Finance

Erdogan returns; Turkish coup seen crumbling

Personal Finance - Sat, 07/16/2016 - 07:13

Supporters of Turkish President Recep Tayyip Erdogan react to a Turkish military tank in front of Parliament. (Getty Images)An attempted military takeover appears to fail after crowds answer President Erdogan's call to take to the streets to support him.


Categories: Finance News

190 reportedly killed as Turkish coup fails

Personal Finance - Sat, 07/16/2016 - 06:48

Turkish soldiers involved the coup attempt surrender. (Getty Images)President Erdogan tells the nation his government is in charge after a night of explosions, air battles, and death.


Categories: Finance News

France arrests 3 in raid after Nice attack

Personal Finance - Sat, 07/16/2016 - 05:09

French police and a man apprehended in Nice. (Reuters)Alleged associates of a Tunisian man blamed for the deadly truck attack in Nice have been arrested.


Categories: Finance News

Nigeria's cbank governor flies out to woo British, U.S. investors

U.S. Economy - Sat, 07/16/2016 - 03:51

Central Bank Governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in AbujaNigeria's central bank governor flew to Britain and the United States this week to try to lure back investors scared off by the plunge in oil prices and resulting financial turmoil, a central bank official said on Friday. The central bank last month bowed to foreign pressure to remove the 16-month-old 197-per-dollar peg on the naira it had brought in to try and control its fall as crude prices plummetted. Investors welcomed the move but many said they were still steering clear until Africa's biggest economy shows signs of concrete recovery.


Categories: Finance News, US News

Turkey blaming coup on cleric exiled in U.S.

Personal Finance - Fri, 07/15/2016 - 22:59

Turkish Islamic preacher Fethullah Gulen is pictured at his residence in Saylorsburg, Pa., in 2013. (AP)The government is again pointing fingers at Fethullah Gulen, an aging Muslim cleric living in Pennsylvania.


Categories: Finance News

Can stocks stay at highs? That depends on earnings

Company Earnings - Fri, 07/15/2016 - 22:51

A Wall Street sign outside the New York Stock ExchangeAfter finally eclipsing year-old record highs, the U.S. stock market will be tested again next week, when the onslaught of company earnings could help investors assess the impact of Britain's vote to exit the European Union.


Categories: Finance News

Mourners gather for Alton Sterling funeral

Personal Finance - Fri, 07/15/2016 - 22:18

Mourners at the funeral of Alton Sterling in Baton Rouge, La. (AP)A steady stream of people filed past the casket of the 37-year-old black man who was shot to death by two white police officers.


Categories: Finance News

New details in 'act of terror' on Nice

Personal Finance - Fri, 07/15/2016 - 21:44

Flags fly at half-mast in Nice, France, July 15. (Eric Gaillard/Reuters)Police identified the attacker as Mohamed Bouhlel, a 31-year-old French-Tunisian.


Categories: Finance News

Wall Street ends flat but futures slip after Turkey coup reports

Company Earnings - Fri, 07/15/2016 - 20:42

Traders work on the floor of the NYSEThe Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence. "U.S. (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. S&P 500 e-mini futures hit a session low down 0.65 percent after the reports, but pared the loss and were down 0.5 percent.


Categories: Finance News

Wall Street ends flat but futures slip after Turkey coup reports

U.S. Economy - Fri, 07/15/2016 - 20:42

Traders work on the floor of the NYSEThe Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence. "U.S. (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. S&P 500 e-mini futures hit a session low down 0.65 percent after the reports, but pared the loss and were down 0.5 percent.


Categories: Finance News, US News

Report reveals doubts, no proof, about Saudis

Personal Finance - Fri, 07/15/2016 - 19:17

(AP)The so-called "28 pages" from the 9/11 report had been kept secret for 14 years were finally declassified.


Categories: Finance News

European shares slip; safe-havens gain on attempted Turkish coup

U.S. Economy - Fri, 07/15/2016 - 18:01

People walk through the lobby of the London Stock Exchange in LondonBy Sam Forgione NEW YORK (Reuters) - European shares edged lower on Friday after at least 84 people died in an attack in France and U.S. stocks dipped from record peaks, while benchmark U.S. Treasury yields eased off three-week highs after the close of U.S. stock markets as Turkey's military said it had seized power. Shares of European travel and leisure companies fell, weighing on the region's stock markets, after the attack in the city of Nice, which also injured scores of people. The benchmark S&P 500 and Dow Jones industrial average stock indexes edged up to fresh record intraday highs on stronger-than-expected June retail sales data before trading mostly flat, with financials weighing after disappointing results from big banks.


