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Tuesday September 27th 2016: Latest financial news from the worldWorld stocks, Mexico peso bounce as markets score one for Clinton
World shares swung higher and the Mexican peso surged more than two percent on Tuesday, as investors awarded the first U.S. presidential debate to Democrat Hillary Clinton over Republican Donald Trump. Markets have tended to see Clinton as the candidate of the status quo, while few are sure what a Trump presidency might mean for U.S. foreign policy, international trade deals or the domestic economy. Snap polls after the debate suggested Clinton had bolstered her chances.
Saudis, Iran dash hopes for OPEC oil deal in Algeria
By Rania El Gamal, Alex Lawler and Vladimir Soldatkin ALGIERS (Reuters) - Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources within the exporter group said the differences between the kingdom and Tehran remained too wide. "This is a consultative meeting ... We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and also hear from consumers," Saudi Energy Minister Khalid al-Falih told reporters. Iranian Oil Minister Bijan Zanganeh said: "It is not the time for decision-making." Referring to the next formal OPEC meeting in Vienna on Nov. 30, he added: "We will try to reach agreement for November." The Organization of the Petroleum Exporting Countries will hold informal talks at 1400 GMT on Wednesday.
Oil prices slip as hopes for a deal in Algiers fade
Crude oil futures fell on Tuesday as optimism faded for an output-limiting deal from an oil producer meeting in Algeria that has so far failed to yield any agreement to curb one of the worst supply gluts in history. Saudi Arabia on Tuesday dashed hopes that OPEC oil producers could clinch a deal in Algeria this week after sources within the exporter group said differences between the kingdom and rival Iran remained too wide. U.S. West Texas Intermediate (WTI) crude fell 79 cents to $45.14 a barrel, after rising $1.45, or 3.3 percent, in the previous session.
WTO cuts 2016 world trade growth forecast to 1.7 percent, cites wake-up call
The World Trade Organization cut its forecast for global trade growth this year by more than a third on Tuesday, reflecting a slowdown in China and falling levels of imports into the United States. The new figure of 1.7 percent, down from the WTO's previous estimate of 2.8 percent in April, marked the first time in 15 years that international commerce was expected to lag the growth of the world economy, the trade body said. The figures should be a wake-up call for governments, WTO Director-General Roberto Azevedo said in the six-monthly trade outlook report.
Wells Fargo hit with class action lawsuit over sales practices
(Reuters) - A shareholder class action lawsuit was filed against Wells Fargo & Co on Monday that alleged the firm misled investors about its financial performance and the success of its sales practices. Robbins Geller Rudman & Dowd LLP announced the lawsuit and is seeking class action status on behalf of buyers of the company's shares between Feb. 26, 2014 and Sept. 15, 2016. The lawsuit, which was filed in the U.S. District Court of Northern California, comes nearly a week after Wells Fargo chief executive John Stumpf faced U.S. Senate lawmakers about his oversight at the bank.
German regulator orders Facebook to delete WhatsApp user data
A German privacy regulator ordered Facebook on Tuesday to stop collecting and storing data of German users of its messaging app WhatsApp and to delete all data that has already been forwarded to it. The Hamburg Commissioner for Data Protection and Freedom of Information said Facebook was infringing data protection law and had not obtained effective approval from WhatsApp's 35 million users in Germany. "After the acquisition of WhatsApp by Facebook two years ago, both parties have publicly assured that data will not be shared between them," commissioner Johannes Caspar said in a statement.
Caesars inches closer to deal with bankrupt unit's creditors
Caesars offered a sweetened $5 billion settlement last week to hold-out creditors of its main operating unit, Caesars Entertainment Operating Co Inc (CEOC). In exchange, creditors would have to drop their allegations of fraud prior to the unit's bankruptcy in January 2015 with $18 billion of debt. Caesars said on Tuesday that the parties were working on the support agreements and amending CEOC's current reorganization plan to adopt the proposed terms they had agreed on.
VW says finances robust after media report knocks shares
Volkswagen said on Tuesday its finances remained robust as it sought to allay concerns after a share fall which some traders linked to a media report which said the U.S. Justice Department was assessing whether fines could put the automaker out of business. "The financial strength of Volkswagen Group is still quite robust. Today, the total special items relating to the diesel issue amount to 17.8 billion euros ($20 billion) and all consequences of the diesel topic known so far are covered," the company said in a statement.
Microsoft and BAML team up on blockchain-based trade finance project
Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday. The two multinationals said at the Sibos financial services conference in Geneva that they would build and test the technology and create a blockchain-based framework that could eventually be sold to other businesses. Blockchain works as an electronic record-keeping and transaction-processing system that allows all parties to track information through a secure network and requires no third-party verification.
StanChart refers alleged corruption at Indonesian company to authorities
Standard Chartered has referred allegations of impropriety at an Indonesian company that the bank's private equity arm invested in to the appropriate authorities, the bank said on Tuesday. The Wall Street Journal earlier reported the bank faced an investigation by the U.S. Department of Justice as to whether StanChart failed to stop alleged misconduct at Maxpower Group Pte Ltd, a power plant builder.
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