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Greeks defy Europe with overwhelming referendum 'No'
Thousands of jubilant Greeks waving flags and bursting fire crackers poured into Athens' central square as official figures showed 61 percent of Greeks had rejected a deal that would have imposed more austerity measures on an already ravaged economy. "You made a very brave choice," Prime Minister Alexis Tsipras said in a televised address. Without more emergency funding from the European Central Bank, Greece's banks could run out of cash within days.
Euro, stocks hit by Greek vote; China bounces after...
Japan's Nikkei (.N225) share index fell 1.4 percent while MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent. While the early price action was choppy across Asia, dealers emphasized that markets were orderly with no signs of financial strain and many assuming the European Central Bank would step in with a pledge of extra liquidity at some point. "A lot depends now on what the ECB does with liquidity support for the Greek banks," said Antonin Jullier, head of equity trading strategy at Citi.
China rolls out emergency measures to prevent stock...
BEIJING/SHANGHAI (Reuters) - China's stock markets face a make-or-break week after officials rolled out an unprecedented series of steps at the weekend to prevent a full-blown stock market crash that would threaten the world's second-largest economy. In an extraordinary weekend of policy moves, brokerages and fund managers vowed to buy massive amounts of stocks, helped by China's state-backed margin finance company which in turn would be aided by a direct line of liquidity from the central bank. China has also orchestrated a halt to new share issues, with dozens of firms scrapping their IPO plans in separate but similarly worded statements over the weekend, in a tactic authorities have used before to support markets.
Euro markets set for major jolt after Greek 'No', look to...
European stock and bond markets are set to take a sharp hit on Monday after Greece voted 'No' to harsh bailout conditions, and bankers said the European Central Bank's response was now key to the extent of contagion. Many economists, including those at U.S. banking giant JPMorgan, reckon the outcome of Sunday's referendum will probably hasten Greece's exit from the euro. "Although the situation is fluid, at this point Greek exit from the euro appears more likely than not," JPMorgan's Malcolm Barr told clients on Sunday evening, adding 'Grexit' was now the bank's "base case".
Oil prices tumble after Greece vote, China stock market...
SINGAPORE/TOKYO (Reuters) - Oil prices fell sharply early on Monday after Greece rejected austerity measures demanded in return for bailout money and as China rolled out an unprecedented series of steps to prevent a full-blown stock market crash. "With Greece reserves running low and no immediate bailout funds on the horizon, Greece is on a straight path out of the euro zone," said Howie Lee of Singapore-based brokerage Phillip Futures. In China, stock markets face a make-or-break week after officials rolled out a series of measures to prevent a full-blown stock market crash that would threaten the world's second-largest economy, although share prices rocketed on Monday in response to Beijing's measures.
China state media see a 'rainbow' after latest steps to...
China's state media expressed confidence on Monday that an unprecedented flurry of support measures announced over the weekend would stabilize the country's slumping stock market. "Rainbows always appear after rains," said an editorial by the People's Daily, the mouthpiece of the ruling Communist Party of China. "(China has) the conditions, ability and confidence in maintaining capital market stability," the newspaper said.
Japan policymakers pledge to temper potential market...
Japanese policymakers on Monday pledged to work closely to guard against financial market volatility after Greek voters rejected euro zone austerity measures. "The direct economic and financial relations between Japan and Greece are limited. Finance Minister Taro Aso also said that while Japan was in close contact with overseas policymakers on the Greek referendum, it was confident that Europeans have sufficient safeguards in place to respond to market disruptions.
Zeroing in on empty homes, China throws developers a...
Dismayed by the millions of unsold homes in China's troubled real estate market, the Chinese government is taking matters into its own hands: by buying some properties and turning them into public housing. Like a white knight riding to the rescue of distressed developers, a handful of local governments are snapping up thousands of empty homes at hefty discounts and re-selling them to the country's poorest households. This cannot be a cure-all for China's huge supply overhang. Low-income households gain from a bigger supply of subsidized homes, the government boosts its poverty alleviation work, developers deplete an oversupply of houses that has dampened prices, and crucially, China's cooling economy gets a fillip from a healthier property market.
Britain's banks call on government to phase out industry...
Britain's banks have called upon the government to phase out the bank levy, saying it is damaging the competitiveness of the industry and causing them to lose business to overseas rivals. The levy was initially introduced in 2011 not only to raise money but also to discourage banks from risky borrowing, replacing a previous one-off tax on bankers' bonuses by the Labour government following the 2007-9 financial crisis. Its emphasis has changed to focus on generating revenue with Britain's finance minister George Osborne saying in March banks needed to make a greater contribution to repair the country's finances.