Categories: Finance News, US News

Wall St. ends flat but futures slip after Turkey coup reports

Company Earnings - Fri, 07/15/2016 - 17:46

Traders work on the floor of the NYSEThe Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence. "U.S. (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. S&P 500 e-mini futures hit a session low down 0.65 percent after the reports, but pared the loss and were down 0.5 percent.


Categories: Finance News

Wall St. ends flat but futures slip after Turkey coup reports

U.S. Economy - Fri, 07/15/2016 - 17:46

Traders work on the floor of the NYSEThe Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence. "U.S. (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. S&P 500 e-mini futures hit a session low down 0.65 percent after the reports, but pared the loss and were down 0.5 percent.


Categories: Finance News, US News

Oil up, notches weekly gain on improved demand outlook

U.S. Economy - Fri, 07/15/2016 - 17:04

Natural gas flares are seen at an oil pump site outside of WillistonBy Barani Krishnan and Devika Krishna Kumar NEW YORK (Reuters) - Oil prices rose slightly on Friday, ending the week higher, after data from top energy consumers the United States and China boosted the oil demand outlook. Crude prices touched session highs after data showed U.S. retail sales rose more than expected in June as Americans bought motor vehicles and a variety of other goods, reinforcing views of steady economic growth in the second quarter. "I still think oil prices are more likely to head significantly higher than significantly lower from current levels in the next several months as the market is likely to tighten further." Brent crude futures closed up 24 cents, or 0.5 percent, at $47.61.


Categories: Finance News, US News

Fed policymakers debating causes of low U.S. growth, Kashkari says

U.S. Economy - Fri, 07/15/2016 - 16:09
Federal Reserve policymakers are "debating internally" over the causes of an apparent downshift in potential U.S. growth, a top Fed policymaker said on Friday, adding that his own view is that it is because of a drop in productivity. "I am more sympathetic to Robert Gordon than I am to Larry Summers," Minneapolis Fed President Neel Kashkari told reporters on the sidelines of a conference in St. Louis, referring to two university professors who have offered competing explanations for why the U.S. economy appears to be stuck in a period of slow growth. Northwestern professor Gordon's view is that U.S. growth is slow because of a drop in innovation that has stunted productivity growth permanently.
Categories: Finance News, US News

US economy looks resilient as retailers, industry surge

U.S. Economy - Fri, 07/15/2016 - 16:05

In this April 6, 2016, photo, an assembly line of new 2016 Altimas await backseat installations at the Nissan Canton Vehicle Assembly Plant in Canton, Miss. On Friday, July 15, 2016, the Federal Reserve reports on U.S. industrial production for June. (AP Photo/Rogelio V. Solis)WASHINGTON (AP) — Americans spent more money at retailers and factories revved up production in June, offering encouraging signs of the U.S. economy's resilience in the face of global headwinds.


Categories: Finance News, US News

Fed's Lockhart: Don't count on quick 'return to normal'

U.S. Economy - Fri, 07/15/2016 - 15:42

Dennis Lockhart, President of the Federal Reserve Bank of Atlanta, arrives at the opening reception of the Jackson Hole Economic Policy SymposiumDennis Lockhart became president of the Federal Reserve Bank of Atlanta in early 2007, with the economy still enjoying the steady growth and low unemployment of the "great moderation" and the U.S. central bank confident it could keep that rolling. Nearly a decade later the Fed has had to trash its playbook in the wake of a severe financial crisis, rethink how the economy works, and come to grips with a world where even the most powerful central bank does not so much set policy as get dragged towards it. If the hope is for a return to "normal" – the old days when central bankers refereed a well-defined trade-off between inflation and unemployment – it is not likely to happen soon, Lockhart told Reuters.


Categories: Finance News, US News

Unknown hero helped halt Nice attack

Personal Finance - Fri, 07/15/2016 - 15:17

Unknown hero helped halt terror attack in Nice. (Yahoo News)The unknown man leapt into the killer’s truck and seized his gun, police sources said.


Categories: Finance News

Citi beats expectations, bets on consumers amid low rates

Company Earnings - Fri, 07/15/2016 - 14:52

Traders work in the Citigroup booth on the floor of the NYSE in New YorkCitigroup is betting on U.S. consumers and multi-national corporate clients to navigate lower interest rates after a rebound in trading helped it beat Wall Street's subdued expectations for the second quarter. A burst in client demand for currencies and bonds in the wake of Britain's vote to leave the European Union, along with a drop in the amount of money set aside to cover soured loans, meant Citi reported a 14 percent fall in net profit, far less than the 25 percent slide Chief Executive Officer Michael Corbat had warned of in early June. The slip in earnings reflects U.S. banks' struggle with low U.S. interest rates, which hamper their ability to profit from lending.


Categories: Finance News