Economy News

A money changer counts U.S. dollar bills at a currency exchange office in central Istanbul

Stocks, bond yields fall on Greece, U.S. data

By Herbert Lash NEW YORK (Reuters) - Global equity markets and bond yields fell on Friday, weighed by data that showed the U.S. economy contracted in the first quarter and by conflicting signals from Greece's debt talks. European shares also fell on data showing private loan growth in the euro zone stalled in April, while the separate report on U.S. gross domestic product also indicated after-ta…

  • Snow covers the Scotiabank logo at the Bank of Nova Scotia headquarters in Toronto
    Scotiabank quarterly profit tops estimates, … Reuters - 2 hours 28 minutes ago

    By John Tilak TORONTO (Reuters) - Bank of Nova Scotia reported a quarterly profit that beat market expectations on Friday and outlined a plan to buy back shares as … More »Scotiabank quarterly profit tops estimates, …

    Snow covers the Scotiabank logo at the Bank of Nova Scotia headquarters in Toronto

    By John Tilak TORONTO (Reuters) - Bank of Nova Scotia reported a quarterly profit that beat market expectations on Friday and outlined a plan to buy back shares as earnings grew at its Canadian banking division. The second-quarter report from the country's third-largest lender rounds out results from the six major Canadian …

  • Canada's GDP shrank 0.1% in 1st … CBC - 3 hours ago

    Canada's economy shrank by 0.1 per cent in the first three months of 2015, as the economic impact of oil's gloom spread to other sectors. It's the first time the economy … More »Canada's GDP shrank 0.1% in 1st …

    Canada's economy shrank by 0.1 per cent in the first three months of 2015, as the economic impact of oil's gloom spread to other sectors. It's the first time the economy has contracted on a quarterly basis since 2011. Statistics Canada said Friday that many sectors, including  mining, quarrying, and oil and gas extraction, …

  • Production Associates inspect cars moving along assembly line at Honda manufacturing plant in Alliston, Ontario.
    Canada economic growth contracts in … Reuters - 3 hours ago

    Canada's economy contracted in the first quarter, with annualized negative GDP growth of 0.6 percent following fourth-quarter growth of 2.2 per cent, Statistics Canada … More »Canada economic growth contracts in …

    Production Associates inspect cars moving along assembly line at Honda manufacturing plant in Alliston, Ontario.

    Canada's economy contracted in the first quarter, with annualized negative GDP growth of 0.6 percent following fourth-quarter growth of 2.2 per cent, Statistics Canada said on Friday. That was lower than analysts' forecasts for annualized growth of 0.3 percent. It was the first negative growth in real GDP since …

  • The logo of the Alibaba Group is seen inside the company's headquarters in Hangzhou
    Alibaba courts more China bad debt managers … Reuters - 6 hours ago

    By Shu Zhang and Matthew Miller HANGZHOU, China/BEIJING (Reuters) - Huarong Asset Management Co Ltd is poised to become the second Chinese bad loan firm to auction soured … More »Alibaba courts more China bad debt managers …

    The logo of the Alibaba Group is seen inside the company's headquarters in Hangzhou

    By Shu Zhang and Matthew Miller HANGZHOU, China/BEIJING (Reuters) - Huarong Asset Management Co Ltd is poised to become the second Chinese bad loan firm to auction soured loans online amid a push by the government to settle these debts as the economy slows, an executive at e-commerce giant Alibaba Group Holding Ltd said. …

  • Man walks past a logo of Sany Group during a news conference in Beijing
    Sany says diversifying into smartphones, … Reuters - 7 hours ago

    Chinese construction machinery maker Sany Group, which has been impacted by a sustained market slowdown, said it is venturing into smartphones, as part of a plan to diversify … More »Sany says diversifying into smartphones, …

    Man walks past a logo of Sany Group during a news conference in Beijing

    Chinese construction machinery maker Sany Group, which has been impacted by a sustained market slowdown, said it is venturing into smartphones, as part of a plan to diversify away from heavy machinery. Xiang Wenbo, president of Sany Heavy Industry Co Ltd, which is part of Sany Group, confirmed the launch date and the pricing …

  • Rescue personnel search the floodwaters along Brays Bayou in southwest Houston
    Hundreds seek safety from Texas floods, … Reuters - 17 hours ago

    AUSTIN, Texas - Texas prepared for more flooding on Thursday while still reeling from torrential rains that killed at least 16 people, inundated major cities and set … More »Hundreds seek safety from Texas floods, …

    Rescue personnel search the floodwaters along Brays Bayou in southwest Houston

    AUSTIN, Texas - Texas prepared for more flooding on Thursday while still reeling from torrential rains that killed at least 16 people, inundated major cities and set a record for the wettest month in the state's history.

  • Greece could use 'Zambia' IMF repayment option as progress on bailout deal unclear
    Greece could use 'Zambia' IMF repayment … The Canadian Press - 18 hours ago

    Greece and rescue lenders remained at odds over whether the two sides are close to a breakthrough in negotiations. More »Greece could use 'Zambia' IMF repayment …

    Greece could use 'Zambia' IMF repayment option as progress on bailout deal unclear

    Greece and rescue lenders remained at odds over whether the two sides are close to a breakthrough in negotiations.

  • TSX lower as upbeat bank earnings fail to impress; Wall Street also retreats
    TSX lower as upbeat bank earnings fail … The Canadian Press - 19 hours ago

    The Toronto stock market closed marginally lower amid continuing weakness in oil and mining stocks. More »TSX lower as upbeat bank earnings fail …

    TSX lower as upbeat bank earnings fail to impress; Wall Street also retreats

    The Toronto stock market closed marginally lower amid continuing weakness in oil and mining stocks.