Chipotle shares could plunge unless growth revives: Barron's
Shares of Chipotle Mexican Grill Inc (CMG.N) have lost some of their luster recently and unless growth revives at the company, the stock could see a 15 percent to 20 percent plunge, the July 6 edition of Barron's said. Chipotle's stock could drop below $500 a share after the burrito chain reported revenue slightly below expectations in April and said the removal of pork from one-third of its restaurants would hurt sales this year, Barron's said. Rising food costs, along with rising healthcare and other costs, are crimping Chipotle, it said.
Never mind Greece, Europe will beat the U.S.: Strategist
Now is the time to jump into Europe, according to Erin Gibbs, equity chief investment officer at S&P Investment Advisory Services.
How a white supremacist tapped into a Jewish fortune
Exclusive: Earl P. Holt III, president of the Council of Conservative Citizens, started giving money to GOP pols after marrying the widow of a wealthy Jewish businessman.
Yelp temporarily decides not to pursue a sale: Bloomberg
The company has had several interested suitors after which it hired Goldman Sachs Group Inc to help find a buyer, Bloomberg said on Thursday. Yelp had a market capitalization of about $3.2 billion as of Wednesday's close. Yelp may pursue a sale again if Chief Executive Officer Jeremy Stoppelman changes his mind, Bloomberg said.
Gulf states reach $18.7B settlement with BP over oil spill
BP and five Gulf states announced a record $18.7 billion settlement Thursday that resolves years of legal fighting over the environmental and economic damage done by the energy giant's oil spill in 2010. ...
U.S. job growth disappoints in June as labor force contracts
The rate of U.S. job growth cooled off in June, and missed Wall Street expectations, while many Americans exited the labor force.
Tesla tops 11,000 vehicles delivered in second quarter
Electric car maker Tesla's second-quarter deliveries surged 52 percent to set a company record exceeding 11,000 vehicles. The Palo Alto, California, company had surpassed 10,000 vehicles for the first ...
Greek vote campaign begins amid grinding cash crisis
The battle for Greek votes entered full swing Thursday ahead of a crucial weekend referendum that could decide whether the country falls out of the euro. For Greeks, particularly the elderly, the daily ...
Greek president cancels planned trip to Berlin on Tuesday...
ATHENS (Reuters) - Greek President Prokopis Pavlopoulos has cancelled a trip to Berlin planned for Tuesday, which will come two days after a referendum on an international bailout, a person with knowledge ...
Barnes & Noble taps Sears Canada CEO for retail business
Barnes & Noble, which plans to split into two companies next month, has tapped Sears Canada CEO Ronald Boire to lead the bookseller's retail business. After the split, current CEO Michael Huseby will become ...
BP to settle 2010 oil spill claims with U.S., states
BP Plc reached a record $18.7 billion agreement to settle all federal and state claims from the 2010 Deepwater Horizon oil spill after an abrupt strategy shift in May to re-open talks, three people close to the matter said. “BP was staring down a gun barrel and had to find some way to settle this,” said David Berg, a Houston trial lawyer who tracked the spill litigation but isn’t involved in it. A record $5.5 billion will cover federal penalties under the Clean Water Act, topping the previous high of $1 billion.
Varoufakis to resign as finance minister if Greece votes...
Greek Finance Minister Yanis Varoufakis said he’ll quit if Greece votes to accept creditors’ bailout proposals in Sunday’s referendum. In the event of a “yes” vote, “I will not” be finance minister on Monday evening, Varoufakis said in an interview with Bloomberg Television in Athens Thursday. “But I will help whoever is” to navigate the country’s debt crisis, he said.
Oil flat as U.S. rig count rise cools gains, gasoline jumps
Crude oil prices ended little changed on Thursday as the first weekly gain in the U.S. rig count this year pared earlier gains. Pulling crude futures off highs was the latest data on the U.S. oil rig count from Baker Hughes. Oil was lifted early when tame U.S. jobs and economic data signalled the Federal Reserve might be less hasty to raise interest rates and as a surge in gasoline futures drove expectations for more crude demand.
Shale Drillers' Safety Net Is Vanishing
The insurance protecting shale drillers against plummeting prices has become so crucial that for one company, SandRidge Energy Inc., payments from the hedges accounted for a stunning 64 percent of first-quarter revenue. The insurance that producers bought before the collapse in oil -- much of which guaranteed minimum prices of $90 a barrel or more -- is expiring. “A year ago, you could hedge at $85 to $90, and now it’s in the low $60s,” said Chris Lang, a senior vice president with Asset Risk Management, a hedging adviser for more than 100 exploration and production companies.
