that Schoenfeld might submit a resolution to unseat the 14 member board during the meeting, which would be allowed under French law, said a source familiar with the matter.
Categories: Business

Oil falls nearly 4 percent after tentative nuclear deal for Iran

Sat, 04/04/2015 - 10:54
Brent oil fell nearly 4 percent on Thursday after a preliminary pact between Iran and global powers on Tehran's nuclear program, even as officials set further talks in June and analysts questioned when the OPEC member will be allowed to export more crude. Traders had been fixated on the talks held in Lausanne, Switzerland for over a week as Iran tried to agree with six world powers on concessions to its nuclear program to remove U.S.-led sanctions that have halved its oil exports. The sanctions against Iran will come off under a "future comprehensive deal" to be agreed by June 30, after it complies with nuclear-related provisions, Iranian Foreign Minister Javad Zarif told a news conference.
Categories: Business

China's services sector expands in March, job growth at 10-month low: survey

Sat, 04/04/2015 - 00:54
China's services sector expanded in March even as growth in employment and new business fell to their lowest in at least eight months, a private survey showed on Friday, in yet another sign that the weak Chinese economy may need more policy aid. The HSBC/Markit China Services Purchasing Managers' Index (PMI) inched higher to 52.3 in March, compared with February's 52.0, and above the 50-point level that separates growth from a contraction in activity on a monthly basis. "Chinese manufacturers and service providers both managed only modest increases in output at the end of the first quarter," said Annabel Fiddes, economist at Markit, adding that data "suggests that relatively weak client demand had dampened growth across both sectors". Fiddes said service sector companies "took a more cautious approach to hiring, raising their staff numbers only slightly over the month, while job shedding accelerated across the manufacturing sector".
Categories: Business

Looking for a job in the legal marijuana business? There’s an app for that.

Fri, 04/03/2015 - 21:00
Weedhire.com, a site looking to become the monster.com of legal marijuana jobs, has released the world’s first iOS app for finding a job in the pot business.
Categories: Business

Ouch! Job creation big letdown in March

Fri, 04/03/2015 - 21:00
The sputtering U.S. economy created just 126,000 jobs in March as bad weather, weak consumer spending and flailing corporate profits resulted in the worst report since 2013.
Categories: Business

Fire hits part of GE's Louisville facility, no injuries reported

Fri, 04/03/2015 - 21:00
A huge fire ripped through a section of General Electric's (GE.N) Louisville, Kentucky facility used for warehousing and offices on Friday, forcing the giant industrial park to shut down for at least the coming week, the company and union officials said. Smoke from the fire at GE’s Appliance Park could be seen more than 10 miles (16 km) away, and debris was found more than a half-mile away. GE evacuated the remaining buildings in the 900 acre (365-hectare) complex, spokeswoman Kim Freeman said. The Louisville Zoo, located nearby, was closed due to the fire and also heavy rains.
Categories: Business

Is this finally the quarter when earnings will sink stocks?

Fri, 04/03/2015 - 21:00
Not necessarily, as stocks have been overvalued for some time, says Jeff Reeves.
Categories: Business

Billions up for grabs if nuclear deal opens Iran economy

Fri, 04/03/2015 - 21:00
Iranian investment banker Ramin Rabii says he shouted in joy when he learned that Tehran and world powers had reached a deal which promises to lift economic sanctions on Iran. The agreement on curbing Iran's nuclear programme, reached on Thursday, will - if confirmed in a final deal by a June 30 deadline - begin to ease those crippling problems for Turquoise and thousands of other Iranian firms. "We've been preparing for this moment for 10 years," Rabii said by telephone, adding that in the months leading up to the deal Turquoise was in touch with hundreds of potential foreign investors about opportunities for them if sanctions were lifted. Frozen out of the international banking system, its foreign trade slashed by the sanctions, Iran looks likely to become the biggest country to rejoin the global economy since post-Communist eastern Europe in the early 1990s.
Categories: Business

Samsung Wins Apple Chip Orders for Next iPhone

Fri, 04/03/2015 - 21:00
Samsung Electronics will manufacture the main chip in Apple’s next iPhone model, regaining a customer previously lost to Taiwan Semiconductor Manufacturing, people with direct knowledge of the matter said.
Categories: Business

