07292016Fri
Last update: Fri, 29 Jul 2016 07pm

Business & Finance - Managed Funds

US bond market rallies as Fed holds rates steady NEW YORK: US Treasury prices rose on Wednesday after the Federal Reserve, as expected, left policy rates unchanged and offered no hint it was in a rush to raise them even as it acknowledged fewer near-term risks in its outlook on the US economy.The Fed's latest policy statement spurred traders to favor longer-dated bonds over shorter-dated issues in the form of curve-flattening trades.More bullish bets on 10-year and 30-year Treasuries sent their yields to 1-1/2 week lows. They briefly narrowed the spread between shorter-dated and longer-dated yields to the tightest level since March 2015, according to Tradeweb."Near-term risks to the economic outlook have diminished," the Fed's policy-setting Federal Open Market Committee said following a two-day meeting.The FOMC gave nod to improvement in the labor market and consumer spending, with little fallout so far from Britain's surprising decision to leave the European Union last month. But policymakers remained concerned about weak ...


Business & Finance - Industries & Sectors

Verizon ups deal to US$6.15bn, offers zero-to-low nics NEW YORK: Verizon Communications hit the US high-grade market on Wednesday with a US$6.15bn five-part bond sale, two days after confirming the US$4.83bn purchase of Yahoo's core businesses. Verizon (Baa1/BBB+/A-) was the lone deal in the primary ahead of the Fed's announcement later in the day, which bankers said was a sign of the issuer's confidence in the depth of the US dollar market. That hunch proved true after the telecoms giant tightened pricing by ...

Business & Finance - Industries & Sectors

Facebook quarterly profit surges 186pc to $2bn SAN FRANCISCO: Facebook said Wednesday its profit leapt 186 percent from a year ago to $2 billion, as the world's biggest social network blasted past most analyst forecasts for the second quarter.With its global base of monthly active users growing to 1.71 billion, Facebook saw a 59 percent jump in total revenues to $6.4 billion, mostly from online advertising.Facebook shares jumped seven percent in after-hours trade on the stronger-than-expected results."Our community and business had another ...

Business & Finance - Banking & Finance

Fed leaves rates unchanged but says US economy improving WASHINGTON: The Federal Reserve left key interest rates untouched Wednesday but acknowledged improved economic performance, suggesting a rate increase may still be on the horizon in 2016.Policy makers had not been expected to raise rates, out of concern that a hike could stifle fragile growth. Their improving view on economic conditions left open the possibility of an increase in the benchmark federal funds rate, currently at 0.25-0.50 percent, by December.Putting behind the surprise sharp downturn ...

Business & Finance - Managed Funds

US bond prices rise on weak data before FOMC NEW YORK: A disappointing report on durable goods orders in June lifted US Treasury prices on Wednesday as investors awaited possible clues on an interest rate increase from the Federal Reserve at the conclusion of its two-day meeting.A steeper-than-forecast 4 percent drop in demand for airplanes and other big-ticket items revived worries about the domestic manufacturing sector and reinforced the notion the Federal Open Market Committee, the US central bank's policy-setting group, would leave its ...

Business & Finance - Industries & Sectors

Statoil second quarter lags forecasts, cuts 2016 capex outlook OSLO: Norway's Statoil cut its 2016 capital spending guidance as it posted earnings well below forecasts on Wednesday, hit by persistently low crude prices, higher costs at home and abroad, and weaker refinery margins, sending its shares lower.Its performance echoed that of BP on Tuesday, which posted a 45 percent drop in second-quarter profit, missing analysts' forecasts and prompting another cut to the group's 2016 investment budget to below $17 billion.Statoil posted a near 70 ...

Business & Finance - Industries & Sectors

Airbus Group takes $1.5bn hit for troop plane, A350 problems PARIS: Airbus Group took a 1.4 billion euro ($1.5 billion) hit for problems with Europe's troubled A400M troop plane and its A350 jetliner on Wednesday, clouding better than expected quarterly profits.Delays in deliveries of another keenly awaited jet, the revamped A320neo jetliner, which competes with Boeing's upcoming 737 MAX, also weighed on Europe's largest aerospace group, whose core profits fell 4 percent in the second quarter.Shares in the Franco-German-led group rose over 4 percent, however, ...