  • Mexico's President Enrique Pena Nieto reacts during a ceremony to sign into law a new-anti corruption legislation, at the National Palace in Mexico City
    Exclusive: Mexican president misrepresented … Reuters - 19 hours ago

    By Simon Gardner VALLE DE BRAVO, Mexico (Reuters) - Mexican President Enrique Pena Nieto misrepresented to authorities the circumstances under which he acquired one … More »Exclusive: Mexican president misrepresented …

    Mexico's President Enrique Pena Nieto reacts during a ceremony to sign into law a new-anti corruption legislation, at the National Palace in Mexico City

    By Simon Gardner VALLE DE BRAVO, Mexico (Reuters) - Mexican President Enrique Pena Nieto misrepresented to authorities the circumstances under which he acquired one of his properties, public documents reviewed by Reuters show, a discrepancy that could add to the controversy surrounding his personal finances. According …

  • TD Bank CEO says slower revenue growth, more competition require bank to adapt
    TD profit beats estimates on Canadian … Reuters - 19 hours ago

    By John Tilak TORONTO (Reuters) - Toronto-Dominion Bank on Thursday posted a second- quarter profit that beat market expectations, on strong growth in its Canadian … More »TD profit beats estimates on Canadian …

    TD Bank CEO says slower revenue growth, more competition require bank to adapt

    By John Tilak TORONTO (Reuters) - Toronto-Dominion Bank on Thursday posted a second- quarter profit that beat market expectations, on strong growth in its Canadian retail and wholesale businesses. The Canadian retail segment recorded an 8 percent increase in earnings for the period. Profit at the bank's wholesale unit …

  • A Royal Bank of Canada logo is seen on Bay Street in the heart of the financial district in Toronto
    RBC profit tops expectations on domestic … Reuters - 20 hours ago

    By John Tilak TORONTO (Reuters) - Royal Bank of Canada , the country's top lender, posted a stronger-than-expected quarterly profit on Thursday, helped by growth in … More »RBC profit tops expectations on domestic …

    A Royal Bank of Canada logo is seen on Bay Street in the heart of the financial district in Toronto

    By John Tilak TORONTO (Reuters) - Royal Bank of Canada , the country's top lender, posted a stronger-than-expected quarterly profit on Thursday, helped by growth in its domestic banking and capital markets divisions. The capital markets division recorded a 23 percent earnings increase. The shares of Canadian banks have …

  • Pedestrians use the CIBC ATM machines in Montreal
    CIBC reports better-than-expected profit, … Reuters - 21 hours ago

    Canadian Imperial Bank of Commerce reported a better-than-expected quarterly profit on Thursday, boosted by higher client trading, and raised its dividend for the third … More »CIBC reports better-than-expected profit, …

    Pedestrians use the CIBC ATM machines in Montreal

    Canadian Imperial Bank of Commerce reported a better-than-expected quarterly profit on Thursday, boosted by higher client trading, and raised its dividend for the third straight quarter. The quarterly dividend increase of 3 Canadian cents per share to C$1.09 pushed the bank's shareholder payout ratio to the higher end …

  • Greeks promise bailout deal by Sunday, … CBC - 21 hours ago

    Greece says it aims to clinch a deal with its creditors by Sunday, a development that would allow it to receive the desperately needed final installment of its international … More »Greeks promise bailout deal by Sunday, …

    Greece says it aims to clinch a deal with its creditors by Sunday, a development that would allow it to receive the desperately needed final installment of its international bailout plan and avoid a default. "Talks will continue in the coming days, and further progress is needed," said Annika Breidthardt spokeswoman for …

  • Nigeria's President-elect Buhari departs after meeting with Britain's Prime Minister Cameron at Downing Street in London
    Fractious handover clouds Buhari's … Reuters - Thu, 28 May, 2015

    By Julia Payne ABUJA, Nigeria - As he entered his final week in office, Nigerian President Goodluck Jonathan offered up a prayer for the success of Muhammadu Buhari, … More »Fractious handover clouds Buhari's …

    Nigeria's President-elect Buhari departs after meeting with Britain's Prime Minister Cameron at Downing Street in London

    By Julia Payne ABUJA, Nigeria - As he entered his final week in office, Nigerian President Goodluck Jonathan offered up a prayer for the success of Muhammadu Buhari, the former military ruler who takes the helm of Africa's biggest economy on Friday. Citing weeks of strike action by fuel distributors that crippled the …

  • Recession to unfold in Alberta, N.L., … CBC - Thu, 28 May, 2015

    Expect a recession this year in Alberta and Newfoundland and Labrador, while British Columbia will have the highest growth, according to a new outlook from the Conference … More »Recession to unfold in Alberta, N.L., …

    Expect a recession this year in Alberta and Newfoundland and Labrador, while British Columbia will have the highest growth, according to a new outlook from the Conference Board of Canada. There are "winds of change" blowing through the Canadian economy, it said, that will shift economic growth to Central Canada, Manitoba …

  • An investor looks at information displayed on an electronic screen at a brokerage house in Shanghai

    By Pete Sweeney and Samuel Shen SHANGHAI (Reuters) - China's stock markets plunged on Thursday, with indexes dropping over 6 percent in record high turnover as investors rushed to sell after more brokers tightened margin trading requirements for clients and the central bank drained money market liquidity. The CSI300 index …

  • Fed's Williams says U.S. rate rise … Reuters - Thu, 28 May, 2015
    John Williams, president of the Federal Reserve Bank of San Francisco, speaks in San Francisco

    By Masayuki Kitano and Saeed Azhar SINGAPORE (Reuters) - San Francisco Fed President John Williams said on Thursday the Fed was likely to raise interest rates later this year, adding that he expects above-trend U.S. growth for the rest of 2015 after a weak first quarter. Asked by reporters in Singapore about the possible …