IBM hire advisers to deal with restless investors - sources

Fri, 04/03/2015 - 20:59
NEW YORK/BOSTON (Reuters) - Some top shareholders of IBM, disappointed by 11 straight quarters of falling revenues, are seeking help from activist investors to shake up the company, but have been turned down by both Bill Ackman's Pershing Square and Jeffrey Ubben's ValueAct, according to people with knowledge of the matter. International Business Machines Corp (IBM.N) is concerned about a possible attack by prominent activist hedge funds, and is working with two investment banks to formulate a defense plan, according to the people, who declined to be identified. The storied American technology giant, worth $157 billion today, has struggled to transform itself from a low-margin hardware maker into a cloud-based software and services company. When Virginia Rometty took over as chief executive at the start of 2012, Wall Street was hopeful that she would be able to kickstart growth.
Categories: Business

Weak jobs, praise for Washington, DC and what an open Iran means for the economy

Fri, 04/03/2015 - 20:59
Yahoo Finance's Midday Movers is live each weekday at 12pm ET, covering all the latest news on the markets, the economy and the biggest stories of the day.
Categories: Business

Caterpillar looks to 2016 for earnings recovery

Fri, 04/03/2015 - 16:54
Banking on a "slow but steady" recovery in the U.S. and a potential revival of the European economy, the chief of Caterpillar believes that 2016 will be a better year.
Categories: Business

Asian stocks higher after US gains as jobs data awaited

Fri, 04/03/2015 - 14:54
Asian stock markets were mostly higher Friday following gains on Wall Street while major European markets were closed as investors awaited American jobs data. KEEPING SCORE: Tokyo's Nikkei 225 gained 0.6 ...
Categories: Business

Futures slump following jobs data disappointment in short session

Fri, 04/03/2015 - 14:54
U.S. stock index futures fell sharply on Friday after a weaker-than-expected March employment report, in thin trading that nonetheless suggests a weak open for stocks on Monday. The jobs report, showing ...
Categories: Business

Live: Bad Good Friday for jobs

Fri, 04/03/2015 - 13:00
According to the Labor Department, the economy added just 126,00 jobs in the month of March, versus a consensus estimate of 247,000.
Categories: Business

Solid U.S. job growth anticipated despite weak economy

Fri, 04/03/2015 - 10:55
U.S. job growth likely remained solid in March, which should allay fears over recent economic weakness and keep the Federal Reserve on course to start raising interest rates this year.
Categories: Business

McDonald's wage plan renews debate on independence of franchisees

Fri, 04/03/2015 - 08:55
NEW YORK/LOS ANGELES (Reuters) - McDonald's Corp's (MCD.N) announcement that it will raise the average pay at its company-operated U.S. restaurants threatens to complicate an ongoing labor dispute that turns on whether McDonald's can be held responsible for the labor violations of its franchisees. The decision to hike wages to around $10 an hour will affect only 90,000 of the roughly 750,000 McDonald's restaurant workers in the United States, because almost 90 percent of McDonald's restaurants are run by franchisees. The International Franchise Association said on Thursday the move to raise wages was a "reminder" that McDonald's and its roughly 12,500 franchised restaurants are not "joint employers." The question of whether they are is at the center of closely watched cases before the U.S. National Labor Relations Board (NLRB) in which McDonald's has been accused by the agency's attorneys of intimidating workers who participated in union organizing and in a national protest movement calling for higher wages.
Categories: Business

Some big name fund managers lose money in March as rally stalls

Fri, 04/03/2015 - 08:55
Some of the world's most prominent hedge fund managers suffered losses last month as the U.S. stock market's rally stalled, but most are still boasting gains for the quarter. William Ackman's $20 billion Pershing Square Capital Management, which ranked among last year's best performers with a 40 percent gain, dipped 3.1 percent in March as shares in Herbalife Ltd, a stock he bet would fall, climbed anew. For the year, however, the fund has gained 3.5 percent, an investor said on Thursday. Similarly David Einhorn's Greenlight Capital fell 2.6 percent last month, leaving the $11 billion fund down 1.8 percent for the year, an investor said.
Categories: Business