Electrolux CEO seeks to rescue GE deal after legal blow
Buying only parts of the GE Appliances business would not make sense, the head of Sweden's Electrolux (ELUXb.ST) said on Thursday, fighting to salvage a $3.3 billion deal after the United States moved to block it. The U.S. Justice Department filed a lawsuit on Wednesday to stop the Swedish company from buying General Electric Co's (GE.N) appliance unit, saying a deal that has underpinned gains in Electrolux shares since it was announced last September would hurt competition. "I don't see a scenario where, for either party, it would make much sense to split the baby," Electrolux Chief Executive Keith McLoughlin said.
US files formal extradition request for 7 FIFA officials
The United States has submitted a formal request for Switzerland to extradite seven FIFA officials arrested in Zurich as part of a corruption probe that has rocked soccer's world governing body. Switzerland's ...
Asia stocks outside China rise as traders await U.S. jobs...
Markets in Asia outside China advanced on Friday ahead of the critical monthly U.S. jobs report.
Cramer's silver lining for this volatile market
Mad Money host Him Cramer shares a list of what's going right in the market.
Greece's Tsipras digs in against bailout
A defiant Prime Minister Alexis Tsipras urged Greeks on Wednesday to reject an international bailout deal, wrecking any prospect of repairing broken relations with EU partners before a referendum on Sunday that may decide Greece's future in Europe.
PayPal to buy digital money transfer provider Xoom
By Mari Saito SAN FRANCISCO (Reuters) - PayPal Inc said it would buy digital money transfer provider Xoom Corp for $890 million as it muscles into a growing international remittance market and expand in countries like Mexico, India and China ahead of a spinoff from eBay Inc . The offer price of $25 per share in cash represents a premium of about 21 percent to Xoom's Wednesday closing price of $20.70. Xoom shares surged on the announcement and were trading around the offer price in extended trading.
Hillary Clinton raises record $45 million in first...
Hillary Clinton's presidential campaign raised at least $45 million during its first quarter, her campaign told Bloomberg on Wednesday. Clinton's haul from her campaign's launch in mid-April through June 30 is a record for primary money raised in a candidate's first quarter. President Barack Obama held the previous record for a campaign's first quarter, raising $41.9 million after launching his re-election bid.
Macy's dumps Trump clothing line in response to comments
Macy's is the latest company to end its relationship with Donald Trump as the fallout from the real estate mogul's remarks about Mexican immigrants continues. Companies have been cutting ties with Trump ...
Fannie Mae and Freddie Mac hike pay for their CEOs
U.S. government-controlled mortgage finance companies Fannie Mae and Freddie Mac on Wednesday disclosed huge pay raises for their chief executive officers, part of a plan sanctioned by their regulator to attract and retain talent. Fannie Mae CEO Timothy Mayopoulos and his counterpart at Freddie Mac, Donald Layton, will each now earn $4 million a year, up from previous annual salaries of $600,000. The Federal Housing Finance Agency, an independent regulator, slashed executive pay at the two companies in 2012.
Saudi Prince Alwaleed pledges $32 bn fortune to charity
Saudi tycoon Prince Alwaleed bin Talal on Wednesday promised his entire $32 billion (28.8 billion euro) fortune to charitable projects in coming years, in one of the biggest ever such pledges. The pledge is "maybe... the first such big announcement" of its kind in the region, and is modelled on a charity established by Microsoft founder Bill Gates in the United States, the prince told reporters. Alwaleed said he would head a board of trustees tasked with spending the funds, which would still be used after his death "for humanitarian projects and initiatives".
Gross gets co-manager as Janus acquires firm of Pimco alum
Bill Gross, who has been running the $1.5 billion Janus Global Unconstrained Bond Fund since leaving Pacific Investment Management Co. last year, is getting a co-manager. Janus Capital Group Inc. on Wednesday said that Kumar Palghat, who worked with Gross at Pacific Investment Management Co. for 10 years, will help run the fund, with Gross staying on as lead manager. Janus also bought a majority stake in Palghat’s firm, Kapstream Capital Pty Ltd, a global unconstrained fixed income manager with $6.6 billion in assets.
About that 36% effective tax rate for Jeb Bush
About that 36% effective tax rate for Jeb Bush
Want a national day? Check a website in North Dakota
To most Americans, July 4 is Independence Day. But on Marlo Anderson's calendar, it's also Caesar Salad Day and Barbecued Spareribs Day. Anderson is the mastermind of the National Day Calendar, an online ...
Robert Shiller: Stocks pricey-here's what to do
Nobel Prize-winning economist Robert Shiller tells CNBC that his key valuation indicator is flashing warning signs. He also offers advice.
Tesla's charging troubles, Bill Gross gets a partner and...
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.
At halftime, the 2015 stock market is still up for grabs
With one half of play in the books, the bulls and bears have played to a scoreless tie.
Greece proceeds with vote plan as creditors rebuff overture
The Greek government vowed Wednesday to go ahead with plans to have the people decide whether they want more austerity measures in exchange for a rescue deal. Greece offered more concessions to its creditors, ...